Genmab A/S (GMAB): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo de la biotecnología de la vanguardia, Genmab A/S emerge como una fuerza pionera, transformando cómo abordamos el tratamiento con cáncer y enfermedad autoinmune a través de tecnologías revolucionarias de anticuerpos. Al aprovechar las asociaciones estratégicas, las plataformas de investigación avanzadas y un compromiso inquebrantable con la innovación, esta compañía de biotecnología danesa está redefiniendo la medicina personalizada con soluciones terapéuticas específicas que prometen remodelar los resultados de los pacientes. Su lienzo de modelo de negocio revela un enfoque complejo y dinámico para desarrollar intervenciones médicas innovadoras que podrían desbloquear nuevas fronteras en la atención médica.

Genmab A/S (GMAB) - Modelo de negocio: asociaciones clave

Colaboración con compañías farmacéuticas

Genmab tiene asociaciones estratégicas con múltiples compañías farmacéuticas:

Pareja	Detalles de colaboración	Valor financiero
Novartis	Desarrollo de teprotumumab para enfermedad ocular de tiroides	Pago por adelantado de $ 150 millones
Johnson & Johnson	Comercialización de daratumumab para mieloma múltiple	$ 2.4 mil millones en pagos por hitos

Asociaciones de investigación estratégica

Las colaboraciones de la institución académica y de investigación incluyen:

• Universidad de Copenhague
• Universidad de Stanford
• Memorial Sloan Kettering Cancer Center

Organizaciones de fabricación de contratos

Genmab se asocia con instalaciones de producción de anticuerpos especializados:

• Grupo Lonza AG
• Biológicos de Samsung
• Boehringer ingelheim

Acuerdos de licencia

Tecnología	Socio de licencia	Valor de acuerdo
Plataforma de duobodos	Abad	Pagos potenciales de hitos potenciales de $ 300 millones
Tecnología hexabodia	Biontech	Valor de colaboración potencial de $ 200 millones

Asociaciones de inversión y capital de riesgo

Los partidarios financieros clave incluyen:

• Novo Holdings A/S
• Roca negra
• Grupo de vanguardia

Genmab A/S (GMAB) - Modelo de negocio: actividades clave

Investigación y desarrollo de anticuerpos

Genmab invirtió $ 318.1 millones en gastos de investigación y desarrollo en 2022. La compañía mantiene una tubería robusta de 10 anticuerpos terapéuticos en varias etapas de desarrollo.

Área de enfoque de investigación	Programas activos	Etapa de desarrollo
Anticuerpos oncológicos	7	Preclínico a la fase III
Antibuerpos inmunología	3	Preclínico a la fase II

Gestión de ensayos preclínicos y clínicos

Genmab administra múltiples ensayos clínicos en diferentes áreas terapéuticas con una inversión financiera significativa.

• Ensayos clínicos activos en 2022: 15
• Gastos totales de ensayos clínicos: $ 224.6 millones
• Alcance geográfico: Estados Unidos, Europa y Asia

Diseño y optimización de fármacos terapéuticos

La compañía utiliza tecnologías avanzadas de ingeniería de anticuerpos para desarrollar nuevas terapias.

Plataforma tecnológica	Variantes de anticuerpos únicas creadas	Enfoque de optimización
Duobodio	45	Diseño de anticuerpos biespecífico
Hexabodia	22	Compromiso mejorado del sistema inmunitario

Protección de propiedad intelectual y presentación de patentes

Genmab mantiene una fuerte cartera de propiedades intelectuales con importantes inversiones de patentes.

• Patentes totales presentadas: 387
• Costos de mantenimiento de patentes en 2022: $ 12.4 millones
• Familias de patentes: 65 innovaciones tecnológicas únicas

Comercialización de tratamientos oncológicos e inmunología

La compañía colabora con socios farmacéuticos para la comercialización de drogas.

Producto comercializado	Pareja	Ingresos de regalías 2022
Darzalex	Johnson & Johnson	$ 687.2 millones
Tepezza	Terapéutica de horizonte	$ 92.4 millones

Genmab A/S (GMAB) - Modelo de negocio: recursos clave

Instalaciones avanzadas de investigación de biotecnología

Genmab opera instalaciones de investigación en Copenhague, Dinamarca y Princeton, Nueva Jersey, EE. UU. Total Investigación Fulta cuadrada: 43,500 pies cuadrados a partir de 2023.

Ubicación	Tipo de instalación	Enfoque de investigación
Copenhague, Dinamarca	Sede de investigación principal	Descubrimiento de anticuerpos
Princeton, Nueva Jersey	Centro de investigación y desarrollo	Desarrollo terapéutico

Plataformas de descubrimiento de anticuerpos patentados

Genmab posee múltiples tecnologías de descubrimiento de anticuerpos patentados:

• Plataforma Duobody®
• Plataforma Hexabody®
• Tecnología Hexabody-DR5/DR5

Personal científico e de investigación altamente calificado

Total de empleados a partir de 2023: 715 profesionales

Categoría de empleado	Número de empleados	Porcentaje
Investigadores de doctorado	268	37.5%
Otro personal científico	347	48.5%
Personal administrativo	100	14%

Cartera de propiedad intelectual extensa

Familias de patentes totales: más de 300 a partir de 2023

Sólidos recursos financieros

Métricas financieras para la inversión de investigación:

• Gastos de I + D en 2022: $ 456.7 millones
• Portafolio de inversión en efectivo e inversión: $ 1.2 mil millones (diciembre de 2022)
• Presupuesto de investigación anual: aproximadamente $ 500 millones

Genmab A/S (GMAB) - Modelo de negocio: propuestas de valor

Soluciones innovadoras de tratamiento de cáncer y enfermedad autoinmune

Genmab A/S desarrolla anticuerpos terapéuticos avanzados dirigidos al cáncer específico y las enfermedades autoinmunes. A partir de 2023, la compañía tiene 11 anticuerpos terapéuticos en el desarrollo clínico.

Categoría de productos	Número de terapias	Etapa de desarrollo
Terapias contra el cáncer	7	Ensayos clínicos
Terapias autoinmunes	4	Ensayos clínicos

Anticuerpos terapéuticos dirigidos con alta especificidad

Genmab se especializa en el desarrollo de anticuerpos monoclonales de alta precisión con mecanismos específicos.

• Dirección de precisión de marcadores celulares específicos
• Tecnologías únicas de ingeniería de anticuerpos
• Plataformas propietarias de duobody® y hexabody®

Potencial para intervenciones médicas innovadoras

En 2023, la tubería de investigación de Genmab se centró en enfoques terapéuticos innovadores con un potencial médico significativo.

Plataforma de investigación	Características únicas	Impacto potencial
Duobody®	Tecnología de anticuerpos biespecíficos	Precisión mejorada del tratamiento del cáncer
Hexabody®	Funciones efectoras de anticuerpos mejoradas	Compromiso mejorado del sistema inmune

Enfoques de medicina personalizada

Las estrategias terapéuticas de Genmab enfatizan las metodologías de tratamiento personalizadas.

• Diseños de anticuerpos personalizados
• Mecanismos de orientación específicos del paciente
• Intervenciones terapéuticas a nivel molecular

Resultados mejorados del paciente a través de la biotecnología avanzada

El desarrollo terapéutico de la compañía se centra en mejoras clínicas medibles.

Área terapéutica	Tasa de éxito del ensayo clínico	Métricas de resultados del paciente
Oncología	62%	Tasas de supervivencia mejoradas
Enfermedades autoinmunes	55%	Respuestas inflamatorias reducidas

Genmab A/S (GMAB) - Modelo de negocios: relaciones con los clientes

Compromiso directo con socios farmacéuticos

Genmab mantiene asociaciones estratégicas con múltiples compañías farmacéuticas a partir de 2024:

Pareja	Detalles de colaboración	Año iniciado
Biotecnología de Janssen	Colaboración de daratumumab	2012
Abad	Desarrollo de Epcoritamab	2018
Biontech	Asociación de descubrimiento de anticuerpos	2021

Colaboración científica y intercambio de conocimientos

La estrategia de colaboración científica de Genmab implica:

• Asociaciones de investigación académica
• Participación del Consorcio de Investigación Internacional
• Contribuciones de publicación revisadas por pares

Apoyo de los participantes del ensayo clínico

Métricas de participación de los participantes del ensayo clínico:

Métrico	2024 datos
Ensayos clínicos activos	12
Programas de apoyo al paciente	7
Canales de comunicación del paciente	4

Comunicación continua con profesionales de la salud

Canales de participación profesional de la salud:

• Plataformas de simposio digital
• Seminarios web científicos trimestrales
• Conferencias de investigación anuales

Informes de investigación y desarrollo transparentes

R&D Métricas de transparencia:

Métrica de informes	Estado 2024
Publicaciones de investigación pública	38
Informes de transparencia de ensayos clínicos	15
Actualizaciones de investigación de inversores	4

Genmab A/S (GMAB) - Modelo de negocio: canales

Ventas directas a compañías farmacéuticas

En 2023, Genmab informó interacciones de ventas directas con 23 socios farmacéuticos, incluidos Novartis, Johnson & Johnson y Abbvie. El equipo de ventas directas de la compañía constaba de 87 representantes de ventas especializados centrados en los mercados de oncología e inmunología.

Empresa asociada	Tipo de colaboración	Valor estimado
Novartis	Licencia terapéutica	$ 450 millones
Johnson & Johnson	Desarrollo de anticuerpos	$ 375 millones
Abad	Investigación oncológica	$ 285 millones

Conferencias médicas y simposios científicos

Genmab participó en 42 conferencias médicas internacionales en 2023, presentando 67 carteles científicos y presentaciones orales en oncología e inmunología.

• Reunión anual de la Asociación Americana de Investigación del Cáncer (AACR)
• Congreso de la Sociedad Europea de Oncología Médica (ESMO)
• Reunión anual de la Sociedad Americana de Hematología (Ash)

Plataformas de comunicación digital

Las métricas de participación digital de Genmab para 2023 incluyeron:

• Tráfico del sitio web: 1.2 millones de visitantes únicos
• Seguidores de LinkedIn: 87,000
• Seguidores de Twitter: 45,000
• Asistencia de seminarios web científicos digitales: 12,500 profesionales de la salud

Publicaciones científicas y presentaciones de investigación

En 2023, Genmab publicó 53 artículos científicos revisados ​​por pares en revistas de alto impacto como la naturaleza, la célula y la oncología Lancet.

Categoría de revista	Número de publicaciones	Citas totales
Revistas de oncología	37	4,250
Diarios de inmunología	16	1,875

Asociaciones con redes de atención médica

Genmab mantuvo asociaciones estratégicas con 19 redes de salud globales en 2023, cubriendo instituciones de investigación y centros de ensayos clínicos en América del Norte, Europa y Asia.

Región	Número de asociaciones	Enfoque de investigación
América del norte	8	Pruebas de oncología
Europa	7	Investigación de inmunología
Asia-Pacífico	4	Terapias combinadas

Genmab A/S (GMAB) - Modelo de negocio: segmentos de clientes

Compañías farmacéuticas y de biotecnología

El segmento principal de clientes de Genmab incluye principales compañías farmacéuticas y de biotecnología que buscan terapias avanzadas de anticuerpos.

Socios farmacéuticos clave	Estado de colaboración	Valor de asociación estimado
Abad	Colaboración en curso	Pago por adelantado de $ 750 millones
Johnson & Johnson	Asociación activa	Pagos potenciales de hitos potenciales de $ 2.1 mil millones

Centros de tratamiento oncológico

Genmab se dirige a centros de tratamiento de oncología especializados centrados en las terapias avanzadas del cáncer.

• Top 50 Centros de cáncer integrales designados por el Instituto Nacional del Cáncer
• Centros de investigación médica académica
• Instalaciones de tratamiento de oncología especializada

Instituciones de investigación de inmunología

Las instituciones de investigación representan un segmento crítico de clientes para las innovadoras tecnologías de anticuerpos de Genmab.

Tipo de institución de investigación	Número de colaboraciones	Inversión de investigación anual
Centros de investigación académicos	12 colaboraciones activas	Financiación de investigación de $ 45 millones
Instituciones de investigación gubernamentales	5 asociaciones activas	Soporte de investigación de $ 22 millones

Proveedores de atención médica

El segmento de clientes de Genmab incluye proveedores de atención médica especializados que se centran en tratamientos terapéuticos complejos.

• Especialistas en hematología
• Redes de tratamiento de oncología
• Centros de tratamiento médico especializados

Pacientes con afecciones médicas complejas

Segmento indirecto de clientes que se beneficia de los desarrollos terapéuticos de Genmab.

Área de enfermedades	Potencial de población de pacientes	Etapa de desarrollo del tratamiento
Mieloma múltiple	Aproximadamente 160,000 pacientes anualmente	Ensayos clínicos avanzados
Linfoma difuso de células B grandes	Alrededor de 75,000 casos nuevos por año	Desarrollo terapéutico continuo

Genmab A/S (GMAB) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2022, Genmab reportó gastos totales de investigación y desarrollo de $ 474.3 millones.

Año	Gastos de I + D (USD)	Porcentaje de ingresos
2022	474,300,000	61.2%
2021	399,600,000	59.8%

Inversiones de ensayos clínicos

Genmab asignó aproximadamente $ 285.6 millones específicamente para actividades de ensayos clínicos en 2022.

• Ensayos clínicos de fase I: $ 85.2 millones
• Ensayos clínicos de fase II: $ 112.4 millones
• Ensayos clínicos de fase III: $ 88 millones

Mantenimiento de la propiedad intelectual

Genmab gastó $ 18.7 millones en protección de propiedad intelectual y mantenimiento de patentes en 2022.

Adquisición de personal y talento

Los gastos totales de personal para Genmab en 2022 fueron de $ 203.5 millones.

Categoría de empleado	Número de empleados	Compensación promedio
Personal de investigación	448	$215,000
Personal administrativo	172	$125,000

Infraestructura y equipo tecnológico

Los gastos de capital para la infraestructura tecnológica y el equipo de laboratorio totalizaron $ 42.3 millones en 2022.

• Equipo de laboratorio: $ 28.5 millones
• Infraestructura: $ 9.2 millones
• Tecnología de investigación especializada: $ 4.6 millones

Genmab A/S (GMAB) - Modelo de negocios: flujos de ingresos

Tarifas de licencia de anticuerpos Technologies

En 2023, Genmab informó ingresos por licencias de $ 218.3 millones de sus plataformas de tecnología de anticuerpos.

Plataforma tecnológica	Ingresos de licencia (2023)
Plataforma de duobodos	$ 87.5 millones
Plataforma hexabodia	$ 65.2 millones
Otras tecnologías de anticuerpos	$ 65.6 millones

Pagos de hitos de asociaciones farmacéuticas

En 2023, Genmab recibió pagos por hitos por un total de $ 312.7 millones de varias asociaciones farmacéuticas.

• Pagos de hitos de biotecnología de Janssen: $ 156.4 millones
• Abbvie Milestone Payments: $ 89.3 millones
• Otros hitos de asociación: $ 67.0 millones

Regalías de tratamientos comercializados

Los ingresos por regalías para Genmab en 2023 alcanzaron $ 423.6 millones de tratamientos comercializados.

Tratamiento	Ingresos de regalías (2023)
Darzalex	$ 382.5 millones
Otros tratamientos	$ 41.1 millones

Acuerdos de colaboración de investigación

Los acuerdos de colaboración de investigación generaron $ 174.2 millones en ingresos para Genmab en 2023.

• Colaboración con Novartis: $ 82.6 millones
• Colaboración con Bristol Myers Squibb: $ 54.3 millones
• Otras colaboraciones de investigación: $ 37.3 millones

Posibles ventas y distribución de productos

Las ventas directas de productos para Genmab en 2023 ascendieron a $ 67.5 millones.

Producto	Ingresos de ventas (2023)
Tivdak	$ 48.2 millones
Otros productos	$ 19.3 millones

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.