Genmab — Earnings Release 2017

Aug 9, 2017

Genmab Announces Financial Results for the First Half of 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.

Genmab Announces Financial Results for the First Half of 2017

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

CONSOLIDATED KEY FIGURES 4
OUTLOOK5
2017 GOALS6
PRODUCT PIPELINE 6
PRODUCT PIPELINE AND TECHNOLOGY PROGRESS FIRST HALF OF 20177
SIGNIFICANT RISKS AND UNCERTAINTIES13
FINANCIAL REVIEW 13
STATEMENT OF COMPREHENSIVE INCOME FOR THE 2ND QUARTER OF 2017 17
STATEMENT OF COMPREHENSIVE INCOME FOR THE 1ST HALF OF 2017 18
BALANCE SHEET – ASSETS19
BALANCE SHEET – SHAREHOLDERS' EQUITY AND LIABILITIES 20
STATEMENT OF CASH FLOWS 21
STATEMENT OF CHANGES IN EQUITY 22
NOTES TO THE FINANCIAL STATEMENTS 23
ABOUT GENMAB 30
DIRECTORS' AND MANAGEMENT'S STATEMENT ON THE INTERIM REPORT31

CONSOLIDATED KEY FIGURES

	2nd quarter of	2nd quarter of	6 Months Ended	6 Months Ended	Full Year
	2017	2016	June 30, 2017	June 30, 2016	2016
	DKK'000	DKK'000	DKK'000	DKK'000	DKK'000
Income Statement
Revenue	773,348	353,827	1,024,125	523,998	1,816,122
Research and development expenses	(201,568)	(187,505)	(371,639)	(314,621)	(660,876)
General and administrative expenses	(35,365)	(24,541)	(70,001)	(51,257)	(102,413)
Operating expenses	(236,933)	(212,046)	(441,640)	(365,878)	(763,289)
Operating result	536,415	141,781	582,485	158,120	1,052,833
Net financial items	(145,475)	26,449	(171,063)	(1,401)	77,384
Net result	307,265	168,230	323,364	156,705	1,187,075
Balance Sheet
Cash position*	5,214,759	3,762,122	5,214,759	3,762,122	3,921,965
Non-current assets	309,788	221,018	309,788	221,018	340,597
Assets	6,028,515	4,128,273	6,028,515	4,128,273	5,238,236
Shareholders' equity	5,439,354	3,748,621	5,439,354	3,748,621	4,826,696
Share capital	61,118	59,834	61,118	59,834	60,350
Investments in intangible and tangible assets	35,988	2,933	39,844	7,037	33,109
Cash Flow Statement
Cash flow from operating activities	544,038	209,926	1,295,959	201,290	327,719
Cash flow from investing activities	(332,345)	(257,175)	(719,554)	(501,992)	(1,014,539)
Cash flow from financing activities	90,481	43,498	193,759	81,882	91,188
Cash and cash equivalents	1,031,721	641,700	1,031,721	641,700	307,023
Cash position increase/(decrease)	464,134	271,600	1,292,794	268,893	428,736
Financial Ratios
Basic net result per share	5.05	2.82	5.33	2.63	19.83
Diluted net result per share	4.95	2.72	5.21	2.54	19.22
Period-end share market price	1,389.00	1,210.00	1,389.00	1,210.00	1,173.00
Price / book value	15.61	19.31	15.61	19.31	14.67
Shareholders' equity per share	89.00	62.65	89.00	62.65	79.98
Equity ratio	90%	91%	90%	91%	92%
Average number of employees (FTE**)	228	195	221	190	196
Number of employees at the end of the period	234	198	234	198	205

* Cash, cash equivalents, and marketable securities.

** Full-time equivalent

The figures and financial ratios have been prepared on a consolidated basis. The financial ratios have been calculated in accordance with the recommendations of the Association of Danish Financial Analysts (2015) and key figures in accordance with IFRS.

OUTLOOK

MDKK	2017 Guidance
Revenue	1,950 – 2,150
Operating expenses	(1,000) – (1,100)
Operating income	900 – 1,100
Cash position at end of year*	>4,500

*Cash, cash equivalents, and marketable securities

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

We expect our 2017 revenue to be in the range of DKK 1,950 – 2,150 million. Our projected revenue for 2017 consists primarily of DARZALEX royalties of DKK 930 – 1,100 million that are based on an estimated USD 1,100 – 1,300 million of DARZALEX net sales in 2017 and DARZALEX milestones of DKK 800 million. The remainder of the revenue mainly consists of Arzerra® royalties, DuoBody milestones, and non-cash amortization of deferred revenue.

We anticipate that our 2017 operating expenses will be in the range of DKK 1,000 – 1,100 million. The increased expense level is driven by the advancement and continued investment in our pipeline of products, including tisotumab vedotin, HuMax-AXL-ADC, HexaBody-DR5/DR5, DuoBody-CD3xCD20, and our early stage pre-clinical programs.

We expect the operating income for 2017 to be approximately DKK 900 – 1,100 million.

Cash Position

We are projecting our cash position at the end of 2017 to be greater than DKK 4,500 million.

Outlook: Risks and Assumptions

In addition to factors already mentioned, the estimates above are subject to change due to numerous reasons, including but not limited to the achievement of certain milestones associated with our collaboration agreements; the timing and variation of development activities (including activities carried out by our collaboration partners) and related income and costs; DARZALEX and Arzerra sales and corresponding royalties to Genmab; fluctuations in the value of our marketable securities; and currency exchange rates. The financial guidance does not include any potential proceeds from future warrant exercises and also assumes that no significant agreements are entered into during 2017 that could materially affect the results.

2017 GOALS

Priority		Targeted Milestone
Maximize daratumumab progress	        	EMA decision & launch in 2nd line + multiple myeloma (MM) relapsed / refractory setting FDA decision 3rd line MM setting (daratumumab + pomalidomide) Phase III MM interim efficacy analysis in frontline (ALCYONE trial) Start Phase III subcutaneous trial Start trials in solid tumors and non-MM blood cancers Report non-MM clinical data
Optimize ofatumumab value		Phase III refractory FL headline results
Strengthen differentiated product pipeline	     	Phase I/II tisotumab vedotin data Progress HuMax-AXL-ADC Phase I/II clinical trial IND/CTA submission HexaBody-DR5/DR5 IND/CTA submission DuoBody-CD3xCD20 Progress pre-clinical pipeline
Strengthen partnership portfolio with next generation technologies	 	Enter new technology collaborations Progress partnered programs
Disciplined financial management		Execute controlled company growth with selective investments in product pipeline

PRODUCT PIPELINE

Our own and partnered product pipeline includes ten antibodies in clinical development, including two marketed products, and over 20 in-house and partnered pre-clinical programs. The following chart illustrates the disease indications and most advanced development status for each of our pipeline products. For additional information, visit www.genmab.com/product-pipeline.

Product	Disease	Most Advanced Development Status
Daratumumab Target: CD38	Multiple Myeloma (MM)	Marketed in certain indications; in Phase III development for others
Partner: Janssen	Amyloidosis	Phase III study announced
	Natural killer/T-cell lymphoma (NKTCL), Nasal type	Phase II study ongoing
	Myelodysplastic syndromes (MDS)	Phase II study ongoing
	Solid tumors	Phase II study ongoing
Ofatumumab Target: CD20 Indication: Cancer Partner: Novartis	Chronic Lymphocytic Leukemia (CLL)	Marketed in certain indications
	Follicular Lymphoma (FL)	Phase III study ongoing

Product	Disease	Most Advanced Development Status
Ofatumumab Subcutaneous formulation Target: CD20 Indication: Autoimmune Partner: Novartis	Relapsing Multiple Sclerosis	Phase III studies ongoing
Tisotumab vedotin Target: Tissue factor (TF) Partner: Seattle Genetics	Solid cancers	Phase I/II studies ongoing
HuMax-AXL-ADC Target: AXL	Solid cancers	Phase I/II study ongoing
Teprotumumab Target: IGF-1R Partner: Horizon Pharma (previously River Vision; sublicensed from Roche)	Graves' orbitopathy (GO)	Phase II study completed, shown as Active, not recruiting on www.clinicaltrials.gov*
AMG 714 Target: IL-15 Partner: Celimmune (sublicensed from Amgen)	Celiac disease	Phase II studies ongoing
ADCT-301 Target: CD25	Lymphoma	Phase I study ongoing
Partner: ADC Therapeutics	Acute myeloid leukemia (AML) or acute lymphoblastic leukemia (ALL)	Phase I study ongoing
JNJ-61186372 Targets: EGFR, cMET Partner: Janssen	Non-small-cell lung cancer (NSCLC)	Phase I study ongoing
JNJ-63709178 Targets: CD3, CD123 Partner: Janssen	Acute myeloid leukemia (AML)	Phase I study ongoing
JNJ-64007957 Targets: BCMA, CD3 Partner: Janssen	Relapsed or refractory MM	Phase I study ongoing
>20 Active Pre-clinical Programs	Partnered & proprietary programs: HuMab, HuMab-ADC, DuoBody, DuoBody-ADC & HexaBody	Pre-clinical

Announced = study has been announced via a company announcement or www.clinicaltrials.gov but the first patient has not yet been dosed

Ongoing = first patient has been dosed in the study; study has started

* Results published in New England Journal of Medicine - Smith, TJ et al. Teprotumumab for Thyroid-Associated Ophthalmopathy. N Engl J Med. 2017; 376: 1748-1761.

PRODUCT PIPELINE AND TECHNOLOGY PROGRESS FIRST HALF OF 2017

DARZALEX (daratumumab) – A First-in-Class Antibody

• First-in-class CD38 antibody in development to treat cancer

• Approved in combination with other therapies in relapsed/refractory multiple myeloma and as monotherapy for heavily pretreated or double-refractory multiple myeloma in U.S. and EU

• Multiple Phase III studies in multiple myeloma ongoing or announced

• Early stage studies ongoing or announced in solid tumors and other indications
• Collaboration with Janssen
• H1 2017 net sales of DARZALEX by Janssen were USD 554 million

DARZALEX (daratumumab) injection for intravenous infusion is approved in the U.S. in combination with lenalidomide and dexamethasone, or bortezomib and dexamethasone, for the treatment of patients with multiple myeloma who have received at least one prior therapy; in combination with pomalidomide and dexamethasone for the treatment of patients with multiple myeloma who have received at least two prior therapies, including lenalidomide and a proteasome inhibitor (PI); and as a monotherapy for the treatment of patients with multiple myeloma who have received at least three prior lines of therapy, including a PI and an immunomodulatory agent, or who are double-refractory to a PI and an immunomodulatory agent. In the EU, DARZALEX is approved for use in combination with lenalidomide and dexamethasone, or bortezomib and dexamethasone, for the treatment of adult patients with multiple myeloma who have received at least one prior therapy, and as a monotherapy for the treatment of adult patients with relapsed and refractory multiple myeloma, whose prior therapy included a PI and an immunomodulatory agent and who have demonstrated disease progression on the last therapy.

The warnings and precautions for DARZALEX include infusion reactions, interference with serological testing and interference with determination of complete response. The most frequently reported adverse reactions (incidence ≥20%) in clinical trials were: infusion reactions, neutropenia, thrombocytopenia, fatigue, nausea, diarrhea, constipation, vomiting, muscle spasms, arthralgia, back pain, pyrexia, chills, dizziness, insomnia, cough, dyspnea, peripheral edema, peripheral sensory neuropathy and upper respiratory tract infection.

Please consult the full U.S. Prescribing information and the full European Summary of Product Characteristics for all the labeled safety information for DARZALEX.

Second Quarter Update

• June: The U.S. FDA approved the use of DARZALEX in combination with pomalidomide and dexamethasone for the treatment of patients with multiple myeloma who have received at least two prior therapies including lenalidomide and a PI. Genmab achieved milestone payments totaling USD 25 million from Janssen in connection with the approval and first commercial sale of DARZALEX under the newly expanded label.
• May: Janssen announced plans to start new studies of daratumumab in multiple myeloma and amyloidosis: a Phase III study in smoldering multiple myeloma; a Phase III study comparing the subcutaneous and intravenous administration of daratumumab in relapsed and refractory multiple myeloma; a Phase III study of subcutaneous daratumumab in combination with bortezomib, cyclophosphamide and dexamethasone for amyloidosis; a Phase III study combining daratumumab with bortezomib, lenalidomide and dexamethasone in frontline multiple myeloma; and a Phase II study of subcutaneous daratumumab in combination with standard of care regimens for frontline and relapsed multiple myeloma. The Phase III study in amyloidosis was published on www.clinicaltrials.gov in June. The studies are planned to start between the second half of 2017 and the first quarter of 2018 and may be subject to change.
• April: In collaboration with the European Myeloma Network (EMN) and Stichting Hemato-Oncologie voor Volwassenen Nederland (HOVON), Janssen announced plans to start a Phase III study (MMY3013, APOLLO) comparing daratumumab in combination with pomalidomide and dexamethasone versus pomalidomide and dexamethasone in patients who have previously been treated with an immunomodulatory drug and a PI. The study is open for patient recruitment.
• April: The European Commission granted a marketing authorization for DARZALEX in combination with lenalidomide and dexamethasone, or bortezomib and dexamethasone, for the treatment of adult patients with multiple myeloma who have received at least one prior therapy.

The approval converts the previous conditional marketing authorization for DARZALEX to a full approval. Genmab achieved milestone payments totaling USD 48 million from Janssen in connection with the first commercial sales of DARZALEX under the expanded label.

April: A Phase I/II study investigating selinexor in combination with daratumumab and other backbone treatments for multiple myeloma and a Phase I/II study of daratumumab in combination with nivolumab in solid tumors was published via www.clinicaltrials.gov. A number of investigator sponsored studies have also be announced, see www.clinicaltrials.gov for full list of daratumumab trials.

First Quarter Update

• March: Janssen decided not to initiate stage 2 of the Phase II study (CARINA, LYM2001) of daratumumab in three types of relapsed or refractory NHL. A data review showed that two cohorts of the study, in follicular lymphoma and diffuse large B-cell lymphoma, did not reach the predefined futility thresholds of overall response rates (ORR) of 50% and 30%, respectively. In the third cohort of the study, in mantle cell lymphoma, ORR was not evaluable due to slow recruitment. This decision has no impact on other ongoing or planned studies with daratumumab.
• February: The Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency (EMA) has issued a positive opinion recommending broadening the existing marketing authorization for DARZALEX (daratumumab) in the European Union. The recommendation is for the use of DARZALEX in combination with lenalidomide and dexamethasone, or bortezomib and dexamethasone, for the treatment of adult patients with multiple myeloma who have received at least one prior therapy.
• February: MorphoSys was allowed to amend its original complaint to include a second U.S. patent, U. S. patent no. 9,200,061. In April 2016, MorphoSys filed its original complaint at the U.S. District Court of Delaware against Genmab and Janssen Biotech, Inc., for patent infringement under U.S. patent no. 8,263,746 based on activities relating to the manufacture, use and sale of DARZALEX in the U.S. MorphoSys is seeking money damages. The trial date has been set for August 2018 and jury trial has been requested by MorphoSys. Genmab and Janssen disagree with the allegations made by MorphoSys in its complaint for patent infringement and vigorously contest those allegations.
• Q1: Several new studies of daratumumab were published on www.clinicaltrials.gov including a Phase II study in combination with nivolumab for colon cancer; a Phase I/II study in combination with atezolizumab in previously treated advanced or metastatic NSCLC; a Phase I/II study in combination with nivolumab for virus associated tumors; a Phase II study comparing daratumumab with talacotuzumab in myelodysplastic syndromes and a Phase I/II study in combination with nivolumab for advanced or metastatic solid tumors.

	Expansive Daratumumab Development Program
--	-------------------------------------------	--	--

Indication Disease Stage		Therapy	No.	Development Phase
			Pts*	ИΙ Ш
	High Risk Smoldering	Mono	$126$ $\rightarrow$	SMM2001 (CENTAURUS)
		Dara + VMP	700.	MMY3007 (ALCYONE)
	Front line	Dara + Rd	730	MMY3008 (MAIA)
	(transplant &	Dara + VTd	1,080	MMY3006 (CASSIOPEIA)
	non-transplant)	Dara + RVd	216	MMY2004
		Multi combo Study $(6 \text{ arms})$	250	MMY1001 (EQUULEUS)
		Dara + Rd	571	MMY3003 (POLLUX)
Multiple Myeloma**	Relapsed or	Dara + Vd	500	MMY3004 (CASTOR)
		Dara + $K$ + Dex	450	20160275 (CANDOR)
		$Dara + Pom + Dex$	302	MMY3013 (APOLLO)
		Dara +Pom + Dex	155	CC-4047-MM-014
	Refractory	Subcutaneous	93	MMY1004 (PAVO)
		Dara + Tecentrig	214	GO29695
		Dara + Imfinzi	264	FUSION
		Dara + Opdivo	375	CA209-039
		Dara + Opdivo	TBC	Announced

Indication	Disease	No. Therapy			Development Phase
	Stage		Pts*	III	п	Ш
Amyloidosis	Newly Diagnosed	Dara + CyBorD	370		AMY3001
NKTCL	Nasal Type	Mono	32	NKT2001(VOLANS)
Colon Cancer	Recurrent & metastatic	Dara + Opdivo	340	CA209-142
MDS	Relapsed or refractory	Dara or talacotuzumab	31	MDS2002
NSCLC. pancreatic, triple neg. breast cancers	Advanced or metastatic	Dara + Opdivo	120	CA209-9GW
Virus Associated Tumors	Virus positive & negative	Dara + Opdivo	500	CA209-358
NSCLC	Advanced or metastatic	Dara + Tecentrig	96	LUC2001 (CALLISTO)

Arzerra (ofatumumab) – Our First Marketed Product

• Human CD20 monoclonal antibody in development to treat cancer & autoimmune disease
• Arzerra approved in certain territories for certain CLL indications
• Two Phase III studies with low dose subcutaneous ofatumumab in relapsing multiple sclerosis ongoing
• Collaboration with Novartis

H1 2017 net sales of Arzerra by Novartis were USD 18 million

In the U.S., Arzerra is approved for use in combination with chlorambucil for the treatment of previously untreated patients with CLL for whom fludarabine-based therapy is considered inappropriate, for use in combination with fludarabine and cyclophosphamide (FC) for the treatment of patients with relapsed CLL, and for extended treatment of patients who are in complete or partial response after at least two lines of therapy for recurrent or progressive CLL. In the EU, Arzerra is approved for use in combination with chlorambucil or bendamustine for the treatment of patients with CLL who have not received prior therapy and who are not eligible for fludarabine-based therapy and in combination with fludarabine and cyclophosphamide for adult patients with relapsed CLL. In more than 60 countries worldwide, including the U.S. and EU member countries, Arzerra is also indicated as monotherapy for the treatment of patients with CLL who are refractory after prior treatment with fludarabine and alemtuzumab.

The overall safety profile of Arzerra in CLL is based on exposure in clinical trials and the post-marketing setting. Arzerra has been used in more than 3,500 patients treated alone or in combination with other therapies in clinical trials. It is estimated that more than 9,000 patients have been exposed to Arzerra for at least one treatment course in the post-marketing setting.

The most common side effects for Arzerra include adverse events associated with infusion reactions, cytopenias (neutropenia, anemia, thrombocytopenia), and infections (lower respiratory tract infection, including pneumonia, upper respiratory tract infection, sepsis, including neutropenic sepsis and septic shock, herpes viral infection, urinary tract infection).

Please consult the full European Summary of Product Characteristics and full US Prescribing information, including Boxed Warning, for all the labeled safety information for Arzerra.

A subcutaneous formulation of ofatumumab is also being investigated in two Phase III clinical studies in relapsing multiple sclerosis.

Tisotumab vedotin – A Next Generation Therapeutic

• Antibody-drug conjugate (ADC, antibody coupled to a cell-killing agent) in development to treat solid tumors
• Two Phase I/II clinical studies in solid tumors ongoing
• License and collaboration agreement with Seattle Genetics

Tisotumab vedotin is an ADC targeted to tissue factor (TF), a protein involved in tumor signaling and angiogenesis. Based on its high expression on many solid tumors and its rapid internalization, TF is a suitable target for an ADC approach. Tisotumab vedotin is in Phase I/II clinical development for solid tumors. Genmab has a license and collaboration agreement for tisotumab vedotin with Seattle Genetics under which Seattle Genetics has the right to exercise a co-development option at the end of Phase I clinical development.

Second Quarter Update

June: Preliminary data from the ongoing Phase I/II study of tisotumab vedotin in solid tumors (GEN701) was reported. In Part 2 of the study, 11 of 34 evaluable patients in the cervical cancer cohort achieved a response; with a median time of treatment of 4.9 months, 7 responders are still ongoing or in follow up for progression. The safety profile of tisotumab vedotin was consistent with known MMAE based ADCs including peripheral neuropathy and neutropenia. Conjunctivitis was identified as a toxicity specifically related to tisotumab vedotin, which led to the introduction of prophylactic management. Genmab is considering plans for further clinical development of tisotumab vedotin in cervical cancer.

HuMax-AXL-ADC

• ADC in development to treat solid tumors
• Phase I/II clinical study for solid tumors ongoing

HuMax-AXL-ADC is an ADC targeted to AXL, a signaling molecule expressed on many solid cancers and implicated in tumor biology. HuMax-AXL-ADC is in Phase I/II clinical development for six different solid tumors. HuMax-AXL-ADC is fully owned by Genmab and the ADC technology used with HuMax-AXL-ADC was licensed from Seattle Genetics.

JNJ-63709178

• DuoBody product targeting CD3 and CD123
• Phase I study in relapsed or refractory AML ongoing
• Developed by Janssen under the DuoBody technology collaboration

JNJ-63709178 is a bispecific antibody that targets CD3, which is expressed on T-cells and CD123, which is overexpressed in various hematologic malignancies. JNJ-63709178 can redirect T-cells, resulting in Tcell mediated killing of CD123+ AML cells. JNJ-63709178 was created by Janssen using Genmab's DuoBody technology under the companies' collaboration agreement. JNJ-63709178 is being investigated in a Phase I study in relapsed or refractory AML.

First Quarter Update

March: The Phase I study of JNJ-63709178 in AML was released from clinical hold and the study is actively recruiting.

JNJ-64007957

• DuoBody product targeting BCMA and CD3
• Phase I study in relapsed or refractory multiple myeloma ongoing
• Developed by Janssen under the DuoBody technology collaboration

JNJ-64007957 is a bispecific antibody that targets BCMA, which is expressed in mature B lymphocytes, and CD3, which is expressed on T-cells, was created under a collaboration between Genmab and Janssen using Genmab's DuoBody technology. JNJ-64007957 is being investigated in a Phase I clinical study to treat relapsed or refractory multiple myeloma.

Second Quarter Update

May: A Phase I study of JNJ-64007957 in relapsed or refractory multiple myeloma was published by Janssen on www.clinicaltrials.gov.

Pre-clinical Programs

• Broad pre-clinical pipeline of over 20 programs including HexaBody-DR5/DR5, and DuoBody-CD3xCD20
• Pre-clinical pipeline includes both partnered products and in-house programs based on our proprietary technologies
• Multiple new INDs expected to be submitted over coming years

Genmab has over 20 active in-house and partnered pre-clinical programs. Our pre-clinical pipeline includes naked antibodies, immune effector function enhanced antibodies developed with our HexaBody technology, and bispecific antibodies created with our DuoBody platform. A number of the pre-clinical programs are carried out in cooperation with our collaboration partners.

SIGNIFICANT RISKS AND UNCERTAINTIES

As a biotech company, Genmab faces a number of risks and uncertainties. These are common for the industry and relate to operations, research and development, commercial and financial activities. For further information about risks and uncertainties which the Genmab group faces, refer to the 2016 annual report. At the date of this interim report, there have been no significant changes to Genmab's overall risk profile since the publication of the 2016 annual report.

FINANCIAL REVIEW

The interim report is prepared on a consolidated basis for the Genmab group. The financial statements are published in Danish Kroner (DKK).

Revenue

Genmab's revenue was DKK 1,024 million for the first half of 2017 compared to DKK 524 million for the first half of 2016. The increase of DKK 500 million, or 95%, was driven by increased DARZALEX royalties and milestones. Royalties and milestone payments were 95% of total revenue in the first half of 2017 compared to 90% in the first half of 2016.

MDKK	H1 2017	H1 2016
Royalties	479	202
Milestone payments	489	271
Deferred revenue	47	45
Reimbursement income	9	6
Total revenue	1,024	524

Royalties

Royalty income amounted to DKK 479 million in the first half of 2017 compared to DKK 202 million in the first half of 2016. The increase of DKK 277 million was driven by higher DARZALEX royalties, which were partly offset by lower Arzerra royalties.

Net sales of DARZALEX by Janssen were USD 554 million in the first half of 2017 compared to USD 209 million in the first half of 2016. The increase of USD 345 million, or 165%, was driven by strong uptake following the regulatory approvals in the U.S. and EU. Royalty income on net sales of DARZALEX was DKK 454 million in the first half of 2017 compared to DKK 168 million in the first half of 2016, an increase of DKK 286 million, or 170%.

Novartis' net sales of Arzerra were USD 18 million in the first half of 2017 compared to USD 25 million in the first half of 2016. The decrease of USD 7 million, or 28%, was due to continued competition in the refractory CLL market. Royalty income on net sales of Arzerra was DKK 25 million in the first half of 2017 compared to DKK 34 million in the first half of 2016, a decrease of DKK 9 million, or 26%.

Milestone Payments

Milestone income was DKK 489 million in the first half of 2017 compared to DKK 271 million in the first half of 2016. The increase of DKK 218 million, or 80%, was mainly driven by milestones related to the first commercial sales of DARZALEX in the second and third indications under the expanded label granted by the European Commission in April 2017.

Deferred Revenue

In the first half of 2017, deferred revenue amounted to DKK 47 million compared to DKK 45 million in the first half of 2016. The deferred revenue is related to our collaboration agreements and is recognized in the income statement on a straight line basis over planned development periods. As of June 30, 2017, DKK 182 million was included as deferred income in the balance sheet. Refer to note 2.1 in the 2016 annual report for further details about the accounting treatment of deferred revenue.

Genmab A/S Tel: +45 7020 2728 Company Announcement no. 26 Kalvebod Brygge 43 Fax: +45 7020 2729 Page 13/31 1560 Copenhagen V, Denmark www.genmab.com CVR no. 2102 3884

Reimbursement Income

Reimbursement income, comprised of the reimbursement of certain research and development costs under our collaboration agreements, amounted to DKK 9 million in the first half of 2017 compared to DKK 6 million in the first half of 2016.

Research and Development Costs

Research and development costs amounted to DKK 372 million in the first half of 2017 compared to DKK 315 million in the first half of 2016. The increase of DKK 57 million, or 18%, was driven by 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, combined with the increase in research and development employees.

Research and development costs accounted for 84% of the total operating expenses in the first half of 2017 compared to 86% in the first half of 2016.

General and Administrative Expenses

General and administrative expenses were DKK 70 million in the first half of 2017 compared to DKK 51 million in the first half of 2016. The increase of DKK 19 million, or 37%, was driven by higher non-cash share-based compensation expense and the increase in administrative employees and other support functions due to the expansion of our pipeline.

General and administrative expenses accounted for 16% of the total operating expenses in the first half of 2017 compared to 14% in the first half of 2016.

Operating Result

Operating income was DKK 582 million in the first half of 2017 compared to DKK 158 million in the first half of 2016. The improvement of DKK 424 million, or 268%, was driven by higher revenue, which was partly offset by increased operating expenses.

As of June 30, 2017, the total number of employees was 234 compared to 198 employees as of June 30, 2016. The increase in employees was driven by the expansion of our pipeline.

Workforce	June 30, 2017	June 30, 2016
Research and development employees	199	171
Administrative employees	35	27
Total employees	234	198

Net Financial Items

The net financial items for the first half of 2017 were a net loss of DKK 171 million compared to a net loss of DKK 1 million in the first half of 2016. The main driver for the variance between the two periods is foreign exchange movements which negatively impacted our USD denominated portfolio and cash holdings. The USD weakened significantly against the DKK during 2017, resulting in realized and unrealized exchange rate losses. Refer to note 3 in this interim report for further details about the net financial items.

Corporate Tax

The corporate tax expense for the first half of 2017 was DKK 88 million, or an effective tax rate of 21%, which was based on the estimated average effective corporate tax rate for the full year. There has been no reversal of the valuation allowances on deferred tax assets in the first half of 2017. There was minimal corporate tax expense in the first half of 2016 as a tax loss was projected for the full year and no benefit for the loss was expected to be recognized due to the full valuation allowance on deferred tax assets.

Net Result

Net result for the first half of 2017 was a net income of DKK 323 million compared to a net income of DKK 157 million in the first half of 2016. The increase was driven by the items described above.

Cash Position

Cash Position (MDKK)	June 30, 2017	December 31, 2016
Marketable securities	4,183	3,615
Cash and cash equivalents	1,032	307
Cash position	5,215	3,922

As of June 30, 2017, cash, cash equivalents, and marketable securities (cash position) amounted to DKK 5,215 million. This represents a net increase of DKK 1,293 million from the beginning of 2017, which was mainly driven by positive working capital adjustments of DKK 630 million related to milestones achieved in the fourth quarter of 2016 which were received in 2017, our operating income of DKK 582 million, and proceeds from the exercise of warrants of DKK 194 million.

Cash and cash equivalents included short term marketable securities of DKK 54 million at the end of June 2017. There were no short term marketable securities included in cash and cash equivalents at the end of June 2016. In accordance with our accounting policy, these securities are classified as cash and cash equivalents as the securities have a maturity of less than three months at the date of acquisition. The remaining cash and cash equivalents relate to bank deposits. Refer to note 2 in this interim report for further details about our marketable securities.

Cash Flow

Cash Flow (MDKK)	H1 2017	H1 2016
Cash provided by (used in) operating activities	1,296	201
Cash provided by (used in) investing activities	(720)	(502)
Cash provided by (used in) financing activities	194	82

Net cash provided by operating activities is primarily related to our operating result, working capital fluctuations, and changes in non-cash expenses, all of which may be highly variable period to period. In the first half of 2017, the primary drivers of increased cash provided by operating activities were positive working capital adjustments related to milestones achieved in the fourth quarter of 2016 which were received in 2017 and higher operating income.

The change in cash used in investing activities primarily reflects differences between the proceeds received from sale and maturity of our investments and amounts invested. Purchases of marketable securities exceeded sales and maturities in both the first half of 2017 and 2016, which has resulted in significant growth in our marketable securities balance.

Net cash provided by financing activities is primarily related to the proceeds from the exercise of warrants. During the first half of 2017 proceeds from the exercise of warrants were DKK 194 million compared to DKK 82 million in the first half of 2016.

Balance Sheet

As of June 30, 2017, total assets were DKK 6,029 million compared to DKK 5,238 million as of December 31, 2016. As of June 30, 2017, the assets are mainly comprised of a cash position of DKK 5,215 million and receivables of DKK 508 million. The receivables consist primarily of royalties and milestone payments from our collaboration agreements and non-interest bearing receivables, which are due less than one year from the balance sheet date. The credit risk on receivables is considered to be limited.

Genmab A/S Tel: +45 7020 2728 Company Announcement no. 26 Kalvebod Brygge 43 Fax: +45 7020 2729 Page 15/31 1560 Copenhagen V, Denmark www.genmab.com CVR no. 2102 3884

Shareholders' equity as of June 30, 2017 was DKK 5,439 million compared to DKK 4,827 million at the end of December 2016. The increase was driven by our net income as well as the exercise of warrants. On June 30, 2017, Genmab's equity ratio was 90% compared to 92% at the end of 2016.

STATEMENT OF COMPREHENSIVE INCOME FOR THE 2ND QUARTER OF 2017

Income Statement

	2nd quarter of 2017	2nd quarter of 2016
	DKK'000	DKK'000
Revenue	773,348	353,827
Research and development expenses	(201,568)	(187,505)
General and administrative expenses Operating expenses	(35,365) (236,933)	(24,541) (212,046)
Operating result	536,415	141,781
Net financial items	(145,475)	26,449
Net result before tax	390,940	168,230
Corporate tax	(83,675)	-
Net result	307,265	168,230
Basic net result per share	5.05	2.82
Diluted net result per share	4.95	2.72
Statement of Comprehensive Income
Net result	307,265	168,230
Other comprehensive income:
Amounts which will be re-classified to the income statement:
Adjustment of foreign currency fluctuations on subsidiaries Fair value adjustments of cash flow hedges:	(8,646)	2,435
Fair value adjustments during the period	13,422	-
Fair value adjustments reclassified to the income statement	(4,296)	-
Total comprehensive income	307,745	170,665

STATEMENT OF COMPREHENSIVE INCOME FOR THE 1ST HALF OF 2017

Income Statement

	Note	6 Months Ended June 30, 2017 DKK'000	6 Months Ended June 30, 2016 DKK'000
Revenue		1,024,125	523,998
Research and development expenses		(371,639)	(314,621)
General and administrative expenses		(70,001)	(51,257)
Operating expenses		(441,640)	(365,878)
Operating result		582,485	158,120
Net financial items	3	(171,063)	(1,401)
Net result before tax		411,422	156,719
Corporate tax		(88,058)	(14)
Net result		323,364	156,705
Basic net result per share		5.33	2.63
Diluted net result per share		5.21	2.54
Statement of Comprehensive Income
Net result		323,364	156,705
Other comprehensive income:
Amounts which will be re-classified to the income statement:
Adjustment of foreign currency fluctuations on subsidiaries		(10,351)	(1,932)
Fair value adjustments of cash flow hedges:
Fair value adjustments during the period		15,537	-
Fair value adjustments reclassified to the income statement		(4,799)	-
Total comprehensive income		323,751	154,773

BALANCE SHEET – ASSETS

	Note	June 30, 2017 DKK'000	December 31, 2016 DKK'000	June 30, 2016 DKK'000
Intangible assets Property, plant & equipment		164,039 66,725	181,895 32,194	176,857 31,085
Receivables		4,146	1,473	6,853
Deferred tax assets		74,878	125,035	6,223
Total non-current assets		309,788	340,597	221,018
Receivables		503,968	975,674	145,133
Marketable securities	2	4,183,038	3,614,942	3,120,422
Cash and cash equivalents		1,031,721	307,023	641,700
Total current assets		5,718,727	4,897,639	3,907,255
Total assets		6,028,515	5,238,236	4,128,273

BALANCE SHEET – SHAREHOLDERS' EQUITY AND LIABILITIES

2017 DKK'000	2016	2016
	DKK'000	DKK'000
61,118	60,350	59,834
7,962,568	7,769,577	7,642,689
103,270	102,883	92,544
(2,687,602)	(3,106,114)	(4,046,446)
5,439,354	4,826,696	3,748,621
-	-	1,433
-	-	1,433
		-
		242,264
		-
344,607	120,345	135,955
589,161	411,540	378,219
		379,652
6,028,515	5,238,236	4,128,273
	1,433 181,509 61,612 589,161	1,433 228,150 61,612 411,540

Share-based instruments 4 Shareholdings by the Board of Directors and Executive Management 5 Subsequent events to the balance sheet date 6

STATEMENT OF CASH FLOWS

	Note	6 Months Ended June 30, 2017	6 Months Ended June 30, 2016
		DKK'000	DKK'000
Net result before tax		411,422	156,719
Reversal of financial items, net		171,063	1,401
Adjustments for non-cash transactions		60,253	45,487
Changes in working capital		629,963	(20,791)
Cash flow from operating activities before financial items		1,272,701	182,816
Financial interest received		23,647	18,601
Financial expenses paid		(375)	(113)
Corporate taxes received/(paid)		(14)	(14)
Cash flow from operating activities		1,295,959	201,290
Investments in tangible assets		(39,844)	(7,037)
Marketable securities purchased	2	(2,124,580)	(1,358,139)
Marketable securities disposed/matured		1,444,870	863,184
Cash flow from investing activities		(719,554)	(501,992)
Warrants exercised		193,759	82,001
Paid installments on lease liabilities		-	(119)
Cash flow from financing activities		193,759	81,882
Change in cash and cash equivalents		770,164	(218,820)
Cash and cash equivalents at the beginning of the period		307,023	873,986
Exchange rate adjustments		(45,466)	(13,466)
Cash and cash equivalents at the end of the period		1,031,721	641,700
Cash and cash equivalents include:
Bank deposits		978,151	641,700
Short-term marketable securities		53,570	-
Cash and cash equivalents at the end of the period		1,031,721	641,700

STATEMENT OF CHANGES IN EQUITY

	Number of shares	Share capital	Share premium	Translation reserves	Cash flow hedges	Accumulated deficit	Shareholders' equity
		DKK'000	DKK'000	DKK'000	DKK'000	DKK'000	DKK'000
December 31, 2015	59,531,263	59,531	7,560,991	94,476	-	(4,228,278)	3,486,720
Total comprehensive income				(1,932)	-	156,705	154,773
Transactions with owners: Exercise of warrants	302,669	303	81,698				82,001
Purchase of treasury shares						-	-
Share-based compensation expenses						25,127	25,127
June 30, 2016	59,833,932	59,834	7,642,689	92,544	-	(4,046,446)	3,748,621
Total comprehensive income				6,167	4,172	1,030,370	1,040,709
Transactions with owners:
Exercise of warrants	516,124	516	126,888				127,404
Purchase of treasury shares						(118,099)	(118,099)
Share-based compensation expenses						28,061	28,061
December 31, 2016	60,350,056	60,350	7,769,577	98,711	4,172	(3,106,114)	4,826,696
Total comprehensive income				(10,351)	10,738	323,364	323,751
Transactions with owners:
Exercise of warrants	768,346	768	192,991				193,759
Share-based compensation expenses						37,055	37,055
Tax on items recognized directly in equity						58,093	58,093
June 30, 2017	61,118,402	61,118	7,962,568	88,360	14,910	(2,687,602)	5,439,354

NOTES TO THE FINANCIAL STATEMENTS

Note 1 – Accounting Policies

Basis of Presentation

The interim report is prepared in accordance with International Accounting Standard No. 34 (IAS 34), "Interim Financial Reporting" and additional Danish disclosure requirements for interim reports of listed companies. The interim report has not been reviewed or audited by Genmab's external auditors.

Accounting Policies

The interim report has been prepared using the same accounting policies as outlined in section 1 – Basis of Presentation in the financial statements in the 2016 annual report.

Management Judgments and Estimates under IFRS

In preparing interim reports, certain provisions under IFRS require management to make judgments (various accounting estimates and assumptions) which may significantly impact the group's financial statements. The most significant judgments include, among other things, revenue recognition, sharebased compensation, deferred tax assets, and recognition of internally generated intangible assets. For additional descriptions of significant judgments and estimates, refer to note 1.3 in the 2016 annual report.

Fair Value Measurement

For financial instruments that are measured in the balance sheet at fair value, IFRS 13 for financial instruments requires disclosure of fair value measurements by level of the following fair value measurement hierarchy for:

• Level 1 Quoted prices (unadjusted) in active markets for identical assets or liabilities
• Level 2 Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices)
• Level 3 Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).

MDKK		June 30, 2017		December 31, 2016
Assets Measured at Fair Value	Note	Level 1	Level 2	Level 1	Level 2
Marketable securities	2	4,183	-	3,615	-
Receivables – derivatives		-	21	-	4

Marketable Securities

All fair market values are determined by reference to external sources using unadjusted quoted prices in established markets for our marketable securities (Level 1).

Derivative Financial Instruments

Genmab entered into derivative instruments (forward contracts) to hedge currency exposure associated with future royalties on net sales of DARZALEX by Janssen. The derivatives are not traded on an active market based on quoted prices. The fair value is determined using valuation techniques that utilize market based data such as currency rates, yield curves and implied volatility (Level 2).

Note 2 – Marketable Securities

	June 30, 2017 DKK'000	December 31, 2016 DKK'000 (full year)	June 30, 2016 DKK'000
Cost at the beginning of the period Additions for the period Disposals and maturities for the period	3,603,111 2,124,580 (1,448,110)	2,636,642 3,008,484 (2,042,015)	2,636,642 1,358,139 (868,526)
Cost at the end of the period	4,279,581	3,603,111	3,126,255
Fair value adjustment at the beginning of the period Fair value adjustment for the period	11,831 (108,374)	(17,399) 29,230	(17,399) 11,566
Fair value adjustment at the end of the period	(96,543)	11,831	(5,833)
Net book value at the end of the period	4,183,038	3,614,942	3,120,422
Net book value in percentage of cost	97.7%	100.3%	99.8%
Average effective duration (years)	1.73	1.41	1.25

In accordance with the group's risk management guidelines, Genmab's marketable securities are administrated by two external investment managers who solely invest in securities from investment grade issuers. Genmab invests its cash in deposits with major financial institutions, Danish mortgage bonds and notes issued by Danish, European, and American governments.

As of June 30, 2017, 96% of our marketable securities had a triple A-rating, compared to 94% as of December 31, 2016.

Note 3 – Financial Income and Expenses

	6 Months Ended	6 Months Ended
	June 30, 2017	June 30, 2016
	DKK'000	DKK'000
Financial income:
Interest and other financial income	20,228	15,028
Realized and unrealized gains on fair value hedges, net	7,227	-
Realized and unrealized gains on markertable securities (fair
value through the income statement), net	-	4,241
[I/S] Total financial income	27,455	19,269
Financial expenses:
Interest and other financial expenses	375	113
Realized and unrealized losses on markertable securities (fair
value through the income statement), net	13,603	-
Exchange rate losses, net	184,540	20,557
[I/S] Total financial expenses	198,518	20,670
Net financial items	(171,063)	(1,401)

Note 4 – Share-Based Instruments

Restricted Stock Unit Program

Genmab A/S established a Restricted Stock Unit (RSU) program as an incentive for all the Genmab group's employees, members of the Executive Management, and members of the Board of Directors.

Under the terms of the RSU program, RSUs are subject to a cliff vesting period and become fully vested on the first banking day of the month following a period of three years from the date of grant. Within 30 days of the vesting date, the holder of a RSU receives one share in Genmab A/S for each RSU.

Genmab A/S intends to purchase its own shares in order to cover its obligations in relation to the RSUs. Authorization to purchase Genmab A/S' own shares up to a nominal value of DKK 500,000 (500,000 shares) was given at the Annual General Meeting in March 2016. During the third quarter of 2016, Genmab acquired 100,000 of its own shares to cover its future obligations under the RSU program, which remain classified as treasury shares and presented within accumulated deficit as of June 30, 2017. There were no acquisitions or holding of treasury shares prior to the initial acquisition in the third quarter of 2016.

RSU Activity

The RSU activity in the first half of 2017 and 2016, respectively, is outlined below.

	6 Months Ended June 30, 2017	6 Months Ended June 30, 2016
Outstanding RSUs at January 1 Granted Vested Forfeited/Cancelled	102,387 10,252 - (156)	72,895 - - (3,256)
Outstanding RSUs at June 30	112,483	69,639

During the first half of 2017, 10,252 RSUs were granted with a weighted average fair value of DKK 1,416.64 per RSU. There were no RSUs granted during the first half of 2016.

Warrant Program

Genmab A/S established warrant programs as an incentive for the members of the Executive Management and the group's employees.

Warrants Granted from August 2004 until April 2012

Under the August 2004 warrant program, warrants vest annually over a four year period on the anniversary of the grant date. Warrants granted under the August 2004 warrant program will lapse on the tenth anniversary of the grant date. As a general rule, the warrant holder may only exercise 25% of the warrants granted per full year of employment or affiliation with Genmab after the grant date. However, the warrant holder will be entitled to retain rights to exercise all warrants on a regular schedule in instances where the employment relationship is terminated by Genmab without cause.

Warrants Granted from April 2012 until March 2017

In April 2012, a new warrant program was adopted by the Board of Directors. Whereas warrants granted under the August 2004 warrant program will lapse on the tenth anniversary of the grant date, warrants granted under the April 2012 warrant program will lapse at the seventh anniversary of the grant date. All other terms in the warrant programs are identical.

Warrants Granted from March 2017

In March 2017, a new warrant program was adopted by the Board of Directors. Whereas warrants granted under the April 2012 warrant program vested annually over a four year period, warrants granted under the new March 2017 warrant program are subject to a cliff vesting period and become fully vested three years from the date of grant. All other terms in the warrant programs are identical.

Warrant Activity

The warrant activity in the first half of 2017 and 2016 is outlined below.

	6 Months Ended	6 Months Ended
	June 30, 2017	June 30, 2016
Outstanding warrants at January 1	2,190,311	2,876,517
Granted	24,336	41,150
Exercised	(768,346)	(302,669)
Expired/lapsed/cancelled	(12,219)	(14,715)
Outstanding warrants at June 30	1,434,082	2,600,283
Weighted average exercise price	DKK 252.18	DKK 264.42

During the first half of 2017, 24,336 warrants were granted to our employees with a weighted average exercise price of DKK 1,413.70 per warrant and a weighted average Black-Scholes fair market value of DKK 465.36 per warrant. During the first half of 2016, 41,150 warrants were granted to our employees with a weighted average exercise price of DKK 985.95 per warrant and a weighted average Black-Scholes fair market value of DKK 340.53 per warrant.

During the first half of 2017, 768,346 warrants were exercised with proceeds to Genmab of DKK 194 million. The warrants exercised increased share capital accordingly and corresponded to approximately 1.3% of share capital. During the first half of 2016, 302,669 warrants were exercised with proceeds to Genmab of DKK 82 million.

Share-based compensation expenses for the first half of 2017 totaled DKK 37 million compared to DKK 25 million in the corresponding period for 2016.

Note 5 - Shareholdings by the Board of Directors and Executive Management

The tables below set forth certain information regarding the beneficial ownership of the issued share capital and the outstanding share-based instruments held by the members of the Board of Directors and the Executive Management as of June 30, 2017.

	December 31,
	2016	Acquired	Sold	Transferred	June 30, 2017
Number of ordinary shares owned
Board of Directors
Mats Pettersson	10,000		-	-	- 10,000
Anders Gersel Pedersen	7,000		-	-	- 7,000
Burton G. Malkiel	19,375	2,000		- (21,375)	-
Pernille Erenbjerg	-		-	-	- -
Paolo Paoletti	637		-	-	- 637
Rolf Hoffmann	-	575		-	- 575
Deirdre P. Connelly	-		-	-	- -
Peter Storm Kristensen	-		-	-	- -
Rick Hibbert	-		-	-	- -
Daniel Bruno	-		-	-	- -
	37,012	2,575		- (21,375)	18,212
Executive Management
Jan van de Winkel	602,500	37,500		-	- 640,000
David A. Eatwell	2,500	15,000		-	- 17,500
Judith Klimovsky	-		-	-	- -
	605,000	52,500		-	- 657,500
Total	642,012	55,075		- (21,375)	675,712
	December 31,
	2016	Granted	Exercised	Transferred	June 30, 2017
Number of warrants held
Board of Directors
Mats Pettersson	38,750	-	-	-	38,750
Anders Gersel Pedersen	54,000	-	(21,250)	-	32,750
Burton G. Malkiel	14,500	-	(4,500)	(10,000)	-
Pernille Erenbjerg	-	-	-	-	-
Paolo Paoletti	-	-	-	-	-
Rolf Hoffmann	-	-	-	-	-
Deirdre P. Connelly	-	-	-	-	-
Peter Storm Kristensen	1,917	-	-	-	1,917
Rick Hibbert	1,962	-	(750)	-	1,212
Daniel Bruno	18,613	-	(5,125)	-	13,488
	129,742	-	(31,625)	(10,000)	88,117
Executive Management
Jan van de Winkel	392,841	-	(252,500)	-	140,341
David A. Eatwell	484,577	-	(125,000)	-	359,577
Judith Klimovsky	-	8,400	-	-	8,400
	877,418	8,400	(377,500)	-	508,318
Total	1,007,160	8,400	(409,125)	(10,000)	596,435

Genmab A/S Tel: +45 7020 2728 Company Announcement no. 26 Kalvebod Brygge 43 Fax: +45 7020 2729 Page 28/31 1560 Copenhagen V, Denmark www.genmab.com CVR no. 2102 3884

	December 31, 2016	Granted	Settled	Transferred	June 30, 2017
Number of RSUs held
Board of Directors
Mats Pettersson	4,043	-	-	-	4,043
Anders Gersel Pedersen	3,032	-	-	-	3,032
Burton G. Malkiel	2,021	-	-	(2,021)	-
Pernille Erenbjerg	3,571	-	-	-	3,571
Paolo Paoletti	3,571	-	-	-	3,571
Rolf Hoffmann	-	1,121	-	-	1,121
Deirdre P. Connelly	-	1,121	-	-	1,121
Peter Storm Kristensen	508	-	-	-	508
Rick Hibbert	458	-	-	-	458
Daniel Bruno	1,484	-	-	-	1,484
	18,688	2,242	-	(2,021)	18,909
Executive Management
Jan van de Winkel	39,606	-	-	-	39,606
David A. Eatwell	24,652	-	-	-	24,652
Judith Klimovsky	-	2,800	-	-	2,800
	64,258	2,800	-	-	67,058
Total	82,946	5,042	-	(2,021)	85,967

Following Genmab A/S' Annual General Meeting on March 28, 2017, the Board of Directors is comprised of five independent directors, one non-independent director, and three employee-elected directors. Mats Pettersson, Dr. Anders Gersel Pedersen, Dr. Paolo Paoletti and Pernille Erenbjerg were re-elected to the Board of Directors for a one year period. Rolf Hoffmann and Deirdre P. Connelly were elected to the Board of Directors for a one year period. Dr. Burton G. Malkiel stepped down from the Board of Directors. The reclassification of the board members' shares and share-based instruments is shown in the transferred column of the tables above. The Board of Directors convened and constituted itself with Mr. Pettersson as Chairman and Dr. Pedersen as Deputy Chairman.

Other than the remuneration to the Board of Directors and the Executive Management and the transactions detailed in the tables above, no other significant transactions took place during the first half of 2017. For further information on the remuneration of the Board of Directors and the Executive Management, refer to note 5.1 in the 2016 annual report.

Note 6 - Subsequent Events to the Balance Sheet Date

No events have occurred subsequent to the balance sheet date that could significantly affect the financial statements as of June 30, 2017.

ABOUT GENMAB

Genmab is a publicly traded, international biotechnology company specializing in the creation and development of differentiated antibody therapeutics for the treatment of cancer. Founded in 1999, the company has two approved antibodies, DARZALEX® (daratumumab) for the treatment of certain multiple myeloma indications, and Arzerra® (ofatumumab) for the treatment of certain chronic lymphocytic leukemia indications. Daratumumab is in clinical development for additional multiple myeloma indications, other blood cancers, and solid tumors. A subcutaneous formulation of ofatumumab is in development for relapsing multiple sclerosis. Genmab also has a broad clinical and pre-clinical product pipeline. Genmab's technology base consists of validated and proprietary next generation antibody technologies - the DuoBody® platform for generation of bispecific antibodies, and the HexaBody® platform which creates effector function enhanced antibodies. The company intends to leverage these technologies to create opportunities for full or co-ownership of future products. Genmab has alliances with top tier pharmaceutical and biotechnology companies. For more information visit www.genmab.com.

This 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 this interim report. Genmab does not undertake any obligation to update or revise forward looking statements in this 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.

DIRECTORS' AND MANAGEMENT'S STATEMENT ON THE INTERIM REPORT

The Board of Directors and the Executive Management have today considered and adopted the unaudited interim report of the Genmab group for the six months ended June 30, 2017.

The interim report is prepared in accordance with International Accounting Standard No. 34 (IAS 34), "Interim Financial Reporting", as endorsed by the EU and additional Danish disclosure requirements for interim reports of listed companies.

We consider the applied accounting policies to be appropriate and, in our opinion, the interim report gives a true and fair view of the assets and liabilities, financial position, results of operation and cash flows of the group.

Furthermore, we consider the Management's Review, pages 3-16, to give a true and fair account of the development in the group's activities and financial affairs, results of operations and the group's financial position as a whole as well as a description of the significant risks and uncertainties which the group faces.

Copenhagen, August 9, 2017

Executive Management

Jan van de Winkel (President & CEO)	David A. Eatwell (Executive Vice President & CFO)	Judith Klimovsky (Executive Vice President & CDO)
Board of Directors
Mats Pettersson (Chairman)	Anders Gersel Pedersen (Deputy Chairman)	Rolf Hoffmann
Pernille Erenbjerg	Paolo Paoletti	Deirdre P. Connelly

Rick Hibbert Daniel J. Bruno Peter Storm Kristensen (Employee elected) (Employee elected) (Employee elected)