Genmab A/S (GMAB): Business Model Canvas [Dec-2025 Updated]

You're looking at Genmab A/S right now, and honestly, what you see is a biotech powerhouse making a definitive pivot: moving away from just collecting royalties to becoming a fully integrated, global oncology player. This isn't just talk; their 2025 guidance backs it up, projecting total revenue between $3.5 billion and $3.7 billion, driven by a mix of stable royalty income-like that from DARZALEX-and growing net product sales from wholly-owned assets like EPKINLY. It's a complex machine of proprietary platforms, major pharma partnerships, and a rapidly expanding direct sales force. Want to see exactly how they structure their value creation, from their DuoBody tech to their hefty R&D spend, which is projected to hit $2.1 - $2.2 billion in operating expenses for 2025? Dive into the full Business Model Canvas below.

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

You're looking at the core of Genmab A/S's value capture, which heavily relies on strategic alliances to drive commercial reach and pipeline development. These partnerships are critical because they turn Genmab's antibody innovation into global revenue streams, though they also mean sharing the upside.

Here's a look at the major players and the financial scale of those relationships as of late 2025, based on the latest nine-month figures and guidance.

The Johnson & Johnson collaboration, centered on DARZALEX, remains a massive revenue engine. For the first nine months of 2025, net sales of DARZALEX by J&J reached $10,448 million, marking a 22% increase over the same period in 2024. This directly translates to Genmab's royalty expectation, which was guided to be between $2.3 - $2.4 billion for the full year 2025.

The AbbVie partnership for EPKINLY involves shared commercial duties in key markets. For the first half of 2025, Genmab reported profit-sharing amounts payable to AbbVie related to EPKINLY sales totaling $47 million. Anyway, Genmab is also advancing the asset, with its Phase 3 EPCORE FL-1 trial meeting dual primary endpoints.

With Novartis, the Kesimpta partnership continues to provide strong royalty income. The overall royalty revenue for Genmab in the first nine months of 2025 was $2,219 million, up 23% year-over-year, largely driven by Kesimpta and DARZALEX sales growth. Kesimpta has treated more than 150,000 patients worldwide as of August 2025.

The co-development with Pfizer on Tivdak includes a specific profit-sharing structure. Genmab leads commercial operations in Japan, where Tivdak launched in the first half of 2025, and shares the U.S. market with a 50:50 profit split. This collaboration revenue stream is factored into Genmab's 2025 revenue guidance.

The proposed acquisition of Merus N.V. signals a strategic pivot away from relying solely on these co-commercialization models. Here are the key figures related to this planned shift:

• Transaction value: Approximately $8.0 billion.
• Price per share: $97.00 in an all-cash deal.
• Funding: Cash on hand plus approximately $5.5 billion in non-convertible debt.
• Expected closing: Early Q1 2026.
• Petosemtamab projected annual sales: Exceeding $1 billion by 2029.
• Financial Impact: Anticipated to be accretive to EBITDA by the end of 2029.

This move to acquire Merus N.V. is designed to bring the late-stage asset petosemtamab fully in-house, which management projects could generate over $1 billion in sales by 2029. Genmab expects to have four proprietary programs driving new drug launches by 2027 post-close. Finance: draft 13-week cash view by Friday.

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

You're looking at the core engine driving Genmab A/S's value creation right now, which is heavily weighted toward late-stage asset control and execution. Honestly, the numbers show a clear pivot toward owning more of the upside.

Advanced research and development (R&D) of proprietary antibody platforms.

Genmab A/S is pouring capital into its discovery engine. For the twelve months ending June 30, 2025, the company reported Research and Development Expenses of $1.440B. Looking at the most recent quarter, the Research and Development Expense for the quarter ending June 30, 2025, was $368.62M. This investment supports the pipeline expansion, which is a key driver of their operating expenses, totaling $1,655 million for the first nine months of 2025.

Execute late-stage clinical trials for key assets like Rina-S and EPKINLY.

The focus is on advancing the four late-stage programs: EPKINLY, Rina-S, peto, and acasunlimab. For EPKINLY (epcoritamab), the EPCORE FL-1 trial demonstrated superiority, with a median Progression-Free Survival (PFS) of not reached compared to 11.2 months for the control arm, and an Overall Response Rate (ORR) of 89% versus 74%. Rina-S (rinatabart sesutecan) secured a Breakthrough Therapy Designation (BTD) from the FDA for advanced endometrial cancer. In heavily pretreated patients, Rina-S showed a 50% confirmed ORR, including two complete responses, at a median follow-up of one year. The third Phase 3 study for Rina-S, Rainfol-04, is now slated to start in January 2026, later than initially projected. You can expect 2 Phase III trials to read out in 2026, setting up potential launches in 2027.

Global commercialization and direct sales of wholly-owned and co-owned products.

The shift toward owning more commercial revenue is evident in the product sales figures. Genmab recognized net product sales of $280 million in the first nine months of 2025, a significant jump from $179 million in the same period of 2024. This growth, alongside higher royalties, drove total revenue up 21% to $2,662 million for the first nine months of 2025. Royalty revenue, primarily from DARZALEX and Kesimpta, hit $2,219 million, up 23%. For context, J&J's DARZALEX net sales reached $10,448 million in the first nine months of 2025. Also, Tivdak is now commercially available in Germany, marking Genmab's first European market entry.

Here's a quick look at the revenue drivers for the first nine months of 2025:

Strategic M&A, like the $8.0 billion Merus acquisition, to expand the pipeline.

Genmab A/S announced a proposed all-cash acquisition of Merus N.V. for approximately $8.0 billion. The offer price of $97.00 per share represented a 41% premium over the closing stock price on September 26, 2025. This deal is being funded by cash on hand and about $5.5 billion in non-convertible debt. The key asset, petosemtamab, is projected to generate over $1 billion in annual sales by 2029.

Intellectual property (IP) management and defense of foundational patents.

Managing and defending the foundational patents underpinning the DuoBody technology and the entire pipeline is a critical activity. This is evidenced by the multiple FDA Breakthrough Therapy Designations granted across the portfolio, which validates the underlying scientific innovation and strengthens the IP position for assets like petosemtamab.

Finance: review the debt covenant structure related to the $5.5 billion financing by end of Q1 2026.

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

The foundation of Genmab A/S's business model rests on several tangible and intangible assets that drive its high-margin revenue and future potential.

Proprietary Technology Platforms

Genmab A/S possesses core intellectual property in antibody engineering, specifically its proprietary DuoBody and HexaBody technology platforms, which are used to create bispecific antibodies. As of late 2025, the company has 4 proprietary Genmab technologies listed in its pipeline overview.

Marketed Products and Royalty Income

Stable, high-margin royalty income streams are a critical resource, primarily stemming from collaborations on marketed products. Royalty revenue for the first nine months of 2025 reached $2,219 million, marking a 23% increase over the same period in 2024. This growth was fueled by higher net sales of key products.

The full-year 2025 guidance for total royalty revenue is projected to be in the range of $2.945 - $3.090 billion.

Late-Stage Oncology Pipeline Assets

The pipeline itself is a key resource, with a focus on advancing several high-potential assets through late-stage development. Genmab A/S is prioritizing three Phase 3 programs: EPKINLY, Rina-S, and acasunlimab.

• EPKINLY (epcoritamab): Received FDA traditional approval with lenalidomide and rituximab for relapsed or refractory follicular lymphoma (FL). The Phase 3 EPCORE FL-1 trial showed a median Progression-Free Survival (PFS) that was not reached in the epcoritamab arm versus 11.2 months in the control arm.
• Rinatabart sesutecan (Rina-S): Granted Breakthrough Therapy Designation (BTD) in advanced endometrial cancer. Data showed a 50% confirmed Objective Response Rate (ORR) in heavily pretreated advanced endometrial cancer patients.
• Acasunlimab (GEN1046): Listed in Phase 3 development for Non-small cell lung cancer and First line diffuse large B-cell lymphoma (in combination).

Financial Flexibility and Infrastructure

The company maintains significant financial strength to fund its development plans, including the proposed acquisition of Merus N.V. for approximately $8.0 billion. Genmab A/S maintained a strong cash position of $3.4 billion as of the first half of 2025. This financial backing supports the highly specialized scientific talent and R&D infrastructure. Total operating expenses for the first nine months of 2025 were $1,655 million, reflecting continued investment in pipeline advancement. R&D investments specifically increased by a modest 4-7% year-over-year for the first nine months of 2025.

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.

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:

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:

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:

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:

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:

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.