Genmab — Earnings Release 2010

Feb 28, 2011

-- Achieved lowest operating loss in ten years of DKK 161 million
-- Increased cash in 2010 by DKK 265 million to DKK 1,546 million
-- Lowered operating expenses to DKK 743 million, beating previous guidance,
further reductions guided in 2011
-- Increase in Arzerra royalties by 48% to a projected DKK 80 million in 2011

Copenhagen, Denmark; February 28, 2011 - Genmab A/S (OMX: GEN) announced today
results for the financial year ended December 31, 2010 and 2011 financial
guidance.

“Over the past year Genmab has taken decisive actions to significantly
strengthen our financial position ultimately leading to an increase in cash
over the course of 2010,” said Jan van de Winkel, Ph.D., Chief Executive
Officer of Genmab. “We will continue to focus on cost control initiatives in
2011, adhering to our strategy to build a profitable and successful business.
This comes alongside a highly active business development period with two new
deals signed and our collaboration with GSK refocused,” he added.

During this period, Genmab reported the following results:

-- Revenues were DKK 582 million (USD 104 million) for the year ended December
31, 2010. In 2009, Genmab recognized revenues of DKK 586 million (USD 104
million). The revenues consist primarily of deferred revenue, royalties and
milestone payments.
-- An operating loss of DKK 161 million (USD 29 million). This compares to an
operating loss of DKK 498 million (USD 89 million) in 2009. The improvement
of DKK 337 million or 68% is mainly due the amendment of the GSK agreement
and our continued strong focus on cost savings and control.
-- A net loss for continuing operations of DKK 143 million (USD 26 million)
compared to a net loss of DKK 348 million (USD 62 million) in 2009. The net
loss per share for continuing operations was DKK 3.19 in 2010 compared to
DKK 7.75 in 2009.
-- A net loss of DKK 321 million (USD 57 million) compared to DKK 1,011
million (USD 180 million) in 2009. This includes the results of our
manufacturing facility, which has been classified as held for sale and
presented as a discontinued operation due to our decision to sell the
facility. The loss for discontinued operation amounted to DKK 178 million
(USD 32 million) in 2010 compared to DKK 663 million (USD 118 million) in
2009. The fair value less cost to sell the facility has been reduced from
approximately USD 145 million to USD 120 million as of September 30, 2010,
resulting in a non-cash impairment charge of approximately DKK 130 million.
This charge is included in the DKK 178 million mentioned above.
-- Genmab ended the year with a cash position of DKK 1,546 million (USD 275
million). This represents a net increase of DKK 265 million (USD 47
million) compared to the end of December 2009 which is primarily related to
the upfront payment of DKK 815 million received from GSK and the upfront
payment of DKK 56 million received from Lundbeck, partially offset by the
ongoing investment in our research and development activities.
-- Overall, the total financial performance is in line with the most recent
revised guidance issued on November 9, 2010. The operating loss and cash
position is better than projected, partly driven by timing differences in
development costs.

2010 Highlights

Envisioning a New Future

-- Appointed Jan van de Winkel, Ph.D. as new CEO
-- Elected three Genmab employees to Board of Directors
-- Updated Genmab's corporate strategy
-- Implemented a reorganization, saving DKK 30 million annually

Maximizing the Value of Arzerra® (ofatumumab)

-- Received conditional marketing authorization for Arzerra in Europe
-- Achieved first full year of Arzerra sales - GBP 31 million (DKK 270
million), resulting in DKK 54 million in royalty payments to Genmab
-- Announced plans to focus on subcutaneous delivery in autoimmune indications

Advancing Our Pipeline

-- Announced data from the Phase III study of zalutumumab in refractory head
and neck cancer
-- Provided update on potential regulatory pathway for zalutumumab
-- Initiated six new clinical studies
-- Phase III study of ofatumumab in combination with bendamustine in
follicular NHL in patients who did not respond to a rituximab containing
regimen
-- Phase III maintenance study of ofatumumab versus no further treatment in
patients with relapsed CLL who have responded to induction therapy
-- Phase III study of ofatumumab versus rituximab in rituximab-sensitive
follicular NHL that has relapsed at least 6 months after treatment with a
rituximab-containing regimen
-- Phase II study of ofatumumab in previously treated CLL in Japan
-- Phase II RG1512 study in cardiovascular disease initiated by Roche
-- Phase I study of cardiovascular effects of ofatumumab in refractory CLL
-- Published data from seven clinical studies, including two Phase III trials
-- Introduced DuoBody™, a novel, next generation bispecific antibody
technology
-- Announced new pre-clinical program - HuMax-cMet™

Driving Value through Collaborations

-- Amended ofatumumab agreement with GSK
-- Executed antibody development agreement with Lundbeck
-- Entered research collaboration with Seattle Genetics for HuMax-TF™
-- Reached three milestones totaling DKK 206 million - two GSK and one Roche

Outlook

We expect our 2011 revenue to be DKK 325 - 350 million compared to DKK 582
million reported for 2010. The reduction in revenue is mostly due to the
inclusion of two development milestones related to our agreement with GSK
totaling DKK 203 million in 2010. There are no GSK development milestones
included in 2011. Our projected revenue for 2011 consists primarily of non-cash
amortization of deferred revenue totaling DKK 226 million and royalties on
sales of Arzerra of DKK 80 million an increase of 48% compared to 2010.

We anticipate that our 2011 operating expenses from continuing operations will
be DKK 675 - 725 million compared to DKK 743 million in 2010. The decrease is
primarily attributable to a continued strong focus on cost control while
continuing to progress our pre-clinical and clinical pipeline. 2011 operating
expenses include approximately DKK 80 million related to zalutumumab and
represents a full 12 months of development activity. This cost could
potentially be reduced if we are able to enter into a licensing or other
transaction.

We expect the operating loss from continuing operations for 2011 to be
approximately DKK 350 - 400 million, compared to the operating loss of DKK 161
million reported for 2010.

The discontinued operation guidance of DKK 50 million relates to the ongoing
running costs of the Minnesota manufacturing facility and represents a full 12
months of activity maintaining the facility in a validated state. This cost
could be lower if the facility is sold before the end of the year. We remain
focused on entering a sales agreement in 2011. Further details of the facility
can be viewed at http://genmab-facility.com/. The fair value of the
manufacturing facility less costs to sell is estimated at USD 120 million,
approximately DKK 660 million, at an assumed exchange rate of USD 1.00 = DKK
5.50.

As of December 31, 2010, we had cash, cash equivalents and marketable
securities of DKK 1,546 million and are projecting a cash burn in 2011,
excluding proceeds from the facility sale, of DKK 575 - 625 million. Taking
into account the planned sale of the manufacturing facility, we are projecting
a cash balance at the end of the year of DKK 1,575 - 1,625 million.

       2011 Guidance                                          
                                 -----------------------------
                                   DKK Millions   USD Millions

---

Revenue 325 - 350 58 - 62

Operating expenses (675) - (725) (120) - (129)

Operating loss continuing operations (350) - (400) (62) -(71)

Discontinued operation (50) (9)
-----------------------------
Cash at beginning of year 1,546 275
-----------------------------
Cash used in operations (575) - (625) (102) - (111)
-----------------------------
Facility sale 660 120
-----------------------------
Cash at end of year 1,575 - 1,625 281-290

---

* Cash, cash equivalents, and marketable securities

In addition to factors already mentioned, the estimates above are subject to
change due to numerous reasons, including but not limited to the timing and
variation of development activities (including activities carried out by our
collaboration partners) and related income and costs; fair value less cost to
sell of our manufacturing facility; fluctuations in the value of our marketable
securities; Arzerra sales and corresponding royalties to Genmab; and currency
exchange rates. The financial guidance also assumes that no significant
agreements are entered into during 2011 that could materially affect the
results.

Conversion of Certain DKK Amounts to USD

For the convenience of the reader certain DKK amounts have been converted to
USD. Unless otherwise indicated, conversion herein of financial information
from DKK to USD has been made using the Danish Central Bank closing spot rate
on December 31, 2010 of USD 1.00 = DKK 5.6133.

Conference Call

Genmab will hold a conference call to discuss the results for 2010 tomorrow,
Tuesday, March 1, at

3.00 pm CET
2.00 pm GMT
9.00 am EST

The conference call will be held in English.

The dial in numbers are as follows:
+1 877 317 6789 (in the US) and provide conference ID no. 447653
+1 412 317 6789 (outside the US) and provide conference ID no. 447653

A live webcast of the call and relevant slides will be available at
www.genmab.com. The webcast will also be archived on Genmab's website.

Stock Exchange Release no. 04
CVR no. 2102 3884

Genmab A/S
Bredgade 34
1260 Copenhagen K
Denmark