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Delivering on Our Commitment Delivering on Our Commitment 2020 Annual Report Genmab A/S CVR No. 21 02 38 84 Table of Management’s Financial Contents Review Statements Using Science to Turn Insights into Medicine Our Purpose To improve the lives of patients with cancer by creating and developing innovative and differentiated antibody products. It is our reason for being. 2 2020 Annual Report Table of Management’s Financial Contents Review Statements Table of Contents Management’s Review Financial Statements 5 About Genmab 22 Our Business 85 Financial Statements for the Genmab Group 7 Timeline 23 Research and Development 8 2020 at a Glance Capabilities 133 Financial Statements of the Parent Company 9 Progress Toward Our 2025 Vision 24 Antibody Discovery and Development 149 Directors’ and Management’s 10 Chair’s Statement 25 Product Pipeline Statement on the Annual Report 12 Letter from the CEO 52 Antibody Technologies 150 Independent Auditor’s Report 15 Market Overview 59 Risk Management 17 2020 Achievements 63 Financial Review 18 Consolidated Key Figures 69 Shareholders and Share Information 153 Glossary 19 2021 Outlook 154 Forward Looking Statement 19 Key 2021 Priorities 71 Environmental, Social, and 155 Contact Information 20 Business Model Governance 21 Our Strategy 72 Commitment to Building a Sustainable and Socially Responsible Biotech Our Vision 73 Corporate Social Responsibility and Sustainability Commitments By 2025, our own 75 Human Capital Management 76 Stakeholder Engagement product has transformed 78 Corporate Governance cancer treatment, 80 Board of Directors and we have a pipeline 83 Senior Leadership of knock-your-socks-off antibodies 3 2020 Annual Report / Table of Contents Table of Management’s Financial Contents Review Statements Management’s Review 5 About Genmab 7 Timeline Management’s 8 2020 at a Glance 9 Progress Toward Our 2025 Vision 10 Chair’s Statement 12 Letter from the CEO Review 15 Market Overview 17 2020 Achievements 18 Consolidated Key Figures Genmab is at an inflection point in a transformational 19 2021 Outlook journey as the company evolves into a fully integrated 19 Key 2021 Priorities biotechnology innovation powerhouse, driven by its 20 Business Model mission to impact patients’ lives. 21 Our Strategy 22 Our Business 71 Environmental, Social, and Governance 4 2020 Annual Report / Management’s Review Table of Management’s Financial Contents Review Statements About Genmab Our Purpose Our Core Values To improve the lives of patients with cancer by creating In our quest to turn science into medicine, we use these guideposts and developing innovative and differentiated antibody to transform the future of cancer treatment: products. It is our reason for being. • Passion for innovation • Determination — being the best at what we do • Integrity — we do the right thing • We work as one team and respect each other Genmab’s Growing Organization Utrecht, NL – Research and Growing Presence – Translational Research – Antibody Product Creation – Corporate Functions Our Key Accomplishments Princeton, USA – Translational Research Tokyo, JP – Development – Clinical Copenhagen, DK – Commercial – Commercial – HQ Each of our achievements stands as evidence of our unyielding – Corporate Functions – Corporate Functions – CMC Operations determination, including: – Clinical Operations – Corporate Functions • Creators of multiple marketed products* • Inventors of four proprietary antibody technologies • Growing multiple proprietary clinical programs • Pioneers of a robust pre- clinical pipeline • World-class team with antibody and R&D expertise • Partnerships with industry leaders and innovators • Solid financial foundation • Building and expanding our capabilities with more than 750 employees across our four international locations * Products developed and marketed by others incorporating Genmab technology and innovation 5 2020 Annual Report / Management’s Review / About Genmab Table of Management’s Financial Contents Review Statements About Genmab Focused on Cancer Approved Medicines Created Our Pipeline by Genmab* Millions of people are diagnosed with cancer each year. Cancer DARZALEX® (daratumumab) Genmab is building a strong pipeline of proprietary antibody is the second leading cause of death worldwide, with about products that have the potential to make a real impact on the lives • Approved for the treatment of certain one in six deaths attributed to cancer. We believe antibody of cancer patients. When we consider which programs to develop, multiple myeloma indications in therapies are one of the keys to improving the lives of patients we look for differentiated antibodies that are first-in-class, offer territories including the U.S., Europe living with cancer. Our antibodies target two main categories of better efficacy than current treatments, or are better tolerated, and and Japan cancer: solid tumors and hematological cancers. have the potential to improve outcomes for cancer patients. In this • A subcutaneous (SubQ) formulation way we are building a knock-your-socks-off pipeline that offers Solid Tumors (daratumumab and hyaluronidase- multiple possibilities for success and the potential to meet our 2025 fihj), known as DARZALEX FASPRO® in the U.S., is approved Vision, while balancing the risks inherent in drug development. We A solid tumor is an abnormal mass of tissue for the treatment of certain multiple myeloma indications are also working on an extensive portfolio of pre- clinical programs that usually does not contain any liquid in the U.S. and Europe to fuel our pipeline of the future and bring us closer to achieving our or cysts. Solid tumors may be malignant • Marketed by Janssen Biotech Inc. (Janssen) 2025 Vision. (cancerous) or benign (non- cancerous). Solid tumors can occur in several places ® in the body, including the bones, muscles Kesimpta (ofatumumab) and organs. Sarcomas and carcinomas are • Approved in 2020 in the U.S. examples of solid tumors. in relapsing forms of multiple sclerosis (RMS) Hematological Cancers • Marketed by Novartis International AG Hematological cancers, also called blood (Novartis) cancers, begin in the tissues that form blood, 7Genmab-owned ≥50% products 3approved medicines ® such as the bone marrow, or in the cells of TEPEZZA (teprotumumab) in clinical development in collaboration the immune system. The three main types • Approved in 2020 in the U.S. in thyroid of blood cancers are leukemia, lymphoma eye disease (TED) and myeloma. • Marketed by Horizon Therapeutics plc (Horizon) Please see pages 28–37 of this Annual Report for detailed 15product candidates built on 4proprietary antibody indication and safety information. Genmab’s innovation in clinical technologies * Products developed and marketed by others incorporating Genmab technology development by other companies and innovation. 6 2020 Annual Report / Management’s Review / About Genmab Table of Management’s Financial Contents Review Statements Timeline A history of accomplishments rooted in science: From our start in Copenhagen in 1999, our continued commitment to oncology has given us purpose and a drive to improve the lives Key Events in Genmab’s of patients with cancer. We strive to achieve this goal by working together as one team and building on our world-class research in antibodies to expand our capabilities beyond the lab. 22-year Journey While we are proud of our past accomplishments for getting us to this point, we keep our eyes and minds focused on what is next. Our history has been powered by a dedication to developing antibody-based therapeutics. It is this same spirit that will guide us into the future. 1999–2002 2003–2007 2008–2011 2012–2015 2016–2018 2019 2020 • Genmab founded • CD38 MAbs generated • Arzerra® first U.S. and EU • Janssen DuoBody® • DARZALEX® first EU and • U.S. IPO • AbbVie Inc. (AbbVie) • Copenhagen IPO • Daratumumab selected approvals Research and License Japan approvals • Ofatumumab RMS sBLA partnership • First partnership (Roche) • GSK agreement • DuoBody® platform Agreement • HexElect® platform • CureVac AG agreement • First Phase 3 epcoritamab1 • Ofatumumab program ofatumumab • Strategy update • Janssen agreement • Immatics Biotechnologies • HexaBody-CD38 study announced announced • First collaboration daratumumab GmbH (Immatics) agreement (Janssen) • First clinical data with Seattle Genetics • HexaBody® platform agreement presented for DuoBody- (Seagen Inc.) • DARZALEX® first U.S. PD- L1x4-1BB2 approval • Very favorable topline • BioNTech SE (BioNTech) results in tisotumab agreement vedotin3 Phase 2 innovaTV 204 study • U.S. approvals for: – Kesimpta®4 – DARZALEX FASPRO®5 – TEPEZZA®6 • First regulatory submissions for product candidate created using DuoBody® technology7 1. Epcoritamab 50:50 partnership with AbbVie 3. Tisotumab vedotin 50:50 partnership with Seagen 5. DARZALEX® (daratumumab) and DARZALEX FASPRO® 6. TEPEZZA® (teprotumumab) developed by Horizon 2. DuoBody-PD-L1x4-1BB 50:50 partnership with BioNTech 4. Kesimpta® (ofatumumab) developed by Novartis (daratumumab and hyaluronidase-fihj) developed by Janssen 7. Amivantamab, developed by Janssen 7 2020 Annual Report / Management’s Review / Timeline 2 (C) Gensler Table of Management’s Financial Contents Review Statements 2020 at a Glance Operational Financial Approved Medicines in Collaboration Dual- listed DKK DKK • DARZALEX® marketed by Janssen in the U.S., in Denmark and in the U.S. Europe, Japan and multiple other countries 161B 16,079M • Kesimpta® marketed by Novartis in the U.S. 2020 year-end market cap 2020 year-end cash position†
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