Genmab Publishes 2024 Annual Report

Core Viewpoint - Genmab A/S published its Annual Report for 2024, highlighting significant business progress, financial performance, and outlook for 2025 [1] Business Progress - EPKINLY®/TEPKINLY® (epcoritamab) became the first and only subcutaneous bispecific antibody approved in both the U.S. and Europe for treating relapsed or refractory follicular lymphoma and diffuse large B-cell lymphoma after two or more lines of systemic therapy [6] - Acquisition of ProfoundBio Inc. granted Genmab worldwide rights to multiple candidates in development, including rinatabart sesutecan and novel antibody-drug conjugate technology platforms [6] - Tivdak® (tisotumab vedotin-tftv) received full U.S. FDA approval for treating recurrent or metastatic cervical cancer [6] - Two wholly owned programs, Rina-S and acasunlimab, moved into Phase 3 development [6] - Continued development of organizational infrastructure with the addition of over 600 new employees [6] Financial Performance - Genmab's revenue was DKK 21,526 million in 2024, a 31% increase from DKK 16,474 million in 2023, driven by higher DARZALEX and Kesimpta royalties and increased EPKINLY net product sales [13] - Operating profit was DKK 6,703 million in 2024, up 26% from DKK 5,321 million in 2023 [13] - Royalty revenue amounted to DKK 17,352 million in 2024, a 27% increase from DKK 13,705 million in 2023 [6] 2025 Outlook - Genmab expects 2025 revenue to be in the range of USD 3.3 – 3.7 billion, compared to USD 3.1 billion in 2024 [9] - Projected revenue growth for 2025 is driven by higher royalties, net product sales, and collaboration revenue, particularly from DARZALEX and Kesimpta [10] - Operating expenses for 2025 are anticipated to be in the range of USD 2.1 – 2.2 billion, reflecting investments in late-stage programs and launch readiness [14]