Genmab A/S at Citi Global Healthcare Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Graham Parry - Citi Infrastructure Investments LLC - Analyst : Yeah, great. Maybe sort of question on strategy, sort of bigger picture. Obviously, Genmab at inception was really a technology company. Then became an out-licensing company and now you're a company that has own assets that are growing. So perhaps you can just talk to over the midterm, what the strategy is to continue with that growth of your own products and being marketed.

Question: Graham Parry - Citi Infrastructure Investments LLC - Analyst : Got it. Okay. And obviously, part of that strategy now is got an M&A in there as well with the Merus acquisition. So, perhaps you can just talk through the deal rationale for Merus, what you think it brings to the plate and why go external?

Question: Graham Parry - Citi Infrastructure Investments LLC - Analyst : Okay. As you highlighted, we've got two Phase IIIs running. One potentially reading out next year. I guess then what is it in the data? Perhaps discuss the earlier data on Peto to sort of explain what gives you the confidence that this is going to be a successful asset in Phase III?

Question: Graham Parry - Citi Infrastructure Investments LLC - Analyst : Okay. Perhaps you can talk through how it compares to the competition, so, in particular J&J's Rybrevant.

Question: Graham Parry - Citi Infrastructure Investments LLC - Analyst : Got it. And then with Peto, there was some earlier data in colorectal cancer as well. So when you talk about broadening, is that an indication that's high up on the list of places to expand?

Question: Graham Parry - Citi Infrastructure Investments LLC - Analyst : Got it. Okay. So perhaps you can just help us with just the cadence then you're expecting of the data readouts for what's in development at the moment or any other waypoints we should look to, to give the market the confidence in the multi-billion peak sales that you've communicated that you think that this can do.

Question: Graham Parry - Citi Infrastructure Investments LLC - Analyst : Okay. Good, any other questions on Merus in the room? Okay, so I might shift gears to EPKINLY. The CD20, CD3 bispecific T-cell engager. You've got, I guess a broad indication strategy for that product as well. So maybe just talk through initially how you think about positioning across follicular lymphoma, DLBCL across first and second line. Just the broader strategy for the asset before we dive into any data. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 04, 2025 / 2:45PM, GMAB.CO - Genmab A/S at Citi Global Healthcare Conference

Question: Graham Parry - Citi Infrastructure Investments LLC - Analyst : Got it. Okay. As you're launching in the second-line follicular lymphoma, and to recent approval there, just help us understand uptake and sort of change in trajectory versus the existing indication as you sort of exit this year and go into '26?

Question: Graham Parry - Citi Infrastructure Investments LLC - Analyst : Okay. So first-line DLBCL readout still expected 2026 for that and perhaps any more specifics you can add to that?

Question: Graham Parry - Citi Infrastructure Investments LLC - Analyst : Okay. And you said first-line DLBCL, about half of the total opportunity. Then you're also running the, as you said, pointing out the second-line study. So maybe just talk through the strategy of why run second-line as well as first-line or patients eventually -- once they're treated, then, would there be an opportunity in second line? So over the long-term, do you -- how big do you see the opportunity for the second-line trials?

Question: Graham Parry - Citi Infrastructure Investments LLC - Analyst : Got it. Perhaps just talk to what differentiation you see versus the Roche's bispecifics, Columvi, Lunsumio, and what do you need to see out of that first-line DLBCL readout to feel that you've got a competitive asset there?

Question: Graham Parry - Citi Infrastructure Investments LLC - Analyst : Okay. Just from a practical standpoint, as you go earlier lines, and the patients are going to be increasingly treated in the community setting. Just talk through your commercial capabilities in community versus academic centers?

Question: Graham Parry - Citi Infrastructure Investments LLC - Analyst : Thank you. I might move on to Rina-S then, the folate receptor ADC. I think you guided $2 billion peak on that one, and you're in Phase III for platinum-resistant ovarian cancer, and endometrial cancer. I think you started Phase II or are starting Phase III. So perhaps just talk through the development plans and commercial opportunity across the different indications to start off with? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 04, 2025 / 2:45PM, GMAB.CO - Genmab A/S at Citi Global Healthcare Conference

Question: Graham Parry - Citi Infrastructure Investments LLC - Analyst : Got it. So the two of the folate receptors I think are in similar stages of development for Lilly and Astra. Perhaps compare and contrast the data. I think their Phase I data that Lilly put out in the summer had numerically very similar sort of overall response rates. Are there any other differentiating features you'd point out between Rina-S and those two assets?

Question: Graham Parry - Citi Infrastructure Investments LLC - Analyst : Yeah. I think you started a Phase II or planning state started a Phase II non-small cell lung cancer trial as well. Just talk quickly through the rationale and how you think that fits into the paradigm there?

Question: Graham Parry - Citi Infrastructure Investments LLC - Analyst : Sticking with non-small cell lung cancer, the other asset you mentioned there about being very happy owner of is Acasunlimab, the PD-L1 4-1BB. Just perhaps an update on the Phase III progress and timing of that readout? How important do you think that is, and again to the materiality for the business? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 04, 2025 / 2:45PM, GMAB.CO - Genmab A/S at Citi Global Healthcare Conference

Question: Graham Parry - Citi Infrastructure Investments LLC - Analyst : Great. Maybe given you're CFO, we should ask some financial questions as well.

Question: Graham Parry - Citi Infrastructure Investments LLC - Analyst : Yeah. So I guess post- Merus, perhaps just talk to gearing, capacity, capital allocation? How do you think about growing the business from a capital point of view?

Question: Graham Parry - Citi Infrastructure Investments LLC - Analyst : Got it. And then do you still see then that M&A would be part of the strategy going forward from there?

Question: Graham Parry - Citi Infrastructure Investments LLC - Analyst : And then, last question from me just be on operating leverage. So obviously you've been displaying some, as you've gone through this year. Just if you think about sort of your OpEx outlook into next year with I guess more launches, R&D as well, just can you keep a cap on that, or is that -- or how do you keep a cap on that?

Question: Graham Parry - Citi Infrastructure Investments LLC - Analyst : Great. I think, the clocks showing here we're up on time. But really appreciate the time today, Anthony. Thanks for coming and thanks, everybody for listening and thank you. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 04, 2025 / 2:45PM, GMAB.CO - Genmab A/S at Citi Global Healthcare Conference