Genmab — Earnings Release 2013

Nov 26, 2013

Company Announcement

-- Genmab to receive USD 8 million milestone payment from Janssen
-- Milestone triggered by clinical development progress
-- 2013 financial guidance improved

Copenhagen, Denmark; November 26, 2013 – Genmab A/S (OMX: GEN) announced today
it has reached the first milestone in its daratumumab collaboration with
Janssen Biotech, Inc. (“Janssen”). The milestone was triggered by progress in
the clinical development of daratumumab. Genmab will receive a USD 8 million
milestone payment from Janssen in connection with this event.

“Since the inception of our agreement with Janssen, we have reported
encouraging data from two clinical studies of daratumumab and have started one
new study. We are pleased to reach the first milestone in this productive
collaboration and look forward to making further progress with daratumumab,”
said Jan van de Winkel, Ph.D., Chief Executive Officer of Genmab.

Outlook

Income Statement Revised Guidance Previous Guidance
(MDKK) (MDKK)

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Revenue 595 – 635 550 - 590

Operating expenses (600) – (625) (600) – (625)

Operating result continuing 35 – (30) (10) – (75)
operations

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Discontinued operation 42 42

Cash Position Revised Guidance (MDKK) Previous Guidance
(MDKK)

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Cash position beginning of 1,516 1,516
year*

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Cash used in operations (180) – (230) (225) – (275)

MN facility sale 52 52

Warrant exercise 155 155

Cash position at end of year* 1,475 – 1,525 1,430 – 1,480

*Cash, cash equivalents, and marketable securities

Genmab is improving its 2013 financial guidance as published on August 14, 2013
and as amended on November 13, 2013 due to proceeds from warrant exercises.

Continuing Operations
Due the achievement of the USD 8 million daratumumab milestone, approximately
DKK 44 million, we are improving the revenue guidance, which is now expected to
be in the range of DKK 595 – 635 million compared to DKK 550 – 590 million in
the previous guidance.

There is no change to the operating expense guidance, which remains at DKK 600
– 625 million.

As a result of the improved revenue, we now project an operating result between
an operating income of DKK 35 million and an operating loss of DKK 30 million.

Cash Position
As of December 31, 2012, we had a cash position of DKK 1,516 million and now,
with the inclusion of the daratumumab milestone, we are projecting a cash burn
from operations in 2013 of DKK 180 - 230 million, an improvement from the
previous guidance of DKK 225 – 275 million. With the proceeds from warrant
exercises we are now projecting an improved cash position at the end of 2013,
including the facility sale at DKK 52 million, of DKK 1,475 – 1,525 million.
This compares with the previous guidance of DKK 1,430 – 1,480 million.

The estimates above are subject to change for 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; achievement of certain milestones associated with our collaboration
agreements; Arzerra sales and corresponding royalties to Genmab; fluctuations
in the value of our marketable securities; and currency exchange rates. The
financial guidance also assumes that no significant agreements are entered into
during 2013 that could materially affect the results.

About daratumumab
Daratumumab is a human CD38 monoclonal antibody with broad-spectrum killing
activity. Daratumumab is in clinical development for multiple myeloma (MM).
Daratumumab targets the CD38 molecule which is highly expressed on the surface
of multiple myeloma cells. Daratumumab may also have potential in other cancers
on which CD38 is expressed, including diffuse large B-cell lymphoma, chronic
lymphocytic leukemia, acute lymphoblastic leukemia, plasma cell leukemia, acute
myeloid leukemia, follicular lymphoma and mantle cell lymphoma. Daratumumab
has been granted Breakthrough Therapy Designation from the US FDA. In August
2012, Genmab granted Janssen Biotech, Inc. an exclusive worldwide license to
develop and commercialize daratumumab.

About Genmab A/S
Genmab is a publicly traded, international biotechnology company specializing
in the creation and development of differentiated human antibody therapeutics
for the treatment of cancer. Founded in 1999, the company’s first marketed
antibody, ofatumumab (Arzerra®), was approved to treat chronic lymphocytic
leukemia in patients who are refractory to fludarabine and alemtuzumab after
less than eight years in development. Genmab’s validated and next generation
antibody technologies are expected to provide a steady stream of future product
candidates. Partnering of innovative product candidates and technologies is a
key focus of Genmab’s strategy and the company has alliances with top tier
pharmaceutical and biotechnology companies. For more information visit
www.genmab.com.

Contact:
Rachel Curtis Gravesen, Senior Vice President, Investor Relations &
Communications
T: +45 33 44 77 20; M: +45 25 12 62 60; E: r.gravesen@genmab.com

This Company Announcement contains forward looking statements. The words
“believe”, “expect”, “anticipate”, “intend” and “plan” and similar expressions
identify forward looking statements. Actual results or performance may differ
materially from any future results or performance expressed or implied by such
statements. The important factors that could cause our actual results or
performance to differ materially include, among others, risks associated with
pre-clinical and clinical development of products, uncertainties related to the
outcome and conduct of clinical trials including unforeseen safety issues,
uncertainties related to product manufacturing, the lack of market acceptance
of our products, our inability to manage growth, the competitive environment in
relation to our business area and markets, our inability to attract and retain
suitably qualified personnel, the unenforceability or lack of protection of our
patents and proprietary rights, our relationships with affiliated entities,
changes and developments in technology which may render our products obsolete,
and other factors. For a further discussion of these risks, please refer to the
risk management sections in Genmab’s most recent financial reports, which are
available on www.genmab.com. Genmab does not undertake any obligation to update
or revise forward looking statements in this Company Announcement nor to
confirm such statements in relation to actual results, unless required by law.

Genmab A/S and its subsidiaries own the following trademarks: Genmab®; the
Y-shaped Genmab logo®; Genmab in combination with the Y-shaped Genmab logo(TM);
the DuoBody™ logo; HuMax®; HuMax-CD20®; DuoBody®, HexaBody(TM) and UniBody®.
Arzerra® is a registered trademark of GlaxoSmithKline.

Company Announcement no. 49
CVR no. 2102 3884

Genmab A/S
Bredgade 34E
1260 Copenhagen K
Denmark