Genmab — Earnings Release 2017

Aug 9, 2017

August 9, 2017; Copenhagen, Denmark;

Interim Report for the First Half of 2017

Highlights

-- USD 554 million in net sales of DARZALEX® (daratumumab); resulting in
royalty income of DKK 454 million
-- DARZALEX approved by U.S. Food and Drug Administration (FDA) in combination
with pomalidomide and dexamethasone for relapsed or refractory multiple
myeloma
-- DARZALEX received European regulatory approval in combination with
lenalidomide and dexamethasone, or bortezomib and dexamethasone for
relapsed or refractory multiple myeloma
-- Announced Phase III study combining daratumumab with pomalidomide and
dexamethasone in multiple myeloma
-- Announced plans for new studies of daratumumab in smoldering multiple
myeloma and with subcutaneous formulation in amyloidosis and multiple
myeloma
-- Reported preliminary Phase I/II tisotumab vedotin data in cervical cancer

“It’s been another exciting and busy quarter, with highlights including further
DARZALEX label expansions allowing for a broader number of multiple myeloma
patients to be treated with the drug, as well as the announcement of a number
of new pivotal studies with daratumumab. In addition we announced encouraging
data from our ongoing Phase I/II tisotumab vedotin trial and have been working
hard on progressing projects in our innovative pipeline,” said Jan van de
Winkel, Ph.D., Chief Executive Officer of Genmab.

Financial Performance First Half of 2017

-- Revenue was DKK 1,024 million in the first half of 2017 compared to DKK 524
million in the first half of 2016. The increase of DKK 500 million, or 95%,
was mainly driven by higher DARZALEX royalties and milestones.
-- Operating expenses were DKK 442 million in the first half of 2017 compared
to DKK 366 million in the first half of 2016. The increase of DKK 76
million, or 21%, was due to the additional investment in our pipeline of
products, including the advancement of tisotumab vedotin,
HexaBody®-DR5/DR5, DuoBody®-CD3xCD20, and other products in our pipeline.
-- Operating income was DKK 582 million in the first half of 2017 compared to
DKK 158 million in the first half of 2016. The increase of DKK 424
million, or 268%, was driven by higher revenue, which was partly offset by
increased operating expenses in 2017.
-- On June 30, 2017, Genmab had a cash position of DKK 5,215 million compared
to DKK 3,922 million at December 31, 2016. This represented a net increase
of DKK 1,293 million, which was mainly driven by positive working capital
adjustments of DKK 630 million related to milestones achieved in the fourth
quarter of 2016 that were received in 2017, our operating income of DKK 582
million, and proceeds from the exercise of warrants of DKK 194 million.

Outlook

Genmab is maintaining its 2017 financial guidance published on February 22,
2017 and reiterated on May 10, 2017.

Conference Call

Genmab will hold a conference call in English to discuss the results for the
first half of 2017 today, Wednesday, August 9, at 6.00 pm CEST, 5.00 pm BST or
12.00 pm EDT. The dial in numbers are:

+1 646 254 3366 (US participants) and ask for the Genmab conference call
+44 20 3427 1912 (international participants) and ask for the Genmab conference
call

A live and archived webcast of the call and relevant slides will be available
at 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

The interim report 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 product
discovery and development, 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 section
“Risk Management” in Genmab’s annual report, which is available on
www.genmab.com and the “Significant Risks and Uncertainties” section in the
interim report. Genmab does not undertake any obligation to update or revise
forward looking statements in the interim report 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™;
the DuoBody logo®; the HexaBody logo™; HuMax®; HuMax-CD20®; DuoBody®; HexaBody®
and UniBody®. Arzerra® is a trademark of Novartis AG or its affiliates.
DARZALEX® is a trademark of Janssen Biotech, Inc.

Download the full Interim Report for the first half of 2017 on attachment or at
www.genmab.com.

CVR no. 2102 3884
LEI Code 529900MTJPDPE4MHJ122

Genmab A/S
Kalvebod Brygge 43
1560 Copenhagen V
Denmark