Financial Data and Key Metrics Changes - Total revenue grew by 19% in the first half of 2025, driven by increased recurring revenue [4][29] - Operating profit increased by 56%, reflecting strong financial performance despite strategic investments [5][33] - Cash reserves at the end of the first half were approximately $3 billion, providing flexibility for growth and expansion [5][29] - Recurring revenues represented 97% of total revenue, up from 90% in the same period last year [31] Business Line Data and Key Metrics Changes - Sales for Epkinley reached $211 million, a 74% year-over-year increase, contributing significantly to total revenue growth [22][29] - TIVDAC sales totaled $78 million, a 30% increase compared to the previous year, with strong performance in the US and Japan [26][29] - The growth of commercialized medicines is expected to increasingly contribute to overall revenue growth over time [21][29] Market Data and Key Metrics Changes - Epkinley has received regulatory approvals in over 60 countries, with nearly 50 countries approving it for both DLBCL and FL indications [24][29] - The FDA accepted the supplemental BLA for epiritamab with a target action date of November 30, 2025, indicating strong market potential [7][55] Company Strategy and Development Direction - The company aims to accelerate the development of high-impact late-stage programs and maximize the potential of commercialized medicines [4][39] - Plans to broaden the reach of RINA S with three Phase III trials expected to be underway by the end of the year [10][39] - The company is focused on expanding utilization of its medicines and bringing them to more patients globally [28][39] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's future, highlighting a strong financial foundation and disciplined capital allocation strategy [5][37] - The company anticipates continued growth in recurring revenues and operating profit, with improved financial guidance for 2025 [34][35] - Management is closely monitoring geopolitical situations but does not foresee significant impacts on financial guidance for 2025 [37] Other Important Information - The company completed a share buyback in June, reinforcing confidence in its future [5] - The Phase III Epcor FL1 trial met its dual endpoints, supporting the potential to transform treatment paradigms for patients [12][14] Q&A Session Summary Question: Positioning of EPCO versus other CD20 bispecifics - Management feels confident about their broad and aggressive development plan, with a head start in second-line follicular lymphoma [43][44] - They have received positive feedback from physicians and are moving into earlier lines of therapy [47][48] Question: Confidence in filing RAINFALL-one for accelerated approval - Management is confident in filing for accelerated approval based on strong data and ongoing engagement with the FDA [54][55] Question: Initial launch strategy for Epkinley - The focus will be on earlier lines of therapy, particularly in the community setting, with significant opportunities for patient expansion [62] Question: Development plans for RINA S outside ovarian cancer - The Phase II trial will explore RINA S in both monotherapy and combination settings, with a focus on EGFR mutated non-small cell lung cancer [93] Question: ADC combinations in lymphoma - Management sees potential for ADC combinations and believes bispecifics will become a backbone for novel combinations in the future [87][88]

Financial Performance - Total revenue increased by 19% from USD 1382 million to USD 1640 million[39] - Operating profit increased by 56% from USD 352 million to USD 548 million[39] - Recurring revenue grew by 27%[38] - Combined commercialized medicines sales increased by 60% from USD 181 million to USD 289 million[23] - Cash reserves stand at USD 29 billion[12] Product Performance - EPKINLY net sales increased by 74% to USD 211 million[27] - TIVDAK net sales increased by 30% to USD 78 million[32] - Rina-S® showed a confirmed ORR of 500% in endometrial cancer patients[17] Pipeline Development - EPCORE® FL-1 clinical trial met dual primary endpoints of ORR and PFS, reducing the risk of disease progression or death by 79%[14] - sBLA for EPKINLY® in 2L FL accepted with a PDUFA date of November 30, 2025[13] Guidance - Revenue guidance improved to USD 3500-3700 million, representing a 15% year-over-year growth[41] - Operating profit guidance improved to USD 1055-1405 million, representing a 26% year-over-year growth[41]

Financial Performance - Genmab's revenue for the first half of 2025 increased by 19% to $1,640 million, up from $1,382 million in the same period of 2024[11]. - Royalty revenue rose by 24% to $1,378 million, driven by higher net sales of DARZALEX and Kesimpta[11]. - Net sales of DARZALEX reached $6,776 million, a 22% increase from $5,570 million in the first half of 2024[11]. - Operating profit for the first half of 2025 was $548 million, compared to $352 million in the first half of 2024[13]. - Basic net profit per share for the first half of 2025 was $5.44, compared to $3.15 in the same period of 2024[19]. - Net profit for the first six months of 2025 was $531 million, an increase of 34% compared to $395 million in the same period of 2024[131]. - Revenue for Q2 2025 reached $925 million, a 19% increase from $779 million in Q2 2024[147]. - Net product sales for the first six months of 2025 were $176 million, compared to $109 million in the same period of 2024, marking a 62% increase[182]. Guidance and Projections - Genmab updated its full-year revenue guidance to a range of $3,500 - $3,700 million, with a midpoint of $3,600 million[14]. - Genmab expects 2025 revenue to be in the range of $3.5 - $3.7 billion, an increase from the previous guidance of $3.3 - $3.7 billion[21]. - Operating profit guidance for 2025 has been revised to a range of $1.1 - $1.4 billion, up from the previous range of $0.9 - $1.4 billion[24]. - Genmab maintains its operating expenses guidance for 2025 at $2.1 - $2.2 billion[23]. Research and Development - The company has a proprietary pipeline of 10 investigational medicines in clinical development, including EPKINLY and Tivdak[28]. - Epcoritamab (EPKINLY/TEPKINLY) is approved for certain B-cell malignancies in multiple territories, including the U.S., Europe, and Japan[32]. - The company is conducting over 40 clinical trials for Epcoritamab, including five Phase 3 trials[33]. - Acasunlimab (GEN1046) is in a Phase 3 trial for PD-L1 positive metastatic NSCLC, recruiting patients[42]. - GEN1042 (DuoBody-CD40x4-1BB) is co-developed with BioNTech, with ongoing clinical trials in solid tumors[47]. - GEN1160 is a CD70-targeted ADC currently in a Phase 1/2 clinical study for advanced renal cell carcinoma and nasopharyngeal carcinoma[51]. - GEN1286 is an ADC targeting EGFR and cMet, with a Phase 1/2 clinical study in advanced solid tumors currently recruiting[58]. Collaborations and Partnerships - Genmab's collaboration with AbbVie for Epcoritamab includes shared commercialization responsibilities in the U.S. and Japan[34]. - Genmab and Pfizer have a joint commercialization agreement for Tivdak, with Genmab leading operations outside the U.S. and China, while Pfizer leads in the U.S.[39]. - Genmab's collaboration with J&J focuses on developing bispecific antibodies using the DuoBody technology platform, leading to multiple approved therapies[81]. Financial Position - Total assets as of June 30, 2025, were $6,464 million, an increase from $6,414 million on December 31, 2024[137]. - Total liabilities decreased to $1,162 million as of June 30, 2025, from $1,277 million on December 31, 2024, a reduction of 9%[138]. - Shareholders' equity increased to $5,302 million as of June 30, 2025, up 3% from $5,137 million on December 31, 2024[139]. - Cash and cash equivalents at the end of Q2 2025 were $1,296 million, compared to $622 million at the end of Q2 2024[153]. Expenses and Costs - Total costs and operating expenses increased by 6% to $1,092 million, primarily due to pipeline expansion and profit-sharing amounts payable to AbbVie[13]. - Research and development expenses increased by 4% to $723 million in the first half of 2025, compared to $696 million in the same period of 2024, driven by the addition of ProfoundBio related expenses[109]. - Selling, general and administrative expenses rose by 11% to $270 million in the first half of 2025, compared to $243 million in the first half of 2024, primarily due to the expansion of commercialization capabilities[113]. Market and Sales Risks - The company anticipates risks related to sales performance of its products, including Tivdak and EPKINLY/TEPKINLY[26]. - Genmab's financial guidance is subject to change based on various factors, including collaboration milestones and market conditions[25]. - The company faces risks related to evolving trade policies and potential regulatory delays impacting clinical milestones and product launches[83].

Core Insights - Genmab has made significant progress in its strategic priorities, focusing on expanding access to innovative therapies and maximizing the potential of its commercialized medicines [2] - The company has updated its revenue and operating profit guidance for 2025, driven by increased royalty revenues from DARZALEX [4] Financial Performance - Revenue for the first half of 2025 reached $1,640 million, a 19% increase from $1,382 million in the same period of 2024, primarily due to higher royalties from DARZALEX and Kesimpta, as well as increased EPKINLY net product sales [6][7] - Royalty revenue was $1,378 million in the first half of 2025, up 24% from $1,111 million in the first half of 2024, attributed to higher net sales of DARZALEX and Kesimpta [7] - Operating profit for the first half of 2025 was $548 million, compared to $352 million in the first half of 2024 [7] 2025 Full Year Outlook - Revised revenue guidance for 2025 is set between $3,500 million and $3,700 million, with a midpoint of $3,600 million, an increase from the previous guidance of $3,340 million to $3,660 million [5] - Royalties are expected to be between $2,945 million and $3,090 million, with a midpoint of $3,017 million, up from the previous guidance of $2,785 million to $3,015 million [5] - Net product sales/collaboration revenue is projected to be between $425 million and $465 million, with a midpoint of $445 million [5] Pipeline Developments - Epcoritamab is advancing to earlier lines of therapy with a supplemental Biologics License Application (sBLA) submitted to the FDA for use in patients with relapsed or refractory follicular lymphoma [6] - Rina-S continues to show promising antitumor activity in endometrial cancer, with data presented at the 2025 ASCO Annual Meeting [6] Other Matters - Genmab has changed its functional currency and presentation currency from DKK to USD effective January 1, 2025, with retrospective adjustments made to prior periods [9]

Core Insights - Genmab A/S announced positive results from the Phase 3 EPCORE FL-1 trial for subcutaneous epcoritamab in combination with rituximab and lenalidomide, showing significant improvements in overall response rate (ORR) and progression-free survival (PFS) for patients with relapsed or refractory follicular lymphoma [2][6][4] - The U.S. FDA has accepted the supplemental Biologics License Application (sBLA) for epcoritamab plus rituximab, with a target action date of November 30, 2025, which could make it the first bispecific antibody combination available in the U.S. for second-line treatment of this condition [3][6] - Epcoritamab is designed to target CD3 on T cells and CD20 on B cells, facilitating T-cell-mediated killing of malignant B cells, and has received regulatory approval in various lymphoma indications [8][9] Trial Results - The EPCORE FL-1 trial met its dual primary endpoints, achieving an ORR of 95.7% (p-value < 0.0001) and a PFS hazard ratio of 0.21 (p-value < 0.0001), indicating a 79% reduction in the risk of disease progression or death [2][6][4] - The safety profile of epcoritamab in combination with rituximab was consistent with known safety profiles, with no new safety signals observed [4][6] Industry Context - Follicular lymphoma (FL) is a slow-growing form of non-Hodgkin's lymphoma, accounting for 20-30% of all NHL cases, with approximately 15,000 new cases annually in the U.S. [5] - Current treatment options for R/R FL often lead to declining response rates and shorter remission periods, with over 25% of patients potentially transforming to aggressive large-cell lymphoma [5][4] Company Overview - Genmab is an international biotechnology company focused on developing innovative antibody therapeutics, with a vision to transform cancer treatment by 2030 [11][12] - The company is co-developing epcoritamab with AbbVie, sharing commercial responsibilities in the U.S. and Japan, while pursuing additional international regulatory approvals [9][10]

Core Viewpoint - Genmab A/S Sponsored ADR (GMAB) is currently positioned as a more attractive investment compared to Acadia Pharmaceuticals (ACAD) based on valuation metrics and earnings outlook [1][7]. Valuation Metrics - GMAB has a forward P/E ratio of 13.76, significantly lower than ACAD's forward P/E of 48.72, indicating GMAB is potentially undervalued [5]. - The PEG ratio for GMAB is 6.58, while ACAD's PEG ratio is slightly higher at 6.63, suggesting GMAB offers better value relative to its expected earnings growth [5]. - GMAB's P/B ratio stands at 2.62, compared to ACAD's P/B of 5.21, further supporting GMAB's valuation advantage [6]. Earnings Outlook - GMAB holds a Zacks Rank of 1 (Strong Buy), reflecting a positive earnings estimate revision trend, while ACAD has a Zacks Rank of 3 (Hold), indicating a less favorable earnings outlook [3][7]. - The solid earnings outlook for GMAB enhances its attractiveness as a value investment compared to ACAD [7].

Core Viewpoint - Genmab A/S has been upgraded to a Zacks Rank 1 (Strong Buy) due to an upward trend in earnings estimates, which significantly influences stock prices [1][3]. Earnings Estimates and Stock Price Impact - The Zacks rating system emphasizes the importance of earnings estimate revisions, which are strongly correlated with near-term stock price movements [4][6]. - Institutional investors often adjust their valuations based on changes in earnings estimates, leading to buying or selling actions that affect stock prices [4]. Genmab's Earnings Outlook - For the fiscal year ending December 2025, Genmab is expected to earn $1.58 per share, unchanged from the previous year, but the Zacks Consensus Estimate has increased by 9.1% over the past three months [8]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with Zacks Rank 1 stocks historically generating an average annual return of +25% since 1988 [7]. - Genmab's upgrade to Zacks Rank 1 places it in the top 5% of Zacks-covered stocks, indicating strong potential for near-term price increases [10].

Core Viewpoint - Genmab A/S (GMAB) shows potential for significant upside, with a mean price target of $30.36 indicating a 40% increase from the current price of $21.69 [1] Price Targets and Analyst Consensus - The average price target consists of seven estimates ranging from $20.00 to $46.00, with a standard deviation of $8.82, indicating variability among analysts [2] - The lowest estimate suggests a decline of 7.8%, while the highest points to a 112.1% upside [2] - A low standard deviation indicates strong agreement among analysts regarding the stock's price direction [9] Earnings Estimates and Analyst Optimism - Analysts have shown growing optimism about GMAB's earnings prospects, as evidenced by upward revisions in EPS estimates [11] - Over the last 30 days, the Zacks Consensus Estimate for the current year has increased by 7.4%, with two estimates moving higher and one lower [12] - GMAB holds a Zacks Rank 1 (Strong Buy), placing it in the top 5% of over 4,000 ranked stocks based on earnings estimate factors [13] Caution on Price Targets - While price targets are often sought after, they can mislead investors, as empirical research shows they rarely indicate actual price movements [7][10] - Analysts may set overly optimistic price targets due to business incentives, which can inflate expectations [8]

Company Performance - Genmab A/S reported worldwide net trade sales of DARZALEX (daratumumab) totaling USD 3,539 million in Q2 2025, with USD 2,017 million from the U.S. and USD 1,521 million from the rest of the world [1][5] - The company receives royalties on the worldwide net sales of DARZALEX, which includes both intravenous and subcutaneous products, under an exclusive license agreement with Johnson & Johnson [1][5] Company Overview - Genmab is an international biotechnology company focused on developing innovative antibody therapeutics to improve patient lives, with a vision to transform cancer treatment by 2030 [2] - Established in 1999 and headquartered in Copenhagen, Denmark, Genmab has a global presence across North America, Europe, and Asia Pacific [3]

Group 1 - MSCI Nordic Countries Index increased by 0.2%, reaching 355.29 points, with the healthcare sector leading the gains [1] - Biotechnology company Genmab A/S surged by 4.2%, outperforming other constituents [2]