Genmab A/S Q4 FY2024 earnings call

• 2024 was marked by strong execution and disciplined investments, driving 31% total revenue growth fueled by commercialized medicines like EPKINLY and TIVDAK. • Investments were aligned with strategic priorities, supporting late-stage pipeline programs and commercial expansion, leading to a 26% growth in operating profit. • Progressed key programs: EPKINLY had ongoing Phase III studies with accelerated enrollment and anticipated pivotal readouts by end of 2026; Rina-S initiated Phase III trial in second line plus platinum-resistant ovarian cancer and planned Phase III in second line plus endometrial cancer; Acasunlimab had a strategic development program exploring its potential across solid tumors. • Commercialized medicines like EPKINLY and TIVDAK achieved regulatory approvals and milestones, with EPKINLY showing strong sales growth in the U.S. and Japan, and TIVDAK continuing to grow as a standard of care in advanced cervical cancer.

In 2024, Genmab achieved 31% total revenue growth. Key product segments included EPKINLY, which had $281 million in sales for the year. TIVDAK generated $131 million in sales. DARZALEX had net sales of nearly $11.7 billion, contributing to a 35% growth in recurring revenues. Recurring revenues represented 91% of total revenue in 2024.

• 2025 revenue expected in the range of $3.3 to $3.7 billion, with 12% growth at midpoint. • Operating profit projected to be between $895 million to nearly $1.4 billion, with midpoint of over $1.1 billion and 16% year-over-year growth. • Recurring revenues expected to grow 18% in 2025, driven by DARZALEX, Kesimpta, EPKINLY, and TIVDAK. • Focus on advancing high-impact late-stage programs EPKINLY, Rina-S, and Acasunlimab, with EPKINLY anticipating pivotal readouts by end of 2026. • DARZALEX sales expected to be in the range of $12.6 to $13.4 billion.

Q: Can you discuss your reasons for confidence in the endometrial cancer opportunity for Rina-S and for committing to a Phase III, second line plus endometrial cancer study by yearend?

A: Tahi Ahmadi stated that data in endometrial cancer is highly competitive and robust, driving the decision to move forward with a Phase III study.

Q: For EPCO and the DLBCL landscape, what do you have to show to be competitive for EPCO monotherapy and updates on efforts with GemOx?

A: Tahi Ahmadi mentioned the NCCN inclusion of EPCO with GemOx in second line patients ineligible for transplant with a Type 2a recommendation, and ongoing Phase III in combination with lenalidomide.

Q: On EPKINLY, any comments on Q4 sales and market dynamics? And on Acasunlimab's peak sales estimate?

A: Brad Bailey noted a one-time accounting adjustment impacted Q4 EPKINLY sales in France, and Judith Klimovsky mentioned Acasunlimab's market estimate considers PD-L1 positive preselection.

Q: On EPKINLY's frontline DLBCL trial, will there be two-year or three-year follow-up and is it fileable?

A: Tahi Ahmadi said the frontline DLBCL study finished accrual and anticipates a readout by events earlier than projected, and the data from ongoing Phase IIIs is fileable if positive.

Q: On TIVDAK's commercialization, how is it modeled and any royalties?

A: Brad Bailey explained that U.S. and China remain as is with Pfizer, while Genmab is lead in rest of world with low double-digit royalties involved