GenMab A/S (GMAB): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo da biotecnologia de ponta, o GenMab A/S surge como uma força pioneira, transformando como abordamos o câncer e o tratamento autoimune de doenças por meio de tecnologias revolucionárias de anticorpos. Ao alavancar parcerias estratégicas, plataformas de pesquisa avançada e um compromisso inabalável com a inovação, esta empresa de biotecnologia dinamarquesa está redefinindo a medicina personalizada com soluções terapêuticas direcionadas que prometem remodelar os resultados dos pacientes. Seu modelo de negócios Canvas revela uma abordagem complexa e dinâmica para o desenvolvimento de intervenções médicas inovadoras que possam potencialmente desbloquear novas fronteiras nos cuidados de saúde.

GenMab A/S (GMAB) - Modelo de negócios: Parcerias -chave

Colaboração com empresas farmacêuticas

A GenMab possui parcerias estratégicas com várias empresas farmacêuticas:

Parceiro	Detalhes da colaboração	Valor financeiro
Novartis	Desenvolvimento de teprotumumab para doença ocular da tireóide	Pagamento antecipado de US $ 150 milhões
Johnson & Johnson	Comercialização do daratumumab para mieloma múltiplo	US $ 2,4 bilhões em pagamentos marcantes

Parcerias de pesquisa estratégica

As colaborações de instituições acadêmicas e de pesquisa incluem:

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

Organizações de fabricação contratadas

A Genmab faz parceria com instalações especializadas de produção de anticorpos:

• Lonza Group AG
• Samsung Biologics
• Boehringer Ingelheim

Acordos de licenciamento

Tecnologia	Parceiro de licenciamento	Valor do acordo
Plataforma Duobody	Abbvie	US $ 300 milhões em potenciais pagamentos marcantes
Tecnologia hexabodia	Biontech	US $ 200 milhões em potencial valor de colaboração

Parcerias de capital de investimento e risco

Os principais apoiadores financeiros incluem:

• Novo Holdings A/S.
• BlackRock
• Grupo Vanguard

GenMab A/S (GMAB) - Modelo de negócios: Atividades -chave

Pesquisa e desenvolvimento de anticorpos

A Genmab investiu US $ 318,1 milhões em despesas de pesquisa e desenvolvimento em 2022. A Companhia mantém um pipeline robusto de 10 anticorpos terapêuticos em vários estágios de desenvolvimento.

Área de foco de pesquisa	Programas ativos	Estágio de desenvolvimento
Anticorpos oncológicos	7	Pré -clínico para a Fase III
Anticorpos de imunologia	3	Pré -clínico para a Fase II

Gerenciamento de ensaios pré -clínicos e clínicos

A GenMab gerencia vários ensaios clínicos em diferentes áreas terapêuticas com investimento financeiro significativo.

• Ensaios clínicos ativos em 2022: 15
• Despesas totais de ensaios clínicos: US $ 224,6 milhões
• Alcance geográfico: Estados Unidos, Europa e Ásia

Design e otimização terapêutica de medicamentos

A empresa utiliza tecnologias avançadas de engenharia de anticorpos para desenvolver novas terapêuticas.

Plataforma de tecnologia	Variantes de anticorpos exclusivos criados	Abordagem de otimização
Duobody	45	Design de anticorpos biespecíficos
Hexabody	22	Engajamento imunológico aprimorado

Proteção à propriedade intelectual e arquivamento de patentes

A GenMab mantém um forte portfólio de propriedade intelectual com investimentos significativos de patentes.

• Total de patentes arquivadas: 387
• Custos de manutenção de patentes em 2022: US $ 12,4 milhões
• Famílias de patentes: 65 inovações tecnológicas únicas

Comercialização de tratamentos de oncologia e imunologia

A empresa colabora com parceiros farmacêuticos para comercialização de medicamentos.

Produto comercializado	Parceiro	Receita de Royalty 2022
Darzalex	Johnson & Johnson	US $ 687,2 milhões
Tepezza	Horizon Therapeutics	US $ 92,4 milhões

GenMab A/S (GMAB) - Modelo de negócios: Recursos -chave

Instalações avançadas de pesquisa de biotecnologia

A Genmab opera instalações de pesquisa em Copenhague, Dinamarca e Princeton, Nova Jersey, EUA. Mágua quadrada total da instalação de pesquisa: 43.500 pés quadrados a partir de 2023.

Localização	Tipo de instalação	Foco na pesquisa
Copenhague, Dinamarca	Sede da pesquisa primária	Descoberta de anticorpos
Princeton, Nova Jersey	Centro de Pesquisa e Desenvolvimento	Desenvolvimento terapêutico

Plataformas de descoberta de anticorpos proprietários

A GenMab possui múltiplas tecnologias de descoberta de anticorpos proprietários:

• Plataforma Duobody®
• Plataforma Hexabody®
• Tecnologia hexabody-dr5/dr5

Pessoal científico e de pesquisa altamente qualificado

Total de funcionários a partir de 2023: 715 Profissionais

Categoria de funcionários	Número de funcionários	Percentagem
Pesquisadores de doutorado	268	37.5%
Outros funcionários científicos	347	48.5%
Equipe administrativo	100	14%

Portfólio de propriedade intelectual extensa

Total de Famílias de Patentes: 300+ a partir de 2023

Recursos financeiros fortes

Métricas financeiras para investimento em pesquisa:

• Despesas de P&D em 2022: US $ 456,7 milhões
• Portfólio de caixa e investimento: US $ 1,2 bilhão (dezembro de 2022)
• Orçamento de pesquisa anual: aproximadamente US $ 500 milhões

GenMab A/S (GMAB) - Modelo de Negócios: Proposições de Valor

Soluções inovadoras de câncer e tratamento de doenças autoimunes

O GenMab A/S desenvolve anticorpos terapêuticos avançados direcionados ao câncer específico e doenças autoimunes. A partir de 2023, a empresa possui 11 anticorpos terapêuticos no desenvolvimento clínico.

Categoria de produto	Número de terapias	Estágio de desenvolvimento
Terapias contra o câncer	7	Ensaios clínicos
Terapias autoimunes	4	Ensaios clínicos

Anticorpos terapêuticos direcionados com alta especificidade

A GenMab é especializada no desenvolvimento de anticorpos monoclonais de alta precisão com mecanismos direcionados.

• Direcionamento de precisão de marcadores celulares específicos
• Tecnologias exclusivas de engenharia de anticorpos
• Plataformas Proprietárias Duobody® e Hexabody®

Potencial para intervenções médicas inovadoras

Em 2023, o pipeline de pesquisa da Genmab se concentrou em abordagens terapêuticas inovadoras com potencial médico significativo.

Plataforma de pesquisa	Características únicas	Impacto potencial
Duobody®	Tecnologia de anticorpos biespecíficos	Precisão de tratamento de câncer aprimorado
Hexabody®	Funções efetoras de anticorpos aprimorados	Engajamento do sistema imunológico aprimorado

Abordagens de medicina personalizadas

As estratégias terapêuticas da Genmab enfatizam metodologias de tratamento personalizadas.

• Designs de anticorpos personalizados
• Mecanismos de direcionamento específicos do paciente
• Intervenções terapêuticas em nível molecular

Melhores resultados dos pacientes por meio de biotecnologia avançada

O desenvolvimento terapêutico da empresa se concentra em melhorias clínicas mensuráveis.

Área terapêutica	Taxa de sucesso do ensaio clínico	Métricas de desfecho do paciente
Oncologia	62%	Taxas de sobrevivência aprimoradas
Doenças autoimunes	55%	Respostas inflamatórias reduzidas

GenMab A/S (GMAB) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento direto com parceiros farmacêuticos

A GenMab mantém parcerias estratégicas com várias empresas farmacêuticas a partir de 2024:

Parceiro	Detalhes da colaboração	Ano iniciado
Janssen Biotech	Daratumumab Collaboration	2012
Abbvie	Desenvolvimento do Epcoritamab	2018
Biontech	Parceria para descoberta de anticorpos	2021

Colaboração científica e compartilhamento de conhecimento

A estratégia de colaboração científica da Genmab envolve:

• Parcerias de pesquisa acadêmica
• Participação do Consórcio Internacional de Pesquisa
• Contribuições de publicação revisadas por pares

Suporte de participante do ensaio clínico

Métricas de engajamento dos participantes do ensaio clínico:

Métrica	2024 dados
Ensaios clínicos ativos	12
Programas de apoio ao paciente	7
Canais de comunicação do paciente	4

Comunicação em andamento com profissionais de saúde

Canais de engajamento profissional de saúde:

• Plataformas do Simpósio Digital
• Quiliários científicos trimestrais
• Conferências de Pesquisa Anual

Relatórios transparentes de pesquisa e desenvolvimento

Métricas de transparência de P&D:

Métrica de relatório	2024 Status
Publicações de pesquisa pública	38
Relatórios de transparência do ensaio clínico	15
Atualizações de pesquisa de investidores	4

GenMab A/S (GMAB) - Modelo de Negócios: Canais

Vendas diretas para empresas farmacêuticas

Em 2023, a Genmab relatou interações de vendas diretas com 23 parceiros farmacêuticos, incluindo a Novartis, Johnson & Johnson e Abbvie. A equipe de vendas direta da empresa consistia em 87 representantes de vendas especializados focados nos mercados de oncologia e imunologia.

Empresa parceira	Tipo de colaboração	Valor estimado
Novartis	Licenciamento terapêutico	US $ 450 milhões
Johnson & Johnson	Desenvolvimento de anticorpos	US $ 375 milhões
Abbvie	Pesquisa de oncologia	US $ 285 milhões

Conferências médicas e simpósios científicos

A GenMab participou de 42 conferências médicas internacionais em 2023, apresentando 67 pôsteres científicos e apresentações orais nos domínios de oncologia e imunologia.

• Reunião Anual da Associação Americana de Pesquisa do Câncer (AACR)
• Congresso da Sociedade Europeia de Oncologia Médica (ESMO)
• Reunião Anual da Sociedade Americana de Hematologia (Ash)

Plataformas de comunicação digital

As métricas de engajamento digital da Genmab para 2023 incluíram:

• Tráfego do site: 1,2 milhão de visitantes únicos
• Seguidores do LinkedIn: 87.000
• Seguidores do Twitter: 45.000
• Atendimento a on -line científico digital: 12.500 profissionais de saúde

Publicações científicas e apresentações de pesquisa

Em 2023, a Genmab publicou 53 artigos científicos revisados ​​por pares em periódicos de alto impacto, como natureza, célula e o oncologia Lancet.

Categoria de diário	Número de publicações	Citações totais
Revistas oncológicas	37	4,250
Revistas de imunologia	16	1,875

Parcerias com redes de saúde

A Genmab manteve parcerias estratégicas com 19 redes globais de saúde em 2023, cobrindo instituições de pesquisa e centros de ensaios clínicos na América do Norte, Europa e Ásia.

Região	Número de parcerias	Foco na pesquisa
América do Norte	8	Ensaios Oncológicos
Europa	7	Pesquisa de imunologia
Ásia-Pacífico	4	Terapias combinadas

GenMab A/S (GMAB) - Modelo de negócios: segmentos de clientes

Empresas farmacêuticas e de biotecnologia

O segmento principal de clientes da Genmab inclui grandes empresas farmacêuticas e biotecnológicas que buscam terapêutica avançada de anticorpos.

Parceiros farmacêuticos -chave	Status de colaboração	Valor estimado da parceria
Abbvie	Colaboração em andamento	Pagamento inicial de US $ 750 milhões
Johnson & Johnson	Parceria ativa	US $ 2,1 bilhões em potenciais pagamentos marcantes

Centros de tratamento oncológicos

Os centros de tratamento de oncologia especializados do GenMAB se concentraram em terapias avançadas contra o câncer.

• Os 50 principais centros de câncer abrangentes projetados pelo Instituto Nacional do Câncer
• Centros de Pesquisa Médica Acadêmica
• Instalações de tratamento de oncologia especializadas

Instituições de pesquisa de imunologia

As instituições de pesquisa representam um segmento crítico de clientes para as inovadoras tecnologias de anticorpos da Genmab.

Tipo de instituição de pesquisa	Número de colaborações	Investimento anual de pesquisa
Centros de pesquisa acadêmica	12 colaborações ativas	Financiamento de pesquisa de US $ 45 milhões
Instituições de Pesquisa Governamental	5 parcerias ativas	Suporte de pesquisa de US $ 22 milhões

Provedores de saúde

O segmento de clientes da Genmab inclui prestadores de serviços de saúde especializados, focados em tratamentos terapêuticos complexos.

• Especialistas em hematologia
• Redes de tratamento de oncologia
• Centros de tratamento médico especializados

Pacientes com condições médicas complexas

Segmento de clientes indiretos que se beneficia dos desenvolvimentos terapêuticos da Genmab.

Área da doença	Potencial população de pacientes	Estágio de desenvolvimento do tratamento
Mieloma múltiplo	Aproximadamente 160.000 pacientes anualmente	Ensaios clínicos avançados
Linfoma difuso de células B grandes	Cerca de 75.000 novos casos por ano	Desenvolvimento terapêutico em andamento

GenMab A/S (GMAB) - Modelo de Negócios: Estrutura de Custo

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2022, a Genmab registrou despesas totais de pesquisa e desenvolvimento de US $ 474,3 milhões.

Ano	Despesas de P&D (USD)	Porcentagem de receita
2022	474,300,000	61.2%
2021	399,600,000	59.8%

Investimentos de ensaios clínicos

A GenMab alocou aproximadamente US $ 285,6 milhões especificamente para atividades de ensaios clínicos em 2022.

• Ensaios clínicos de fase I: US $ 85,2 milhões
• Ensaios Clínicos de Fase II: US $ 112,4 milhões
• Ensaios Clínicos de Fase III: US $ 88 milhões

Manutenção da propriedade intelectual

A Genmab gastou US $ 18,7 milhões em proteção de propriedade intelectual e manutenção de patentes em 2022.

Aquisição de pessoal e talento

As despesas totais de pessoal do GenMab em 2022 foram de US $ 203,5 milhões.

Categoria de funcionários	Número de funcionários	Compensação média
Equipe de pesquisa	448	$215,000
Equipe administrativo	172	$125,000

Infraestrutura e equipamento de tecnologia

As despesas de capital para infraestrutura de tecnologia e equipamentos de laboratório totalizaram US $ 42,3 milhões em 2022.

• Equipamento de laboratório: US $ 28,5 milhões
• Infraestrutura de TI: US $ 9,2 milhões
• Tecnologia de pesquisa especializada: US $ 4,6 milhões

GenMab A/S (GMAB) - Modelo de negócios: fluxos de receita

Taxas de licenciamento de tecnologias de anticorpos

Em 2023, a Genmab reportou receitas de licenciamento de US $ 218,3 milhões em suas plataformas de tecnologia de anticorpos.

Plataforma de tecnologia	Receita de licenciamento (2023)
Plataforma Duobody	US $ 87,5 milhões
Plataforma hexabody	US $ 65,2 milhões
Outras tecnologias de anticorpos	US $ 65,6 milhões

Pagamentos marcantes de parcerias farmacêuticas

Em 2023, a GenMab recebeu pagamentos marcantes, totalizando US $ 312,7 milhões de várias parcerias farmacêuticas.

• Janssen Biotech Milestone Pagamentos: US $ 156,4 milhões
• ABBVIE PAGAMENTOS DE MARIDOS: US $ 89,3 milhões
• Outros marcos de parceria: US $ 67,0 milhões

Royalties de tratamentos comercializados

A renda de royalties da GenMab em 2023 atingiu US $ 423,6 milhões de tratamentos comercializados.

Tratamento	Renda de Royalty (2023)
Darzalex	US $ 382,5 milhões
Outros tratamentos	US $ 41,1 milhões

Acordos de colaboração de pesquisa

Os acordos de colaboração de pesquisa geraram US $ 174,2 milhões em receita para a GenMab em 2023.

• Colaboração com a Novartis: US $ 82,6 milhões
• Colaboração com Bristol Myers Squibb: US $ 54,3 milhões
• Outras colaborações de pesquisa: US $ 37,3 milhões

Vendas e distribuição potenciais de produtos

As vendas diretas de produtos para a GenMab em 2023 totalizaram US $ 67,5 milhões.

Produto	Receita de vendas (2023)
Tivdak	US $ 48,2 milhões
Outros produtos	US $ 19,3 milhões

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.