Genmab — Interim / Quarterly Report 2017

May 10, 2017

May 10, 2017; Copenhagen, Denmark;
Interim Report for the First Quarter of 2017

Highlights

-- USD 255 million in net sales of DARZALEX® (daratumumab); resulting in
royalty income of DKK 211 million
-- DARZALEX received positive opinion from European regulatory authorities for
relapsed or refractory multiple myeloma
-- Judith Klimovsky, MD appointed Chief Development Officer
-- Phase II study of daratumumab in non-Hodgkin’s lymphoma (CARINA) did not
proceed to stage 2 of trial

“In the first quarter of 2017 we received a positive regulatory opinion for
DARZALEX in combination with standard therapies for relapsed or refractory
multiple myeloma in the EU, and continued to progress our other pipeline
projects. As part of our aim to grow into a sustainably profitable company, we
also strengthened our executive management team with the appointment of Judith
Klimovsky, MD, as Executive Vice President and Chief Development Officer,” said
Jan van de Winkel, Ph.D., Chief Executive Officer of Genmab.

Financial Performance First Quarter of 2017

-- Revenue was DKK 251 million in the first quarter of 2017 compared to DKK
170 million in the first quarter of 2016. The increase of DKK 81 million,
or 48%, was mainly driven by increased DARZALEX royalties, partly offset by
a decrease in milestone income.
-- Operating expenses were DKK 205 million in the first quarter of 2017
compared to DKK 154 million in the first quarter of 2016. The increase of
DKK 51 million, or 33%, was due to the additional investment in our
pipeline of products, including the advancement of tisotumab vedotin,
HuMax®-AXL-ADC, HexaBody®-DR5/DR5, DuoBody®-CD3xCD20, and the various
products in our pre-clinical pipeline.
-- Operating income was DKK 46 million in the first quarter of 2017 compared
to DKK 16 million in the first quarter of 2016. The increase of DKK 30
million, or 188%, was driven by higher revenue which was partly offset by
the increased operating expenses in 2017.
-- On March 31, 2017, Genmab had a cash position of DKK 4,751 million compared
to DKK 3,922 million at December 31, 2016. This represented a net increase
of DKK 829 million, which was mainly driven by positive working capital
adjustments of DKK 665 million related to milestones achieved in the fourth
quarter of 2016 that were received in 2017, proceeds from the exercise of
warrants of DKK 103 million, and operating income.

Subsequent Event

-- 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 will receive milestone payments totaling USD 48 million
from Janssen in connection with the first commercial sales of DARZALEX
under the expanded label. The sales are expected to occur quickly after the
approval.

Outlook

Genmab is maintaining its 2017 financial guidance published on February 22,
2017.

Conference Call

Genmab will hold a conference call in English to discuss the results for the
first quarter of 2017 today, Wednesday, May 10, at 6.00 pm CEST, 5.00 pm BST or
12.00 pm EDT. The dial in numbers are:

+1 212 444 0896 (US participants) and ask for the Genmab conference call
+44 20 3427 1910 (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 quarter of 2017 on attachment or
at www.genmab.com.

CVR no. 2102 3884
LEI Code 529900MTJPDPE4MHJ122

Genmab A/S
Bredgade 34E
1260 Copenhagen K
Denmark