Core Insights - Genmab demonstrated significant progress in advancing its late-stage programs, with EPKINLY and Tivdak receiving approvals in additional territories, and Rina-S showing potential as a treatment for advanced ovarian cancer [2][7] Financial Performance - Genmab reported a revenue increase of 19% in Q1 2025, reaching $715 million compared to $603 million in Q1 2024, driven by higher royalties from DARZALEX and Kesimpta, as well as EPKINLY net product sales [7][8] - Royalty revenue rose to $589 million in Q1 2025, up 30% from $452 million in Q1 2024, attributed to increased net sales of DARZALEX and Kesimpta [8] - Net sales of DARZALEX reached $3,237 million in Q1 2025, a 20% increase from $2,692 million in Q1 2024 [8] - Total costs and operating expenses were $527 million in Q1 2025, an 8% increase from $487 million in Q1 2024, primarily due to product pipeline expansion and profit-sharing with AbbVie [8] - Operating profit for Q1 2025 was $188 million, compared to $116 million in Q1 2024 [8] - Net financial items resulted in income of $56 million in Q1 2025, down from $133 million in Q1 2024, mainly due to foreign exchange impacts from the change in functional currency [8] Outlook - Genmab is maintaining its 2025 financial guidance as published on February 12, 2025 [4] Other Matters - The functional currency of Genmab A/S has changed from DKK to USD effective January 1, 2025, with the presentation currency also changed to USD, affecting comparative figures for prior periods [5]
Genmab Announces Financial Results for the First Quarter of 2024