GenMab A / S (GMAB): Canvas du modèle d'entreprise [Jan-2025 MISE À JOUR]

Dans le monde de pointe de la biotechnologie, Genmab A / S apparaît comme une force pionnière, transformant la façon dont nous abordons le cancer et le traitement des maladies auto-immunes grâce à des technologies d'anticorps révolutionnaires. En tirant parti des partenariats stratégiques, des plateformes de recherche avancées et un engagement inébranlable envers l'innovation, cette entreprise de biotechnologie danoise redéfinit la médecine personnalisée avec des solutions thérapeutiques ciblées qui promettent de remodeler les résultats des patients. Leur toile de modèle commercial révèle une approche complexe et dynamique du développement d'interventions médicales révolutionnaires qui pourraient potentiellement débloquer de nouvelles frontières dans les soins de santé.

Genmab A / S (GMAB) - Modèle d'entreprise: partenariats clés

Collaboration avec les sociétés pharmaceutiques

GenMab a des partenariats stratégiques avec plusieurs sociétés pharmaceutiques:

Partenaire	Détails de collaboration	Valeur financière
Novartis	Développement du téprotumumab pour la maladie des yeux thyroïdiens	Paiement initial de 150 millions de dollars
Johnson & Johnson	Daratumumab Commercialisation pour le myélome multiple	2,4 milliards de dollars en paiements d'étape

Partenariats de recherche stratégique

Les collaborations des établissements universitaires et de recherche comprennent:

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

Organisations de fabrication de contrats

GenMab s'associe aux installations spécialisées de production d'anticorps:

• Lonza Group AG
• Samsung Biologics
• Boehringer Ingelheim

Accords de licence

Technologie	Partenaire de licence	Valeur de l'accord
Plate-forme Duobody	Abbvie	300 millions de dollars de paiement de jalons potentiels
Technologie hexabody	Biontech	Valeur de collaboration potentielle de 200 millions de dollars

Partenariats d'investissement et de capital-risque

Les principaux supporters financiers comprennent:

• Novo Holdings A / S
• Blackrock
• Groupe d'avant-garde

Genmab A / S (GMAB) - Modèle d'entreprise: Activités clés

Recherche et développement d'anticorps

GenMab a investi 318,1 millions de dollars dans les frais de recherche et de développement en 2022. La société maintient un pipeline robuste de 10 anticorps thérapeutiques à divers stades de développement.

Domaine de mise au point de recherche	Programmes actifs	Étape de développement
Anticorps en oncologie	7	Préclinique à la phase III
Anticorps immunologiques	3	Préclinique à la phase II

Gestion des essais précliniques et cliniques

GenMab gère plusieurs essais cliniques dans différents domaines thérapeutiques avec des investissements financiers importants.

• Essais cliniques actifs en 2022: 15
• Dépenses totales d'essais cliniques: 224,6 millions de dollars
• Reach géographique: États-Unis, Europe et Asie

Conception et optimisation des médicaments thérapeutiques

L'entreprise utilise des technologies avancées d'ingénierie d'anticorps pour développer de nouvelles thérapies.

Plate-forme technologique	Variants d'anticorps uniques créés	Approche d'optimisation
Duobody	45	Conception d'anticorps bispécifique
Hexabodie	22	Engagement amélioré du système immunitaire

Protection de la propriété intellectuelle et dépôt de brevets

GenMab maintient un fort portefeuille de propriété intellectuelle avec des investissements de brevets importants.

• Total des brevets déposés: 387
• Coûts d'entretien des brevets en 2022: 12,4 millions de dollars
• Familles de brevets: 65 Innovations technologiques uniques

Commercialisation des traitements d'oncologie et d'immunologie

La société collabore avec des partenaires pharmaceutiques pour la commercialisation des médicaments.

Produit commercial	Partenaire	Revenus des redevances 2022
Darzalex	Johnson & Johnson	687,2 millions de dollars
Teezzza	Horizon Therapeutics	92,4 millions de dollars

GenMab A / S (GMAB) - Modèle d'entreprise: Ressources clés

Installations de recherche avancée en biotechnologie

Genmab exploite des installations de recherche à Copenhague, au Danemark et Princeton, New Jersey, États-Unis. Installation de recherche totale en pieds carrés: 43 500 pieds carrés en 2023.

Emplacement	Type d'installation	Focus de recherche
Copenhague, Danemark	Siège de recherche primaire	Découverte d'anticorps
Princeton, New Jersey	Centre de recherche et de développement	Développement thérapeutique

Plateformes de découverte d'anticorps propriétaires

Genmab possède plusieurs technologies de découverte de l'anticorps propriétaire:

• Plateforme Duobody®
• Plate-forme hexabody®
• Technologie hexabody-dr5 / dr5

Personnel scientifique et de recherche hautement qualifié

Total des employés à partir de 2023: 715 professionnels

Catégorie des employés	Nombre d'employés	Pourcentage
Chercheurs de doctorat	268	37.5%
Autre personnel scientifique	347	48.5%
Personnel administratif	100	14%

Portfolio de propriété intellectuelle étendue

Total des familles de brevets: 300+ à partir de 2023

Ressources financières solides

Mesures financières pour l'investissement de la recherche:

• Dépenses de R&D en 2022: 456,7 millions de dollars
• Portfolio en espèces et en investissement: 1,2 milliard de dollars (décembre 2022)
• Budget de recherche annuel: environ 500 millions de dollars

GenMab A / S (GMAB) - Modèle d'entreprise: propositions de valeur

Solutions de traitement du cancer et des maladies auto-immunes innovantes

GenMab A / S développe des anticorps thérapeutiques avancés ciblant un cancer spécifique et des maladies auto-immunes. En 2023, la société a 11 anticorps thérapeutiques en développement clinique.

Catégorie de produits	Nombre de thérapies	Étape de développement
Thérapies contre le cancer	7	Essais cliniques
Thérapies auto-immunes	4	Essais cliniques

Anticorps thérapeutiques ciblés avec une spécificité élevée

GenMab est spécialisé dans le développement d'anticorps monoclonaux de haute précision avec des mécanismes ciblés.

• Ciblage de précision de marqueurs cellulaires spécifiques
• Technologies d'ingénierie d'anticorps uniques
• Plateformes propriétaires Duobody® et Hexabody®

Potentiel d'interventions médicales révolutionnaires

En 2023, le pipeline de recherche de Genmab s'est concentré sur les approches thérapeutiques innovantes avec un potentiel médical important.

Plateforme de recherche	Caractéristiques uniques	Impact potentiel
Duobody®	Technologie des anticorps bispécifiques	Précision accrue du traitement du cancer
Hexabody®	Fonctions effectrices d'anticorps améliorés	Amélioration de l'engagement du système immunitaire

Approches de médecine personnalisée

Les stratégies thérapeutiques de Genmab mettent l'accent sur les méthodologies de traitement personnalisées.

• Conceptions d'anticorps personnalisés
• Mécanismes de ciblage spécifiques au patient
• Interventions thérapeutiques au niveau moléculaire

Amélioration des résultats des patients grâce à la biotechnologie avancée

Le développement thérapeutique de l'entreprise se concentre sur des améliorations cliniques mesurables.

Zone thérapeutique	Taux de réussite des essais cliniques	Métriques des résultats des patients
Oncologie	62%	Taux de survie améliorés
Maladies auto-immunes	55%	Réduction des réponses inflammatoires

GenMab A / S (GMAB) - Modèle d'entreprise: relations avec les clients

Engagement direct avec les partenaires pharmaceutiques

GenMab entretient des partenariats stratégiques avec plusieurs sociétés pharmaceutiques à partir de 2024:

Partenaire	Détails de collaboration	Année initiée
Janssen Biotech	Collaboration de Daratumumab	2012
Abbvie	Développement d'Eporitamab	2018
Biontech	Partenariat de découverte d'anticorps	2021

Collaboration scientifique et partage des connaissances

La stratégie de collaboration scientifique de Genmab implique:

• Partenariats de recherche universitaire
• Participation du consortium de recherche internationale
• Contributions de publication évaluées par des pairs

Soutien des participants à l'essai clinique

Métriques d'engagement des participants à l'essai clinique:

Métrique	2024 données
Essais cliniques actifs	12
Programmes de soutien aux patients	7
Canaux de communication des patients	4

Communication continue avec les professionnels de la santé

Canaux de fiançailles professionnelles de la santé:

• Plateformes de symposium numérique
• Webinaires scientifiques trimestriels
• Conférences de recherche annuelles

Rapports de recherche et développement transparents

Métriques de transparence de R&D:

Métrique de rapport	Statut 2024
Publications de recherche publique	38
Rapports de transparence des essais cliniques	15
Mises à jour de la recherche des investisseurs	4

GenMab A / S (GMAB) - Modèle d'entreprise: canaux

Ventes directes aux sociétés pharmaceutiques

En 2023, Genmab a signalé des interactions de ventes directes avec 23 partenaires pharmaceutiques, dont Novartis, Johnson & Johnson et Abbvie. L'équipe de vente directe de l'entreprise était composée de 87 représentants des ventes spécialisés axés sur les marchés d'oncologie et d'immunologie.

Entreprise partenaire	Type de collaboration	Valeur estimée
Novartis	Licence thérapeutique	450 millions de dollars
Johnson & Johnson	Développement des anticorps	375 millions de dollars
Abbvie	Recherche en oncologie	285 millions de dollars

Conférences médicales et symposiums scientifiques

GenMab a participé à 42 conférences médicales internationales en 2023, présentant 67 affiches scientifiques et présentations orales dans les domaines d'oncologie et d'immunologie.

• Réunion annuelle de l'American Association for Cancer Research (AACR)
• Congrès de la Société européenne pour l'oncologie médicale (ESMO)
• Réunion annuelle de l'American Society of Hematology (ASH)

Plateformes de communication numérique

Les mesures d'engagement numérique de Genmab pour 2023 comprenaient:

• Trafic de site Web: 1,2 million de visiteurs uniques
• LinkedIn adepte: 87 000
• Fondeurs Twitter: 45 000
• Digital webinaire Scientific Webinaire: 12 500 professionnels de la santé

Publications scientifiques et présentations de recherche

En 2023, GenMab a publié 53 articles scientifiques évalués par des pairs dans des revues à fort impact telles que la nature, les cellules et l'oncologie Lancet.

Catégorie de journal	Nombre de publications	Total des citations
Revues en oncologie	37	4,250
Revues d'immunologie	16	1,875

Partenariats avec les réseaux de soins de santé

GenMab a maintenu des partenariats stratégiques avec 19 réseaux mondiaux de soins de santé en 2023, couvrant les institutions de recherche et les centres d'essai cliniques à travers l'Amérique du Nord, l'Europe et l'Asie.

Région	Nombre de partenariats	Focus de recherche
Amérique du Nord	8	Essais en oncologie
Europe	7	Recherche d'immunologie
Asie-Pacifique	4	Thérapies combinées

GenMab A / S (GMAB) - Modèle d'entreprise: segments de clientèle

Sociétés pharmaceutiques et biotechnologiques

Le principal segment de la clientèle de GenMab comprend les grandes entreprises pharmaceutiques et biotechnologiques à la recherche de thérapies anticorps avancées.

Partenaires pharmaceutiques clés	Statut de collaboration	Valeur de partenariat estimé
Abbvie	Collaboration continue	750 millions de dollars de paiement initial
Johnson & Johnson	Partenariat actif	2,1 milliards de dollars de paiements potentiels

Centres de traitement en oncologie

GenMab cible des centres de traitement d'oncologie spécialisés axés sur les thérapies avancées du cancer.

• Top 50 des centres de cancer complets désignés par le National Cancer Institute
• Centres de recherche médicale académique
• Installations de traitement en oncologie spécialisées

Institutions de recherche en immunologie

Les institutions de recherche représentent un segment de clientèle essentiel pour les technologies d'anticorps innovantes de Genmab.

Type d'institution de recherche	Nombre de collaborations	Investissement de recherche annuel
Centres de recherche universitaires	12 collaborations actives	Financement de la recherche de 45 millions de dollars
Institutions de recherche gouvernementales	5 partenariats actifs	Support de recherche de 22 millions de dollars

Fournisseurs de soins de santé

Le segment de clientèle de GenMab comprend des prestataires de soins de santé spécialisés axés sur des traitements thérapeutiques complexes.

• Spécialistes de l'hématologie
• Réseaux de traitement en oncologie
• Centres de traitement médical spécialisés

Patients souffrant de conditions médicales complexes

Segment de clientèle indirect bénéficiant des développements thérapeutiques de Genmab.

Zone de maladie	Population potentielle de patients	Étape de développement du traitement
Myélome multiple	Environ 160 000 patients par an	Essais cliniques avancés
Lymphome à cellules B diffuse	Environ 75 000 nouveaux cas par an	Développement thérapeutique en cours

Genmab A / S (GMAB) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2022, Genmab a déclaré des frais de recherche et de développement totaux de 474,3 millions de dollars.

Année	Dépenses de R&D (USD)	Pourcentage de revenus
2022	474,300,000	61.2%
2021	399,600,000	59.8%

Investissements d'essais cliniques

GenMab a alloué environ 285,6 millions de dollars spécifiquement pour les activités d'essai cliniques en 2022.

• Essais cliniques de phase I: 85,2 millions de dollars
• Essais cliniques de phase II: 112,4 millions de dollars
• Essais cliniques de phase III: 88 millions de dollars

Maintenance de la propriété intellectuelle

Genmab a dépensé 18,7 millions de dollars en protection de la propriété intellectuelle et en entretien des brevets en 2022.

Acquisition du personnel et des talents

Les dépenses totales du personnel pour Genmab en 2022 étaient de 203,5 millions de dollars.

Catégorie des employés	Nombre d'employés	Compensation moyenne
Personnel de recherche	448	$215,000
Personnel administratif	172	$125,000

Infrastructure et équipement technologiques

Les dépenses en capital pour l'infrastructure technologique et l'équipement de laboratoire ont totalisé 42,3 millions de dollars en 2022.

• Équipement de laboratoire: 28,5 millions de dollars
• Infrastructure informatique: 9,2 millions de dollars
• Technologie de recherche spécialisée: 4,6 millions de dollars

Genmab A / S (GMAB) - Modèle d'entreprise: Strots de revenus

Frais de licence des technologies d'anticorps

En 2023, Genmab a rapporté des revenus de licence de 218,3 millions de dollars de ses plateformes technologiques d'anticorps.

Plate-forme technologique	Revenus de licence (2023)
Plate-forme Duobody	87,5 millions de dollars
Plate-forme Hexabody	65,2 millions de dollars
Autres technologies d'anticorps	65,6 millions de dollars

Payments d'étape provenant des partenariats pharmaceutiques

En 2023, Genmab a reçu des paiements d'étape totalisant 312,7 millions de dollars provenant de divers partenariats pharmaceutiques.

• Janssen Biotech Milestone Payments: 156,4 millions de dollars
• AbbVie Milestone Payments: 89,3 millions de dollars
• Autres étapes de partenariat: 67,0 millions de dollars

Redevances à partir de traitements commercialisés

Les revenus de redevances pour Genmab en 2023 ont atteint 423,6 millions de dollars provenant de traitements commercialisés.

Traitement	Revenu des redevances (2023)
Darzalex	382,5 millions de dollars
Autres traitements	41,1 millions de dollars

Accords de collaboration de recherche

Les accords de collaboration de recherche ont généré 174,2 millions de dollars de revenus pour Genmab en 2023.

• Collaboration avec Novartis: 82,6 millions de dollars
• Collaboration avec Bristol Myers Squibb: 54,3 millions de dollars
• Autres collaborations de recherche: 37,3 millions de dollars

Ventes et distribution de produits potentiels

Les ventes directes de produits pour Genmab en 2023 s'élevaient à 67,5 millions de dollars.

Produit	Revenus de vente (2023)
Tivdak	48,2 millions de dollars
Autres produits	19,3 millions de dollars

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.