A. Operating Results Overview We are an international biotechnology company with a pipeline of novel antibody-based products and product candidates designed to address unmet medical needs and improve treatment outcomes for patients with cancer and other serious diseases. Our goal in building our pipeline is to bring medicines to market ourselves in geographic areas where we believe we will be able to maximize their value and make a meaningful impact on the treatment landscape. . Our current priorities are the commercial or late-stage programs epcoritamab, Rina-S and petosemtamab. Epcoritamab, marketed as EPKINLY in countries including the US and Japan and as TEPKINLY in the EU, is being developed and commercialized in collaboration with AbbVie. Epcoritamab is the first and only bispecific antibody approved for the treatment of multiple B-cell malignancies in various regions around the world. Rina-S and petosemtamab are wholly owned by Genmab. Rina-S is in Phase III clinical development for PROC, PSOC and endometrial cancer. Petosemtamab is in Phase III clinical development for newly diagnosed and recurrent/metastatic r/m HNSCC. Our full pipeline includes bispecific T-cell engagers, next-generation immune checkpoint modulators, effector function enhanced antibodies and ADCs. We currently have five proprietary products or product candidates in active clinical development, which comprise programs where we retain at least 50% of product rights in collaboration with partners. Our first proprietary commercial product to be approved was tisotumab vedotin, marketed as Tivdak. Tivdak is being co- developed globally and co-promoted in the US in collaboration with Pfizer and exclusively by Genmab outside of the US and China. Tivdak is the first and only ADC approved for the treatment of adult patients with recurrent or metastatic cervical cancer with disease progression on or after prior systemic therapy in territories including the US, Europe and Japan. In addition to our marketed products and clinical product candidates, we have multiple proprietary and partnered preclinical programs. 76 Table of Contents To develop and deliver novel therapies to patients, we have formed strategic collaborations with biotechnology and pharmaceutical companies. We selectively enter into collaborations with other biotechnology and pharmaceutical companies that build our network in the biotechnology space and give us access to complementary technologies or products that move us closer to achieving our vision and fulfilling our core purpose. In addition to Genmab’s own pipeline of product candidates, our innovation and proprietary technology platforms are applied in the pipelines of global pharmaceutical and biotechnology companies. These companies are running clinical development programs with antibodies created by Genmab or created using Genmab’s proprietary DuoBody bispecific antibody technology platform. The six approved medicines created by Genmab or that incorporate Genmab’s innovation or technology platforms are daratumumab, marketed by J&J as DARZALEX (IV formulation) and DARZALEX FASPRO or DARZALEX SC (SC formulation), approved in the US, Europe, Japan and other territories for the treatment of certain indications of MM and AL amyloidosis; amivantamab, marketed in the US, Europe, Japan and other territories by J&J as RYBREVANT for the treatment of certain adult patients with locally-advanced or metastatic NSCLC with EGFR exon 20 insertion mutations. A SC formulation, RYBREVANT FASPRO, is also approved in the US; teclistamab, marketed in the US, Europe, Japan and other territories by J&J as TECVAYLI for certain indications of MM; talquetamab, marketed in the US, Europe, Japan and other territories by J&J as TALVEY for certain indications of MM; SC ofatumumab, marketed in the US, Europe, Japan and other territories as Kesimpta by Novartis for the treatment of RMS; and teprotumumab, marketed in the US, Europe and Japan as TEPEZZA by Amgen for the treatment of TED. In addition BIZENGRI (Zenocutuumab-zbco) was added to our portfolio of royalty medicines as part of our acquisition of Merus. Merus exclusively licensed to Partner Therapeutics the right to commercialize BIZENGRI for the treatment of NRG1 fusion-positive cancer in the US. Under the agreements for these products Genmab is entitled to certain potential milestones and royalties. For our proprietary commercial products EPKINLY and Tivdak, our commercialization rights and related revenues and expenses vary by jurisdiction as further described below: •EPKINLY collaboration with AbbVie. Genmab shares commercial responsibilities for epcoritamab, marketed as EPKINLY, with AbbVie in the US and Japan, while AbbVie is responsible for global commercialization outside of the US and Japan. We are the principal for net sales of EPKINLY in the US and Japan and therefore record such sales as net product sales. In the US and Japan, we share with AbbVie 50% of such sales and related cost of product sales and these amounts are classified as cost of product sales. We and AbbVie are each responsible for 50% of the aggregate research and development and sales and marketing costs of EPKINLY in the US and Japan, and we classify our share of such costs in research and development and selling, general and administrative expenses, respectively. We are entitled to tiered royalties between 22% and 26% on net sales for epcoritamab outside the US and Japan, subject to certain royalty reductions. •Tivdak collaboration with Pfizer. Tisotumab vedotin, marketed as Tivdak, is being co-developed by Genmab and Pfizer. Under a joint commercialization agreement, Genmab is co-promoting Tivdak in the US and is leading commercial operational activities in Japan, Europe and all other regions globally, excluding the US and China. Pfizer is leading commercial operational activities in the US and will lead commercial operational activities in China once approved in connection with the sublicense of its rights to develop and commercialize tisotumab vedotin in China to Zai Lab. Genmab will record sales for Europe, Japan and rest of world markets (excluding the US and China), and will provide royalties in the low teens to Pfizer on net sales. We are funding our operating requirements, including our research and development expenses and our planned commercialization activities, primarily through operating cash flow (including royalties and milestones from our collaboration partners). We may also use additional debt financing, proceeds from equity financing or other forms of financing to finance acquisitions or other forms of growth. For a description of certain of our product and technology collaborations including relevant royalty tiers, milestones and expense sharing provisions, please refer to “Item 4.B—Business Overview—Product and Technology Collaborations”. 77 Table of Contents Acquisition of Merus On December 12, 2025, we completed the Acquisition of Merus, resulting in Merus becoming a wholly owned subsidiary of Genmab. It provided us with worldwide rights outside of the US to Merus' approved product, BIZENGRI (zenocutuzumab-zbco), and its lead product candidate, petosemtamab. In addition, we acquired Merus' Biclonics and Triclonics technology platforms. Petosemtamab is an investigational antibody-dependent cell-mediated cytotoxicity (ADC)-enhanced Biclonics® for the potential treatment of solid tumors that is designed to bind to cancer stem cells expressing EGFR and LGR5. We intend to continue the clinical development of petosemtamab in the LiGeR-HN1 Phase III clinical trial for the treatment of 1L PD-L1+ r/m HNSCC with pembrolizumab; the LiGeR-HN2 Phase III clinical trial for the treatment of 2/3L r/m HNSCC and the ongoing Phase I/II clinical trial in mCRC. We also intend to commence a Phase III clinical trial of petosemtamab in locally advanced HNSCC. The FDA granted petosemtamab BTD in combination with pembrolizumab for the first-line treatment of adult patients with r/m PD-L1 positive HNSCC with CPS ≥ 1 in February 2025, and for the treatment of patients with r/m HNSCC whose disease has progressed following treatment with platinum based chemotherapy and an anti-PD-1 or anti-PD-L1 antibody. This designation followed receipt of FTD for petosemtamab for the treatment of patients with r/m HNSCC whose disease has progressed following treatment with platinum-based chemotherapy and an anti-programmed cell death protein 1 antibody announced in August 2023. See Note 5.5 in our Audited Financial Statements for additional details regarding our acquisition of Merus. Key Components of Our Results and Related Trends Impact of the Acquisition of Merus We expect that the acquisition of Merus will increase our research and development expenses as well as our selling, general and administrative expenses in the short to medium term as compared to our own recent historical level. We expect an increase in these expenses primarily as a result of our planned development and commercialization activities for petosemtamab. We intend to expand Merus' current development plan for petosemtamab in additional HNSCC settings and other potential tumor types. Such expanded development will involve increased research and development and selling, general and administrative expenses as we support related manufacturing, clinical trial activities, and commercialization activities. See “—Liquidity and Capital Resources.” While we expect to record additional royalty revenues because we acquired zenocutuzumab as a part of the Merus acquisition, we do not expect such revenues to be material. Considering the costs of development of petosemtamab and other Merus product candidates, we expect to maintain positive operating earnings and positive cash flow generation driven by our royalty business and proprietary products. In addition, we recorded acquisition-related costs and integration-related charges in the year ending December 31, 2025 related to the acquisition of Merus. We also expect to record integration-related charges related to the acquisition of Merus in the year ending December 31, 2026. Such integration-related charges may be significant. In December 2025, Genmab entered into two senior secured credit facilities, consisting of a a $1 billion Term Loan A Facility and a $2 billion Term Loan B Facility (the loans thereunder, collectively the “Term Loans”), and a $500 million revolving credit facility (together with the Term Loans, the "Loans"). Genmab also issued $1.5 billion principal amount of Senior Secured Notes and $1.0 billion principal amount of Senior Unsecured Notes (together, the “Notes”). Genmab incurred indebtedness under the Loans and Notes to contribute to the financing of the acquisition of Merus. The detailed descriptions of the Term Loans and Notes in Note 4.8 to the Audited Financial Statements included in the Annual Report for 2025 are incorporated herein by reference. Revenues Our revenues are currently comprised of royalties, net product sales, milestone revenue, reimbursement revenue, collaboration revenue and license fees. Royalty revenue from licenses is based on third-party sales of licensed products. Net product sales represent sales of products when Genmab is determined to be the principal in sales to the end customers. Milestone revenue is typically related to reaching particular stages in product development, regulatory approval or a certain 78 Table of Contents level of net sales. Reimbursement revenue is mainly comprised of the reimbursement of certain research and development expenses related to the development work under our collaboration agreements. Collaboration revenue reflects profit sharing arrangements for the sale of commercial products by our collaboration partners. License fees are non-refundable, upfront fees for our intellectual property received from our collaboration partners. The majority of our revenue is recognized from our collaboration partners under our collaboration agreements. In particular, our ability to generate revenue significantly depends on the success of J&J’s continued ability to effectively maintain and grow sales of DARZALEX for its approved indications, expand its indications, and successfully compete with existing and potential new investigational agents and technologies that are currently being marketed or studied for the same indications as DARZALEX. In addition, the royalties payable by J&J are limited in time. Pursuant to the terms of the agreement, J&J’s obligation to pay royalties to us will expire on a country-by-country basis on the later of the date that is 13 years after the first sale of daratumumab in such country or upon the expiration or invalidation of the last-to-expire relevant Genmab patent covering daratumumab in such country. The first US, European and Japanese sales of daratumumab occurred in 2015, 2016 and 2017, respectively. We have issued patents and pending patent applications covering daratumumab in numerous jurisdictions, including patents issued in the US, Europe and Japan. J&J owns a separate patent portfolio related to the SC formulation of daratumumab used in DARZALEX FASPRO/DARZALEX SC, but a binding arbitration determined that we are not entitled to royalties based on these separate patents. Our issued US, European and Japanese patents covering daratumumab, after giving effect to issued US, European and Japanese PTEs and SPCs, expire in 2029, 2031 and begin to expire in 2030, respectively. Assuming constant underlying sales of DARZALEX, we expect that our royalties from sales of DARZALEX will begin to decline materially in 2029 following expiration of our US patent rights on daratumumab. We have also received, and in the future may from time to time receive, revenues from milestones and other payments relating to our collaborations. In addition to revenue recognized from our collaboration partners, we also record revenue for sales of our proprietary commercial products. Epcoritamab was approved by the FDA and Japan MHLW in May 2023 and September 2023, respectively, and is marketed in the US and Japan under the tradename EPKINLY. Our net product sales derive solely from EPKINLY. Tisotumab vedotin was approved by the FDA in September 2021, and is currently marketed in the US as Tivdak. Pfizer records net product sales in the US and shares 50% of the profit of such sales with us, and we record this profit share as collaboration revenue. Our ability to generate revenue from our proprietary commercial products, including EPKINLY and Tivdak, depends on the commercial potential of such products as well as our ability to successfully commercialize them. Our ability to generate revenue from our proprietary and partnered product candidates depends on our and our collaboration partners’ ability to successfully complete clinical trials for our product candidates and receive regulatory approvals, which could impact the commercial potential of such products and our potential to receive milestone payments, royalties, net sales and other revenues for these products in the future. Our reported revenue is affected by the translation of royalties and other revenues denominated in foreign currencies into US dollars. For more information on our revenues, including for the breakdown of our revenues by type, collaboration partner and product, see Note 2.1 of our Audited Financial Statements included in this Annual Report. Cost of Product Sales Cost of product sales includes direct and indirect costs relating to the manufacturing of inventory mainly from third- party providers of manufacturing as well as costs related to internal resources and distribution and logistics. Inventory amounts written down as a result of excess or obsolescence are charged to cost of product sales. Also included in cost of product sales are royalty payments on commercialized products. Additionally, cost of product sales includes profit-sharing amounts owed to collaboration partners for the sale of commercial products when Genmab is determined to be the principal in sales to end customers. The only profit-sharing amounts owed to collaboration partners that are recorded as cost of product sales relate to sales of EPKINLY in the US and Japan pursuant to the Collaboration Agreement with AbbVie. Aside from these items, there are no other costs included within cost of product sales. 79 Table of Contents Research and Development Expenses We are currently advancing our proprietary product candidates through clinical development and are conducting preclinical trials with respect to other programs. Developing product candidates is expensive, time-intensive and risky, and we expect our research and development expenses to increase over the next few years, particularly as we seek to advance our proprietary product candidates toward commercialization. Our research and development expenses include internal costs relating to our research and development departments, as well as external costs relating to trials performed by external suppliers and collaboration partners. Internal research and development expenses consist primarily of salaries and benefits for our research and development staff and related expenses, including expenses related to cash bonuses, warrant and restricted stock unit (“RSU”) programs as applicable to such personnel, costs of related facilities, equipment and other overhead expenses that have been determined to be directly attributable to research and development, costs associated with obtaining and maintaining patents for intellectual property, amortization of licenses and rights, amortization and impairment of intangible assets and depreciation and impairment of property and capital assets used to develop our product candidates. Major components of the external costs are fees and other costs paid to CROs in conjunction with preclinical trials and the performance of clinical trials, milestone payments for in-licensed technology, as well as fees paid to CMOs in conjunction with the production of clinical compounds, drug substances and drugs. This includes (i) antibody clinical material for use in clinical trials and (ii) preparation for production of process validation batches for potential future regulatory submissions and related activities. These costs are expensed as incurred, because they do not qualify to be capitalized as inventory under IFRS Accounting Standards since the technical feasibility of the materials is not proven and no alternative use for them exists in the absence of marketing approval. Research and development expenses include amortization of intangible assets only in connection with licenses and rights we have acquired and capitalized. We do not capitalize intellectual property generated through our internal development activities. We expect to incur higher research and development expenses in future periods, including increasing costs for clinical trials and manufacturing as our proprietary product candidates advance in clinical development and we increase the number of product candidates under active clinical development. Our research and development expenses may vary substantially from period to period based on the timing of our research and development activities, including timing due to regulatory approvals and enrollment of patients in clinical trials. See ‘‘Item 5.B—Liquidity and Capital Resources’’ below. Selling, General and Administrative Expenses Our selling, general and administrative expenses consist primarily of wages and salaries for personnel other than research and development staff. Also included are expenses related to pre-launch commercialization activities, depreciation, amortization and impairment of property and equipment, to the extent such expenses are related to the administrative functions, and co-promotion expenses related to commercial sales of Tivdak in the US in accordance with our Joint Commercialization Agreement with Pfizer. Lastly, selling, general and administrative expenses include our 50% share of the aggregate costs incurred by us and AbbVie in relation to sales and commercialization of EPKINLY in the US and Japan. We expect our selling, general and administrative expenses to increase over the next few years as we continue to expand our commercialization capabilities in a number of jurisdictions. Such expenses may also increase over time as a result of inflation and other factors. Overhead expenses are allocated to research and development expenses or selling, general and administrative expenses based on the number of employees and their relevant functions. The Dutch Research and Development Act (“WBSO”) provides compensation for a part of research and development wages and other costs at our Utrecht facility through a reduction in payroll taxes in the Netherlands. WBSO grant amounts are offset against wages and salaries included in research and development expenses. Our ongoing research and development and, increasingly, commercialization activities will require substantial amounts of capital and may not ultimately be successful. Over the next several years, we expect that we will continue to incur substantial expenses, primarily as a result of activities related to the continued development of our proprietary pipeline and developing our commercial capabilities. Our proprietary product candidates will require significant further development, financial resources and personnel to pursue and obtain regulatory approval and develop them into commercially viable products, if they are approved and commercialized at all. Our commitment of resources to the research and continued development of our product candidates and expansion of our proprietary pipeline will likely result in our operating expenses increasing and/or fluctuating as a result of such activities in future periods. We may also incur significant 80 Table of Contents milestone payment obligations to certain of our licensors as our product candidates progress through clinical trials towards potential commercialization. Acquisition and Integration Related Charges In the year ended December 31, 2025, acquisition related charges comprise payments to holders of outstanding Merus equity awards related to post-combination services. The remaining expenses are integration related charges, which comprise professional fees incurred to assist with the integration of Merus into our operations post-acquisition. See Note 5.5 in our Audited Financial Statements for additional details regarding our acquisition of Merus. Results of Operations Financial Results for the Year Ended December 31, 2025 Compared to the Year Ended December 31, 2024 and Financial Results for the Year Ended December 31, 2024 Compared to the Year Ended December 31, 2023 The information on pages 38-46 in our Annual Report 2025 under the heading “Financial Review” is incorporated herein by reference. Significant Accounting Policies The information in Note 1.1 to our Audited Financial Statements included in our Annual Report 2025 is incorporated herein by reference. Implementation of New and Revised Standards and Interpretations The information in Note 1.2 to our Audited Financial Statements included in our Annual Report 2025 is incorporated herein by reference. Standards and Interpretations Not Yet in Effect The information in Note 1.2 to our Audited Financial Statements included in our Annual Report 2025 is incorporated herein by reference. B. Liquidity and Capital Resources The information on pages 43-44 in our Annual Report 2025 under the heading “Liquidity and Capital Resources” is incorporated herein by reference. The description of our internal and external sources of liquidity, including Genmab’s unsecured three-year revolving credit facility and Genmab's five-year senior secured revolving credit facility, in Notes 4.1 and 4.8 to our Audited Financial Statements included in our Annual Report 2025 is incorporated herein by reference. The description of our lease obligations in Note 3.3 to our Audited Financial Statements included in our Annual Report 2025 is incorporated herein by reference. The description of our financial instruments in Notes 4.2 and 4.3 to our Audited Financial Statements included in our Annual Report 2025 is incorporated herein by reference. The description of our contractual obligations related to a number of agreements, primarily related to research and development activities, in Note 5.3 to our Audited Financial Statements included in our Annual Report 2025 is incorporated herein by reference. The description of our contingent commitments under our license and collaboration agreements that may become due for future payments in Note 5.3 to our Audited Financial Statements included in our Annual Report 2025 is incorporated herein by reference. The contingent commitments entail uncertainties regarding the period in which payments are due 81 Table of Contents because these obligations are dependent on milestone achievements, most of which are not expected to be incurred within the next five years. In addition to the above obligations, we enter into a variety of agreements and financial commitments in the normal course of business. The terms generally allow us the option to cancel, reschedule and adjust our requirements based on our business needs prior to the delivery of goods or performance of services. It is not possible to predict the maximum potential amount of future payments under these agreements due to the conditional nature of our obligations and the unique facts and circumstances involved in each particular agreement. C. Research and Development, Patents and Licenses, etc. See “Item 4.B—Business Overview” and “Item 5.A—Operating Results”. D. Trend Information See “Item 5.A—Operating Results—Key Components of Our Results and Related Trends”. E. Critical Accounting Estimates Not applicable.