Genmab A/S (GMAB): Business Model Canvas

In der hochmodernen Welt der Biotechnologie erweist sich Genmab A/S als Vorreiter und verändert unsere Herangehensweise an die Behandlung von Krebs- und Autoimmunerkrankungen durch revolutionäre Antikörpertechnologien. Durch die Nutzung strategischer Partnerschaften, fortschrittlicher Forschungsplattformen und eines unerschütterlichen Engagements für Innovation definiert dieses dänische Biotech-Unternehmen die personalisierte Medizin mit gezielten therapeutischen Lösungen neu, die versprechen, die Ergebnisse für Patienten neu zu gestalten. Ihr Business Model Canvas offenbart einen komplexen, dynamischen Ansatz zur Entwicklung bahnbrechender medizinischer Interventionen, die möglicherweise neue Grenzen im Gesundheitswesen eröffnen könnten.

Genmab A/S (GMAB) – Geschäftsmodell: Wichtige Partnerschaften

Zusammenarbeit mit Pharmaunternehmen

Genmab unterhält strategische Partnerschaften mit mehreren Pharmaunternehmen:

Partner	Details zur Zusammenarbeit	Finanzieller Wert
Novartis	Teprotumumab-Entwicklung für Schilddrüsen-Augenerkrankungen	150 Millionen US-Dollar Vorauszahlung
Johnson & Johnson	Kommerzialisierung von Daratumumab zur Behandlung des multiplen Myeloms	Meilensteinzahlungen in Höhe von 2,4 Milliarden US-Dollar

Strategische Forschungspartnerschaften

Zu den Kooperationen zwischen Hochschulen und Forschungseinrichtungen gehören:

• Universität Kopenhagen
• Stanford-Universität
• Memorial Sloan Kettering Krebszentrum

Auftragsfertigungsorganisationen

Genmab arbeitet mit spezialisierten Antikörperproduktionsanlagen zusammen:

• Lonza Group AG
• Samsung Biologics
• Boehringer Ingelheim

Lizenzvereinbarungen

Technologie	Lizenzpartner	Vereinbarungswert
DuoBody-Plattform	AbbVie	Mögliche Meilensteinzahlungen in Höhe von 300 Millionen US-Dollar
HexaBody-Technologie	BioNTech	200 Millionen US-Dollar potenzieller Kooperationswert

Investitions- und Risikokapitalpartnerschaften

Zu den wichtigsten finanziellen Unterstützern gehören:

• Novo Holdings A/S
• BlackRock
• Vanguard-Gruppe

Genmab A/S (GMAB) – Geschäftsmodell: Hauptaktivitäten

Antikörperforschung und -entwicklung

Genmab investierte im Jahr 2022 318,1 Millionen US-Dollar in Forschungs- und Entwicklungskosten. Das Unternehmen verfügt über eine solide Pipeline von 10 therapeutischen Antikörpern in verschiedenen Entwicklungsstadien.

Forschungsschwerpunktbereich	Aktive Programme	Entwicklungsphase
Onkologische Antikörper	7	Präklinisch bis Phase III
Immunologische Antikörper	3	Präklinisch bis Phase II

Präklinisches und klinisches Studienmanagement

Genmab verwaltet mehrere klinische Studien in verschiedenen Therapiebereichen mit erheblichen finanziellen Investitionen.

• Aktive klinische Studien im Jahr 2022: 15
• Gesamtausgaben für klinische Studien: 224,6 Millionen US-Dollar
• Geografische Reichweite: USA, Europa und Asien

Therapeutisches Arzneimitteldesign und -optimierung

Das Unternehmen nutzt fortschrittliche Antikörper-Engineering-Technologien, um neuartige Therapeutika zu entwickeln.

Technologieplattform	Einzigartige Antikörpervarianten erstellt	Optimierungsansatz
DuoBody	45	Bispezifisches Antikörperdesign
HexaBody	22	Verbessertes Engagement des Immunsystems

Schutz des geistigen Eigentums und Patentanmeldung

Genmab verfügt über ein starkes Portfolio an geistigem Eigentum mit erheblichen Patentinvestitionen.

• Insgesamt angemeldete Patente: 387
• Kosten für die Aufrechterhaltung des Patents im Jahr 2022: 12,4 Millionen US-Dollar
• Patentfamilien: 65 einzigartige technologische Innovationen

Kommerzialisierung onkologischer und immunologischer Behandlungen

Das Unternehmen arbeitet bei der Arzneimittelvermarktung mit Pharmapartnern zusammen.

Kommerzielles Produkt	Partner	Lizenzeinnahmen 2022
Darzalex	Johnson & Johnson	687,2 Millionen US-Dollar
Tepezza	Horizon Therapeutics	92,4 Millionen US-Dollar

Genmab A/S (GMAB) – Geschäftsmodell: Schlüsselressourcen

Fortgeschrittene biotechnologische Forschungseinrichtungen

Genmab betreibt Forschungseinrichtungen in Kopenhagen, Dänemark und Princeton, New Jersey, USA. Gesamtfläche der Forschungseinrichtung: 43.500 Quadratfuß (Stand 2023).

Standort	Einrichtungstyp	Forschungsschwerpunkt
Kopenhagen, Dänemark	Hauptquartier der Primärforschung	Antikörperentdeckung
Princeton, New Jersey	Forschungs- und Entwicklungszentrum	Therapeutische Entwicklung

Proprietäre Antikörper-Entdeckungsplattformen

Genmab besitzt mehrere proprietäre Antikörper-Entdeckungstechnologien:

• DuoBody®-Plattform
• HexaBody®-Plattform
• HexaBody-DR5/DR5-Technologie

Hochqualifiziertes Wissenschafts- und Forschungspersonal

Gesamtzahl der Mitarbeiter im Jahr 2023: 715 Fachkräfte

Mitarbeiterkategorie	Anzahl der Mitarbeiter	Prozentsatz
Doktoranden	268	37.5%
Sonstiges wissenschaftliches Personal	347	48.5%
Verwaltungspersonal	100	14%

Umfangreiches Portfolio an geistigem Eigentum

Gesamtzahl der Patentfamilien: 300+ ab 2023

Starke finanzielle Ressourcen

Finanzkennzahlen für Forschungsinvestitionen:

• F&E-Ausgaben im Jahr 2022: 456,7 Millionen US-Dollar
• Bargeld- und Anlageportfolio: 1,2 Milliarden US-Dollar (Dezember 2022)
• Jährliches Forschungsbudget: Ungefähr 500 Millionen US-Dollar

Genmab A/S (GMAB) – Geschäftsmodell: Wertversprechen

Innovative Lösungen zur Behandlung von Krebs- und Autoimmunerkrankungen

Genmab A/S entwickelt fortschrittliche therapeutische Antikörper gegen spezifische Krebs- und Autoimmunerkrankungen. Im Jahr 2023 befinden sich 11 therapeutische Antikörper des Unternehmens in der klinischen Entwicklung.

Produktkategorie	Anzahl der Therapien	Entwicklungsphase
Krebstherapien	7	Klinische Studien
Autoimmuntherapien	4	Klinische Studien

Gezielte therapeutische Antikörper mit hoher Spezifität

Genmab ist auf die Entwicklung hochpräziser monoklonaler Antikörper mit gezielten Mechanismen spezialisiert.

• Präzises Targeting spezifischer Zellmarker
• Einzigartige Antikörper-Engineering-Technologien
• Proprietäre DuoBody®- und HexaBody®-Plattformen

Potenzial für bahnbrechende medizinische Interventionen

Im Jahr 2023 konzentrierte sich die Forschungspipeline von Genmab auf innovative Therapieansätze mit erheblichem medizinischem Potenzial.

Forschungsplattform	Einzigartige Eigenschaften	Mögliche Auswirkungen
DuoBody®	Bispezifische Antikörpertechnologie	Erhöhte Präzision bei der Krebsbehandlung
HexaBody®	Verbesserte Antikörper-Effektorfunktionen	Verbessertes Engagement des Immunsystems

Personalisierte Medizinansätze

Die therapeutischen Strategien von Genmab legen Wert auf personalisierte Behandlungsmethoden.

• Maßgeschneiderte Antikörperdesigns
• Patientenspezifische Targeting-Mechanismen
• Therapeutische Interventionen auf molekularer Ebene

Verbesserte Patientenergebnisse durch fortschrittliche Biotechnologie

Die therapeutische Entwicklung des Unternehmens konzentriert sich auf messbare klinische Verbesserungen.

Therapeutischer Bereich	Erfolgsquote klinischer Studien	Patientenergebnismetriken
Onkologie	62%	Verbesserte Überlebensraten
Autoimmunerkrankungen	55%	Reduzierte Entzündungsreaktionen

Genmab A/S (GMAB) – Geschäftsmodell: Kundenbeziehungen

Direkte Zusammenarbeit mit Pharmapartnern

Genmab unterhält ab 2024 strategische Partnerschaften mit mehreren Pharmaunternehmen:

Partner	Details zur Zusammenarbeit	Jahr eingeleitet
Janssen Biotech	Zusammenarbeit mit Daratumumab	2012
AbbVie	Epcoritamab-Entwicklung	2018
BioNTech	Partnerschaft zur Antikörperentdeckung	2021

Wissenschaftliche Zusammenarbeit und Wissensaustausch

Die Strategie der wissenschaftlichen Zusammenarbeit von Genmab umfasst:

• Akademische Forschungspartnerschaften
• Beteiligung an internationalen Forschungskonsortien
• Von Experten begutachtete Publikationsbeiträge

Unterstützung der Teilnehmer an klinischen Studien

Kennzahlen zum Engagement der Teilnehmer an klinischen Studien:

Metrisch	Daten für 2024
Aktive klinische Studien	12
Patientenunterstützungsprogramme	7
Patientenkommunikationskanäle	4

Kontinuierliche Kommunikation mit medizinischem Fachpersonal

Kanäle zur Einbindung medizinischer Fachkräfte:

• Digitale Symposiumsplattformen
• Vierteljährliche wissenschaftliche Webinare
• Jährliche Forschungskonferenzen

Transparente Forschungs- und Entwicklungsberichterstattung

Kennzahlen zur F&E-Transparenz:

Berichtsmetrik	2024-Status
Öffentliche Forschungspublikationen	38
Transparenzberichte zu klinischen Studien	15
Aktualisierungen der Anlegerforschung	4

Genmab A/S (GMAB) – Geschäftsmodell: Kanäle

Direktvertrieb an Pharmaunternehmen

Im Jahr 2023 meldete Genmab Direktvertriebsinteraktionen mit 23 Pharmapartnern, darunter Novartis und Johnson & Johnson und AbbVie. Das Direktvertriebsteam des Unternehmens bestand aus 87 spezialisierten Vertriebsmitarbeitern mit Schwerpunkt auf den Märkten Onkologie und Immunologie.

Partnerunternehmen	Art der Zusammenarbeit	Geschätzter Wert
Novartis	Therapeutische Lizenzierung	450 Millionen Dollar
Johnson & Johnson	Antikörperentwicklung	375 Millionen Dollar
AbbVie	Onkologische Forschung	285 Millionen Dollar

Medizinische Konferenzen und wissenschaftliche Symposien

Genmab nahm im Jahr 2023 an 42 internationalen medizinischen Konferenzen teil und präsentierte 67 wissenschaftliche Poster und mündliche Präsentationen in den Bereichen Onkologie und Immunologie.

• Jahrestagung der American Association for Cancer Research (AACR).
• Kongress der Europäischen Gesellschaft für Medizinische Onkologie (ESMO).
• Jahrestagung der American Society of Hematology (ASH).

Digitale Kommunikationsplattformen

Zu den digitalen Engagement-Kennzahlen von Genmab für 2023 gehörten:

• Website-Verkehr: 1,2 Millionen einzelne Besucher
• LinkedIn-Follower: 87.000
• Twitter-Follower: 45.000
• Teilnahme an digitalen wissenschaftlichen Webinaren: 12.500 Angehörige der Gesundheitsberufe

Wissenschaftliche Veröffentlichungen und Forschungspräsentationen

Im Jahr 2023 veröffentlichte Genmab 53 von Experten begutachtete wissenschaftliche Artikel in renommierten Fachzeitschriften wie Nature, Cell und The Lancet Oncology.

Zeitschriftenkategorie	Anzahl der Veröffentlichungen	Gesamtzahl der Zitate
Onkologische Fachzeitschriften	37	4,250
Zeitschriften zur Immunologie	16	1,875

Partnerschaften mit Gesundheitsnetzwerken

Genmab unterhielt im Jahr 2023 strategische Partnerschaften mit 19 globalen Gesundheitsnetzwerken, die Forschungseinrichtungen und Zentren für klinische Studien in Nordamerika, Europa und Asien abdecken.

Region	Anzahl der Partnerschaften	Forschungsschwerpunkt
Nordamerika	8	Onkologische Studien
Europa	7	Immunologische Forschung
Asien-Pazifik	4	Kombinationstherapien

Genmab A/S (GMAB) – Geschäftsmodell: Kundensegmente

Pharma- und Biotechnologieunternehmen

Das Hauptkundensegment von Genmab umfasst große Pharma- und Biotechnologieunternehmen, die auf der Suche nach fortschrittlichen Antikörpertherapeutika sind.

Wichtige Pharmapartner	Kooperationsstatus	Geschätzter Partnerschaftswert
AbbVie	Laufende Zusammenarbeit	Vorauszahlung in Höhe von 750 Millionen US-Dollar
Johnson & Johnson	Aktive Partnerschaft	Mögliche Meilensteinzahlungen in Höhe von 2,1 Milliarden US-Dollar

Onkologische Behandlungszentren

Genmab richtet sich an spezialisierte onkologische Behandlungszentren, die sich auf fortschrittliche Krebstherapien konzentrieren.

• Top 50 der vom National Cancer Institute benannten umfassenden Krebszentren
• Akademische medizinische Forschungszentren
• Spezialisierte onkologische Behandlungseinrichtungen

Immunologische Forschungseinrichtungen

Forschungseinrichtungen stellen ein wichtiges Kundensegment für die innovativen Antikörpertechnologien von Genmab dar.

Art der Forschungseinrichtung	Anzahl der Kooperationen	Jährliche Forschungsinvestition
Akademische Forschungszentren	12 aktive Kooperationen	45 Millionen US-Dollar Forschungsförderung
Staatliche Forschungseinrichtungen	5 aktive Partnerschaften	22 Millionen US-Dollar Forschungsunterstützung

Gesundheitsdienstleister

Zum Kundensegment von Genmab gehören spezialisierte Gesundheitsdienstleister, die sich auf komplexe therapeutische Behandlungen konzentrieren.

• Spezialisten für Hämatologie
• Onkologische Behandlungsnetzwerke
• Spezialisierte medizinische Behandlungszentren

Patienten mit komplexen medizinischen Erkrankungen

Indirektes Kundensegment, das von den therapeutischen Entwicklungen von Genmab profitiert.

Krankheitsbereich	Potenzielle Patientenpopulation	Behandlungsentwicklungsphase
Multiples Myelom	Jährlich etwa 160.000 Patienten	Fortgeschrittene klinische Studien
Diffuses großzelliges B-Zell-Lymphom	Etwa 75.000 neue Fälle pro Jahr	Kontinuierliche therapeutische Weiterentwicklung

Genmab A/S (GMAB) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungskosten

Für das Geschäftsjahr 2022 meldete Genmab Forschungs- und Entwicklungskosten in Höhe von insgesamt 474,3 Millionen US-Dollar.

Jahr	F&E-Ausgaben (USD)	Prozentsatz des Umsatzes
2022	474,300,000	61.2%
2021	399,600,000	59.8%

Investitionen in klinische Studien

Genmab hat im Jahr 2022 etwa 285,6 Millionen US-Dollar speziell für klinische Studienaktivitäten bereitgestellt.

• Klinische Studien der Phase I: 85,2 Millionen US-Dollar
• Klinische Studien der Phase II: 112,4 Millionen US-Dollar
• Klinische Studien der Phase III: 88 Millionen US-Dollar

Aufrechterhaltung des geistigen Eigentums

Genmab gab im Jahr 2022 18,7 Millionen US-Dollar für den Schutz geistigen Eigentums und die Aufrechterhaltung von Patenten aus.

Personal- und Talentakquise

Die gesamten Personalkosten für Genmab beliefen sich im Jahr 2022 auf 203,5 Millionen US-Dollar.

Mitarbeiterkategorie	Anzahl der Mitarbeiter	Durchschnittliche Vergütung
Forschungsmitarbeiter	448	$215,000
Verwaltungspersonal	172	$125,000

Technologieinfrastruktur und Ausrüstung

Die Investitionsausgaben für Technologieinfrastruktur und Laborausrüstung beliefen sich im Jahr 2022 auf insgesamt 42,3 Millionen US-Dollar.

• Laborausrüstung: 28,5 Millionen US-Dollar
• IT-Infrastruktur: 9,2 Millionen US-Dollar
• Spezialisierte Forschungstechnologie: 4,6 Millionen US-Dollar

Genmab A/S (GMAB) – Geschäftsmodell: Einnahmequellen

Lizenzgebühren von Antibody Technologies

Im Jahr 2023 meldete Genmab Lizenzeinnahmen in Höhe von 218,3 Millionen US-Dollar aus seinen Antikörper-Technologieplattformen.

Technologieplattform	Lizenzeinnahmen (2023)
DuoBody-Plattform	87,5 Millionen US-Dollar
HexaBody-Plattform	65,2 Millionen US-Dollar
Andere Antikörpertechnologien	65,6 Millionen US-Dollar

Meilensteinzahlungen aus Pharmakooperationen

Im Jahr 2023 erhielt Genmab Meilensteinzahlungen in Höhe von insgesamt 312,7 Millionen US-Dollar von verschiedenen Pharmapartnerschaften.

• Meilensteinzahlungen von Janssen Biotech: 156,4 Millionen US-Dollar
• AbbVie-Meilensteinzahlungen: 89,3 Millionen US-Dollar
• Weitere Meilensteine der Partnerschaft: 67,0 Millionen US-Dollar

Lizenzgebühren aus kommerzialisierten Behandlungen

Die Lizenzeinnahmen für Genmab beliefen sich im Jahr 2023 auf 423,6 Millionen US-Dollar aus kommerzialisierten Behandlungen.

Behandlung	Lizenzeinnahmen (2023)
Darzalex	382,5 Millionen US-Dollar
Andere Behandlungen	41,1 Millionen US-Dollar

Vereinbarungen zur Forschungskooperation

Forschungskooperationsvereinbarungen generierten für Genmab im Jahr 2023 einen Umsatz von 174,2 Millionen US-Dollar.

• Zusammenarbeit mit Novartis: 82,6 Millionen US-Dollar
• Zusammenarbeit mit Bristol Myers Squibb: 54,3 Millionen US-Dollar
• Andere Forschungskooperationen: 37,3 Millionen US-Dollar

Möglicher Produktverkauf und -vertrieb

Der direkte Produktumsatz für Genmab belief sich im Jahr 2023 auf 67,5 Millionen US-Dollar.

Produkt	Umsatzerlöse (2023)
Tivdak	48,2 Millionen US-Dollar
Andere Produkte	19,3 Millionen US-Dollar

Genmab A/S (GMAB) - Canvas Business Model: Value Propositions

You're looking at the core value Genmab A/S delivers, which is built on proprietary antibody technology and a risk-mitigated financial structure. Here are the hard numbers grounding those propositions as of late 2025.

Innovative, differentiated antibody-based therapeutics for serious diseases, primarily cancer.

The financial scale of this value proposition is evident in the recurring revenue stream. For the first nine months of 2025, Genmab A/S generated royalty revenue of $2,219 million, marking a 23% increase compared to the $1,802 million seen in the first nine months of 2024. The company is maintaining its 2025 full-year revenue guidance in the range of $3.5 - $3.7 billion.

The stability of this model comes from established products, while growth is driven by newer assets:

• DARZALEX net sales by Johnson & Johnson reached $10,448 million in the first nine months of 2025, a 22% increase year-over-year.
• Projected 2025 DARZALEX royalties for Genmab A/S are expected to be between $2.3 - $2.4 billion at the midpoint.
• Total revenue for the first nine months of 2025 was $2,662 million.

Bispecific antibodies (e.g., EPKINLY) offering novel mechanisms to treat hematologic malignancies.

The T-cell engaging bispecific antibody EPKINLY (epcoritamab) is a key contributor to Genmab A/S's proprietary product sales. For the first half of 2025, EPKINLY net sales were $211 million, representing a 74% year-over-year increase. This product, along with Tivdak, drove net product sales and collaboration revenue growth for the first nine months of 2025.

Antibody-Drug Conjugates (ADCs) like Tivdak and Rina-S for solid tumors.

The ADC portfolio shows significant commercial traction and pipeline progress. Tivdak (tisotumab vedotin) generated $78 million in net sales in the first half of 2025, up 30% year-over-year. For Rina-S (rinatabart sesutecan), Phase 1/2 data in heavily pretreated advanced endometrial cancer showed a 50.0% confirmed Objective Response Rate (ORR) with a median Duration of Response (mDOR) not reached after a median follow-up of 7.7 months.

Accelerated development path for assets with Breakthrough Therapy Designation (BTD), like Rina-S and petosemtab.

The value proposition is enhanced by regulatory acceleration and pipeline depth. Rina-S was granted Breakthrough Therapy Designation (BTD) by the FDA in advanced endometrial cancer. Genmab A/S is planning its third Phase 3 study for Rina-S, the Rainfol-04 trial, which is now expected to begin in January 2026. Furthermore, the proposed acquisition of Merus N.V. includes petosemtab, an asset holding two BTDs.

A defintely stable royalty revenue base for partners, mitigating commercial risk.

The royalty model provides a predictable financial foundation, allowing Genmab A/S to fund its internal pipeline expansion without the full capital burden of commercialization. The royalty revenue of $2,219 million in the first nine months of 2025 accounted for a significant portion of the total revenue of $2,662 million for that period. This model is supported by strong partner sales, such as the 22% growth in DARZALEX net sales to $10,448 million in the first nine months of 2025.

Metric	Value (9M 2025)	Comparison/Context
Total Revenue	$2,662 million	Up 21% versus 9M 2024 ($2,198 million)
Royalty Revenue	$2,219 million	Up 23% versus 9M 2024 ($1,802 million)
DARZALEX Net Sales (Partner)	$10,448 million	Up 22% versus 9M 2024 ($8,586 million)
EPKINLY Net Sales (H1 2025)	$211 million	Up 74% year-over-year
Tivdak Gross Profit Share (H1 2025)	$78 million	Up 30% year-over-year
Rina-S ORR (Endometrial Cancer)	50.0% confirmed	Monotherapy, 100 mg/m2 dose
Operating Profit	$1,007 million	Compared to $662 million in 9M 2024

The company ended the first half of 2025 with approximately $3 billion in cash reserves.

Genmab A/S (GMAB) - Canvas Business Model: Customer Relationships

You're looking at how Genmab A/S manages its relationships with the key players who bring its science to patients-oncologists, hematologists, and, critically, its big pharma partners. Honestly, for a company with a pipeline this rich, these relationships are where the real financial leverage is found.

Dedicated medical affairs and scientific liaison teams for oncologists and hematologists form a crucial, science-first layer of engagement. Genmab Medical Affairs actively works on strategy, evidence generation, and data dissemination to ensure the safe and appropriate use of both investigational and approved medicines. They support external research through investigator-sponsored trials and collaborative studies, which helps discover new ways to address unmet medical needs. For instance, you see roles like the Associate Director, US Medical Affairs Strategy, Solid Tumor, indicating focused support for oncology specialists in key markets like the US. The team's fundamental goal is to use science to make a difference in patients' lives.

The high-touch, collaborative relationships with major pharmaceutical partners are the engine room of Genmab's current revenue stream. These are long-lasting, productive relationships built to commercialize antibody medicines. Genmab has a track record of successful alliances, pursuing partnerships that leverage their antibody engineering expertise with the collaborator's commercial reach. Genmab pursues partnerships that enable them to leverage their proven track record for inventing and engineering novel therapeutic antibodies with their collaborators' expertise to generate innovative data and define novel product concepts. Genmab has 20+ strategic partnerships as of early 2025. Here's a quick look at the performance of the two biggest ones through the first nine months of 2025:

Partner & Product	Genmab Relationship Focus	Partner Net Sales (9M 2025)	Genmab Royalty Revenue (9M 2025)
Johnson & Johnson (J&J) - DARZALEX	Royalty-based collaboration for multiple myeloma	$10,448 million	Part of the $2,219 million total royalty revenue
AbbVie - EPKINLY (epcoritamab)	Profit-sharing on net product sales	Not explicitly stated	Profit-sharing amounts payable to AbbVie noted in 9M 2025 operating expenses

The DARZALEX relationship, in particular, is massive; J&J's net sales for the drug, including the subcutaneous version, grew 22% to $10,448 million in the first nine months of 2025 compared to the same period in 2024. Genmab expects its 2025 royalties from DARZALEX alone to be in the range of $2.3 - $2.4 billion. For EPKINLY, co-developed with AbbVie, Genmab highlights a $3 billion opportunity by the end of 2031, contingent on expanding approvals into earlier lines of therapy. Still, you see the cost of this relationship in the operating expenses, with profit-sharing amounts payable to AbbVie related to EPKINLY sales in the first nine months of 2025.

Regarding direct sales and marketing support for wholly-owned products, Genmab is actively executing a strategic shift toward owning more of the commercial upside. While much of their revenue is still partnership-driven, they launched Tivdak (tisotumab vedotin) in Japan, marking a commercial entry into a European market. The proposed acquisition of Merus N.V. is explicitly stated as a move expected to 'meaningfully accelerate our shift to a wholly owned model,' driving growth into the next decade. For the quarter ending November 6, 2025, Genmab reported revenue of $1.02 billion, showing the underlying strength of their commercial and royalty base.

Patient support programs for complex antibody therapies are managed through a commitment to responsible access. Genmab operates a Managed Access Program (MAP), which is their approach to pre-approval access, sometimes referred to as Compassionate Use or Expanded Access. This program is designed to provide potentially eligible patients with access to investigational medicines for serious or life-threatening diseases in countries where the drug isn't yet approved or commercially available. The program aims to provide access in a fair and equitable manner, though approval is not guaranteed, and each request is carefully evaluated against established criteria, balancing innovation with ethical standards.

• Genmab Medical Affairs engages stakeholders through strategy, evidence generation, and data dissemination.
• The Managed Access Program (MAP) serves as the formal route for pre-approval patient access to investigational medicines.
• DARZALEX net sales by J&J reached $10,448 million in the first nine months of 2025.
• Genmab's 2025 revenue guidance midpoint is $3.6 billion.
• Tivdak was launched in Japan as part of Genmab's wholly-owned commercial expansion.

Finance: draft 13-week cash view by Friday.

Genmab A/S (GMAB) - Canvas Business Model: Channels

You're looking at how Genmab A/S gets its therapies to patients and how it communicates its science; it's a hybrid approach balancing deep partnerships with building its own muscle.

Global commercial network of partners (J&J, Novartis) for widespread market access.

Genmab A/S relies heavily on its established collaborations for major revenue streams, primarily through royalties. For the first nine months of 2025, royalty revenue hit $2,219 million, marking a 23% increase over the same period in 2024. This royalty stream is largely driven by the success of products partnered with Johnson & Johnson (J&J) and Novartis Pharma AG (Novartis). Specifically, J&J's net sales of DARZALEX (daratumumab) reached $10,448 million in the first nine months of 2025, a 22% jump year-over-year. While a partnership for a Darzalex successor was discontinued in March 2025 after J&J opted out of the license for HexaBody-CD38, the core Darzalex and Kesimpta royalty agreements remain central to Genmab A/S's financial performance.

Genmab's own direct commercial sales force in the U.S. and Japan for EPKINLY and Tivdak.

To capture more value from its proprietary assets, Genmab A/S is building out its own commercial capabilities, focusing on the U.S. and Japan for EPKINLY (epcoritamab-bysp) and Tivdak (tisotumab vedotin). The company has been resourcing EPKINLY with the ambition of it becoming a $3 billion-plus product in the U.S. market. The build-out is reflected in the overall headcount; as of Q3 2025, Genmab A/S had 840 Selling, general and administrative team members out of a total of 2,681. The direct commercial push is expanding geographically, with Tivdak launching in Japan in the first half of 2025 and achieving its first commercial entry into a European market with a launch in Germany in 2025. Net product sales from EPKINLY contributed to the company's overall revenue growth.

The direct commercialization efforts are supported by the company's financial strength, with total revenue for the first nine months of 2025 at $2,662 million.

Specialty pharmacies and distributors for drug delivery to hospitals and clinics.

The physical delivery of Genmab A/S's commercial products, particularly EPKINLY and Tivdak in the U.S. and Japan, relies on established networks of specialty pharmacies and distributors to ensure the drugs reach the appropriate hospitals and clinics. Specific quantitative data on the number of these distribution partners or the volume of drugs moved through them is not publicly detailed in the latest financial disclosures.

Medical conferences and peer-reviewed publications to disseminate clinical data.

Dissemination of clinical evidence is a key channel for validating the value proposition of Genmab A/S's therapies to prescribers and researchers. The company actively presents data at major medical gatherings. For instance, data for epcoritamab (EPKINLY) was showcased at the 2025 ASCO Annual Meeting, and the EPCORE FL-1 trial results were presented at ASH (American Society of Hematology). The first half of 2025 saw Genmab A/S present data at several investor-focused conferences as well, including the COWEN 45th Annual Healthcare Conference and the UBS Healthcare Conference in March 2025.

The following table summarizes key financial metrics related to the partnered and self-commercialized product channels through the first nine months of 2025:

Channel Driver	Metric	Amount (USD)	Period
Partner Royalties (J&J/Novartis)	Royalty Revenue	$2,219 million	9 Months 2025
Partner Royalties (J&J/Novartis)	Royalty Revenue Growth	23%	YoY (9M 2025 vs 9M 2024)
Partner Product Sales (DARZALEX by J&J)	Net Sales	$10,448 million	9 Months 2025
Self-Commercialization (US/Japan)	EPKINLY/Tivdak Contribution to Total Revenue Growth	34%	Full Year 2024 Context
Direct Commercial Build-out	Selling, General and Administrative Team Members	840	Q3 2025
Total Company Performance	Total Revenue	$2,662 million	9 Months 2025

The total number of employees supporting the organization, which includes the growing commercial teams, stood at 2,681 at the end of Q3 2025.

Genmab A/S (GMAB) - Canvas Business Model: Customer Segments

You're looking at Genmab A/S's customer base as of late 2025, and honestly, it's heavily weighted toward institutions and partners who drive the adoption of their antibody therapies across oncology and neurology. The real customers aren't just the patients, but the prescribers and the global pharma giants who market the drugs.

The segment of Oncologists and Hematologists treating multiple myeloma and lymphoma is critical, as this is where the bulk of Genmab A/S's royalty income originates. This group prescribes DARZALEX, which generated royalty revenue for Genmab A/S of \$2,219 million in the first nine months of 2025, up 23% year-over-year. Furthermore, EPKINLY, targeting relapsed or refractory Diffuse Large B-cell Lymphoma (DLBCL) and Follicular Lymphoma (FL), is seeing rapid adoption, with global net sales reaching \$122 million in the third quarter of 2025 alone, a 49% jump from Q3 2024. Tivdak, targeting cervical cancer, is also expanding its reach, now available for prescribing in Germany as of September 2025.

For Patients with relapsed/refractory hematologic malignancies, the focus is on the approved and advancing therapies. The success of DARZALEX underpins this segment, with Genmab A/S estimating 2025 net sales for the product to be between \$13.7 billion and \$14.1 billion. The pipeline also directly targets these patients, evidenced by the Phase 3 EPCORE FL-1 trial for epcoritamab (EPKINLY) meeting its dual primary endpoints of Overall Response Rate (ORR) and Progression-Free Survival (PFS) in patients with relapsed or refractory FL.

The segment of Global pharmaceutical and biotechnology companies represents Genmab A/S's key commercial and development partners. These relationships are the engine for global reach. The company's total revenue for the first nine months of 2025 was \$2,662 million, largely driven by these collaborations. The scale of these relationships is best seen in the revenue breakdown:

Partner/Product Driver	Metric	Value (9M 2025)	Year-over-Year Growth
DARZALEX Royalties (J&J)	Royalty Revenue	\$2,219 million	23%
EPKINLY Net Sales (Pfizer)	Net Product Sales (Q3)	\$122 million	49%
Tivdak Gross Profit Share (Pfizer)	Net Product Sales (Q3)	\$7 million	N/A (New Market Entry)
Total Company Revenue	Revenue (9M)	\$2,662 million	21%

Finally, the segment focused on Patients with Multiple Sclerosis (MS) via the Novartis partnership is a significant, high-growth contributor. Royalties from Kesimpta net sales were \$122 million in the third quarter of 2025, showing a substantial 45% increase compared to Q3 2024. This royalty stream is a core component of the company's overall royalty growth, which is projected to result in total 2025 royalties between \$2.945 billion and \$3.015 billion at the midpoint.

Genmab A/S is also actively cultivating relationships with other entities, as seen by the increased milestones achieved under collaborations with AbbVie and Novo Nordisk in Q3 2025. The company's proprietary pipeline, consisting of 10 antibody products in clinical development at the end of H1 2025, is designed to attract future partners interested in their antibody technology platforms.

• Oncologists/Hematologists treating Multiple Myeloma.
• Physicians prescribing for relapsed/refractory FL and DLBCL.
• Novartis sales force driving Kesimpta prescriptions.
• Pharma/Biotech seeking Genmab A/S antibody platforms.
• Gynecologists treating advanced cervical cancer (Tivdak).

The company's total projected 2025 revenue range is \$3.5 billion to \$3.7 billion, showing how dependent the top line is on the continued success of these partnered products in the hands of their respective customer bases. Finance: draft 13-week cash view by Friday.

Genmab A/S (GMAB) - Canvas Business Model: Cost Structure

You're looking at the expense side of Genmab A/S's business as of late 2025, which is heavily weighted toward future growth and pipeline advancement. The cost structure reflects a shift toward owning more of the commercial upside while still funding a massive research engine.

The overall spending level is substantial, with Genmab A/S maintaining its 2025 full-year projected operating expenses guidance to be in the range of $2.1 - $2.2 billion. For the first nine months of 2025, total costs and operating expenses reached $1,655 million. This represents an 8% increase compared to the first nine months of 2024 ($1,536 million).

The primary driver for these high costs is the commitment to research and development, which fuels the pipeline.

• High R&D expenses: For the twelve months ending June 30, 2025, Genmab A/S reported research and development expenses of $1.440B.
• Pipeline Advancement Costs: The increase in operating expenses for the first nine months of 2025 was driven by the expansion of the product pipeline, including the advancement of Rina-S.
• Organizational Development: Costs also reflect the continued development of Genmab A/S's broader organizational capabilities.

The investment in clinical trials and late-stage pipeline development is a core component of the R&D spend. This is also reflected in the Sales, General, and Administrative (SG&A) line, as the company builds out its commercial reach.

Here are the details on SG&A and commercialization costs:

Metric	Time Period	Amount
Selling, General, & Admin. Expense (TTM)	Twelve months ending September 30, 2025	$0.587B
Selling, General, & Admin. Expense (Quarterly)	Three months ending September 2025	$148 Mil
SG&A as % of Total R&D & SG&A	First nine months of 2025	28%

The increase in total costs for the first nine months of 2025 was partly driven by the expansion of Genmab A/S's global commercialization capabilities, preparing for potential launches like Rina-S.

Costs of product sales (COGS) for directly commercialized products like EPKINLY and Tivdak are present, though less dominant than R&D. A specific line item for Cost of Sales in the second quarter of 2025 was reported as DKK57M. Furthermore, a component of the operating expense increase relates to profit-sharing amounts payable to AbbVie Inc. related to EPKINLY sales.

Strategic M&A activity introduces significant, non-recurring costs. Genmab A/S announced a proposed all-cash acquisition of Merus N.V. (Merus) with a transaction value of approximately USD 8.0 billion. This planned transaction is expected to be funded through cash on hand and approximately $5.5 billion of non-convertible debt financing. To be fair, the previously mentioned 2025 operating expense guidance of $2.1 - $2.2 billion explicitly excludes the impact of the Profound Bio acquisition, though the Merus deal was announced later in 2025.

Finance: draft 13-week cash view by Friday.

Genmab A/S (GMAB) - Canvas Business Model: Revenue Streams

You're looking at the core drivers of Genmab A/S's expected top-line performance for the full year 2025. The business model heavily relies on established partnerships for the bulk of its income, supplemented by its own commercial efforts.

The overall financial expectation for the full year 2025 is a total revenue guidance in the range of $3.5 - $3.7 billion. This guidance was maintained as of the third quarter 2025 report, signaling confidence in the underlying performance drivers.

The primary revenue component comes from royalties on partnered products. Royalty revenue from partnered products, mainly DARZALEX and Kesimpta, is projected at $2.945 - $3.090 billion for 2025. This segment is expected to see growth driven by the net sales performance of these key assets under collaboration agreements with Johnson & Johnson (J&J) and Novartis Pharma AG (Novartis), respectively.

Specifically regarding DARZALEX royalties, the expectation is for that stream alone to be in the range of $2.3 - $2.4 billion, based on Genmab A/S's estimate of DARZALEX 2025 net sales being between $13.7 - 14.1 billion. To be fair, these royalty expectations are partly offset by Genmab A/S's share of Janssen's royalty payments to Halozyme Therapeutics, Inc. related to subcutaneous net sales, and any royalty reductions in territories without Genmab A/S patents.

The second major stream is the revenue generated from wholly-owned or co-owned products. Net product sales from wholly-owned/co-owned products, which include EPKINLY and Tivdak, are projected at $425 - $465 million for 2025. This revenue stream is driven by EPKINLY net product sales in the U.S. and Japan, and Tivdak (Genmab A/S's share of net profits) in the U.S., plus Net Product Sales in Japan and European Markets.

Milestone and collaboration revenue from strategic partners also contributes to the total. This is detailed in the guidance breakdown alongside net product sales, but also appears as a separate category in the detailed outlook.

Here's the quick math on the components driving the total revenue guidance for the full year 2025:

Revenue Component	2025 Guidance Range (USD million)	2025 Guidance Mid-Point (USD million)
Royalty revenue	2,945 - 3,090	3,017
Net product sales/Collaboration revenue	425 - 465	445
Milestones/Reimbursement revenue	130 - 145	138

So, you can see that royalties make up the vast majority of the expected income. The total revenue guidance of $3.5 - $3.7 billion is built upon these three core pillars. The combined mid-point of the three streams is $3,600 million, which aligns with the total revenue guidance mid-point.

The revenue streams are heavily weighted toward the success of products developed with others. You can see the breakdown of the total guidance below:

• Royalty revenue from partnered products, mainly DARZALEX and Kesimpta, projected at $2.945 - $3.090 billion for 2025.
• Net product sales from wholly-owned/co-owned products (EPKINLY, Tivdak), projected at $425 - $465 million for 2025.
• Milestone and collaboration revenue from strategic partners, projected between $130 - $145 million.
• Full-year 2025 total revenue guidance is $3.5 - $3.7 billion.