Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2023 | |
Document and Entity Information [Abstract] | |
Document Type | 6-K |
Document Period End Date | Dec. 31, 2023 |
Entity Registrant Name | Genmab A/S |
Entity Central Index Key | 0001434265 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | FY |
Amendment Flag | false |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - DKK (kr) kr in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
INCOME STATEMENT | |||
Revenue | kr 16,474 | kr 14,505 | kr 8,417 |
Cost of product sales | (226) | ||
Research and development expenses | (7,630) | (5,562) | (4,181) |
Selling, general and administrative expenses | (3,297) | (2,676) | (1,283) |
Operating expenses | (10,927) | (8,238) | (5,464) |
Operating profit | 5,321 | 6,267 | 2,953 |
Financial income | 1,258 | 1,358 | 1,667 |
Financial expenses | (942) | (680) | (702) |
Net profit before tax | 5,637 | 6,945 | 3,918 |
Corporate tax | (1,285) | (1,493) | (961) |
Net profit | kr 4,352 | kr 5,452 | kr 2,957 |
Basic net profit per share | kr 66.64 | kr 83.38 | kr 45.22 |
Diluted net profit per share | kr 66.02 | kr 82.59 | kr 44.77 |
Statement of Comprehensive Income | |||
Net profit | kr 4,352 | kr 5,452 | kr 2,957 |
Amounts which may be re-classified to the income statement: | |||
Exchange differences on translation of foreign operations | (38) | 17 | 27 |
Total comprehensive income | kr 4,314 | kr 5,469 | kr 2,984 |
Consolidated Balance Sheets
Consolidated Balance Sheets - DKK (kr) kr in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
ASSETS | ||
Intangible assets | kr 101 | kr 146 |
Property and equipment | 955 | 799 |
Right-of-use assets | 686 | 523 |
Receivables | 62 | 48 |
Deferred tax assets | 212 | 252 |
Other investments | 134 | 133 |
Total non-current assets | 2,150 | 1,901 |
Corporate tax receivable | 182 | |
Inventories | 57 | |
Receivables | 4,947 | 5,712 |
Marketable securities | 13,268 | 12,431 |
Cash and cash equivalents | 14,867 | 9,893 |
Total current assets | 33,139 | 28,218 |
Total assets | 35,289 | 30,119 |
SHAREHOLDERS' EQUITY AND LIABILITIES | ||
Share capital | 66.1 | 66 |
Share premium | 12,461 | 12,309 |
Other reserves | 60 | 98 |
Retained earnings | 19,023 | 14,809 |
Total shareholders' equity | 31,610 | 27,282 |
Lease liabilities | 680 | 523 |
Deferred revenue | 480 | 480 |
Other payables | 35 | 11 |
Total non-current liabilities | 1,195 | 1,014 |
Corporate tax payable | 54 | |
Lease liabilities | 90 | 74 |
Deferred revenue | 33 | 33 |
Other payables | 2,307 | 1,716 |
Total current liabilities | 2,484 | 1,823 |
Total liabilities | 3,679 | 2,837 |
Total shareholders' equity and liabilities | kr 35,289 | kr 30,119 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - DKK (kr) kr in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities: | |||
Net profit before tax | kr 5,637 | kr 6,945 | kr 3,918 |
Reversal of financial items, net | (316) | (678) | (965) |
Adjustment for non-cash transactions | 881 | 801 | 526 |
Change in operating assets and liabilities | 1,362 | (1,840) | (705) |
Cash flows from operating activities before financial items | 7,564 | 5,228 | 2,774 |
Interest received | 908 | 283 | 208 |
Interest elements of lease payments | (24) | (15) | (12) |
Interest paid | (1) | (1) | |
Corporate taxes paid | (1,067) | (1,583) | (742) |
Net cash provided by operating activities | 7,380 | 3,912 | 2,228 |
Cash flows from investing activities: | |||
Investment in intangible assets | (10) | ||
Investment in tangible assets | (366) | (317) | (252) |
Marketable securities bought | (10,876) | (9,659) | (15,514) |
Marketable securities sold | 10,001 | 7,254 | 14,469 |
Other investments bought | (31) | (39) | (102) |
Other investments sold | 438 | ||
Net cash (used in) investing activities | (1,282) | (2,761) | (961) |
Cash flows from financing activities: | |||
Warrants exercised | 152 | 280 | 135 |
Principal elements of lease payments | (91) | (73) | (58) |
Purchase of treasury shares | (564) | (908) | (447) |
Payment of withholding taxes on behalf of employees on net settled RSUs | (103) | (88) | (50) |
Net cash provided by (used in) financing activities | (606) | (789) | (420) |
Changes in cash and cash equivalents | 5,492 | 362 | 847 |
Cash and cash equivalents at the beginning of the period | 9,893 | 8,957 | 7,260 |
Exchange rate adjustments | (518) | 574 | 850 |
Cash and cash equivalents at the end of the period | 14,867 | 9,893 | 8,957 |
Cash and cash equivalents include: | |||
Bank deposits | 13,514 | 9,299 | 8,661 |
Short-term marketable securities | kr 1,353 | kr 594 | kr 296 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - DKK (kr) kr in Millions | Issued capital [member] | Share premium [Member] | Translation reserves | Retained Earnings [Member] | Total |
Effect of prior period revision | kr (38) | kr (38) | |||
Adjusted total equity at beginning of period (revised) | kr 66 | kr 11,894 | kr 54 | 7,069 | 19,083 |
Balance at beginning of period at Dec. 31, 2020 | 66 | 11,894 | 54 | 7,107 | 19,121 |
Net profit | 2,957 | 2,957 | |||
Other comprehensive income | 27 | 27 | |||
Total comprehensive income | 27 | 2,957 | 2,984 | ||
Transactions with owners: | |||||
Exercise of warrants | 135 | 135 | |||
Purchase of treasury shares | (447) | (447) | |||
Share-based compensation expenses | 310 | 310 | |||
Net settlement of RSUs | (50) | (50) | |||
Tax on items recognized directly in equity | 92 | 92 | |||
Balance at end of period at Dec. 31, 2021 | 66 | 12,029 | 81 | 9,931 | 22,107 |
Net profit | 5,452 | 5,452 | |||
Other comprehensive income | 17 | 17 | |||
Total comprehensive income | 17 | 5,452 | 5,469 | ||
Transactions with owners: | |||||
Exercise of warrants | 280 | 280 | |||
Purchase of treasury shares | (908) | (908) | |||
Share-based compensation expenses | 439 | 439 | |||
Net settlement of RSUs | (88) | (88) | |||
Tax on items recognized directly in equity | (17) | (17) | |||
Balance at end of period at Dec. 31, 2022 | 66 | 12,309 | 98 | 14,809 | 27,282 |
Net profit | 4,352 | 4,352 | |||
Other comprehensive income | (38) | (38) | |||
Total comprehensive income | (38) | 4,352 | 4,314 | ||
Transactions with owners: | |||||
Exercise of warrants | 152 | 152 | |||
Purchase of treasury shares | (564) | (564) | |||
Share-based compensation expenses | 586 | 586 | |||
Net settlement of RSUs | (103) | (103) | |||
Tax on items recognized directly in equity | (57) | (57) | |||
Balance at end of period at Dec. 31, 2023 | kr 66 | kr 12,461 | kr 60 | kr 19,023 | kr 31,610 |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Dec. 31, 2023 | |
Basis of Presentation | |
Basis of Presentation | Section 1 – Basis of Presentation These consolidated financial statements include Genmab A/S (parent company) and subsidiaries over which the parent company has control. The Genmab consolidated Group is referenced herein as “Genmab” or the “Company”. This section describes Genmab’s financial accounting policies including management’s judgements and estimates under IFRS Accounting Standards. New or revised EU endorsed accounting standards and interpretations are described, in addition to how these changes are expected to impact the financial performance and reporting of Genmab. Genmab describes the accounting policies in conjunction with each note with the aim to provide a more understandable description of each accounting area. ESEF Reporting 1.1 – Nature of the Business and Accounting Policies Genmab A/S is a publicly traded, international biotechnology company that was founded in 1999 and specializes in the creation and development of differentiated antibody therapeutics for the treatment of cancer and other diseases. Genmab has six approved products commercialized by third parties, two approved products that are jointly commercialized with a collaboration partner, a broad clinical and pre-clinical product pipeline and proprietary next-generation antibody technologies. The consolidated financial statements have been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB) and in accordance with IFRS Accounting Standards as endorsed by the EU and further requirements in the Danish Financial Statements Act. The consolidated financial statements were approved by the Board of Directors and authorized for issue on February 14, 2024. Except as outlined in Note 1.2 , the financial statements have been prepared using the same accounting policies as 2022. Please refer to the overview below to see in which note/section the detailed accounting policy is included. Section 2 – Results for the Year 3.4 Other Investments 2.1 Revenue 3.5 Inventories 2.2 Information about Geographical Areas 3.6 Receivables 2.3 Staff Costs 3.8 Other Payables 2.4 Corporate and Deferred Tax Section 4 – Capital Structure, Financial Risk and Related Items 2.5 Profit per Share 4.3 Financial Assets and Liabilities Section 3 – Operating Assets and Liabilities 4.4 Marketable Securities 3.1 Intangible Assets 4.5 Financial Income and Expenses 3.2 Property and Equipment 4.6 Share-Based Instruments 3.3 Leases Materiality Genmab’s Annual Report is based on the concept of materiality and the Company focuses on information that is considered material and relevant to the users of the consolidated financial statements. The consolidated financial statements consist of a large number of transactions. These transactions are aggregated into classes according to their nature or function and presented in classes of similar items in the consolidated financial statements as required by IFRS and the Danish Financial Statements Act. If items are individually immaterial, they are aggregated with other items of similar nature in the financial statements or in the notes. The disclosure requirements are substantial in IFRS and for Danish listed companies. Genmab provides these specific required disclosures unless the information is considered immaterial to the economic decision-making of the readers of the financial statements or not applicable. Consolidated Financial Statements The consolidated financial statements include Genmab A/S and subsidiaries over which the parent company has control. The parent controls a subsidiary when the parent is exposed to, or has rights to, variable returns from its involvement with the subsidiary and has the ability to affect those returns through its power to direct the activities of the subsidiary. Genmab A/S (parent company) holds investments either directly or indirectly in the following subsidiaries: 2 1 Name Domicile Ownership and votes 2023 Ownership and votes 2022 Genmab B.V. Utrecht, the Netherlands 100% 100% Genmab Holding B.V. Utrecht, the Netherlands 100% 100% Genmab US, Inc. New Jersey, USA 100% 100% Genmab K.K. Tokyo, Japan 100% 100% Genmab’s consolidated financial statements have been prepared on the basis of the financial statements of the parent company and subsidiaries – prepared under Genmab’s accounting policies – by combining similar accounting items on a line-by-line basis. On consolidation, intercompany income and expenses, intercompany receivables and payables, and unrealized gains and losses on transactions between the consolidated companies are eliminated. The recorded value of the equity interests in the consolidated subsidiaries is eliminated with the proportionate share of the subsidiaries’ equity. Subsidiaries are consolidated from the date when control is transferred to the Group. The income statements for subsidiaries with a different functional currency than Genmab’s presentation currency are translated into Genmab’s presentation currency at average exchange rates, and the balance sheets are translated at the exchange rate in effect at the balance sheet date. Exchange rate differences arising from the translation of foreign subsidiaries shareholders’ equity at the beginning of the year and exchange rate differences arising as a result of foreign subsidiaries’ income statements being translated at average exchange rates are recorded in translation reserves in shareholders’ equity. Functional and Presentation Currency The financial statements have been prepared in Danish Kroner (DKK), which is the functional and presentation currency of the parent company. Foreign Currency Transactions in foreign currencies are translated at the exchange rates in effect at the date of the transaction. Exchange rate gains and losses arising between the transaction date and the settlement date are recognized in the income statement as financial income or expense. Unsettled monetary assets and liabilities in foreign currencies are translated at the exchange rates in effect at the balance sheet date. Exchange rate gains and losses arising between the transaction date and the balance sheet date are recognized in the income statement as financial income or expense. 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. 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. As of December 31, 2023, the only profit-sharing amounts owed to collaboration partners that are recorded as cost of product sales relate to sales of EPKINLY in the U.S. and Japan pursuant to the Collaboration Agreement with AbbVie. Refer to Note 5.6 in the Annual Report for detailed information regarding Genmab’s Collaboration Agreement with AbbVie. Classification of Operating Expenses in the Income Statement Research and Development Expenses Research and development expenses primarily include salaries, benefits and other employee-related costs of Genmab’s research and development staff, license costs, manufacturing costs, preclinical costs, clinical trials, contractors and outside service fees, amortization and impairment of licenses and rights related to intangible assets, depreciation of property and equipment, and depreciation of right-of-use assets, to the extent that such costs are related to the Group’s research and development activities. Refer to Note 3.1 for a more detailed description on the treatment of Genmab’s research and development expenses. Selling, General and Administrative Expenses Selling, general and administrative expenses relate to the management and administration of Genmab, including commercialization activities. This primarily includes salaries, benefits and other employee costs related to management and support functions including human resources, information technology and the finance departments. In addition, depreciation of property and equipment and depreciation of right-of-use assets, to the extent such expenses are related to administrative functions, are also included. Selling, general and administrative expenses are recognized in the income statement in the period to which they relate. Government Grants Government grants are recognized at their fair value where there is reasonable assurance that the grant will be received and that Genmab will comply with all attaching conditions. When the grant relates to an expense item, it is recognized as a reduction of that expense on a systematic basis over the periods that the costs for which it is intended to compensate are incurred. Where the grant relates to an asset, the fair value is credited to a deferred income account and is released to the statement of comprehensive income as other operating income over the expected useful life of the relevant asset by equal annual installments. Statements of Cash Flows The cash flow statement is presented using the indirect method with basis in the net profit before tax. Cash flows from operating activities are stated as the net profit before tax adjusted for net financial items, non-cash operating items such as depreciation, amortization, impairment losses, share-based compensation expenses, provisions, and for changes in operating assets and liabilities, interest paid and received, interest elements of lease payments and corporate taxes paid or received. Operating assets and liabilities are mainly comprised of changes in receivables and other payables excluding the items included in cash and cash equivalents. Changes in non-current assets and liabilities are included in operating assets and liabilities, if related to the main revenue-producing activities of Genmab. Cash flows from investing activities consist of purchases and sales of marketable securities and other investments, as well as purchases of intangible assets and property and equipment. Cash flows from financing activities relate to the purchase of treasury shares, exercise of warrants, payments of withholding taxes on behalf of employees on net settled RSUs and payments of long-term loans including installments on lease liabilities. Cash and cash equivalents are comprised of cash, bank deposits, and marketable securities with a maturity of less than 90 days on the date of acquisition. The statements of cash flows cannot be derived solely from the financial statements. Treasury Shares The total amount paid to acquire treasury shares including directly attributable costs and the proceeds from the sale of treasury shares is recognized in retained earnings. Research Collaborations, License Agreements and Collaborative Agreements Research Collaborations and License Agreements Genmab continues to pursue the establishment of research collaborations and licensing agreements. These arrangements often include upfront payments, expense reimbursements or payments to the collaboration partner, and milestone and royalty arrangements, contingent upon the occurrence of certain future events linked to the success of the asset in development. In regard to Genmab’s license agreements with Janssen, Novartis and Roche, each of these parties retain final decision-making authority over the relevant activities and as such no joint control exists. Refer to Note 2.1 for additional information related to revenue from these parties. Joint Collaborative Agreements Genmab has entered into a number of joint collaborative agreements. These agreements often include upfront payments, expense reimbursements or payments to the collaboration partner, and milestone and royalty arrangements, contingent upon the occurrence of certain future events linked to the success of the asset in development. These agreements also provide Genmab with varying rights to develop, produce and market products together with its collaborative partners. Both parties in these arrangements share in the decision-making and therefore have joint control of the arrangement. In 2023, Genmab’s more significant collaboration agreements are with AbbVie (epcoritamab), Pfizer (tisotumab vedotin) and BioNTech. Refer to Note 2.1 for additional information related to revenue from our joint collaborative agreements. Refer to Note 5.6 for detailed information regarding Genmab’s significant Research Collaborations, License Agreements and Collaborative Agreements. 1.2 New Accounting Policies and Disclosures NEW ACCOUNTING POLICIES AND DISCLOSURES FOR 2023 Genmab has, with effect from January 1, 2023, implemented the following standards and amendments: ● IFRS 17 Insurance Contracts; ● Amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates; ● Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting Policies; and ● Amendments to IAS 12 Income Taxes: International Tax Reform – Pillar Two Model Rules and Deferred Tax related to Assets and Liabilities arising from a Single Transaction The implementation of these amendments did not have a material impact on the consolidated financial statements for the current or prior reporting periods and is not expected to have a significant impact in future reporting periods. Refer to Note 2.4 for additional information related to the impacts of the IAS 12 amendments. NEW ACCOUNTING POLICIES AND DISCLOSURES EFFECTIVE IN 2024 OR LATER The IASB has issued a number of new standards and updated some existing standards that are effective for accounting periods beginning on January 1, 2024 or later. Therefore, they are not incorporated in these consolidated financial statements. There are no standards presently known that are not yet effective and that would be expected to have a material impact on Genmab in current or future reporting periods and on foreseeable future transactions. 1.3 Management’s Judgements and Estimates under IFRS In preparing financial statements under IFRS, certain provisions in the standards require management’s judgements, including various accounting estimates and assumptions. These judgements and estimates affect the application of accounting policies, as well as reported amounts within the consolidated financial statements and disclosures. Determining the carrying amount of certain assets and liabilities requires judgements, estimates and assumptions concerning future events that are based on historical experience and other factors, which by their very nature are associated with uncertainty and unpredictability. Accounting estimates are based on historical experience and various other factors relative to the circumstances in which they are applied. Estimates are generally made based on information available at the time. Accounting judgements are made in the process of applying accounting policies. These judgements are typically made based on the guidance and information available at the time of application. These estimates and judgements may prove incomplete or incorrect, and unexpected events or circumstances may arise. Genmab is also subject to risks and uncertainties which may lead actual results to differ from these estimates, both positively and negatively. Specific risks for Genmab are discussed in the relevant section of this Annual Report and in the notes to the consolidated financial statements. The areas involving a high degree of judgement and estimation that are significant to the consolidated financial statements are summarized below. Refer to the identified notes for further information on the key accounting estimates and judgements utilized in the preparation of the consolidated financial statements. Accounting policy Key accounting estimates and judgements Note reference Risk Revenue recognition Judgement in assessing whether a collaboration partner is a customer Estimation of partner net sales amounts in the calculation of royalties Judgement in assessing the probability of attainment of milestones Estimation of variable consideration Judgement in assessing the nature of combined performance obligations within contracts Note 2.1 Moderate / High Share-based compensation Judgement in selecting assumptions required for valuation of warrant grants Note 4.6 Moderate Current and deferred income taxes Judgement and estimation regarding valuation of deferred income tax assets Estimation in developing the provision for any uncertain tax positions Note 2.4 Moderate 1. 4 Revision of Prior Period Financial Statements In January 2024, Janssen informed Genmab that it had been overpaying royalties on net sales of DARZALEX in countries where relevant patent protection for DARZALEX did not exist. Genmab evaluated the error under IAS 1 “Presentation of Financial Statements”, IAS 8 “Accounting Policies, Changes in Accounting Estimates and Errors”, Staff Accounting Bulletin (SAB) No. 99, “Materiality,” and SAB No. 108, “Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements,” and determined that the related impact was not individually material to any of Genmab’s previously issued financial statements, however correcting the cumulative impact of this error would be material to Genmab’s consolidated statement of comprehensive income for 2023. Accordingly, Genmab has revised the 2022 and 2021 financial statements and related notes included herein. The comparative figures for fiscal years 2022 and 2021 have been revised accordingly: 2022 2021 (DKK million) Revised Balances Effect of Error Correction Previously Reported Balances Revised Balances Effect of Error Correction Previously Reported Balances Income Statements: Revenue 14,505 (90) 14,595 8,417 (65) 8,482 Operating expenses (8,238) - (8,238) (5,464) - (5,464) Operating profit 6,267 (90) 6,357 2,953 (65) 3,018 Financial income/expense 678 - 678 965 - 965 Net profit before tax 6,945 (90) 7,035 3,918 (65) 3,983 Corporate tax (1,493) 20 (1,513) (961) 14 (975) Net profit 5,452 (70) 5,522 2,957 (51) 3,008 Basic net profit per share 83.38 (1.07) 84.45 45.22 (0.78) 46.00 Diluted net profit per share 82.59 (1.06) 83.65 44.77 (0.77) 45.54 Exchange differences on translation of foreign operations 17 - 17 27 - 27 Total comprehensive income 5,469 (70) 5,539 2,984 (51) 3,035 Balance Sheet: Total non-current assets 1,901 - 1,901 1,891 - 1,891 Corporate tax receivable 182 39 143 50 19 31 Receivables 5,712 (198) 5,910 3,259 (108) 3,367 Other assets 22,324 - 22,324 19,338 - 19,338 Total current assets 28,218 (159) 28,377 22,647 (89) 22,736 Total assets 30,119 (159) 30,278 24,538 (89) 24,627 Other equity items 12,473 - 12,473 12,176 - 12,176 Retained earnings 14,809 (159) 14,968 9,931 (89) 10,020 Total shareholders' equity 27,282 (159) 27,441 22,107 (89) 22,196 Total liabilities 2,837 - 2,837 2,431 - 2,431 Total shareholders' equity and liabilities 30,119 (159) 30,278 24,538 (89) 24,627 Cash Flow Statement: Net profit before tax 6,945 (90) 7,035 3,918 (65) 3,983 Reversal of financial items, net (678) - (678) (965) - (965) Adjustment for non-cash transactions 801 - 801 526 - 526 Change in operating assets and liabilities (1,840) 90 (1,930) (705) 65 (770) Cash flows from operating activities before financial items 5,228 - 5,228 2,774 - 2,774 Other items (1,316) - (1,316) (546) - (546) Net cash provided by operating activities 3,912 - 3,912 2,228 - 2,228 |
Results for the Year
Results for the Year | 12 Months Ended |
Dec. 31, 2023 | |
Results for the Year | |
Results for the Year | Section 2 Results for the Year This section includes disclosures related to revenue, information about geographical areas, staff costs, corporate and deferred tax and profit per share. 2.1 – Revenue (DKK million) 2023 2022 2021 Revenue by type: Royalties 13,705 11,582 6,912 Reimbursement revenue 864 818 531 Milestone revenue 1,177 1,767 954 Collaboration revenue 307 332 20 License revenue - 6 - Net product sales 421 - - Total 16,474 14,505 8,417 Revenue by collaboration partner: Janssen 11,949 10,530 6,782 AbbVie 732 1,174 245 Roche 704 796 603 Novartis 1,511 815 236 BioNTech 784 708 416 Pfizer 1 373 413 135 Other - 69 - Total 2 16,053 14,505 8,417 Royalties by product: DARZALEX 11,265 9,966 6,070 Kesimpta 1,494 779 235 TEPEZZA 704 796 593 Other 3 242 41 14 Total 13,705 11,582 6,912 1 Pzifer acquired Seagen in December 2023 2 Excludes Genmab’s Net product sales 3 Other consist of royalties from net sales of RYBREVANT, TECVAYLI, TALVEY and TEPKINLY ACCOUNTING POLICIES Genmab recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration that it expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that Genmab determines are within the scope of IFRS 15, Genmab performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. Genmab only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of IFRS 15, Genmab assesses the goods and services promised within each contract and identifies as a performance obligation each good or service that is distinct. Revenue is recognized in the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. Royalties: Reimbursement Revenue for R&D Services: Milestone Revenue: License Revenue for Intellectual Property: Collaboration Revenue: Net Product Sales: When Genmab is determined to be the principal in sales to end customers, all product sales are included in net product sales in the income statement. As of December 31, 2023, all net product sales relate to sales of EPKINLY in the U.S. and Japan pursuant to the Collaboration Agreement with AbbVie. Refer to Note 5.6 for detailed information regarding Genmab’s significant Research Collaborations, License Agreements and Collaborative Agreements. MANAGEMENT’S JUDGeMENTS AND ESTIMATES – revenue recognition Evaluating the criteria for revenue recognition requires management’s judgements and estimates to assess and determine the following: ● Judgement in assessing whether a collaboration partner is a customer. ● An estimation of partner net sales amounts in determination of the calculation of royalties. ● An assessment of whether the achievement of milestone payments is highly probable. ● An estimation of variable consideration identified in the contract using key assumptions which may include forecasted revenues, development timelines, reimbursement rates for personnel costs, discount rates and probabilities of technical and regulatory success. ● The nature of performance obligations and whether they are distinct or should be combined with other performance obligations to determine whether the performance obligations are satisfied over time or at a point in time. 2.2 – Information about Geographical Areas Genmab is managed and operated as one business unit, which is reflected in the organizational structure and internal reporting. No separate lines of business or separate business entities have been identified with respect to any licensed products, marketed products, product candidates or geographical markets and no segment information is currently prepared for internal reporting. Accordingly, it has been concluded that it is not relevant to include segment disclosures in the financial statements as Genmab’s business activities are not organized on the basis of differences in related product and geographical areas. Revenue Non-current assets Revenue Non-current assets Revenue Non-current assets (DKK million) 2023 2022 2021 Denmark 16,053 496 14,505 211 8,417 269 Netherlands - 874 - 793 - 422 United States 380 378 - 442 - 470 Japan 41 56 - 70 - 95 Total 16,474 1,804 14,505 1,516 8,417 1,256 ACCOUNTING POLICIES Geographical information is presented for Genmab’s revenue and non-current assets. Revenue is attributed to countries on the basis of the location of the legal entity holding the contract with the counterparty. Non-current assets comprise intangible assets, property and equipment, right-of-use assets and receivables. 2.3 – Staff Costs 2023 2022 2021 (DKK million) Wages and salaries 2,631 1,913 1,174 Share-based compensation 586 439 310 Defined contribution plans 170 112 80 Other social security costs 335 263 155 Government grants (174) (144) (122) Total 3,548 2,583 1,597 Staff costs are included in the income statement as follows: Cost of product sales 3 - - Research and development expenses 2,178 1,662 1,190 Selling, general and administrative expenses 1,541 1,065 529 Government grants related to research and development expenses (174) (144) (122) Total 3,548 2,583 1,597 Average number of FTE 2,011 1,460 1,022 Number of FTE at year-end 2,204 1,660 1,212 Refer to Note 4.6 for additional information regarding share-based instruments and Note 5.1 for additional information regarding the remuneration of the Board of Directors and Executive Management. ACCOUNTING POLICIES STAFF COSTs Wages and salaries, other social security costs, paid leave and bonuses, and other employee benefits are recognized in the financial year in which the employee performs the associated work. Genmab’s pension plans are classified as defined contribution plans and, accordingly, no pension obligations are recognized in the balance sheet. Costs relating to defined contribution plans are included in the income statement in the period in which they are accrued, and outstanding contributions are included in other payables. Termination benefits are recognized as an expense, when Genmab is committed demonstrably, without realistic possibility of withdrawal, to a formal detailed plan to terminate employment. 2.4 – Corporate and Deferred Tax TAXATION – INCOME STATEMENT & SHAREHOLDERS’ EQUITY (DKK million) 2023 2022 2021 Current tax on profit 1,301 1,478 954 Adjustment to deferred tax (59) 107 (371) Adjustment to unrecognized deferred tax assets 43 (92) 378 Total tax for the period in the income statement 1,285 1,493 961 (DKK million) 2023 2022 2021 Net profit before tax 5,637 6,945 3,918 Tax at the Danish corporation tax rate of 22% for all periods 1,240 1,528 862 Tax effect of: Adjustment to unrecognized deferred tax assets 43 (92) 137 Recognition of previously unrecognized tax losses and deductible temporary differences - (12) 119 Non-deductible expenses/non-taxable income and other permanent differences, net 7 73 (147) All other (5) (4) (10) Total tax effect 45 (35) 99 Total tax for the period in the income statement 1,285 1,493 961 Total tax for the period in shareholders' equity 57 (22) (31) Effective Tax Rate 22.8% 21.5% 24.5% Corporate tax consists of current tax and the adjustment of deferred taxes during the year. The corporate tax expense was DKK 1,285 million in 2023, DKK 1,493 million in 2022 and DKK 961 million in 2021. Tax benefits of DKK 57 million in 2023 and tax expenses of DKK 22 million and DKK 31 million in 2022 and 2021, respectively, related to excess tax benefits for share-based compensation were recorded directly in shareholders’ equity. Genmab operates in multiple jurisdictions which have enacted new legislation to implement the global minimum top-up tax, which comes into effect beginning January 1, 2024. Under this legislation, the Company would be liable to pay a top-up tax for the difference between its GloBE Effective Tax Rate (“ETR”) per jurisdiction and the minimum rate of 15 percent. Since the newly enacted tax legislation is only effective from January 1, 2024, there is no current tax impact for the year ended December 31, 2023. Genmab applies the exception to recognizing and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes, as provided in the amendments to IAS 12 issued in May 2023. The rules are not expected to have a material impact on the tax position of Genmab in 2024 and Genmab continues to assess its exposure to the Pillar Two legislation. TAXATION – BALANCE SHEET Significant components of the deferred tax asset are as follows: (DKK million) 2023 2022 Share-based instruments 41 128 Deferred revenue 113 113 Other temporary differences 58 11 Total at December 31 212 252 Genmab recognizes deferred tax assets if it is probable that sufficient taxable income will be available in the future, against which the temporary differences and unused tax losses can be utilized. Management has considered future taxable income and applied its judgement in assessing whether deferred tax assets should be recognized. As of December 31, 2023, Genmab had estimated gross unrecognized tax loss carryforwards in the U.S. and the Netherlands of DKK 2.1 billion and DKK 0.5 billion, respectively, to reduce future taxable income (and DKK 2.4 billion and DKK 0.8 billion in 2022, respectively). The loss carryforwards generally expire in various periods through 2037; however, U.S. tax losses originating after 2017 and tax losses in the Netherlands available as of December 31, 2023, can be carried forward indefinitely. ACCOUNTING POLICIES CORPORATE TAX Corporate tax, which consists of current tax and deferred taxes for the year, is recognized in the income statement, except to the extent that the tax is attributable to items which directly relate to shareholders’ equity or other comprehensive income. Current tax assets and liabilities for current and prior periods are measured at the amounts expected to be recovered from or paid to the tax authorities. DEFERRED TAX Deferred tax accounting requires recognition of deferred tax on all temporary differences between the carrying amount of assets and liabilities and the tax base of such assets and liabilities. This includes the tax value of certain tax losses carried forward. Deferred tax is calculated in accordance with the tax regulations in the local countries and the tax rates expected to be in force at the time the deferred tax is utilized. Changes in deferred tax as a result of changes in tax rates are recognized in the income statement. Deferred tax assets resulting from temporary differences, including the tax value of losses to be carried forward, are recognized only to the extent that it is probable that future taxable profit will be available against which the differences can be utilized. MANAGEMENT’S JUDGeMENTS AND ESTIMATES DEFERRED TAX Genmab recognizes deferred tax assets if management assesses that these tax assets can be offset against positive taxable income within a foreseeable future. This judgement is made on an ongoing basis and is based on numerous factors, including actual results, budgets and business plans for the coming years. Realization of deferred tax assets is dependent upon a number of factors, including future taxable earnings, the timing and amount of which are highly uncertain. A significant portion of Genmab’s future taxable income will be driven by future events that are highly susceptible to factors outside the control of Genmab including commercial growth of DARZALEX, specific clinical outcomes, regulatory approvals, advancement of Genmab’s product pipeline and other matters. Genmab continues to maintain nonrecognition of a significant portion of deferred tax assets related to its subsidiaries until there is sufficient evidence to support the recognition of deferred tax assets. Genmab may recognize deferred tax assets related to its subsidiaries in the future. The recognition of deferred tax assets will result in a decrease to income tax expense in such period. 2.5 – Profit Per Share (DKK million) 2023 2022 2021 Net profit 4,352 5,452 2,957 (Shares) Weighted average number of shares outstanding 66,023,437 65,783,130 65,634,300 Weighted average number of treasury shares (713,693) (395,829) (238,663) Weighted average number of shares excl. treasury shares 65,309,744 65,387,301 65,395,637 Adjustments for share-based instruments, dilution 604,961 622,303 650,114 Weighted average number of shares, diluted 65,914,705 66,009,604 66,045,751 Basic net profit per share 66.64 83.38 45.22 Diluted net profit per share 66.02 82.59 44.77 In the calculation of the diluted net profit per share for 2023, 248,649 warrants (none of which were vested) have been excluded as these share-based instruments are out of the money, compared to 68,728 and 43,654 (none of which were vested) for 2022 and 2021, respectively. ACCOUNTING POLICIES BASIC NET PROFIT PER SHARE Basic net profit per share is calculated as the net profit for the period divided by the weighted average number of outstanding ordinary shares, excluding treasury shares. DILUTED NET PROFIT PER SHARE Diluted net profit per share is calculated as the net profit for the period divided by the weighted average number of outstanding ordinary shares, excluding treasury shares and adjusted for the dilutive effect of share equivalents. |
Operating Assets and Liabilitie
Operating Assets and Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Operating Assets and Liabilities | |
Operating Assets and Liabilities | Section 3 – Operating Assets and Liabilities This section covers the operating assets and related liabilities that form the basis for Genmab’s activities. Deferred tax assets and liabilities are included in Note 2.4. Assets related to Genmab’s financing activities are shown in section 4. 3.1 – Intangible Assets (DKK million) 2023 2022 Cost at January 1 891 891 Additions for the year 10 - Cost at December 31 901 891 Accumulated amortization and impairment at January 1 (745) (637) Amortization for the year (55) (70) Impairment for the year - (38) Accumulated amortization and impairment at December 31 (800) (745) Carrying amount at December 31 101 146 (DKK million) 2023 2022 2021 Amortization and impairment included in the income statement as follows: Research and development expenses 55 108 84 Total 55 108 84 ACCOUNTING POLICIES RESEARCH AND DEVELOPMENT PROJECTS Internal and subcontracted research costs are charged in full to the income statement in the period in which they are incurred. Consistent with industry practice, development costs are also expensed until regulatory approval is obtained or is probable. Genmab has no internally generated intangible assets from development, as the criteria for recognition of an intangible asset are not met. Acquired LICENSES AND RIGHTS Genmab acquires licenses and rights primarily to gain access to targets and technologies identified by third parties. Payments to third parties under collaboration and license agreements are assessed to determine whether such payments should be expensed as incurred as research and development expenses or capitalized as an intangible asset. Licenses and rights that meet the criteria for capitalization as intangible assets are measured at cost less accumulated amortization and any impairment losses. Milestone payments related to capitalized licenses and rights are accounted for as an increase in the cost to acquire licenses and rights. Amortization Amortization is based on the straight-line method over the estimated useful life. This corresponds to the legal duration or the economic useful life depending on which is shorter. The amortization of intellectual property rights commences after regulatory approval has been obtained or when assets are put in use. Impairment If circumstances or changes in Genmab’s operations indicate that the carrying amount of intangible assets may not be recoverable, management reviews the asset for impairment. The basis for the review is the recoverable amount of the intangible assets, determined as the greater of the fair value less cost to sell or its value in use. Value in use is calculated as the net present value of future cash inflow expected to be generated from the intangible asset. If the carrying amount of an intangible asset is greater than the recoverable amount, the intangible asset is written down to the recoverable amount. An impairment loss is recognized in the income statement when the impairment is identified. Impairments on intangible assets are reviewed at each reporting date for possible reversal. Amortization, impairment losses, and gains or losses on the disposal of intangible assets related to licenses and rights are recognized in the income statement as research and development expenses. 3.2 – Property and Equipment Leasehold improvements Equipment, furniture and fixtures Assets under construction Total property and equipment (DKK million) 2023 Cost at January 1 412 649 233 1,294 Additions for the year 6 129 222 357 Transfers between the classes 276 134 (410) - Disposals for the year - - (6) (6) Exchange rate adjustment (10) (4) - (14) Cost at December 31 684 908 39 1,631 Accumulated depreciation and impairment at January 1 (132) (363) - (495) Depreciation for the year (64) (121) - (185) Exchange rate adjustment 2 2 - 4 Accumulated depreciation on disposals - - - - Accumulated depreciation and impairment at December 31 (194) (482) - (676) . Carrying amount at December 31 490 426 39 955 Leasehold improvements Equipment, furniture and fixtures Assets under construction Total property and equipment (DKK million) 2022 Cost at January 1 400 537 52 989 Additions for the year 5 118 181 304 Disposals for the year (8) (13) - (21) Exchange rate adjustment 15 7 - 22 Cost at December 31 412 649 233 1,294 Accumulated depreciation and impairment at January 1 (90) (278) - (368) Depreciation for the year (52) (94) - (146) Exchange rate adjustment (1) (2) - (3) Accumulated depreciation on disposals 11 11 - 22 Accumulated depreciation and impairment at December 31 (132) (363) - (495) . Carrying amount at December 31 280 286 233 799 2023 2022 2021 (DKK million) Depreciation and impairment included in the income statement as follows: Research and development expenses 140 108 93 Selling, general and administrative expenses 45 38 17 Total 185 146 110 Capital expenditures in 2023 were primarily related to the expansion of our facilities in the Netherlands and our new headquarters in Denmark. Capital expenditures in 2022 were primarily related to the expansion of our facilities in the Netherlands and the U.S. to support the growth in our product pipeline. ACCOUNTING POLICIES Property and equipment is comprised of leasehold improvements, assets under construction, and equipment, furniture and fixtures, which are measured at cost less accumulated depreciation and any impairment losses. The cost is comprised of the acquisition price and direct costs related to the acquisition until the asset is ready for use. Costs include direct costs and costs to subcontractors. DEPRECIATION Depreciation is calculated on a straight-line basis to allocate the cost of the assets, net of any residual value, over the estimated useful lives, which are as follows: Equipment, furniture and fixtures 3-5 years Computer equipment 3 years Leasehold improvements 15 years or the lease term, if shorter Depreciation commences when the asset is available for use, including when it is in the location and condition necessary for it to be capable of operating in the manner intended by management. The useful lives and residual values are reviewed and adjusted if appropriate on a yearly basis. Assets under construction are not depreciated. IMPAIRMENT If circumstances or changes in Genmab’s operations indicate that the carrying amount of property and equipment may not be recoverable, management reviews the asset for impairment. The basis for the review is the recoverable amount of the asset, determined as the greater of the fair value less cost to sell or its value in use. Value in use is calculated as the net present value of future cash inflow expected to be generated from the asset. If the carrying amount of an asset is greater than the recoverable amount, the asset is written down to the recoverable amount. An impairment loss is recognized in the income statement when the impairment is identified. 3.3 - Leases Genmab has entered into lease agreements with respect to office and laboratory space, vehicles, and IT equipment. The expense, lease liability, and right-of-use assets balances related to vehicles and IT equipment are immaterial. The leases are non-cancellable over various periods through 2038. (DKK million) 2023 2022 2021 Right-of-use assets Balance at January 1 523 354 283 Additions to right-of-use assets 1 250 243 127 Depreciation charge for the year (87) (74) (56) Balance at December 31 686 523 354 Lease liabilities Current 90 74 62 Non-current 680 523 363 Total at December 31 770 597 425 (1) Additions to right-of-use assets also includes modifications to existing leases and adjustments to the provisions for contractual restoration obligations related to leases of Genmab offices. Cash outflow for lease payments 115 88 70 Variable lease payments, short-term lease expense, lease interest expense, low-value assets, and sublease income are immaterial. Future minimum payments under leases are as follows: (DKK million) 2023 2022 2021 Payment due Less than 1 year 106 89 74 1 to 3 years 199 167 109 More than 3 years but less than 5 years 183 136 97 More than 5 years 412 271 207 Total at December 31 900 663 487 ACCOUNTING POLICIES All leases are recognized in the balance sheet as a right-of-use (ROU) asset with a corresponding lease liability, except for short-term leases in which the term is 12 months or less, or low-value leases. ROU assets represent Genmab’s right to use an underlying asset for the lease term and lease liabilities represent Genmab’s obligation to make lease payments arising from the lease. The ROU asset is depreciated over the shorter of the asset’s useful life or the lease term on a straight-line basis. In the income statement, depreciation of the ROU asset is recognized over the lease term in operating expenses and interest expenses related to the lease liability are classified in financial items. Genmab determines if an arrangement is a lease at inception. Genmab leases various properties, vehicles, and IT equipment. Rental contracts are typically made for fixed periods. Lease terms are negotiated on an individual basis and contain a wide range of terms and conditions. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of fixed payments, less any lease incentives receivable. As Genmab’s leases generally do not provide an implicit interest rate, Genmab uses an incremental borrowing rate based on the information available at the commencement date of the lease in determining the present value of lease payments. Lease terms utilized by Genmab may include options to extend or terminate the lease when it is reasonably certain that Genmab will exercise that option. In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended. ROU assets are measured at cost and include the amount of the initial measurement of the lease liability, any lease payments made at or before the commencement date less any lease incentives received, any initial direct costs, and restoration costs. Payments associated with short-term leases and leases of low-value assets are recognized on a straight-line basis as an expense in the income statement. 3.4 - Other Investments (DKK million) 2023 2022 Publicly traded equity securities 47 67 Fund investments 87 66 Total at December 31 134 133 Other investments include investments in publicly traded common stock of companies, including common stock of companies with whom Genmab has entered into collaboration arrangements, as well as investments in certain strategic investment funds. ACCOUNTING POLICIES Other investments are measured on initial recognition at fair value, and subsequently at fair value. Changes in fair value are recognized in the income statement within financial income or expense. 3.5 – Inventories 2023 2022 (DKK million) Raw materials 14 - Work in progress - - Finished goods 59 - Total inventories (gross) at December 31 73 - Allowances at year end (16) - Total inventories (net) at December 31 57 - In 2023, all allowances relate to write downs of excess and obsolete inventories and are recognized as expense included in cost of product sales. Inventory write down in 2023 pertaining to pre-launch inventories of EPKINLY was also immaterial. The write down was recorded as R&D expense in Genmab’s statements of comprehensive income and was subsequently reversed upon receiving FDA approval during the second quarter of 2023. ACCOUNTING POLICIES Inventories are measured at the lower of cost and net realizable value with costs determined on a first-in, first-out basis. Costs comprise direct and indirect costs relating to the manufacture of inventory mainly from third-party providers of manufacturing as well as costs related to internal resources and distribution and logistics. Genmab assesses the recoverability of capitalized inventories during each reporting period and will write down excess or obsolete inventories to their net realizable value in the period in which the impairment is identified. Write downs of inventory are included within Cost of product sales in the statements of comprehensive income. Included in inventories are materials used in the production of clinical products, which are charged to research and development expense when shipped to the clinical packaging site. Inventory manufactured prior to regulatory approval of a product (prelaunch inventory) is capitalized but immediately written down to zero. The cost of this write down is recognized in the statements of comprehensive income as research and development expenses. Once there is a high probability of regulatory approval being obtained for the product, the write-down is reversed, up to no more than the original cost. The reversal of the write-down is recognized as an offset to research and development expenses in the statements of comprehensive income. 3.6 – Receivables (DKK million) 2023 2022 Receivables related to collaboration agreements 4,148 5,068 Prepayments 241 144 Trade receivables related to product sales 184 - Interest receivables 150 82 Receivables for securities matured - 290 Other receivables 286 176 Total at December 31 5,009 5,760 Non-current receivables 62 48 Current receivables 4,947 5,712 Total at December 31 5,009 5,760 During 2023 and 2022, there were no losses related to receivables and the credit risk on receivables is considered to be limited. The provision for expected credit losses was zero given that there have been no credit losses over the last three years and the high-quality nature (top tier life science companies and major distributors) of Genmab’s customers are not likely to result in future default risk. The receivables are mainly comprised of royalties, milestones and amounts due under collaboration agreements and are non-interest bearing receivables which are due less than one year from the balance sheet date. Refer to Note 4.2 for additional information about interest receivables and related credit risk. ACCOUNTING POLICIES Receivables are designated as financial assets measured are initially measured at fair value or transaction price and subsequently measured in the balance sheet at amortized cost, which generally corresponds to nominal value less expected credit losses. Accounts receivable arising from product sales consists of amounts due from customers, net of customer allowances for chargebacks, cash and other discounts and estimated credit losses. Genmab’s contracts with customers have initial payment terms that range from 30 Genmab utilizes a simplified approach to measuring expected credit losses and uses a lifetime expected loss allowance for all receivables. To measure the expected credit losses, receivables have been grouped based on credit risk characteristics and the days past due. Prepayments include expenditures related to a future financial period. Prepayments are measured at nominal value. 3.7 – Deferred Revenue Genmab has recognized the following liabilities related to the AbbVie collaboration agreement. (DKK million) 2023 2022 Deferred revenue at January 1 513 513 Payment received - - Revenue recognized during the year - - Total at December 31 513 513 Non-current deferred revenue 480 480 Current deferred revenue 33 33 Total at December 31 513 513 Deferred revenue was recognized in connection with the AbbVie collaboration agreement. An upfront payment of USD 750 million (DKK 4,911 million) was received in July 2020 of which DKK 4,398 million was recognized as license revenue during 2020. The revenue deferred at the initiation of the AbbVie agreement in June 2020 related to four product concepts to be identified and subject to a research agreement to be negotiated between Genmab and AbbVie. During the first quarter of 2022, Genmab and AbbVie entered into the aforementioned research agreement that governs the research and development activities in regard to the product concepts. As of December 31, 2023, all four product concepts have been selected for research and development. As part of the continued evaluation of deferred revenue related to the AbbVie collaboration agreement, Genmab’s classification of deferred revenue reflects the current estimate of co-development activities related to these product concepts as of December 31, 2023. None of the deferred revenue was recognized as reimbursement revenue in 2023, 2022 or 2021. Refer to Note 5.6 for additional information related to the AbbVie collaboration. 3.8 – Other Payables (DKK million) 2023 2022 Liabilities related to collaboration agreements 145 70 Staff cost liabilities 637 481 Accounts payable 330 245 Other liabilities 1,230 931 Total at December 31 2,342 1,727 Non-current other payables 35 11 Current other payables 2,307 1,716 Total at December 31 2,342 1,727 ACCOUNTING POLICIES Other payables, excluding provisions, are initially measured at fair value and subsequently measured in the balance sheet at amortized cost. The current other payables are comprised of liabilities that are due less than one year from the balance sheet date and are in general not interest bearing and settled on an ongoing basis during the next financial year. Non-current payables are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the liability due to passage of time is recognized as interest expense. ACCOUNTS PAYABLE Accounts payable are measured in the balance sheet at amortized cost. OTHER LIABILITIES Other liabilities primarily include accrued expenses related to our research and development project costs and are measured in the balance sheet at amortized cost. Refer to Note 2.3 for accounting policies related to staff costs. |
Capital Structure, Financial Ri
Capital Structure, Financial Risk and Related Items | 12 Months Ended |
Dec. 31, 2023 | |
Financial Instruments | |
Capital Structure, Financial Risk and Related Items | Section 4 – Capital Structure, Financial Risk and Related Items This section includes disclosures related to how Genmab manages its capital structure, cash position and related risks and items. Genmab is primarily financed through partnership collaborations. 4.1 – Capital Management Genmab’s goal is to maintain a strong capital base so as to maintain investor, creditor and market confidence, and a continuous advancement of Genmab’s product pipeline and business in general. Genmab is primarily financed through revenues under various collaboration agreements and had, as of December 31, 2023, cash and cash equivalents of DKK 14,867 million and marketable securities of DKK 13,268 million compared to DKK 9,893 million and DKK 12,431 million, respectively, as of December 31, 2022. Genmab’s cash and cash equivalents and marketable securities support the advancement of our product pipeline and operations. The adequacy of our available funds will depend on many factors, including the level of DARZALEX and other royalty streams, progress in our research and development programs, the magnitude of those programs, our commitments to existing and new clinical collaborators, our ability to establish commercial and licensing arrangements, our capital expenditures, market developments, and any future acquisitions. Accordingly, Genmab may require additional funds and may attempt to raise additional funds through equity or debt financings, collaborative agreements with partners, or from other sources. The Board of Directors monitors the share and capital structure to ensure that Genmab’s capital resources support its strategic goals. Neither Genmab A/S nor any of its subsidiaries are subject to externally imposed capital requirements. 4.2 – Financial Risk The financial risks of the Genmab are managed centrally. The overall risk management guidelines have been approved by the Board of Directors and include the Group’s investment policy related to our marketable securities. The Group’s risk management guidelines are established to identify and analyze the risks faced by the Genmab Group, to set the appropriate risk limits and controls and to monitor the risks and adherence to limits. It is Genmab’s policy not to actively speculate in financial risks. The Group’s financial risk management is directed solely towards monitoring and reducing financial risks which are directly related to Genmab’s operations. The primary objective of Genmab’s investment activities is to preserve capital and ensure liquidity with a secondary objective of maximizing the return derived from security investments without significantly increasing risk. Therefore, our investment policy includes among other items, guidelines and ranges for which investments (which are primarily shorter-term in nature) are considered to be eligible investments for Genmab and which investment parameters are to be applied, including maturity limitations and credit ratings. In addition, the policy includes specific diversification criteria and investment limits to minimize the risk of loss resulting from over-concentration of assets in a specific class, issuer, currency, country, or economic sector. Genmab’s marketable securities are administrated by external investment managers. The investment guidelines and managers are reviewed regularly to reflect changes in market conditions, Genmab’s activities and financial position. Genmab’s investment policy allows investments in debt rated BBB- or greater by S&P or Fitch and in debt rated Baa3 or greater by Moody’s. The policy also includes additional allowable investment types such as corporate debt, commercial paper, certificates of deposit, and certain types of AAA rated asset-backed securities. In addition to the capital management and financing risk mentioned in Note 4.1 · credit risk; · foreign currency risk; and · interest rate risk All of Genmab’s marketable securities are traded in established markets. Given the current market conditions, all future cash inflows including re-investments of proceeds from the disposal of marketable securities are invested in highly liquid, investment grade securities. Refer to Note 4.4 for additional information regarding marketable securities. CREDIT RISK Genmab is exposed to credit risk and losses on marketable securities and bank deposits. The maximum credit exposure related to Genmab’s cash and cash equivalents and marketable securities was DKK 28,135 Marketable Securities To manage and reduce credit risks on our securities, Genmab’s policy is to ensure only securities from investment grade issuers are eligible for our portfolios. No issuer of marketable securities can be accepted if the issuer, at the time of purchase, does not have the credit quality equal to or better than the rating shown in the table below from at least one of the rating agencies. If an issuer is rated by more than one of the rating agencies listed below, the credit assessment is made against the lowest rating available for the issuer. Category S&P Moody’s Fitch Short-term A-2 P-2 F-2 Long-term BBB- Baa3 BBB- Genmab’s current portfolio is spread over a number of different securities with a focus on liquidity and security. As of December 31, 2023, 71% of Genmab’s marketable securities were long-term A rated or higher, or short-term A-1 / P-1 rated by S&P, Moody’s or Fitch compared to 75% as of December 31, 2022. The total value of marketable securities amounted to DKK 13,268 million at the end of 2023 compared to DKK 12,431 million at the end of 2022. Cash and Cash Equivalents To reduce the credit risk on our bank deposits, Genmab’s policy is only to invest its cash deposits with highly rated financial institutions. Currently, these financial institutions have a short-term Fitch and S&P rating of at least F-1 and A-1, respectively. In addition, Genmab maintains bank deposits at a level necessary to support the short-term funding requirements of Genmab. The total value of bank deposits including AAA rated money market funds and short-term marketable securities classified as cash equivalents amounted to DKK 14,867 million as of December 31, 2023 compared to DKK 9,893 million at the end of 2022. The increase was primarily driven by Genmab’s profitability and shortened duration on the portfolio over the course of 2023. Receivables The credit risk related to our receivables is not significant based on the high-quality nature of Genmab’s collaboration partners. As disclosed in Note 2.1 FOREIGN CURRENCY RISK Genmab’s presentation currency is the DKK; however, Genmab’s revenues and expenses are in a number of different currencies. Consequently, there is a substantial risk of exchange rate fluctuations having an impact on Genmab’s cash flows, profit (loss) and/or financial position in DKK. The majority of Genmab’s revenue is generated in USD. Exchange rate changes to the USD will result in changes to the translated value of future net profit before tax and cash flows. Genmab’s revenue in USD was 86% of total revenue in 2023 as compared to 89% in 2022 and 92% in 2021. Under our license agreement with Janssen for DARZALEX, for purposes of calculating royalties due to Genmab, DARZALEX net sales for non-U.S. dollar denominated currencies are translated to U.S. dollars at a specified annual Currency Hedge Rate. Movements in foreign exchanges against the annual Currency Hedge Rate will result in changes to royalties due to Genmab impacting net profit before tax and cash flows. There is also exposure that exchange rate fluctuations may impact equity as part of the currency translation adjustments required to convert the investments in foreign subsidiaries from their respective functional currencies to the presentation currency during consolidation, however any such fluctuations would be immaterial. The foreign subsidiaries are not significantly affected by currency risks as both revenues and expenses are primarily settled in the foreign subsidiaries’ functional currencies. Assets and Liabilities in Foreign Currency Genmab’s marketable securities denominated in USD, DKK, EUR and GBP as a percentage of total marketable securities were as follows: 2023 2022 Percent USD 81 % 80 % DKK 12 % 12 % EUR 6 % 7 % GBP 1 % 1 % Total at December 31 100 % 100 % Genmab’s USD currency exposure is mainly related to cash and cash equivalents, marketable securities, and receivables related to our collaborations with Janssen, AbbVie, and Roche. Significant changes in the exchange rate of USD to DKK could cause net profit before tax to change materially as gains and losses are recognized in the income statement. Based on the amount of assets and liabilities denominated in USD as of December 31, 2023 and 2022, a 10% increase/ decrease in the USD to DKK exchange rate is estimated to impact Genmab’s net profit before tax by approximately DKK 2.7 billion and DKK 2.2 billion, respectively. The analysis assumes that all other variables, in particular interest rates, remain constant. The movements in the income statement and equity arise from monetary items (cash and cash equivalents, marketable securities, receivables and liabilities) where the functional currency of the entity differs from the currency that the monetary items are denominated in. Genmab’s EUR exposure is mainly related to our marketable securities, receivables under our collaboration with BioNTech, and other costs denominated in EUR. Since the introduction of the EUR in 1999, Denmark has committed to maintaining a central rate of 7.46 DKK to the EUR. This rate may fluctuate within a +/- 2.25% band Danish policy toward the DKK/EUR. As of December 31, 2023 and 2022, Genmab’s EUR exposure is not material. Genmab’s GBP currency exposure is mainly related to contracts and marketable securities denominated in GBP. As of December 31, 2023 and 2022, Genmab’s GBP exposure is not material. INTEREST RATE RISK Genmab’s exposure to interest rate risk is primarily related to marketable securities, as Genmab currently does not have significant interest-bearing debts. Marketable Securities The securities in which the Group has invested bear interest rate risk, as a change in market-derived interest rates may cause fluctuations in the fair value of the investments. In accordance with the objective of the investment activities, the portfolio of securities is monitored on a total return basis. To control and minimize the interest rate risk, Genmab maintains an investment portfolio in a variety of securities with a relatively short effective duration with both fixed and variable interest rates. A sensitivity analysis was performed on Genmab’s marketable securities, and based on exposures in 2022 and 2023, a hypothetical +/- 1% interest rate change would not have resulted in a material change in the fair values of these financial instruments. Due to the short-term nature of the current investments and to the extent that Genmab is able to hold the investments to maturity, the current exposure to changes in fair value due to interest rate changes is considered to be insignificant compared to the fair value of the portfolio. (DKK million) 2023 2022 Year of Maturity 2023 - 6,254 2024 6,742 3,660 2025 3,717 1,801 2026 2,175 219 2027 232 45 2028+ 402 452 Total at December 31 13,268 12,431 4.3 —Financial Assets and Liabilities CATEGORIES OF FINANCIAL ASSETS AND LIABILITIES December 31, (DKK million) Note 2023 2022 Financial assets measured at fair value through profit or loss Marketable securities 4.4 13,268 12,431 Other investments 3.4 134 133 Financial assets measured at amortized cost Receivables excluding prepayments 3.6 4,768 5,616 Cash and cash equivalents 14,867 9,893 Financial liabilities measured at amortized cost Lease liabilities 3.3 (770) (597) Other payables excluding provisions 3.8 (2,316) (1,715) FAIR VALUE MEASUREMENT December 31, 2023 2022 (DKK million) Note Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Measured at Fair Value Marketable securities 4.4 13,268 - - 13,268 12,431 - - 12,431 Other investments 3.4 47 - 87 134 67 - 66 133 Marketable Securities Substantially all fair market values are determined by reference to external sources using unadjusted quoted prices in established markets for our marketable securities (Level 1). Other Investments The fair value of Genmab’s investment in CureVac is determined using unadjusted quoted prices in established markets (Level 1). There were no transfers into (DKK million) Other Investments Fair value at December 31, 2021 27 Acquisitions 39 Fair value at December 31, 2022 66 Acquisitions 30 Fair value changes (9) Fair value at December 31, 2023 87 ACCOUNTING POLICIES CLASSIFICATION OF CATEGORIES OF FINANCIAL ASSETS AND LIABILITIES Genmab classifies its financial assets held into the following measurement categories: ● those to be measured subsequently at fair value (either through other comprehensive income, or through profit or loss), and ● those to be measured at amortized cost. The classification depends on the business model for managing the financial assets and the contractual terms of the cash flows. For assets measured at fair value, gains and losses will either be recorded in profit or loss or other comprehensive income. Genmab reclassifies debt investments only when its business model for managing those assets changes. Further details about the accounting policy for each of the categories are outlined in the respective notes. FAIR VALUE MEASUREMENT Genmab measures financial instruments, such as marketable securities, at fair value at each balance sheet date. Management assessed that the fair value of financial assets and liabilities measured at amortized cost such as bank deposits, receivables and other payables approximate their carrying amounts largely due to the short-term maturities of these instruments. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either: ● In the principal market for the asset or liability, or ● In the absence of a principal market, in the most advantageous market for the asset or liability. The principal or the most advantageous market must be accessible by Genmab. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. Genmab uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. For financial instruments that are measured in the balance sheet at fair value, IFRS 13 requires disclosure of fair value measurements by level of the following fair value measurement hierarchy: · Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities · Level 2 - Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) · Level 3 - Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs). For assets and liabilities that are recognized in the financial statements at fair value on a recurring basis, Genmab determines whether transfers have occurred between levels in the hierarchy by re-assessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. Any transfers between the different levels are carried out at the end of the reporting period. 4.4 – Marketable Securities Market value Share Market value Share 2023 % 2022 % (DKK million) USD portfolio Corporate bonds 6,039 46% 5,091 41% US government bonds and treasury bills 3,247 24% 3,067 25% Commercial paper 451 3% 807 6% Other 1,003 8% 1,023 8% Total USD portfolio 10,740 81% 9,988 80% DKK portfolio Kingdom of Denmark bonds and treasury bills 419 3% 442 3% Danish mortgage-backed securities 1,170 9% 1,093 9% Total DKK portfolio 1,589 12% 1,535 12% EUR portfolio European government bonds and treasury bills 858 6% 832 7% GBP portfolio UK government bonds and treasury bills 81 1% 76 1% Total portfolio at December 31 13,268 100% 12,431 100% Marketable securities at December 31 13,268 12,431 Refer to Note 4.2 for additional information regarding the risks related to our marketable securities. ACCOUNTING POLICIES Marketable securities consist of investments in securities with a maturity of 90 days or greater at the time of acquisition. Measurement of marketable securities depends on the business model for managing the asset and the cash flow characteristics of the asset. Genmab assesses its debt instruments to determine classification based on the following measurement categories: ● Amortized cost: Assets that are held for collection of contractual cash flows, where those cash flows represent solely payments of principal and interest, are measured at amortized cost. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognized directly in profit or loss and presented in other gains/(losses), together with foreign exchange gains and losses. Impairment losses are presented as a separate line item in the statement of profit or loss. ● Fair value through other comprehensive income (FVOCI): Assets that are held to achieve an objective by both collecting contractual cash flows as well as selling financial assets and where those cash flows represent solely payments of principal and interest, are measured at FVOCI. Changes in fair value on a debt investment that is subsequently measured at FVOCI are recognized in other comprehensive income. Impairment gains and losses, interest income and foreign exchange gains and losses are recognized in profit and loss and presented within financial income or expenses in the period in which they arise. ● Fair value through profit and loss (FVPL): Assets that do not meet the criteria for amortized cost or FVOCI are measured at FVPL. A gain or loss on a debt investment that is subsequently measured at FVPL is recognized in profit or loss and presented net within financial income or expenses in the period in which it arises. Genmab’s portfolio is managed and evaluated on a fair value basis in accordance with its stated investment guidelines and the information provided internally to management. This business model does not meet the criteria for amortized cost or FVOCI and as a result marketable securities are measured at FVPL. This classification is consistent with the prior year’s classification. Genmab invests its cash in deposits with major financial institutions, in AAA rated money market funds, Danish mortgage bonds, investment grade rated corporate debt, commercial paper, certificates of deposit, certain types of AAA rated asset backed securities, U.S. Agency bonds, and notes issued by the Danish, European and U.S. governments. The securities can be purchased and sold using established markets. Transactions are recognized at the trade date. 4.5 – Financial Income and Expenses (DKK million) 2023 2022 2021 Financial income: Interest and other financial income 939 324 197 Gain on marketable securities, net 319 - - Foreign exchange rate gain, net - 1,034 1,470 Total financial income 1,258 1,358 1,667 Financial expenses: Interest and other financial expenses (27) (21) (13) Loss on marketable securities, net - (361) (246) Loss on other investments, net (26) (298) (443) Foreign exchange rate loss, net (889) - - Total financial expenses (942) (680) (702) Net financial items 316 678 965 INTEREST INCOME Interest income was DKK 939 million in 2023 compared to DKK 324 million in 2022. The increase of DKK 615 million, or 190%, was driven by higher effective interest rates in the U.S., Europe and Denmark. FOREIGN EXCHANGE RATE GAINS AND LOSSES Foreign exchange rate losses, net of DKK 889 million in 2023 compared to foreign exchange rate gains, net of DKK 1,034 million in 2022 and DKK 1,470 million in 2021 were primarily driven by foreign exchange movements impacting Genmab’s USD denominated marketable securities and cash and cash equivalents; in particular, the USD/DKK foreign exchange rates were as follows for each period: December 31, December 31, December 31, 2023 2022 2021 USD/DKK Foreign Exchange Rates 6.7447 6.9722 6.5612 % Increase/(Decrease) (3)% 6% 8% Refer to Note 4.2 for additional information on foreign currency risk. marketable securities gains and losses Gain on marketable securities, net was DKK 319 million in 2023 compared to loss on marketable securities, net of DKK 361 million in 2022. The increase of DKK 680 million, or 188% , was primarily driven by interest rate outlooks for the U.S. and Europe. OTHER INVESTMENTS Loss on other investments, net was DKK 26 million in 2023, DKK 298 million in 2022 and DKK 443 million in 2021. The losses in the respective periods are primarily driven by the change in fair value of Genmab’s investment in common shares of CureVac. ACCOUNTING POLICIES Financial income and expenses include interest as well as foreign exchange rate adjustments and gains and losses on marketable securities (designated as FVPL) and realized gains and losses and write-downs of other securities and equity interests. Interest income is shown separately from gains and losses on marketable securities and other securities and equity interests. 4.6 – Share-Based Instruments Restricted Stock Unit Program Genmab A/S has established an RSU program (equity-settled share-based payment transactions) as an incentive for Genmab’s employees, members of the Executive Management, and members of the Board of Directors. RSUs granted to Executive Management are performance-based. RSUs are granted by the Board of Directors. RSU grants to members of the Board of Directors and members of the registered Executive Management are subject to the Remuneration Policy adopted at the Annual General Meeting. See the table below for a summary of key terms of Genmab’s RSU programs: RSUs Granted in Periods Key Terms December 2019 - February 2021 From February 2021 Grants Granted at closing share price on the grant date. Vesting (Settlement) Cliff vesting – RSUs become fully vested on the first banking day of the month following a period of three years from the grant date. After RSUs vest, the holder receives one share in Genmab A/S for each RSU granted. In jurisdictions in which Genmab as an employer is required to withhold tax and settle with the tax authority on behalf of the employee, Genmab withholds the number of RSUs that are equal to the monetary value of the employee’s tax obligation from the total number of RSUs that otherwise would have been issued to the employee upon vesting (“net settlement”). Genmab A/S may at its sole discretion in extraordinary circumstances choose to make a cash settlement instead of delivering shares. Leaver Leavers – Forfeit all unvested RSUs except when due to retirement, death, serious sickness or serious injury, in which case granted but not yet vested RSUs shall remain outstanding and will be settled in accordance with their terms. Notwithstanding the above, the December 2020 RSU grant to members of the Board of Directors was made subject to pro-rata vesting upon termination of board services. Good-Leavers 1 2 1 – “Good-Leaver” – Dismissal without cause or termination of employment due to Genmab’s material breach of the RSU or Warrant holder’s employment terms, or if the participant is a member of the Board of Directors, if the membership of the Board of Directors ceases for any other reason than as a result of the participant’s death. 2 - “Bad-leaver” - Dismissed for cause or during the employment probationary period. The RSU program contains anti-dilution provisions if changes occur in Genmab’s share capital prior to the vesting date and provisions to accelerate vesting of RSUs in the event of change of control as defined in the RSU program. RSU Activity in 2023, 2022 and 2021 Number of RSUs held by the Board of Directors Number of RSUs held by the Executive Management Number of RSUs held by employees Number of RSUs held by former members of the Executive Management, Board of Directors and employees Total RSUs Weighted Average Fair Value - RSUs Granted - DKK Total Fair Value of RSUs Granted - DKK million Outstanding at January 1, 2021 12,565 66,182 197,374 17,807 293,928 Granted* 3,297 31,417 146,684 4,817 186,215 2,236.44 416 Settled (3,556) (14,089) (35,962) (9,967) (63,574) Transferred (688) 5,533 (14,810) 9,965 - Cancelled (653) - (255) (9,670) (10,578) Outstanding at December 31, 2021 10,965 89,043 293,031 12,952 405,991 Outstanding at January 1, 2022 10,965 89,043 293,031 12,952 405,991 Granted* 4,295 40,453 221,000 6,383 272,131 2,250.18 612 Settled (3,420) (17,165) (67,945) (12,847) (101,377) Transferred (2,368) - (13,749) 16,117 - Cancelled (653) - (9,195) (18,759) (28,607) Outstanding at December 31, 2022 8,819 112,331 423,142 3,846 548,138 Outstanding at January 1, 2023 8,819 112,331 423,142 3,846 548,138 Granted* 3,361 75,854 208,353 11,643 299,211 2,619.35 784 Settled (1,880) (35,773) (54,871) (9,805) (102,329) Transferred - 12,918 (55,103) 42,185 - Cancelled - (4,357) (35) (37,984) (42,376) Outstanding at December 31, 2023 10,300 160,973 521,486 9,885 702,644 * RSUs held by the Board of Directors include RSUs granted to employee-elected Board Members as employees of Genmab A/S or its subsidiaries. Refer to Note 5.1 for additional information regarding compensation of the Executive Management and the Board of Directors. Warrant Program Genmab A/S has established a warrant program (equity-settled share-based payment transactions) as an incentive for all the Genmab Group’s employees. Warrants are granted by the Board of Directors in accordance with authorizations given to it by Genmab A/S’ shareholders. Following Genmab’s Annual General Meeting on March 29, 2023, members of the registered Executive Management and members of the Board of Directors may only be granted RSUs. See the table below for a summary of key terms of Genmab’s warrant programs: Warrants Granted in Periods Key Terms April 2012 - March 2017 March 2017 - February 2021 From February 2021 Grants Granted at an exercise price equal to the closing share price on the grant date. Vesting (Exercisable) Annually over 4-year period ( 25% per year) Cliff vesting over 3-year period ( 100% after 3 years ) Leaver Leavers - Forfeit all unvested warrants; however, may be able to exercise warrants on a regular schedule in instances where the employment relationship is terminated by Genmab without cause. Good-Leavers - May maintain a pro-rata portion of unvested warrants. Bad-Leavers - Forfeit all unvested warrants. Death - Forfeit all unvested warrants. Lapse 7th anniversary of grant date The warrant program contains anti-dilution provisions if changes occur in Genmab’s share capital prior to the warrants being exercised and provisions to accelerate vesting of warrants in the event of change of control or certain other extraordinary transactions as defined in the warrant program. Warrant Activity in 2023, 2022 and 2021 Number of warrants held by the Board of Directors Number of warrants held by the Executive Management Number of warrants held by employees Number of warrants held by former members of the Executive Management, Board of Directors and employees Total warrants Weighted average exercise price - DKK Weighted average share price at exercise date - DKK Outstanding Warrants - % of Share Capital Outstanding at January 1, 2021 11,941 140,815 732,577 103,135 988,468 1,247.22 Granted* 1,217 1,287 167,080 6,400 175,984 2,282.35 Exercised (2,500) (7,250) (105,726) (57,232) (172,708) 780.48 2,439.80 Expired - - - - - - Cancelled - - (477) (22,816) (23,293) 1,956.91 Transfers - 24,782 (54,454) 29,672 - - Outstanding at December 31, 2021 10,658 159,634 739,000 59,159 968,451 1,501.49 1% Exercisable at year end 6,594 135,723 219,386 50,021 411,724 1,058.41 Exercisable warrants in the money at year end 6,594 135,723 219,386 50,021 411,724 1,058.41 Outstanding at January 1, 2022 10,658 159,634 739,000 59,159 968,451 1,501.49 Granted* 1,541 - 250,005 7,412 258,958 2,244.22 Exercised (1,558) (29,836) (176,948) (34,775) (243,117) 1,154.95 2,815.33 Expired - - - - - - Cancelled - - (13,670) (32,654) (46,324) 2,029.00 Transfers (8,721) - (25,373) 34,094 - - Outstanding at December 31, 2022 1,920 129,798 773,014 33,236 937,968 1,770.31 1% Exercisable at year end 617 118,571 282,296 32,695 434,179 1,265.68 Exercisable warrants in the money at year end 617 118,571 282,296 32,695 434,179 1,265.68 Outstanding at January 1, 2023 1,920 129,798 773,014 33,236 937,968 1,770.31 Granted* 403 - 198,001 10,973 209,377 2,632.02 Exercised - (11,900) (74,672) (26,390) (112,962) 1,341.40 2,657.76 Expired - - (1,200) (117) (1,317) 1,225.18 Cancelled - - (32) (43,143) (43,175) 2,274.50 Transfers - 21,295 (103,396) 82,101 - - . Outstanding at December 31, 2023 2,323 139,193 791,715 56,660 989,891 1,980.25 1% Exercisable at year end 875 123,345 246,635 45,686 416,541 1,416.25 Exercisable warrants in the money at year end 617 123,345 192,945 43,632 360,539 1,272.37 * Warrants held by the Board of Directors include warrants granted to employee-elected Board Members as employees of Genmab A/S or its subsidiaries. Refer to Note 5.1 for additional information regarding compensation of the Executive Management and the Board of Directors. Weighted Average Outstanding Warrants at December 31, 2023 Exercise price Grant Date Number of warrants outstanding Weighted average remaining contractual life (in years) Number of warrants exercisable DKK 962.00 June 7, 2018 3,520 1.44 3,520 1,025.00 December 10, 2018 99,733 1.94 99,733 1,032.00 December 15, 2017 60,799 0.96 60,799 1,050.00 September 21, 2018 12,792 1.73 12,792 1,147.50 June 6, 2019 2,775 2.43 2,775 1,155.00 March 29, 2019 506 2.25 506 1,161.00 March 1, 2019 8,373 2.17 8,373 1,210.00 April 10, 2018 3,678 1.28 3,678 1,334.50 October 11, 2019 22,392 2.78 22,392 1,362.50 March 26, 2020 26,264 3.24 26,264 1,402.00 March 28, 2017 6,660 0.24 6,660 1,408.00 June 8, 2017 678 0.44 678 1,432.00 October 5, 2017 1,994 0.76 1,994 1,615.00 December 5, 20 |
Other Disclosures
Other Disclosures | 12 Months Ended |
Dec. 31, 2023 | |
Other Disclosures | |
Other Disclosures | Section 5 – Other Disclosures This section is comprised of various statutory disclosures or notes that are of secondary importance for the understanding of Genmab’s financials. 5.1 – Remuneration of the Board of Directors and Executive Management The total remuneration of the Board of Directors and Executive Management is as follows: (DKK million) 2023 2022 2021 Wages and salaries 71 55 51 Share-based compensation expenses 100 70 58 Defined contribution plans 3 2 2 Total 174 127 111 The remuneration packages for the Board of Directors and Executive Management are described in further detail in Genmab’s 2023 Compensation Report. The remuneration packages are denominated in DKK, EUR, or USD. The Compensation Committee of the Board of Directors performs an annual review of the remuneration packages. All incentive and variable remuneration is considered and adopted at the Company’s Annual General Meeting. Share-based compensation is included in the income statement and reported in the table above. Share-based compensation expense represents the estimated fair value of the awards at grant date and does not represent actual cash compensation received by the Board Members or Executive Management. Refer to Note 4.6 for additional information regarding Genmab’s share-based compensation programs and accounting policies. Remuneration to the Board of Directors Base Board Fee Committee Fees Share-Based Compensation Expenses Total (DKK million) 2023 2022 2021 2023 2022 2021 2023 2022 2021 2023 2022 2021 Deirdre P. Connelly 1.2 1.2 1.2 0.5 0.5 0.5 1.1 0.9 0.7 2.8 2.6 2.4 Pernille Erenbjerg 0.9 0.9 0.9 0.4 0.4 0.4 0.8 0.7 0.5 2.1 2.0 1.8 Anders Gersel Pedersen 0.6 0.6 0.6 0.5 0.4 0.4 0.6 0.5 0.4 1.7 1.5 1.4 Paolo Paoletti 0.6 0.6 0.6 0.3 0.3 0.3 0.6 0.5 0.4 1.5 1.4 1.3 Rolf Hoffmann 0.6 0.6 0.6 0.3 0.3 0.4 0.6 0.5 0.4 1.5 1.4 1.4 Elizabeth O’Farrell 1 0.6 0.5 - 0.3 0.2 - 1.0 0.6 - 1.9 1.3 - Jonathan Peacock 2 - - 0.5 - - 0.3 - - 0.6 - - 1.4 Mijke Zachariasse 3 0.6 0.6 0.6 - - - 0.5 0.4 0.3 1.1 1.0 0.9 Martin Schultz 3 0.6 0.5 - - - - 0.2 - - 0.8 0.5 - Takahiro Hamatani 3 0.6 0.5 - - - - 0.2 - - 0.8 0.5 - Peter Storm Kristensen 4 - 0.1 0.6 - - - - 0.1 0.4 - 0.2 1.0 Rima Bawarshi Nassar 4 - 0.1 0.6 - - - - 0.1 0.2 - 0.2 0.8 Total 6.3 6.2 6.2 2.3 2.1 2.3 5.6 4.3 3.9 14.2 12.6 12.4 1 – Elizabeth O’Farrell was newly elected to the Board of Directors at the Annual General Meeting in March 2022. 2 – Jonathan Peacock stepped down from the Board of Directors effective November 15, 2021, due to increased responsibilities in connection with his other board commitments. 3 – Employee elected board members were elected at the Annual General Meeting in March 2022. 4 – Peter Storm Kristensen and Rima Bawarshi Nassar stepped down from the Board of Directors as employee elected board members at the Annual General Meeting in March 2022. Refer to the section “Board of Directors” in Management’s Review for additional information regarding the Board of Directors. Remuneration to the Executive Management Base Salary Defined Contribution Plans Other Benefits Annual Cash Bonus Share-Based Compensation Expenses Total (DKK million) 2023 2022 2021 2023 2022 2021 2023 2022 2021 2023 2022 2021 2023 2022 2021 2023 2022 2021 Jan van de Winkel 9.2 8.6 7.9 1.3 1.3 1.1 0.3 0.3 0.6 9.2 8.6 7.9 24.3 22.9 20.6 44.3 41.7 38.1 Anthony Pagano 4.4 4.3 3.2 0.1 0.1 0.1 - - - 2.6 2.6 1.9 12.5 9.5 7.2 19.6 16.5 12.4 Anthony Mancini 4.9 4.7 3.9 0.1 0.1 0.1 - - 3.1 2.9 2.8 2.3 13.9 11.4 7.2 21.8 19.0 16.6 Judith Klimovsky 5.0 4.9 4.0 0.1 0.1 0.1 - - - 3.0 2.9 2.5 13.6 14.1 13.2 21.7 22.0 19.8 Tahamtan Ahmadi 1 4.7 4.6 3.3 0.1 0.1 0.1 - - - 2.9 2.8 2.0 12.1 7.7 5.5 19.8 15.2 10.9 Birgitte Stephensen 2 2.6 - - 0.3 - - - - - 1.5 - - 5.7 - - 10.1 - - Christopher Cozic 2 3.3 - - 0.1 - - - - - 2.0 - - 7.8 - - 13.2 - - Martine van Vugt 3 2.5 - - 0.6 - - 0.1 - - 1.6 - - 4.1 - - 8.9 - - Total 36.6 27.1 22.3 2.7 1.7 1.5 0.4 0.3 3.7 25.7 19.7 16.6 94.0 65.6 53.7 159.4 114.4 97.8 1 – Tahamtan Ahmadi was appointed Chief Medical Officer, Head of Experimental Medicines and member of the Executive Management in March 2021. 2 – Birgitte Stephensen and Christopher Cozic were appointed Chief Legal Officer and Chief People Officer, respectively, and members of the Executive Management in March 2022. 3 – Martine van Vugt was appointed Chief Strategy Officer and member of the Executive Management in March 2023. Genmab has decided to implement an administrative organizational change whereby effective January 1, 2023, only Jan van de Winkel, President and Chief Executive Officer, and Anthony Pagano, Executive Vice President and Chief Financial Officer, will be formally registered as executive managers with the Danish Business Authority. Judith Klimovsky, Executive Vice President and Chief Development Officer, Anthony Mancini, Executive Vice President and Chief Operating Officer, and Tahamtan Ahmadi, Executive Vice President and Chief Medical Officer, will cease to be registered as executive managers with the Danish Business Authority; however, apart from the formal registration amendments there will be no changes to the Executive Management Team, including titles, areas of responsibility or otherwise. Refer to the section “Executive Management” in Management’s Review for additional information regarding the Executive Management. Severance Payments In the event Genmab terminates the service agreements with any member of the Executive Management team without cause, Genmab is obliged to pay his/her existing salary for one 5.2 – Related Party Disclosures Genmab’s related parties are its Board of Directors, Executive Management, and close members of the family of these persons. Genmab has not granted any loans, guarantees or other commitments to or on behalf of any of the members of the Board of Directors or members of the Executive Management. Other than the remuneration and other transactions relating to the Board of Directors and the Executive Management described in Note 5.1 5.3 – Commitments PURCHASE OBLIGATIONS Genmab has entered into a number of agreements related to research and development activities that contain various obligations. These short-term contractual obligations amounted to approximately DKK 3,212 million as of December 31, 2023, all of which is due in less than two years (2022: approximately DKK 1,687 million). Genmab also has certain contingent commitments under license and collaboration agreements that may become due in the future. As of December 31, 2023, these contingent commitments amounted to approximately DKK 15,393 million (USD 2,282 million) in potential future development, regulatory and commercial milestone payments to third parties under license and collaboration agreements for our preclinical and clinical stage development programs as compared to approximately DKK 20,077 million (USD 2,880 million) as of December 31, 2022. These milestone payments generally become due and payable only upon the achievement of certain development, clinical, regulatory or commercial milestones. The events triggering such payments or obligations have not yet occurred. In addition to the above obligations, Genmab enters into a variety of agreements and financial commitments in the normal course of business. The terms generally allow Genmab 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. 5.4 – Fees to Auditors Appointed at the Annual General Meeting (DKK million) 2023 2022 2021 PricewaterhouseCoopers Audit fees 6.1 5.8 5.8 Audit-related fees 3.4 2.0 1.8 Tax fees - - - All other fees 0.1 - 0.1 Total 9.6 7.8 7.7 Fees for other services than statutory audit of the financial statements provided by PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab amounted to DKK 3.5 million in 2023 (DKK 2.0 million and DKK 1.9 million in 2022 and 2021, respectively). These services primarily include agreed-upon procedures, other assurance assessments and reports, accounting advice, and educational training. 5.5 – Adjustments to Cash Flow Statements (DKK million) Note 2023 2022 2021 Adjustments for non-cash transactions: Depreciation, amortization and impairment 3.1, 3.2, 3.3 295 362 248 Share-based compensation expenses 2.3, 4.6 586 439 310 Other - - (32) Total adjustments for non-cash transactions 881 801 526 Change in operating assets and liabilities: Receivables 797 (2,123) (1,009) Inventories (57) - - Other payables 622 283 304 Total change in operating assets and liabilities 1,362 (1,840) (705) 5.6 – Collaborations and Technology Licenses Collaborations Genmab enters into collaborations with biotechnology and pharmaceutical companies to advance the development and commercialization of Genmab’s product candidates and to supplement its internal pipeline. Genmab seeks collaborations that will allow Genmab to retain significant future participation in product sales through either profit-sharing or royalties paid on net sales. Below is an overview of certain of Genmab’s collaborations that have had, or are expected in the near term to have, a significant impact on financial results. Janssen (Daratumumab/DARZALEX) In 2012, Genmab entered into a global license, development and commercialization agreement with Janssen for daratumumab (marketed for the treatment of certain multiple myeloma indications as DARZALEX for IV administration and as DARZALEX FASPRO In September 2020, Genmab commenced arbitration against Janssen with respect to two different provisions of our license agreement for daratumumab, both relating to royalties payable to Genmab on net sales of daratumumab (marketed as DARZALEX for IV administration and as DARZALEX FASPRO in the U.S. and as DARZALEX SC in Europe for SC administration). In April 2022, the arbitral tribunal issued an award in that arbitration denying both of Genmab’s claims. Genmab did not seek review of the award. Novartis (Ofatumumab/Kesimpta) Genmab and GlaxoSmithKline (GSK) entered a co-development and collaboration agreement for ofatumumab in 2006. The full rights to ofatumumab were transferred from GSK to Novartis in 2015. Novartis is now fully responsible for the development and commercialization of ofatumumab in all potential indications, including autoimmune diseases. Genmab is entitled to a 10% royalty payment on net sales for non-cancer treatments. Genmab pays a royalty to Medarex based on Kesimpta net sales. Novartis’s obligation to pay royalties to Genmab under this agreement expire on a country-by-country basis only in the event Novartis is no longer selling such product in a given country. The royalties are on a country-by-country basis subject to reduction in case of significant competition by competing products (as defined in the agreement) or a joint committee determination that a license of intellectual property owned by a third-party is necessary for commercialization. Roche (Teprotumumab/TEPEZZA) In May 2001, Genmab entered a collaboration with Roche to develop human antibodies to disease targets identified by Roche. In 2002, this alliance was expanded, and Roche made an equity investment in Genmab. Under the agreement, Genmab will receive milestones as well as royalty payments on successful products and, in certain circumstances, Genmab could obtain rights to develop products based on disease targets identified by Roche. Teprotumumab was created by Genmab under the collaboration with Roche and development and commercialization of the product, approved in 2020 by the U.S. FDA, as TEPEZZA, for the treatment of TED, was subsequently conducted by Horizon under a license from Roche. In October 2023, Amgen completed its acquisition of Horizon, including all the rights to the commercialization and development of teprotumumab. Under the terms of Genmab’s agreement with Roche, Genmab receives a mid-single digit royalty on net sales (as defined) of TEPEZZA, on a country-by-country basis, for 10 years following the first commercial sale in such country. Pfizer (Tisotumab vedotin/Tivdak) In September 2010, Genmab and Pfizer entered into an ADC collaboration, and a commercial license and collaboration agreement was executed in October 2011. Under the agreement, Genmab was granted rights to utilize Pfizer’s ADC technology with its human monoclonal TF antibody. Pfizer was granted rights to exercise a co-development and co-commercialization option at the end of Phase 1 clinical development for tisotumab vedotin. In August 2017, Pfizer exercised this option. In October 2020, Genmab and Pfizer entered into a joint commercialization agreement. Genmab is co-promoting tisotumab vedotin in the U.S. and will lead commercial operational activities and book sales in Japan, while Pfizer will lead operational commercial activities in the U.S., Europe and China with a 50:50 profit split in those markets. In any other markets, Pfizer will be responsible for commercializing tisotumab vedotin and Genmab will receive royalties based on a percentage of aggregate net sales ranging from the mid-teens to the mid-twenties. The companies will continue the practice of joint decision-making on the worldwide development and commercialization strategy for tisotumab vedotin. In September 2021, tisotumab vedotin was approved by the U.S. FDA and is marketed under the trade name Tivdak. Pfizer records product sales of Tivdak in the U.S. and Genmab shares 50% of the profits for this product. AbbVie (Epcoritamab/EPKINLY/TEPKINLY) On June 10, 2020, Genmab entered into a broad oncology collaboration agreement with AbbVie to jointly develop and commercialize products including epcoritamab, and subsequently into a discovery research collaboration for up to four future differentiated antibody therapeutics for cancer. The companies will share commercial responsibilities for epcoritamab in the U.S. and Japan, with AbbVie responsible for further global commercialization. Genmab is the principal for net sales in the U.S. and Japan and receives tiered royalties between 22% and 26% on remaining net sales outside of these territories, subject to certain royalty reductions. For any product candidates developed as a result of the companies’ discovery research collaboration, Genmab and AbbVie will share responsibilities for global development and commercialization in the U.S. and Japan. Genmab retains the right to co-commercialize these products, along with AbbVie, outside of the U.S. and Japan. Under the terms of the agreement, Genmab received a USD 750 million (DKK 4,911 million) upfront payment in June 2020 and was initially entitled to receive an aggregate of up to USD 3.15 billion in additional development, regulatory and sales milestone payments for all programs. Included in these potential milestones were up to USD 1.15 billion in payments related to clinical development and commercial success across the three bispecific antibody programs originally included in the agreement. As a result of two programs being stopped, Genmab is instead contractually entitled to receive an aggregate of up to USD 2.55 billion in additional development, regulatory and sales milestone payments for all programs and an aggregate of up to USD 550 million in payments related to clinical development and commercial success for the one remaining bispecific antibody program, epcoritamab, included in the original agreement. In addition, and also included in these potential milestones, if all four next-generation antibody product candidates developed as a result of the discovery research collaboration are successful, Genmab is eligible to receive up to USD 2.0 billion in option exercise and success-based milestones. In May 2023, epcoritamab was approved by the U.S. FDA and is marketed under the tradename EPKINLY. In September 2023, epcoritamab was approved by the EC and the Japan MHLW and is marketed under the tradenames TEPKINLY and EPKINLY, respectively. Genmab is entitled to tiered royalties between 22% and 26% on net sales for epcoritamab outside the U.S. and Japan. Except for these royalty-bearing sales, Genmab will share with AbbVie profits from the sale of licensed products on a 50 :50 basis. Genmab and AbbVie split 50 :50 the development costs related to epcoritamab, while Genmab will be responsible for 100% of the costs of the discovery research programs up to opt-in. The total transaction price of USD 750 million (DKK 4,911 million) was allocated to the four performance obligations based on the best estimate of relative stand-alone selling prices. The allocation of the transaction price to the performance obligations is summarized below: • Delivery of licenses for the three programs: USD 672 million (DKK 4,398 million) • Co-development activities for the product concepts: USD 78 million (DKK 513 million) For the license grants, Genmab based the stand-alone selling price on a discounted cash flow approach and considered several factors including, but not limited to, discount rate, development timeline, regulatory risks, estimated market demand and future revenue potential. For co-development activities related to up to four product concepts, a cost-plus margin approach was utilized. The performance obligations related to the delivery of licenses were completed at a point in time (June 2020) and Genmab recognized USD 672 million (DKK 4,398 million) as license fee revenue in June 2020. After delivery of the licenses, Genmab shares further development and commercial costs equally with AbbVie. AbbVie is not assessed as a customer but as a collaboration partner, and as such this part of the collaboration is not in scope of IFRS 15. Refer to Note 3.7 for information pertaining to the remaining performance obligation related to co-development activities for the product concepts. BioNTech In May 2015, Genmab entered into an agreement with BioNTech to jointly research, develop and commercialize bispecific antibody products using Genmab’s DuoBody technology platform. Under the terms of the agreement, BioNTech will provide proprietary antibodies against key immunomodulatory targets, while Genmab provides proprietary antibodies and access to its DuoBody technology platform. Genmab paid an upfront fee of USD 10 million to BioNTech and an additional fee as certain BioNTech assets were selected for further development. If the companies jointly select any product candidates for clinical development, development costs and product ownership will be shared equally going forward. If one of the companies does not wish to move a product candidate forward, the other company is entitled to continue developing the product on predetermined licensing terms. The agreement also includes provisions which will allow the parties to opt out of joint development at key points. During July 2022, Genmab and BioNTech expanded this collaboration to include the joint research, development and commercialization of monospecific antibody candidates using Genmab’s HexaBody technology platform. Genmab and BioNTech have four investigational medicines currently in clinical development: DuoBody-CD40x4-1BB (GEN1042/BNT312), acasunlimab (GEN1046/BNT311), HexaBody-CD27 (GEN1053/BNT313) and GEN1056 (BNT322). In August and October 2023 respectively, two additional INDs were submitted for GEN1059 (BNT314, DuoBody-EpCAMx4-1BB) and GEN1055 (BNT315, HexaBody-OX40). Janssen (DuoBody) In July 2012, and as amended in December 2013, Genmab entered into a collaboration with Janssen to create and develop bispecific antibodies using our DuoBody technology platform. As of December 31, 2023, three DuoBody-based products created under this collaboration were in active clinical development and had been approved by regulatory authorities: RYBREVANT, TECVAYLI and TALVEY. Under our agreement with Janssen, Genmab is eligible to receive milestones and receives royalties between 8% and 10% on net sales of RYBREVANT, a mid-single digit royalty on net sales of TECVAYLI, and a mid-single digit royalty on net sales of TALVEY, all of which are subject to a reduction of such royalty payment in countries and territories where there are no relevant patents (as defined in the agreement), among other reductions. Pursuant to the terms of the DuoBody agreement, Janssen’s obligation to pay these royalties will expire on a country-by-country and licensed product-by-licensed product basis on the later of the date that is 10 years after the first sale of each licensed product in such country or upon the expiration of the last-to-expire relevant patent (as defined in the agreement) covering the licensed product in such country. Genmab pays a royalty to Medarex based on RYBREVANT net sales. 5.7 – Subsequent Events No events have occurred subsequent to the balance sheet date that could significantly affect the financial statements as of December 31, 2023. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Basis of Presentation | |
Nature of the Business and Accounting Policies | 1.1 – Nature of the Business and Accounting Policies Genmab A/S is a publicly traded, international biotechnology company that was founded in 1999 and specializes in the creation and development of differentiated antibody therapeutics for the treatment of cancer and other diseases. Genmab has six approved products commercialized by third parties, two approved products that are jointly commercialized with a collaboration partner, a broad clinical and pre-clinical product pipeline and proprietary next-generation antibody technologies. The consolidated financial statements have been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB) and in accordance with IFRS Accounting Standards as endorsed by the EU and further requirements in the Danish Financial Statements Act. The consolidated financial statements were approved by the Board of Directors and authorized for issue on February 14, 2024. Except as outlined in Note 1.2 , the financial statements have been prepared using the same accounting policies as 2022. Please refer to the overview below to see in which note/section the detailed accounting policy is included. Section 2 – Results for the Year 3.4 Other Investments 2.1 Revenue 3.5 Inventories 2.2 Information about Geographical Areas 3.6 Receivables 2.3 Staff Costs 3.8 Other Payables 2.4 Corporate and Deferred Tax Section 4 – Capital Structure, Financial Risk and Related Items 2.5 Profit per Share 4.3 Financial Assets and Liabilities Section 3 – Operating Assets and Liabilities 4.4 Marketable Securities 3.1 Intangible Assets 4.5 Financial Income and Expenses 3.2 Property and Equipment 4.6 Share-Based Instruments 3.3 Leases Materiality Genmab’s Annual Report is based on the concept of materiality and the Company focuses on information that is considered material and relevant to the users of the consolidated financial statements. The consolidated financial statements consist of a large number of transactions. These transactions are aggregated into classes according to their nature or function and presented in classes of similar items in the consolidated financial statements as required by IFRS and the Danish Financial Statements Act. If items are individually immaterial, they are aggregated with other items of similar nature in the financial statements or in the notes. The disclosure requirements are substantial in IFRS and for Danish listed companies. Genmab provides these specific required disclosures unless the information is considered immaterial to the economic decision-making of the readers of the financial statements or not applicable. Consolidated Financial Statements The consolidated financial statements include Genmab A/S and subsidiaries over which the parent company has control. The parent controls a subsidiary when the parent is exposed to, or has rights to, variable returns from its involvement with the subsidiary and has the ability to affect those returns through its power to direct the activities of the subsidiary. Genmab A/S (parent company) holds investments either directly or indirectly in the following subsidiaries: 2 1 Name Domicile Ownership and votes 2023 Ownership and votes 2022 Genmab B.V. Utrecht, the Netherlands 100% 100% Genmab Holding B.V. Utrecht, the Netherlands 100% 100% Genmab US, Inc. New Jersey, USA 100% 100% Genmab K.K. Tokyo, Japan 100% 100% Genmab’s consolidated financial statements have been prepared on the basis of the financial statements of the parent company and subsidiaries – prepared under Genmab’s accounting policies – by combining similar accounting items on a line-by-line basis. On consolidation, intercompany income and expenses, intercompany receivables and payables, and unrealized gains and losses on transactions between the consolidated companies are eliminated. The recorded value of the equity interests in the consolidated subsidiaries is eliminated with the proportionate share of the subsidiaries’ equity. Subsidiaries are consolidated from the date when control is transferred to the Group. The income statements for subsidiaries with a different functional currency than Genmab’s presentation currency are translated into Genmab’s presentation currency at average exchange rates, and the balance sheets are translated at the exchange rate in effect at the balance sheet date. Exchange rate differences arising from the translation of foreign subsidiaries shareholders’ equity at the beginning of the year and exchange rate differences arising as a result of foreign subsidiaries’ income statements being translated at average exchange rates are recorded in translation reserves in shareholders’ equity. Functional and Presentation Currency The financial statements have been prepared in Danish Kroner (DKK), which is the functional and presentation currency of the parent company. Foreign Currency Transactions in foreign currencies are translated at the exchange rates in effect at the date of the transaction. Exchange rate gains and losses arising between the transaction date and the settlement date are recognized in the income statement as financial income or expense. Unsettled monetary assets and liabilities in foreign currencies are translated at the exchange rates in effect at the balance sheet date. Exchange rate gains and losses arising between the transaction date and the balance sheet date are recognized in the income statement as financial income or expense. 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. 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. As of December 31, 2023, the only profit-sharing amounts owed to collaboration partners that are recorded as cost of product sales relate to sales of EPKINLY in the U.S. and Japan pursuant to the Collaboration Agreement with AbbVie. Refer to Note 5.6 in the Annual Report for detailed information regarding Genmab’s Collaboration Agreement with AbbVie. Classification of Operating Expenses in the Income Statement Research and Development Expenses Research and development expenses primarily include salaries, benefits and other employee-related costs of Genmab’s research and development staff, license costs, manufacturing costs, preclinical costs, clinical trials, contractors and outside service fees, amortization and impairment of licenses and rights related to intangible assets, depreciation of property and equipment, and depreciation of right-of-use assets, to the extent that such costs are related to the Group’s research and development activities. Refer to Note 3.1 for a more detailed description on the treatment of Genmab’s research and development expenses. Selling, General and Administrative Expenses Selling, general and administrative expenses relate to the management and administration of Genmab, including commercialization activities. This primarily includes salaries, benefits and other employee costs related to management and support functions including human resources, information technology and the finance departments. In addition, depreciation of property and equipment and depreciation of right-of-use assets, to the extent such expenses are related to administrative functions, are also included. Selling, general and administrative expenses are recognized in the income statement in the period to which they relate. Government Grants Government grants are recognized at their fair value where there is reasonable assurance that the grant will be received and that Genmab will comply with all attaching conditions. When the grant relates to an expense item, it is recognized as a reduction of that expense on a systematic basis over the periods that the costs for which it is intended to compensate are incurred. Where the grant relates to an asset, the fair value is credited to a deferred income account and is released to the statement of comprehensive income as other operating income over the expected useful life of the relevant asset by equal annual installments. Statements of Cash Flows The cash flow statement is presented using the indirect method with basis in the net profit before tax. Cash flows from operating activities are stated as the net profit before tax adjusted for net financial items, non-cash operating items such as depreciation, amortization, impairment losses, share-based compensation expenses, provisions, and for changes in operating assets and liabilities, interest paid and received, interest elements of lease payments and corporate taxes paid or received. Operating assets and liabilities are mainly comprised of changes in receivables and other payables excluding the items included in cash and cash equivalents. Changes in non-current assets and liabilities are included in operating assets and liabilities, if related to the main revenue-producing activities of Genmab. Cash flows from investing activities consist of purchases and sales of marketable securities and other investments, as well as purchases of intangible assets and property and equipment. Cash flows from financing activities relate to the purchase of treasury shares, exercise of warrants, payments of withholding taxes on behalf of employees on net settled RSUs and payments of long-term loans including installments on lease liabilities. Cash and cash equivalents are comprised of cash, bank deposits, and marketable securities with a maturity of less than 90 days on the date of acquisition. The statements of cash flows cannot be derived solely from the financial statements. Treasury Shares The total amount paid to acquire treasury shares including directly attributable costs and the proceeds from the sale of treasury shares is recognized in retained earnings. Research Collaborations, License Agreements and Collaborative Agreements Research Collaborations and License Agreements Genmab continues to pursue the establishment of research collaborations and licensing agreements. These arrangements often include upfront payments, expense reimbursements or payments to the collaboration partner, and milestone and royalty arrangements, contingent upon the occurrence of certain future events linked to the success of the asset in development. In regard to Genmab’s license agreements with Janssen, Novartis and Roche, each of these parties retain final decision-making authority over the relevant activities and as such no joint control exists. Refer to Note 2.1 for additional information related to revenue from these parties. Joint Collaborative Agreements Genmab has entered into a number of joint collaborative agreements. These agreements often include upfront payments, expense reimbursements or payments to the collaboration partner, and milestone and royalty arrangements, contingent upon the occurrence of certain future events linked to the success of the asset in development. These agreements also provide Genmab with varying rights to develop, produce and market products together with its collaborative partners. Both parties in these arrangements share in the decision-making and therefore have joint control of the arrangement. In 2023, Genmab’s more significant collaboration agreements are with AbbVie (epcoritamab), Pfizer (tisotumab vedotin) and BioNTech. Refer to Note 2.1 for additional information related to revenue from our joint collaborative agreements. Refer to Note 5.6 for detailed information regarding Genmab’s significant Research Collaborations, License Agreements and Collaborative Agreements. |
New Accounting Policies and Disclosures | 1.2 New Accounting Policies and Disclosures NEW ACCOUNTING POLICIES AND DISCLOSURES FOR 2023 Genmab has, with effect from January 1, 2023, implemented the following standards and amendments: ● IFRS 17 Insurance Contracts; ● Amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates; ● Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting Policies; and ● Amendments to IAS 12 Income Taxes: International Tax Reform – Pillar Two Model Rules and Deferred Tax related to Assets and Liabilities arising from a Single Transaction The implementation of these amendments did not have a material impact on the consolidated financial statements for the current or prior reporting periods and is not expected to have a significant impact in future reporting periods. Refer to Note 2.4 for additional information related to the impacts of the IAS 12 amendments. NEW ACCOUNTING POLICIES AND DISCLOSURES EFFECTIVE IN 2024 OR LATER The IASB has issued a number of new standards and updated some existing standards that are effective for accounting periods beginning on January 1, 2024 or later. Therefore, they are not incorporated in these consolidated financial statements. There are no standards presently known that are not yet effective and that would be expected to have a material impact on Genmab in current or future reporting periods and on foreseeable future transactions. |
Management's Judgements and Estimates under IFRS | 1.3 Management’s Judgements and Estimates under IFRS In preparing financial statements under IFRS, certain provisions in the standards require management’s judgements, including various accounting estimates and assumptions. These judgements and estimates affect the application of accounting policies, as well as reported amounts within the consolidated financial statements and disclosures. Determining the carrying amount of certain assets and liabilities requires judgements, estimates and assumptions concerning future events that are based on historical experience and other factors, which by their very nature are associated with uncertainty and unpredictability. Accounting estimates are based on historical experience and various other factors relative to the circumstances in which they are applied. Estimates are generally made based on information available at the time. Accounting judgements are made in the process of applying accounting policies. These judgements are typically made based on the guidance and information available at the time of application. These estimates and judgements may prove incomplete or incorrect, and unexpected events or circumstances may arise. Genmab is also subject to risks and uncertainties which may lead actual results to differ from these estimates, both positively and negatively. Specific risks for Genmab are discussed in the relevant section of this Annual Report and in the notes to the consolidated financial statements. The areas involving a high degree of judgement and estimation that are significant to the consolidated financial statements are summarized below. Refer to the identified notes for further information on the key accounting estimates and judgements utilized in the preparation of the consolidated financial statements. Accounting policy Key accounting estimates and judgements Note reference Risk Revenue recognition Judgement in assessing whether a collaboration partner is a customer Estimation of partner net sales amounts in the calculation of royalties Judgement in assessing the probability of attainment of milestones Estimation of variable consideration Judgement in assessing the nature of combined performance obligations within contracts Note 2.1 Moderate / High Share-based compensation Judgement in selecting assumptions required for valuation of warrant grants Note 4.6 Moderate Current and deferred income taxes Judgement and estimation regarding valuation of deferred income tax assets Estimation in developing the provision for any uncertain tax positions Note 2.4 Moderate |
Revision of Prior Period Financial Statements | 1. 4 Revision of Prior Period Financial Statements In January 2024, Janssen informed Genmab that it had been overpaying royalties on net sales of DARZALEX in countries where relevant patent protection for DARZALEX did not exist. Genmab evaluated the error under IAS 1 “Presentation of Financial Statements”, IAS 8 “Accounting Policies, Changes in Accounting Estimates and Errors”, Staff Accounting Bulletin (SAB) No. 99, “Materiality,” and SAB No. 108, “Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements,” and determined that the related impact was not individually material to any of Genmab’s previously issued financial statements, however correcting the cumulative impact of this error would be material to Genmab’s consolidated statement of comprehensive income for 2023. Accordingly, Genmab has revised the 2022 and 2021 financial statements and related notes included herein. The comparative figures for fiscal years 2022 and 2021 have been revised accordingly: 2022 2021 (DKK million) Revised Balances Effect of Error Correction Previously Reported Balances Revised Balances Effect of Error Correction Previously Reported Balances Income Statements: Revenue 14,505 (90) 14,595 8,417 (65) 8,482 Operating expenses (8,238) - (8,238) (5,464) - (5,464) Operating profit 6,267 (90) 6,357 2,953 (65) 3,018 Financial income/expense 678 - 678 965 - 965 Net profit before tax 6,945 (90) 7,035 3,918 (65) 3,983 Corporate tax (1,493) 20 (1,513) (961) 14 (975) Net profit 5,452 (70) 5,522 2,957 (51) 3,008 Basic net profit per share 83.38 (1.07) 84.45 45.22 (0.78) 46.00 Diluted net profit per share 82.59 (1.06) 83.65 44.77 (0.77) 45.54 Exchange differences on translation of foreign operations 17 - 17 27 - 27 Total comprehensive income 5,469 (70) 5,539 2,984 (51) 3,035 Balance Sheet: Total non-current assets 1,901 - 1,901 1,891 - 1,891 Corporate tax receivable 182 39 143 50 19 31 Receivables 5,712 (198) 5,910 3,259 (108) 3,367 Other assets 22,324 - 22,324 19,338 - 19,338 Total current assets 28,218 (159) 28,377 22,647 (89) 22,736 Total assets 30,119 (159) 30,278 24,538 (89) 24,627 Other equity items 12,473 - 12,473 12,176 - 12,176 Retained earnings 14,809 (159) 14,968 9,931 (89) 10,020 Total shareholders' equity 27,282 (159) 27,441 22,107 (89) 22,196 Total liabilities 2,837 - 2,837 2,431 - 2,431 Total shareholders' equity and liabilities 30,119 (159) 30,278 24,538 (89) 24,627 Cash Flow Statement: Net profit before tax 6,945 (90) 7,035 3,918 (65) 3,983 Reversal of financial items, net (678) - (678) (965) - (965) Adjustment for non-cash transactions 801 - 801 526 - 526 Change in operating assets and liabilities (1,840) 90 (1,930) (705) 65 (770) Cash flows from operating activities before financial items 5,228 - 5,228 2,774 - 2,774 Other items (1,316) - (1,316) (546) - (546) Net cash provided by operating activities 3,912 - 3,912 2,228 - 2,228 |
Basis of Presentation (Tables)
Basis of Presentation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Basis of Presentation | |
Schedule of activities of the subsidiary | 2 1 Name Domicile Ownership and votes 2023 Ownership and votes 2022 Genmab B.V. Utrecht, the Netherlands 100% 100% Genmab Holding B.V. Utrecht, the Netherlands 100% 100% Genmab US, Inc. New Jersey, USA 100% 100% Genmab K.K. Tokyo, Japan 100% 100% |
Schedule of revision of prior period financial statements | 2022 2021 (DKK million) Revised Balances Effect of Error Correction Previously Reported Balances Revised Balances Effect of Error Correction Previously Reported Balances Income Statements: Revenue 14,505 (90) 14,595 8,417 (65) 8,482 Operating expenses (8,238) - (8,238) (5,464) - (5,464) Operating profit 6,267 (90) 6,357 2,953 (65) 3,018 Financial income/expense 678 - 678 965 - 965 Net profit before tax 6,945 (90) 7,035 3,918 (65) 3,983 Corporate tax (1,493) 20 (1,513) (961) 14 (975) Net profit 5,452 (70) 5,522 2,957 (51) 3,008 Basic net profit per share 83.38 (1.07) 84.45 45.22 (0.78) 46.00 Diluted net profit per share 82.59 (1.06) 83.65 44.77 (0.77) 45.54 Exchange differences on translation of foreign operations 17 - 17 27 - 27 Total comprehensive income 5,469 (70) 5,539 2,984 (51) 3,035 Balance Sheet: Total non-current assets 1,901 - 1,901 1,891 - 1,891 Corporate tax receivable 182 39 143 50 19 31 Receivables 5,712 (198) 5,910 3,259 (108) 3,367 Other assets 22,324 - 22,324 19,338 - 19,338 Total current assets 28,218 (159) 28,377 22,647 (89) 22,736 Total assets 30,119 (159) 30,278 24,538 (89) 24,627 Other equity items 12,473 - 12,473 12,176 - 12,176 Retained earnings 14,809 (159) 14,968 9,931 (89) 10,020 Total shareholders' equity 27,282 (159) 27,441 22,107 (89) 22,196 Total liabilities 2,837 - 2,837 2,431 - 2,431 Total shareholders' equity and liabilities 30,119 (159) 30,278 24,538 (89) 24,627 Cash Flow Statement: Net profit before tax 6,945 (90) 7,035 3,918 (65) 3,983 Reversal of financial items, net (678) - (678) (965) - (965) Adjustment for non-cash transactions 801 - 801 526 - 526 Change in operating assets and liabilities (1,840) 90 (1,930) (705) 65 (770) Cash flows from operating activities before financial items 5,228 - 5,228 2,774 - 2,774 Other items (1,316) - (1,316) (546) - (546) Net cash provided by operating activities 3,912 - 3,912 2,228 - 2,228 |
Results for the Year (Tables)
Results for the Year (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Results for the Year | |
Schedule of revenue by type, collaboration partner, and product under agreements. | (DKK million) 2023 2022 2021 Revenue by type: Royalties 13,705 11,582 6,912 Reimbursement revenue 864 818 531 Milestone revenue 1,177 1,767 954 Collaboration revenue 307 332 20 License revenue - 6 - Net product sales 421 - - Total 16,474 14,505 8,417 Revenue by collaboration partner: Janssen 11,949 10,530 6,782 AbbVie 732 1,174 245 Roche 704 796 603 Novartis 1,511 815 236 BioNTech 784 708 416 Pfizer 1 373 413 135 Other - 69 - Total 2 16,053 14,505 8,417 Royalties by product: DARZALEX 11,265 9,966 6,070 Kesimpta 1,494 779 235 TEPEZZA 704 796 593 Other 3 242 41 14 Total 13,705 11,582 6,912 1 Pzifer acquired Seagen in December 2023 2 Excludes Genmab’s Net product sales 3 Other consist of royalties from net sales of RYBREVANT, TECVAYLI, TALVEY and TEPKINLY |
Schedule of segment disclosures in the financial statements as the group's business activities. | Revenue Non-current assets Revenue Non-current assets Revenue Non-current assets (DKK million) 2023 2022 2021 Denmark 16,053 496 14,505 211 8,417 269 Netherlands - 874 - 793 - 422 United States 380 378 - 442 - 470 Japan 41 56 - 70 - 95 Total 16,474 1,804 14,505 1,516 8,417 1,256 |
Schedule of staff cost | 2023 2022 2021 (DKK million) Wages and salaries 2,631 1,913 1,174 Share-based compensation 586 439 310 Defined contribution plans 170 112 80 Other social security costs 335 263 155 Government grants (174) (144) (122) Total 3,548 2,583 1,597 Staff costs are included in the income statement as follows: Cost of product sales 3 - - Research and development expenses 2,178 1,662 1,190 Selling, general and administrative expenses 1,541 1,065 529 Government grants related to research and development expenses (174) (144) (122) Total 3,548 2,583 1,597 Average number of FTE 2,011 1,460 1,022 Number of FTE at year-end 2,204 1,660 1,212 |
Schedule of corporate and deferred Tax | (DKK million) 2023 2022 2021 Current tax on profit 1,301 1,478 954 Adjustment to deferred tax (59) 107 (371) Adjustment to unrecognized deferred tax assets 43 (92) 378 Total tax for the period in the income statement 1,285 1,493 961 (DKK million) 2023 2022 2021 Net profit before tax 5,637 6,945 3,918 Tax at the Danish corporation tax rate of 22% for all periods 1,240 1,528 862 Tax effect of: Adjustment to unrecognized deferred tax assets 43 (92) 137 Recognition of previously unrecognized tax losses and deductible temporary differences - (12) 119 Non-deductible expenses/non-taxable income and other permanent differences, net 7 73 (147) All other (5) (4) (10) Total tax effect 45 (35) 99 Total tax for the period in the income statement 1,285 1,493 961 Total tax for the period in shareholders' equity 57 (22) (31) Effective Tax Rate 22.8% 21.5% 24.5% |
Schedule of components of the deferred tax asset | (DKK million) 2023 2022 Share-based instruments 41 128 Deferred revenue 113 113 Other temporary differences 58 11 Total at December 31 212 252 |
Schedule of Result Per Share | (DKK million) 2023 2022 2021 Net profit 4,352 5,452 2,957 (Shares) Weighted average number of shares outstanding 66,023,437 65,783,130 65,634,300 Weighted average number of treasury shares (713,693) (395,829) (238,663) Weighted average number of shares excl. treasury shares 65,309,744 65,387,301 65,395,637 Adjustments for share-based instruments, dilution 604,961 622,303 650,114 Weighted average number of shares, diluted 65,914,705 66,009,604 66,045,751 Basic net profit per share 66.64 83.38 45.22 Diluted net profit per share 66.02 82.59 44.77 |
Operating Assets and Liabilit_2
Operating Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Schedule of property, plant and equipment | Leasehold improvements Equipment, furniture and fixtures Assets under construction Total property and equipment (DKK million) 2023 Cost at January 1 412 649 233 1,294 Additions for the year 6 129 222 357 Transfers between the classes 276 134 (410) - Disposals for the year - - (6) (6) Exchange rate adjustment (10) (4) - (14) Cost at December 31 684 908 39 1,631 Accumulated depreciation and impairment at January 1 (132) (363) - (495) Depreciation for the year (64) (121) - (185) Exchange rate adjustment 2 2 - 4 Accumulated depreciation on disposals - - - - Accumulated depreciation and impairment at December 31 (194) (482) - (676) . Carrying amount at December 31 490 426 39 955 Leasehold improvements Equipment, furniture and fixtures Assets under construction Total property and equipment (DKK million) 2022 Cost at January 1 400 537 52 989 Additions for the year 5 118 181 304 Disposals for the year (8) (13) - (21) Exchange rate adjustment 15 7 - 22 Cost at December 31 412 649 233 1,294 Accumulated depreciation and impairment at January 1 (90) (278) - (368) Depreciation for the year (52) (94) - (146) Exchange rate adjustment (1) (2) - (3) Accumulated depreciation on disposals 11 11 - 22 Accumulated depreciation and impairment at December 31 (132) (363) - (495) . Carrying amount at December 31 280 286 233 799 2023 2022 2021 (DKK million) Depreciation and impairment included in the income statement as follows: Research and development expenses 140 108 93 Selling, general and administrative expenses 45 38 17 Total 185 146 110 |
Schedule of straight-line basis of useful lives | Equipment, furniture and fixtures 3-5 years Computer equipment 3 years Leasehold improvements 15 years or the lease term, if shorter |
Schedule of cash outflow for leases | (DKK million) 2023 2022 2021 Right-of-use assets Balance at January 1 523 354 283 Additions to right-of-use assets 1 250 243 127 Depreciation charge for the year (87) (74) (56) Balance at December 31 686 523 354 Lease liabilities Current 90 74 62 Non-current 680 523 363 Total at December 31 770 597 425 (1) Additions to right-of-use assets also includes modifications to existing leases and adjustments to the provisions for contractual restoration obligations related to leases of Genmab offices. Cash outflow for lease payments 115 88 70 |
Schedule of future minimum payments under our leases | (DKK million) 2023 2022 2021 Payment due Less than 1 year 106 89 74 1 to 3 years 199 167 109 More than 3 years but less than 5 years 183 136 97 More than 5 years 412 271 207 Total at December 31 900 663 487 |
Schedule of other Investments | (DKK million) 2023 2022 Publicly traded equity securities 47 67 Fund investments 87 66 Total at December 31 134 133 |
Schedule of other inventories | 2023 2022 (DKK million) Raw materials 14 - Work in progress - - Finished goods 59 - Total inventories (gross) at December 31 73 - Allowances at year end (16) - Total inventories (net) at December 31 57 - |
Schedules of Receivables | (DKK million) 2023 2022 Receivables related to collaboration agreements 4,148 5,068 Prepayments 241 144 Trade receivables related to product sales 184 - Interest receivables 150 82 Receivables for securities matured - 290 Other receivables 286 176 Total at December 31 5,009 5,760 Non-current receivables 62 48 Current receivables 4,947 5,712 Total at December 31 5,009 5,760 |
Schedule of deferred revenue | (DKK million) 2023 2022 Deferred revenue at January 1 513 513 Payment received - - Revenue recognized during the year - - Total at December 31 513 513 Non-current deferred revenue 480 480 Current deferred revenue 33 33 Total at December 31 513 513 |
Schedule of other payables | (DKK million) 2023 2022 Liabilities related to collaboration agreements 145 70 Staff cost liabilities 637 481 Accounts payable 330 245 Other liabilities 1,230 931 Total at December 31 2,342 1,727 Non-current other payables 35 11 Current other payables 2,307 1,716 Total at December 31 2,342 1,727 |
Intangible assets other than goodwill [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Schedule of Intangible Assets | (DKK million) 2023 2022 Cost at January 1 891 891 Additions for the year 10 - Cost at December 31 901 891 Accumulated amortization and impairment at January 1 (745) (637) Amortization for the year (55) (70) Impairment for the year - (38) Accumulated amortization and impairment at December 31 (800) (745) Carrying amount at December 31 101 146 (DKK million) 2023 2022 2021 Amortization and impairment included in the income statement as follows: Research and development expenses 55 108 84 Total 55 108 84 |
Capital Structure, Financial _2
Capital Structure, Financial Risk and Related Items (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Financial Instruments | |
Schedule of total marketable securities by currency | 2023 2022 Percent USD 81 % 80 % DKK 12 % 12 % EUR 6 % 7 % GBP 1 % 1 % Total at December 31 100 % 100 % |
Schedule of maturity profile of our marketable securities | (DKK million) 2023 2022 Year of Maturity 2023 - 6,254 2024 6,742 3,660 2025 3,717 1,801 2026 2,175 219 2027 232 45 2028+ 402 452 Total at December 31 13,268 12,431 |
Schedule of Financial Assets and Liabilities | December 31, (DKK million) Note 2023 2022 Financial assets measured at fair value through profit or loss Marketable securities 4.4 13,268 12,431 Other investments 3.4 134 133 Financial assets measured at amortized cost Receivables excluding prepayments 3.6 4,768 5,616 Cash and cash equivalents 14,867 9,893 Financial liabilities measured at amortized cost Lease liabilities 3.3 (770) (597) Other payables excluding provisions 3.8 (2,316) (1,715) December 31, 2023 2022 (DKK million) Note Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Measured at Fair Value Marketable securities 4.4 13,268 - - 13,268 12,431 - - 12,431 Other investments 3.4 47 - 87 134 67 - 66 133 |
Schedule of level 3 reconciliation of assets | (DKK million) Other Investments Fair value at December 31, 2021 27 Acquisitions 39 Fair value at December 31, 2022 66 Acquisitions 30 Fair value changes (9) Fair value at December 31, 2023 87 |
Schedule of portfolio of marketable securities | Market value Share Market value Share 2023 % 2022 % (DKK million) USD portfolio Corporate bonds 6,039 46% 5,091 41% US government bonds and treasury bills 3,247 24% 3,067 25% Commercial paper 451 3% 807 6% Other 1,003 8% 1,023 8% Total USD portfolio 10,740 81% 9,988 80% DKK portfolio Kingdom of Denmark bonds and treasury bills 419 3% 442 3% Danish mortgage-backed securities 1,170 9% 1,093 9% Total DKK portfolio 1,589 12% 1,535 12% EUR portfolio European government bonds and treasury bills 858 6% 832 7% GBP portfolio UK government bonds and treasury bills 81 1% 76 1% Total portfolio at December 31 13,268 100% 12,431 100% Marketable securities at December 31 13,268 12,431 |
Schedule of finance income and expenses | (DKK million) 2023 2022 2021 Financial income: Interest and other financial income 939 324 197 Gain on marketable securities, net 319 - - Foreign exchange rate gain, net - 1,034 1,470 Total financial income 1,258 1,358 1,667 Financial expenses: Interest and other financial expenses (27) (21) (13) Loss on marketable securities, net - (361) (246) Loss on other investments, net (26) (298) (443) Foreign exchange rate loss, net (889) - - Total financial expenses (942) (680) (702) Net financial items 316 678 965 |
Schedule of marketable securities | December 31, December 31, December 31, 2023 2022 2021 USD/DKK Foreign Exchange Rates 6.7447 6.9722 6.5612 % Increase/(Decrease) (3)% 6% 8% |
Summary of RSUs activity | Number of RSUs held by the Board of Directors Number of RSUs held by the Executive Management Number of RSUs held by employees Number of RSUs held by former members of the Executive Management, Board of Directors and employees Total RSUs Weighted Average Fair Value - RSUs Granted - DKK Total Fair Value of RSUs Granted - DKK million Outstanding at January 1, 2021 12,565 66,182 197,374 17,807 293,928 Granted* 3,297 31,417 146,684 4,817 186,215 2,236.44 416 Settled (3,556) (14,089) (35,962) (9,967) (63,574) Transferred (688) 5,533 (14,810) 9,965 - Cancelled (653) - (255) (9,670) (10,578) Outstanding at December 31, 2021 10,965 89,043 293,031 12,952 405,991 Outstanding at January 1, 2022 10,965 89,043 293,031 12,952 405,991 Granted* 4,295 40,453 221,000 6,383 272,131 2,250.18 612 Settled (3,420) (17,165) (67,945) (12,847) (101,377) Transferred (2,368) - (13,749) 16,117 - Cancelled (653) - (9,195) (18,759) (28,607) Outstanding at December 31, 2022 8,819 112,331 423,142 3,846 548,138 Outstanding at January 1, 2023 8,819 112,331 423,142 3,846 548,138 Granted* 3,361 75,854 208,353 11,643 299,211 2,619.35 784 Settled (1,880) (35,773) (54,871) (9,805) (102,329) Transferred - 12,918 (55,103) 42,185 - Cancelled - (4,357) (35) (37,984) (42,376) Outstanding at December 31, 2023 10,300 160,973 521,486 9,885 702,644 |
Summary of warrants activity | Number of warrants held by the Board of Directors Number of warrants held by the Executive Management Number of warrants held by employees Number of warrants held by former members of the Executive Management, Board of Directors and employees Total warrants Weighted average exercise price - DKK Weighted average share price at exercise date - DKK Outstanding Warrants - % of Share Capital Outstanding at January 1, 2021 11,941 140,815 732,577 103,135 988,468 1,247.22 Granted* 1,217 1,287 167,080 6,400 175,984 2,282.35 Exercised (2,500) (7,250) (105,726) (57,232) (172,708) 780.48 2,439.80 Expired - - - - - - Cancelled - - (477) (22,816) (23,293) 1,956.91 Transfers - 24,782 (54,454) 29,672 - - Outstanding at December 31, 2021 10,658 159,634 739,000 59,159 968,451 1,501.49 1% Exercisable at year end 6,594 135,723 219,386 50,021 411,724 1,058.41 Exercisable warrants in the money at year end 6,594 135,723 219,386 50,021 411,724 1,058.41 Outstanding at January 1, 2022 10,658 159,634 739,000 59,159 968,451 1,501.49 Granted* 1,541 - 250,005 7,412 258,958 2,244.22 Exercised (1,558) (29,836) (176,948) (34,775) (243,117) 1,154.95 2,815.33 Expired - - - - - - Cancelled - - (13,670) (32,654) (46,324) 2,029.00 Transfers (8,721) - (25,373) 34,094 - - Outstanding at December 31, 2022 1,920 129,798 773,014 33,236 937,968 1,770.31 1% Exercisable at year end 617 118,571 282,296 32,695 434,179 1,265.68 Exercisable warrants in the money at year end 617 118,571 282,296 32,695 434,179 1,265.68 Outstanding at January 1, 2023 1,920 129,798 773,014 33,236 937,968 1,770.31 Granted* 403 - 198,001 10,973 209,377 2,632.02 Exercised - (11,900) (74,672) (26,390) (112,962) 1,341.40 2,657.76 Expired - - (1,200) (117) (1,317) 1,225.18 Cancelled - - (32) (43,143) (43,175) 2,274.50 Transfers - 21,295 (103,396) 82,101 - - . Outstanding at December 31, 2023 2,323 139,193 791,715 56,660 989,891 1,980.25 1% Exercisable at year end 875 123,345 246,635 45,686 416,541 1,416.25 Exercisable warrants in the money at year end 617 123,345 192,945 43,632 360,539 1,272.37 |
Schedule of Weighted Average Exercise Prices Of Warrants | Exercise price Grant Date Number of warrants outstanding Weighted average remaining contractual life (in years) Number of warrants exercisable DKK 962.00 June 7, 2018 3,520 1.44 3,520 1,025.00 December 10, 2018 99,733 1.94 99,733 1,032.00 December 15, 2017 60,799 0.96 60,799 1,050.00 September 21, 2018 12,792 1.73 12,792 1,147.50 June 6, 2019 2,775 2.43 2,775 1,155.00 March 29, 2019 506 2.25 506 1,161.00 March 1, 2019 8,373 2.17 8,373 1,210.00 April 10, 2018 3,678 1.28 3,678 1,334.50 October 11, 2019 22,392 2.78 22,392 1,362.50 March 26, 2020 26,264 3.24 26,264 1,402.00 March 28, 2017 6,660 0.24 6,660 1,408.00 June 8, 2017 678 0.44 678 1,432.00 October 5, 2017 1,994 0.76 1,994 1,615.00 December 5, 2019 104,549 2.93 104,549 1,948.00 June 3, 2020 5,826 3.43 5,826 2,070.00 February 26, 2021 82,853 4.16 - 2,103.00 June 9, 2022 20,263 5.44 - 2,129.00 January 25, 2022 15,695 5.07 - 2,144.00 November 21, 2023 7,626 6.89 - 2,148.00 April 13, 2021 14,564 4.29 - 2,175.00 February 25, 2022 152,619 5.15 - 2,317.00 October 7, 2020 33,629 3.77 33,629 2,381.00 December 15, 2020 22,373 3.96 22,373 2,408.00 March 29, 2022 13,162 5.25 - 2,491.00 September 28, 2023 7,866 6.74 - 2,492.00 January 28, 2021 10,053 4.08 - 2,585.00 September 20, 2022 18,632 5.72 - 2,594.00 March 29, 2023 15,811 6.25 - 2,641.00 November 22, 2021 6,297 4.89 - 2,661.00 February 24, 2023 154,746 6.15 - 2,680.00 January 24, 2023 5,030 6.07 - 2,688.00 June 8, 2023 7,958 6.44 - 2,698.00 June 22, 2021 13,163 4.48 - 2,806.00 October 7, 2021 18,583 4.77 - 3,172.00 November 21, 2022 8,429 5.89 - 1,980.25 989,891 4.11 416,541 Exercise price Grant Date Number of warrants outstanding Weighted average remaining contractual life (in years) Number of warrants exercisable DKK 815.50 March 17, 2016 2,725 0.21 2,725 962.00 June 7, 2018 4,646 2.44 4,646 1,025.00 December 10, 2018 109,918 2.94 109,918 1,032.00 December 15, 2017 63,230 1.96 63,230 1,050.00 September 21, 2018 14,024 2.73 14,024 1,136.00 October 6, 2016 2,695 0.77 2,695 1,145.00 December 15, 2016 14,963 0.96 14,963 1,147.50 June 6, 2019 9,386 3.43 9,386 1,155.00 March 29, 2019 5,509 3.25 5,509 1,161.00 March 1, 2019 10,128 3.17 10,128 1,210.00 April 10, 2018 7,090 2.28 7,090 1,233.00 June 9, 2016 3,681 0.44 3,681 1,334.50 October 11, 2019 32,150 3.78 32,150 1,362.50 March 26, 2020 30,938 4.24 - 1,402.00 March 28, 2017 6,837 1.24 6,837 1,408.00 June 8, 2017 954 1.44 954 1,424.00 February 10, 2017 408 1.11 408 1,427.00 March 29, 2017 8,400 1.25 8,400 1,432.00 October 5, 2017 1,994 1.76 1,994 1,615.00 December 5, 2019 135,441 3.93 135,441 1,948.00 June 3, 2020 12,961 4.43 - 2,070.00 February 26, 2021 90,968 5.16 - 2,103.00 June 9, 2022 22,221 6.44 - 2,129.00 January 25, 2022 15,986 6.07 - 2,148.00 April 13, 2021 15,097 5.29 - 2,175.00 February 25, 2022 166,286 6.15 - 2,317.00 October 7, 2020 34,109 4.77 - 2,381.00 December 15, 2020 22,983 4.96 - 2,408.00 March 29, 2022 13,459 6.25 - 2,492.00 January 28, 2021 10,053 5.08 - 2,585.00 September 20, 2022 19,644 6.72 - 2,641.00 November 22, 2021 6,456 5.89 - 2,698.00 June 22, 2021 14,216 5.48 - 2,806.00 October 7, 2021 19,476 5.77 - 3,172.00 November 21, 2022 8,936 6.89 - 1,770.31 937,968 4.40 434,179 |
Schedule of Fair value of each warrant granted | Weighted average 2023 2022 2021 Fair value per warrant on grant date 924.10 664.08 701.82 Share price 2,632.02 2,244.22 2,282.35 Exercise price 2,632.02 2,244.22 2,282.35 Expected dividend yield 0% 0% 0% Expected stock price volatility 35.3% 33.5% 36.6% Risk-free interest rate 2.48% 0.15% -0.54% Expected life of warrants 5 years 5 years 5 years Total Fair Value of Amounts Granted 2023 2022 2021 Total fair value of warrants granted DKK 193 million DKK 172 million DKK 124 million |
Schedule of warrants issued and reissued during the period | April 13, 2021 March 29, 2019 Authorization Authorization Warrants issued 242,123 500,000 Warrants reissued 17,283 79,266 Warrants available for issue 507,877 - Warrants available for reissue 2,136 2,418 |
Schedule of changes in share capital | Number of shares Share capital Share Price Ranges 1 (DKK million) December 31, 2020 65,545,748 65.5 Exercise of warrants 172,708 0.2 DKK 31.75 to DKK 1,432.00 December 31, 2021 65,718,456 65.7 Exercise of warrants 243,117 0.3 DKK 466.20 to DKK 1,615.00 December 31, 2022 65,961,573 66.0 Exercise of warrants 112,962 0.1 DKK 815.50 to DKK 1,948.00 December 31, 2023 66,074,535 66.1 |
Schedule Of Treasury Shares | Number of shares Share capital Proportion of share capital Cost (DKK million) % (DKK million) Shareholding at December 31, 2020 132,106 0.1 0.2 154 Purchase of treasury shares 200,000 0.2 0.3 447 Shares used for funding RSU program (43,781) - (0.1) (51) Shareholding at December 31, 2021 288,325 0.3 0.4 550 Purchase of treasury shares 370,000 0.4 0.6 908 Shares used for funding RSU program (68,377) (0.1) (0.1) (80) Shareholding at December 31, 2022 589,948 0.6 0.9 1,378 Purchase of treasury shares 220,000 0.2 0.3 564 Shares used for funding RSU program (65,778) (0.1) (0.1) (126) Shareholding at December 31, 2023 744,170 0.7 1.1 1,816 |
Schedule of share repurchases | 2023 Authorization 2021 Authorization 2019 Authorization Number of shares authorized for repurchase 1 500,000 500,000 500,000 Actual shares repurchased under authorization — 260,000 500,000 Shares available for repurchase as of December 31, 2023 500,000 240,000 — 1 |
Other Disclosures (Tables)
Other Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Disclosures | |
Summary of remuneration of the Board of Directors and Executive Management | (DKK million) 2023 2022 2021 Wages and salaries 71 55 51 Share-based compensation expenses 100 70 58 Defined contribution plans 3 2 2 Total 174 127 111 |
Schedule of Remuneration to the Board of Directors | Base Board Fee Committee Fees Share-Based Compensation Expenses Total (DKK million) 2023 2022 2021 2023 2022 2021 2023 2022 2021 2023 2022 2021 Deirdre P. Connelly 1.2 1.2 1.2 0.5 0.5 0.5 1.1 0.9 0.7 2.8 2.6 2.4 Pernille Erenbjerg 0.9 0.9 0.9 0.4 0.4 0.4 0.8 0.7 0.5 2.1 2.0 1.8 Anders Gersel Pedersen 0.6 0.6 0.6 0.5 0.4 0.4 0.6 0.5 0.4 1.7 1.5 1.4 Paolo Paoletti 0.6 0.6 0.6 0.3 0.3 0.3 0.6 0.5 0.4 1.5 1.4 1.3 Rolf Hoffmann 0.6 0.6 0.6 0.3 0.3 0.4 0.6 0.5 0.4 1.5 1.4 1.4 Elizabeth O’Farrell 1 0.6 0.5 - 0.3 0.2 - 1.0 0.6 - 1.9 1.3 - Jonathan Peacock 2 - - 0.5 - - 0.3 - - 0.6 - - 1.4 Mijke Zachariasse 3 0.6 0.6 0.6 - - - 0.5 0.4 0.3 1.1 1.0 0.9 Martin Schultz 3 0.6 0.5 - - - - 0.2 - - 0.8 0.5 - Takahiro Hamatani 3 0.6 0.5 - - - - 0.2 - - 0.8 0.5 - Peter Storm Kristensen 4 - 0.1 0.6 - - - - 0.1 0.4 - 0.2 1.0 Rima Bawarshi Nassar 4 - 0.1 0.6 - - - - 0.1 0.2 - 0.2 0.8 Total 6.3 6.2 6.2 2.3 2.1 2.3 5.6 4.3 3.9 14.2 12.6 12.4 1 – Elizabeth O’Farrell was newly elected to the Board of Directors at the Annual General Meeting in March 2022. 2 – Jonathan Peacock stepped down from the Board of Directors effective November 15, 2021, due to increased responsibilities in connection with his other board commitments. 3 – Employee elected board members were elected at the Annual General Meeting in March 2022. 4 – Peter Storm Kristensen and Rima Bawarshi Nassar stepped down from the Board of Directors as employee elected board members at the Annual General Meeting in March 2022. |
Schedule of executive compensation | Base Salary Defined Contribution Plans Other Benefits Annual Cash Bonus Share-Based Compensation Expenses Total (DKK million) 2023 2022 2021 2023 2022 2021 2023 2022 2021 2023 2022 2021 2023 2022 2021 2023 2022 2021 Jan van de Winkel 9.2 8.6 7.9 1.3 1.3 1.1 0.3 0.3 0.6 9.2 8.6 7.9 24.3 22.9 20.6 44.3 41.7 38.1 Anthony Pagano 4.4 4.3 3.2 0.1 0.1 0.1 - - - 2.6 2.6 1.9 12.5 9.5 7.2 19.6 16.5 12.4 Anthony Mancini 4.9 4.7 3.9 0.1 0.1 0.1 - - 3.1 2.9 2.8 2.3 13.9 11.4 7.2 21.8 19.0 16.6 Judith Klimovsky 5.0 4.9 4.0 0.1 0.1 0.1 - - - 3.0 2.9 2.5 13.6 14.1 13.2 21.7 22.0 19.8 Tahamtan Ahmadi 1 4.7 4.6 3.3 0.1 0.1 0.1 - - - 2.9 2.8 2.0 12.1 7.7 5.5 19.8 15.2 10.9 Birgitte Stephensen 2 2.6 - - 0.3 - - - - - 1.5 - - 5.7 - - 10.1 - - Christopher Cozic 2 3.3 - - 0.1 - - - - - 2.0 - - 7.8 - - 13.2 - - Martine van Vugt 3 2.5 - - 0.6 - - 0.1 - - 1.6 - - 4.1 - - 8.9 - - Total 36.6 27.1 22.3 2.7 1.7 1.5 0.4 0.3 3.7 25.7 19.7 16.6 94.0 65.6 53.7 159.4 114.4 97.8 1 – Tahamtan Ahmadi was appointed Chief Medical Officer, Head of Experimental Medicines and member of the Executive Management in March 2021. 2 – Birgitte Stephensen and Christopher Cozic were appointed Chief Legal Officer and Chief People Officer, respectively, and members of the Executive Management in March 2022. 3 – Martine van Vugt was appointed Chief Strategy Officer and member of the Executive Management in March 2023. |
Summary of fees to auditors | (DKK million) 2023 2022 2021 PricewaterhouseCoopers Audit fees 6.1 5.8 5.8 Audit-related fees 3.4 2.0 1.8 Tax fees - - - All other fees 0.1 - 0.1 Total 9.6 7.8 7.7 |
Summary of adjustments to cash flow statement | (DKK million) Note 2023 2022 2021 Adjustments for non-cash transactions: Depreciation, amortization and impairment 3.1, 3.2, 3.3 295 362 248 Share-based compensation expenses 2.3, 4.6 586 439 310 Other - - (32) Total adjustments for non-cash transactions 881 801 526 Change in operating assets and liabilities: Receivables 797 (2,123) (1,009) Inventories (57) - - Other payables 622 283 304 Total change in operating assets and liabilities 1,362 (1,840) (705) |
Basis of Presentation (Details)
Basis of Presentation (Details) | 12 Months Ended |
Dec. 31, 2023 item | |
Basis of Presentation | |
Number of approved products commercialized by third parties | 6 |
Number of approved products jointly commercialized by collaboration partner | 2 |
Basis of Presentation - Activit
Basis of Presentation - Activities of the subsidiary (Details) - Parent Company [Member] | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Genmab B.V. | ||
Activities of the subsidiary | ||
Ownership and votes (Percentage) | 100% | 100% |
Genmab Holding B.V. | ||
Activities of the subsidiary | ||
Ownership and votes (Percentage) | 100% | 100% |
Genmab US, Inc. | ||
Activities of the subsidiary | ||
Ownership and votes (Percentage) | 100% | 100% |
Genmab K.K. | ||
Activities of the subsidiary | ||
Ownership and votes (Percentage) | 100% | 100% |
Basis of Presentation - Revisio
Basis of Presentation - Revision of prior period financial statements (Details) - DKK (kr) kr / shares in Units, kr in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Statements: | ||||
Revenue | kr 16,474 | kr 14,505 | kr 8,417 | |
Operating expenses | (10,927) | (8,238) | (5,464) | |
Operating profit | 5,321 | 6,267 | 2,953 | |
Financial income/expense | 316 | 678 | 965 | |
Net profit before tax | 5,637 | 6,945 | 3,918 | |
Corporate tax | (1,285) | (1,493) | (961) | |
Net profit | kr 4,352 | kr 5,452 | kr 2,957 | |
Basic net profit per share | kr 66.64 | kr 83.38 | kr 45.22 | |
Diluted net profit per share | kr 66.02 | kr 82.59 | kr 44.77 | |
Exchange differences on translation of foreign operations | kr (38) | kr 17 | kr 27 | |
Total comprehensive income | 4,314 | 5,469 | 2,984 | |
Balance Sheet: | ||||
Total non-current assets | 2,150 | 1,901 | 1,891 | |
Corporate tax receivable | 182 | 50 | ||
Receivables | 4,947 | 5,712 | 3,259 | |
Other assets | 22,324 | 19,338 | ||
Total current assets | 33,139 | 28,218 | 22,647 | |
Total assets | 35,289 | 30,119 | 24,538 | |
Other equity items | 12,473 | 12,176 | ||
Retained earnings | 19,023 | 14,809 | 9,931 | |
Total shareholders' equity | 31,610 | 27,282 | 22,107 | kr 19,121 |
Total liabilities | 3,679 | 2,837 | 2,431 | |
Total shareholders' equity and liabilities | 35,289 | 30,119 | 24,538 | |
Cash Flow Statement: | ||||
Net profit before tax | 5,637 | 6,945 | 3,918 | |
Reversal of financial items, net | (316) | (678) | (965) | |
Adjustment for non-cash transactions | 881 | 801 | 526 | |
Change in operating assets and liabilities | 1,362 | (1,840) | (705) | |
Cash flows from operating activities before financial items | 7,564 | 5,228 | 2,774 | |
Other items | (1,316) | (546) | ||
Net cash provided by operating activities | kr 7,380 | 3,912 | 2,228 | |
Effect of Error Correction | ||||
Income Statements: | ||||
Revenue | (90) | (65) | ||
Operating profit | (90) | (65) | ||
Net profit before tax | (90) | (65) | ||
Corporate tax | 20 | 14 | ||
Net profit | kr (70) | kr (51) | ||
Basic net profit per share | kr (1.07) | kr (0.78) | ||
Diluted net profit per share | kr (1.06) | kr (0.77) | ||
Total comprehensive income | kr (70) | kr (51) | ||
Balance Sheet: | ||||
Corporate tax receivable | 39 | 19 | ||
Receivables | (198) | (108) | ||
Total current assets | (159) | (89) | ||
Total assets | (159) | (89) | ||
Retained earnings | (159) | (89) | ||
Total shareholders' equity | (159) | (89) | ||
Total shareholders' equity and liabilities | (159) | (89) | ||
Cash Flow Statement: | ||||
Net profit before tax | (90) | (65) | ||
Change in operating assets and liabilities | 90 | 65 | ||
Previously Reported Balances | ||||
Income Statements: | ||||
Revenue | 14,595 | 8,482 | ||
Operating expenses | (8,238) | (5,464) | ||
Operating profit | 6,357 | 3,018 | ||
Financial income/expense | 678 | 965 | ||
Net profit before tax | 7,035 | 3,983 | ||
Corporate tax | (1,513) | (975) | ||
Net profit | kr 5,522 | kr 3,008 | ||
Basic net profit per share | kr 84.45 | kr 46 | ||
Diluted net profit per share | kr 83.65 | kr 45.54 | ||
Exchange differences on translation of foreign operations | kr 17 | kr 27 | ||
Total comprehensive income | 5,539 | 3,035 | ||
Balance Sheet: | ||||
Total non-current assets | 1,901 | 1,891 | ||
Corporate tax receivable | 143 | 31 | ||
Receivables | 5,910 | 3,367 | ||
Other assets | 22,324 | 19,338 | ||
Total current assets | 28,377 | 22,736 | ||
Total assets | 30,278 | 24,627 | ||
Other equity items | 12,473 | 12,176 | ||
Retained earnings | 14,968 | 10,020 | ||
Total shareholders' equity | 27,441 | 22,196 | ||
Total liabilities | 2,837 | 2,431 | ||
Total shareholders' equity and liabilities | 30,278 | 24,627 | ||
Cash Flow Statement: | ||||
Net profit before tax | 7,035 | 3,983 | ||
Reversal of financial items, net | (678) | (965) | ||
Adjustment for non-cash transactions | 801 | 526 | ||
Change in operating assets and liabilities | (1,930) | (770) | ||
Cash flows from operating activities before financial items | 5,228 | 2,774 | ||
Other items | (1,316) | (546) | ||
Net cash provided by operating activities | kr 3,912 | kr 2,228 |
Results for the Year (Details)
Results for the Year (Details) - DKK (kr) kr in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue | |||
Revenue | kr 16,474 | kr 14,505 | kr 8,417 |
DARZALEX | |||
Revenue | |||
Revenue | 11,265 | 9,966 | 6,070 |
TEPEZZA | |||
Revenue | |||
Revenue | 704 | 796 | 593 |
Kesimpta | |||
Revenue | |||
Revenue | 1,494 | 779 | 235 |
Other | |||
Revenue | |||
Revenue | 242 | 41 | 14 |
Janssen | |||
Revenue | |||
Revenue | 11,949 | 10,530 | 6,782 |
AbbVie | |||
Revenue | |||
Revenue | 732 | 1,174 | 245 |
Roche | |||
Revenue | |||
Revenue | 704 | 796 | 603 |
Novartis | |||
Revenue | |||
Revenue | 1,511 | 815 | 236 |
BioNTech | |||
Revenue | |||
Revenue | 784 | 708 | 416 |
Pfizer | |||
Revenue | |||
Revenue | 373 | 413 | 135 |
Other partners | |||
Revenue | |||
Revenue | 69 | ||
Royalties | |||
Revenue | |||
Revenue | 13,705 | 11,582 | 6,912 |
Reimbursement revenue | |||
Revenue | |||
Revenue | 864 | 818 | 531 |
Milestone revenue | |||
Revenue | |||
Revenue | 1,177 | 1,767 | 954 |
License revenue | |||
Revenue | |||
Revenue | 6 | ||
Collaboration revenue | |||
Revenue | |||
Revenue | 307 | kr 332 | kr 20 |
Net product sales | |||
Revenue | |||
Revenue | 421 | ||
Excluding Net product Sales | |||
Revenue | |||
Revenue | kr 16,053 |
Results for the Year - Geograph
Results for the Year - Geographical Areas (Details) kr in Millions | 12 Months Ended | ||
Dec. 31, 2023 DKK (kr) item | Dec. 31, 2022 DKK (kr) | Dec. 31, 2021 DKK (kr) | |
Disclosure of geographical areas [line items] | |||
Revenue | kr 16,474 | kr 14,505 | kr 8,417 |
Non-current assets | kr 1,804 | 1,516 | 1,256 |
Number of business unit | item | 1 | ||
DENMARK | |||
Disclosure of geographical areas [line items] | |||
Revenue | kr 16,053 | 14,505 | 8,417 |
Non-current assets | 496 | 211 | 269 |
NETHERLANDS | |||
Disclosure of geographical areas [line items] | |||
Non-current assets | 874 | 793 | 422 |
UNITED STATES | |||
Disclosure of geographical areas [line items] | |||
Revenue | 380 | ||
Non-current assets | 378 | 442 | 470 |
JAPAN | |||
Disclosure of geographical areas [line items] | |||
Revenue | 41 | ||
Non-current assets | kr 56 | kr 70 | kr 95 |
Results for the Year - Staff Co
Results for the Year - Staff Costs (Details) - DKK (kr) kr in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Results for the Year | |||
Wages and salaries | kr 2,631 | kr 1,913 | kr 1,174 |
Share-based compensation | 586 | 439 | 310 |
Defined contribution plans | 170 | 112 | 80 |
Other social security costs | 335 | 263 | 155 |
Government grants | (174) | (144) | (122) |
Total | 3,548 | 2,583 | 1,597 |
Cost of product sales | 3 | ||
Research and development expenses | 2,178 | 1,662 | 1,190 |
Selling, general and administrative expenses | 1,541 | 1,065 | 529 |
Government grants related to research and development expenses | (174) | (144) | (122) |
Total | kr 3,548 | kr 2,583 | kr 1,597 |
Average number of FTE | 2,011 | 1,460 | 1,022 |
Number of FTE at year-end | 2,204 | 1,660 | 1,212 |
Pension obligations | kr 0 |
Results for the Year - Corporat
Results for the Year - Corporate and Deferred Tax - Narrative (Details) - DKK (kr) kr in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Corporate and Deferred Tax [Line Items] | |||
Corporate tax expense | kr 1,285 | kr 1,493 | kr 961 |
Current tax benefit recorded directly in shareholders' equity | 57 | 22 | kr 31 |
Estimated amount to reduce future taxable income | 2,400 | kr 800 | |
U.S | |||
Corporate and Deferred Tax [Line Items] | |||
Gross unrecognized tax loss carryforwards | 2,100 | ||
Netherlands | |||
Corporate and Deferred Tax [Line Items] | |||
Gross unrecognized tax loss carryforwards | kr 500 |
Results for the Year - Corpor_2
Results for the Year - Corporate and Deferred Tax (Details) - DKK (kr) kr in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Results for the Year | |||
Current tax on profit | kr 1,301 | kr 1,478 | kr 954 |
Adjustment to deferred tax | (59) | 107 | (371) |
Adjustment to unrecognized deferred tax assets | 43 | (92) | 378 |
Total tax for the period in the income statement | kr 1,285 | kr 1,493 | kr 961 |
Results for the Year - A reconc
Results for the Year - A reconciliation of Genmab's effective tax (Details) - DKK (kr) kr in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Results for the Year | |||
Net profit before tax | kr 5,637 | kr 6,945 | kr 3,918 |
Tax at the Danish corporation tax rate of 22% for all periods | 1,240 | 1,528 | 862 |
Adjustment to unrecognized deferred tax assets | 43 | (92) | 137 |
Recognition of previously unrecognized tax losses and deductible temporary differences | (2,400) | (800) | |
Recognition of previously unrecognized tax losses and deductible temporary differences | (12) | 119 | |
Non-deductible expenses/non-taxable income and other permanent differences, net | 7 | 73 | (147) |
All other | (5) | (4) | (10) |
Total tax effect | 45 | (35) | 99 |
Total tax for the period in the income statement | 1,285 | 1,493 | 961 |
Total tax for the period in shareholders' equity | kr 57 | kr (22) | kr (31) |
Effective Tax Rate | 22.80% | 21.50% | 24.50% |
Applicable tax rate | 22% | 22% | 22% |
Results for the Year - Deferred
Results for the Year - Deferred tax asset (Details) - DKK (kr) kr in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | kr 212 | kr 252 |
Share-Based Instruments | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 41 | 128 |
Deferred Revenue | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 113 | 113 |
Other temporary differences | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | kr 58 | kr 11 |
Results for the Year - Result P
Results for the Year - Result Per Share (Details) - DKK (kr) kr / shares in Units, kr in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Results for the Year | |||
Net profit | kr 4,352 | kr 5,452 | kr 2,957 |
Weighted average number of shares outstanding | 66,023,437 | 65,783,130 | 65,634,300 |
Weighted average number of treasury shares | (713,693) | (395,829) | (238,663) |
Weighted average number of shares excl. treasury shares | 65,309,744 | 65,387,301 | 65,395,637 |
Adjustments for share-based instruments, dilution | 604,961 | 622,303 | 650,114 |
Weighted average number of shares, diluted | 65,914,705 | 66,009,604 | 66,045,751 |
Basic net profit per share | kr 66.64 | kr 83.38 | kr 45.22 |
Diluted net profit per share | kr 66.02 | kr 82.59 | kr 44.77 |
Shares excluded from calculation of diluted net result per share | 248,649 | 68,728 | 43,654 |
Shares vested excluded from calculation of diluted net result per share | 0 | 0 | 0 |
Operating Assets and Liabilit_3
Operating Assets and Liabilities - Intangible Assets (Details) - DKK (kr) kr in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Intangible Assets | ||
Cost at beginning of period | kr 146 | |
Cost at end of period | 101 | kr 146 |
Licenses, Rights and Patents | ||
Intangible Assets | ||
Cost at beginning of period | 146 | |
Cost at end of period | 101 | 146 |
Licenses, Rights and Patents | Gross carrying amount [member] | ||
Intangible Assets | ||
Cost at beginning of period | 891 | 891 |
Additions for the year | 10 | |
Cost at end of period | 901 | 891 |
Licenses, Rights and Patents | Accumulated amortization and impairment | ||
Intangible Assets | ||
Cost at beginning of period | (745) | (637) |
Amortization for the year | (55) | (70) |
Impairment for the year | (38) | |
Cost at end of period | kr (800) | kr (745) |
Operating Assets and Liabilit_4
Operating Assets and Liabilities - Depreciation, amortization, and impairments are included in the income statement (Details) - DKK (kr) kr in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Intangible assets other than goodwill [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Research and development expenses | kr 55 | kr 108 | kr 84 |
Total | 55 | 108 | 84 |
Property And Equipment [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Research and development expenses | 140 | 108 | 93 |
Selling, general and administrative expenses | 45 | 38 | 17 |
Total | kr 185 | kr 146 | kr 110 |
Operating Assets and Liabilit_5
Operating Assets and Liabilities - Property and Equipment (Details) - DKK (kr) kr in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Property, Plant and Equipment | ||
Cost at beginning of period | kr 799 | |
Cost at end of period | 955 | kr 799 |
Gross carrying amount [member] | ||
Property, Plant and Equipment | ||
Cost at beginning of period | 1,294 | 989 |
Additions for the year | 357 | 304 |
Disposals for the year | (6) | (21) |
Exchange rate adjustment | (14) | 22 |
Cost at end of period | 1,631 | 1,294 |
Accumulated amortization and impairment | ||
Property, Plant and Equipment | ||
Cost at beginning of period | (495) | (368) |
Depreciation for the year | (185) | (146) |
Accumulated depreciation on disposals | 22 | |
Exchange rate adjustment | 4 | (3) |
Cost at end of period | (676) | (495) |
Leasehold improvements | ||
Property, Plant and Equipment | ||
Cost at beginning of period | 280 | |
Cost at end of period | 490 | 280 |
Leasehold improvements | Gross carrying amount [member] | ||
Property, Plant and Equipment | ||
Cost at beginning of period | 412 | 400 |
Additions for the year | 6 | 5 |
Transfers between the classes | 276 | |
Disposals for the year | (8) | |
Exchange rate adjustment | (10) | 15 |
Cost at end of period | 684 | 412 |
Leasehold improvements | Accumulated amortization and impairment | ||
Property, Plant and Equipment | ||
Cost at beginning of period | (132) | (90) |
Depreciation for the year | (64) | (52) |
Accumulated depreciation on disposals | 11 | |
Exchange rate adjustment | 2 | (1) |
Cost at end of period | (194) | (132) |
Equipment, furniture and fixtures | ||
Property, Plant and Equipment | ||
Cost at beginning of period | 286 | |
Cost at end of period | 426 | 286 |
Equipment, furniture and fixtures | Gross carrying amount [member] | ||
Property, Plant and Equipment | ||
Cost at beginning of period | 649 | 537 |
Additions for the year | 129 | 118 |
Transfers between the classes | 134 | |
Disposals for the year | (13) | |
Exchange rate adjustment | (4) | 7 |
Cost at end of period | 908 | 649 |
Equipment, furniture and fixtures | Accumulated amortization and impairment | ||
Property, Plant and Equipment | ||
Cost at beginning of period | (363) | (278) |
Depreciation for the year | (121) | (94) |
Accumulated depreciation on disposals | 11 | |
Exchange rate adjustment | 2 | (2) |
Cost at end of period | (482) | (363) |
Assets under construction | ||
Property, Plant and Equipment | ||
Cost at beginning of period | 233 | |
Cost at end of period | 39 | 233 |
Assets under construction | Gross carrying amount [member] | ||
Property, Plant and Equipment | ||
Cost at beginning of period | 233 | 52 |
Additions for the year | 222 | 181 |
Transfers between the classes | (410) | |
Disposals for the year | (6) | |
Cost at end of period | kr 39 | kr 233 |
Operating Assets and Liabilit_6
Operating Assets and Liabilities - Depreciation (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Equipment, furniture and fixtures | Bottom of range [member] | |
Property, Plant and Equipment | |
Expected useful lives of assets | 3 years |
Equipment, furniture and fixtures | Top of range [member] | |
Property, Plant and Equipment | |
Expected useful lives of assets | 5 years |
Computer equipment [member] | |
Property, Plant and Equipment | |
Expected useful lives of assets | 3 years |
Leasehold improvements | |
Property, Plant and Equipment | |
Expected useful lives of assets | 15 years |
Operating Assets and Liabilit_7
Operating Assets and Liabilities - Amounts recognized in balance sheet and comprehensive income (Details) - DKK (kr) kr in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating Assets and Liabilities | |||
Balance at January 1 | kr 523 | kr 354 | kr 283 |
Additions to right of use assets | 250 | 243 | 127 |
Depreciation charge for the year | (87) | (74) | (56) |
Balance at December 31 | 686 | 523 | 354 |
Lease Liabilities | |||
Current | 90 | 74 | 62 |
Non-current | 680 | 523 | 363 |
Total lease liabilities | 770 | 597 | 425 |
Cash outflow for lease payments | kr 115 | kr 88 | kr 70 |
Operating Assets and Liabilit_8
Operating Assets and Liabilities - Future minimum payments under our leases (Details) - DKK (kr) kr in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of maturity analysis of operating lease payments [abstract] | |||
Future minimum payments under our leases | kr 900 | kr 663 | kr 487 |
Not later than one year [member] | |||
Disclosure of maturity analysis of operating lease payments [abstract] | |||
Future minimum payments under our leases | 106 | 89 | 74 |
1 to 3 years | |||
Disclosure of maturity analysis of operating lease payments [abstract] | |||
Future minimum payments under our leases | 199 | 167 | 109 |
More than 3 years but less than 5 years | |||
Disclosure of maturity analysis of operating lease payments [abstract] | |||
Future minimum payments under our leases | 183 | 136 | 97 |
Later than five years [member] | |||
Disclosure of maturity analysis of operating lease payments [abstract] | |||
Future minimum payments under our leases | kr 412 | kr 271 | kr 207 |
Operating Assets and Liabilit_9
Operating Assets and Liabilities - Other Investments (Details) - DKK (kr) kr in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Collaboration Agreements | ||
Other investments | kr 134 | kr 133 |
Publicly traded equity securities | ||
Collaboration Agreements | ||
Other investments | 47 | 67 |
Fund investments | ||
Collaboration Agreements | ||
Other investments | kr 87 | kr 66 |
Operating Assets and Liabili_10
Operating Assets and Liabilities - Inventories (Details) kr in Millions | Dec. 31, 2023 DKK (kr) |
Schedule of Inventories [Line Items] | |
Total inventories | kr 57 |
Gross | |
Schedule of Inventories [Line Items] | |
Raw materials | 14 |
Finished goods | 59 |
Total inventories | 73 |
Accumulated impairment | |
Schedule of Inventories [Line Items] | |
Total inventories | kr (16) |
Operating Assets and Liabili_11
Operating Assets and Liabilities - Receivables (Details) - DKK (kr) kr in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Receivables [Line Items] | |||
Receivables related to collaboration agreements | kr 4,148 | kr 5,068 | |
Prepayments | 241 | 144 | |
Trade receivables related to product sales | 184 | ||
Interest receivables | 150 | 82 | |
Receivables for securities matured | 290 | ||
Other receivables | 286 | 176 | |
Total | 5,009 | 5,760 | |
Non-current receivables | 62 | 48 | |
Current receivables | 4,947 | 5,712 | kr 3,259 |
Losses related to receivables and the credit risk on receivables is limited | kr 0 | kr 0 | |
Bottom of range [member] | |||
Disclosure Of Receivables [Line Items] | |||
Payment terms | 30 days | ||
Top of range [member] | |||
Disclosure Of Receivables [Line Items] | |||
Payment terms | 180 days |
Operating Assets and Liabili_12
Operating Assets and Liabilities - Deferred Revenue (Details) kr in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | ||||
Jul. 31, 2020 DKK (kr) | Jul. 31, 2020 USD ($) | Dec. 31, 2023 DKK (kr) | Dec. 31, 2022 DKK (kr) | Dec. 31, 2021 DKK (kr) | Dec. 31, 2020 DKK (kr) | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||
Revenue recognized during the year | kr (16,474) | kr (14,505) | kr (8,417) | |||
Upfront payment recognized | 16,474 | 14,505 | 8,417 | |||
AbbVie | ||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||
Deferred revenue at January 1 | 513 | 513 | ||||
Revenue recognized during the year | (732) | (1,174) | (245) | |||
Total at December 31 | 513 | 513 | 513 | |||
Non-current deferred revenue | 480 | 480 | ||||
Current deferred revenue | 33 | 33 | ||||
Deferred Revenue Recognized | 0 | 0 | 0 | |||
Total at December 31 | kr 513 | kr 513 | kr 513 | |||
Upfront payment | kr 4,911 | $ 750 | ||||
Upfront payment recognized | kr 4,398 |
Operating Assets and Liabili_13
Operating Assets and Liabilities - Other Payables (Details) - DKK (kr) kr in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Operating Assets and Liabilities | ||
Liabilities related to collaboration agreements | kr 145 | kr 70 |
Staff cost liabilities | 637 | 481 |
Other liabilities | 1,230 | 931 |
Accounts payable | 330 | 245 |
Total at December 31 | 2,342 | 1,727 |
Non-current other payables | 35 | 11 |
Current other payables | kr 2,307 | kr 1,716 |
Capital Structure, Financial _3
Capital Structure, Financial Risk and Related Items - Capital Management (Details) - DKK (kr) kr in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Financial Instruments | ||||
Cash and cash equivalents | kr 14,867 | kr 9,893 | kr 8,957 | kr 7,260 |
Marketable securities | kr 13,268 | kr 12,431 |
Capital Structure, Financial _4
Capital Structure, Financial Risk and Related Items - Financial Risk (Details) - DKK (kr) kr in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of credit risk exposure [line items] | |||
Percentage of marketable securities | 100% | 100% | |
DKK | |||
Disclosure of credit risk exposure [line items] | |||
Percentage of possible increase or decrease in exchange rate | 10% | 10% | |
Credit risk | |||
Disclosure of credit risk exposure [line items] | |||
Maximum credit exposure | kr 28,135 | kr 22,324 | |
Maximum credit exposure to receivables | 5,009 | 5,760 | |
Total value of bank deposits | kr 14,867 | kr 9,893 | |
Credit risk | Triple A-rating from Moody's, S&P or Fitch | |||
Disclosure of credit risk exposure [line items] | |||
Percentage of marketable securities | 71% | 75% | |
Marketable securities including interest receivables | kr 13,268 | kr 12,431 | |
Currency risk | |||
Disclosure of credit risk exposure [line items] | |||
Revenue (as a percent) | 86% | 89% | 92% |
Marketable securities were invested (as a percent) | 100% | 100% | |
Currency risk | United States of America, Dollars | |||
Disclosure of credit risk exposure [line items] | |||
Marketable securities were invested (as a percent) | 81% | 80% | |
Currency risk | DKK | |||
Disclosure of credit risk exposure [line items] | |||
Marketable securities were invested (as a percent) | 12% | 12% | |
Currency risk | Euro Member Countries, Euro | |||
Disclosure of credit risk exposure [line items] | |||
Marketable securities were invested (as a percent) | 6% | 7% | |
Currency risk | United Kingdom, Pounds | |||
Disclosure of credit risk exposure [line items] | |||
Marketable securities were invested (as a percent) | 1% | 1% |
Capital Structure, Financial _5
Capital Structure, Financial Risk and Related Items - Assets and Liabilities in Foreign Currency (Details) - DKK (kr) kr in Billions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of credit risk exposure [line items] | ||
Central rate committed to maintain | 7.46 | |
Positive fluctuation in exchange rate | 2.25% | |
Negative fluctuation in exchange rate | (2.25%) | |
United States of America, Dollars | ||
Disclosure of credit risk exposure [line items] | ||
Estimated impact for net profit before tax due to increase or decrease In exchange rate | kr 2.7 | kr 2.2 |
Capital Structure, Financial _6
Capital Structure, Financial Risk and Related Items - Maturity profile of our marketable securities (Details) - DKK (kr) kr in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of financial assets [line items] | ||
Ifrs Marketable Securities Current | kr 13,268 | kr 12,431 |
Not later than one year [member] | ||
Disclosure of financial assets [line items] | ||
Ifrs Marketable Securities Current | 6,254 | |
Later than one year and not later than two years [member] | ||
Disclosure of financial assets [line items] | ||
Ifrs Marketable Securities Current | 6,742 | 3,660 |
Later than two years and not later than three years [member] | ||
Disclosure of financial assets [line items] | ||
Ifrs Marketable Securities Current | 3,717 | 1,801 |
Later than three years and not later than four years [member] | ||
Disclosure of financial assets [line items] | ||
Ifrs Marketable Securities Current | 2,175 | 219 |
Later than four years and not later than five years [member] | ||
Disclosure of financial assets [line items] | ||
Ifrs Marketable Securities Current | 232 | 45 |
Later than five years [member] | ||
Disclosure of financial assets [line items] | ||
Ifrs Marketable Securities Current | kr 402 | kr 452 |
Capital Structure, Financial _7
Capital Structure, Financial Risk and Related Items - Financial Assets and Liabilities (Details) - DKK (kr) kr in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Financial liabilities at amortised cost, category [member] | Lease Liabilities [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | kr (770) | kr (597) |
Financial liabilities at amortised cost, category [member] | Other payables excluding provisions | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | (2,316) | (1,715) |
Financial assets at fair value through profit or loss, category [member] | Marketable Securities | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial Assets | 13,268 | 12,431 |
Financial assets at fair value through profit or loss, category [member] | Other investments | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial Assets | 134 | 133 |
Financial assets at amortised cost, category [member] | Receivables excluding prepayments | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial Assets | 4,768 | 5,616 |
Financial assets at amortised cost, category [member] | Cash and cash equivalents [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial Assets | kr 14,867 | kr 9,893 |
Capital Structure, Financial _8
Capital Structure, Financial Risk and Related Items - Fair Value Measurement - Other Investments (Details) - DKK (kr) kr in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Collaboration Agreements | ||
Other investments | kr 134 | kr 133 |
Marketable Securities | Net Book value | ||
Collaboration Agreements | ||
Fair value at beginning of period | 12,431 | |
Fair value at end of period | 13,268 | 12,431 |
Other investments | ||
Collaboration Agreements | ||
Transfer to Level 1 | 0 | |
Transfer to level 3 | 0 | |
Other investments | Net Book value | ||
Collaboration Agreements | ||
Fair value at beginning of period | 133 | |
Fair value at end of period | 134 | 133 |
Level 1 of fair value hierarchy [member] | Marketable Securities | Net Book value | ||
Collaboration Agreements | ||
Fair value at beginning of period | 12,431 | |
Fair value at end of period | 13,268 | 12,431 |
Level 1 of fair value hierarchy [member] | Other investments | Net Book value | ||
Collaboration Agreements | ||
Fair value at beginning of period | 67 | |
Fair value at end of period | 47 | 67 |
Level 3 of fair value hierarchy [member] | Other investments | Net Book value | ||
Collaboration Agreements | ||
Fair value at beginning of period | 66 | 27 |
Acquisitions | 30 | 39 |
Fair value changes | (9) | |
Fair value at end of period | kr 87 | kr 66 |
Capital Structure, Financial _9
Capital Structure, Financial Risk and Related Items - Marketable securities portfolio (Details) - DKK (kr) kr in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Marketable Securities | ||
Market value | kr 13,268 | kr 12,431 |
Percentage of marketable securities | 100% | 100% |
USD portfolio | ||
Marketable Securities | ||
Market value | kr 10,740 | kr 9,988 |
Percentage of marketable securities | 81% | 80% |
Corporate bonds | ||
Marketable Securities | ||
Market value | kr 6,039 | kr 5,091 |
Percentage of marketable securities | 46% | 41% |
US government bonds and treasury bills | ||
Marketable Securities | ||
Market value | kr 3,247 | kr 3,067 |
Percentage of marketable securities | 24% | 25% |
Commercial paper | ||
Marketable Securities | ||
Market value | kr 451 | kr 807 |
Percentage of marketable securities | 3% | 6% |
Other marketable securities [Member] | ||
Marketable Securities | ||
Market value | kr 1,003 | kr 1,023 |
Percentage of marketable securities | 8% | 8% |
DKK portfolio | ||
Marketable Securities | ||
Market value | kr 1,589 | kr 1,535 |
Percentage of marketable securities | 12% | 12% |
Kingdom of Denmark bonds and treasury bills | ||
Marketable Securities | ||
Market value | kr 419 | kr 442 |
Percentage of marketable securities | 3% | 3% |
Danish mortgage-backed securities | ||
Marketable Securities | ||
Market value | kr 1,170 | kr 1,093 |
Percentage of marketable securities | 9% | 9% |
European government bonds and treasury bills | ||
Marketable Securities | ||
Market value | kr 858 | kr 832 |
Percentage of marketable securities | 6% | 7% |
UK government bonds and treasury bills | ||
Marketable Securities | ||
Market value | kr 81 | kr 76 |
Percentage of marketable securities | 1% | 1% |
Capital Structure, Financial_10
Capital Structure, Financial Risk and Related Items - Financial Income and Expenses, Interest Income and Foreign Exchange Rate (Details) kr in Millions | 12 Months Ended | ||
Dec. 31, 2023 DKK (kr) kr / $ | Dec. 31, 2022 DKK (kr) kr / $ | Dec. 31, 2021 DKK (kr) kr / $ | |
Financial Income: | |||
Interest and other financial income | kr 939 | kr 324 | kr 197 |
Gain on marketable securities, net | 319 | ||
Foreign exchange rate gain, net | 1,034 | 1,470 | |
Total financial income | 1,258 | 1,358 | 1,667 |
Financial expenses: | |||
Interest and other financial expenses | (27) | (21) | (13) |
Loss on marketable securities, net | (319) | (361) | (246) |
Loss on other investments, net | (26) | (298) | (443) |
Foreign exchange rate loss, net | (889) | ||
Total financial expenses | (942) | (680) | (702) |
Net financial items | 316 | 678 | 965 |
Increase in interest income | kr 615 | ||
Increase in interest income (in percentage) | 190% | ||
Foreign exchange rate gains | kr 889 | kr 1,034 | kr 1,470 |
USD/DKK Foreign Exchange Rates | kr / $ | 6.7447 | 6.9722 | 6.5612 |
% Increase/(Decrease) | (3.00%) | 6% | 8% |
DKK | |||
Financial expenses: | |||
Increase in losses on marketable securities | kr 680 | ||
Percentage of increase in losses on marketable securities | 188% | ||
CureVac | |||
Financial Income: | |||
Gain on other investments, net | kr 26 | kr 298 | kr 443 |
Capital Structure, Financial_11
Capital Structure, Financial Risk and Related Items - Restricted Stock Unit Program (Details) - RSU | 15 Months Ended |
Feb. 28, 2021 shares | |
Share-Based Instruments | |
Vesting period | 3 years |
Number of shares per RSU | 1 |
Capital Structure, Financial_12
Capital Structure, Financial Risk and Related Items - RSU Activity (Details) kr / shares in Units, kr in Millions | 12 Months Ended | ||
Dec. 31, 2023 DKK (kr) kr / shares shares | Dec. 31, 2022 DKK (kr) kr / shares shares | Dec. 31, 2021 DKK (kr) kr / shares shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Cancelled | 43,175 | 46,324 | 23,293 |
Weighted average fair value of RSU granted | kr / shares | kr 2,619.35 | kr 2,250.18 | kr 2,236.44 |
Total Fair Value of RSU Granted | kr | kr 784 | kr 612 | kr 416 |
Employees | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Cancelled | 32 | 13,670 | 477 |
Former Member Of Board Of Directors and Employees | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Cancelled | 43,143 | 32,654 | 22,816 |
RSUs | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Outstanding at beginning of period | 548,138 | 405,991 | 293,928 |
Granted | 299,211 | 272,131 | 186,215 |
Settled | (102,329) | (101,377) | (63,574) |
Cancelled | (42,376) | (28,607) | (10,578) |
Outstanding at end of period | 702,644 | 548,138 | 405,991 |
RSUs | Board of Directors | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Outstanding at beginning of period | 8,819 | 10,965 | 12,565 |
Granted | 3,361 | 4,295 | 3,297 |
Settled | (1,880) | (3,420) | (3,556) |
Transferred | (2,368) | (688) | |
Cancelled | (653) | (653) | |
Outstanding at end of period | 10,300 | 8,819 | 10,965 |
RSUs | Executive Management | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Outstanding at beginning of period | 112,331 | 89,043 | 66,182 |
Granted | 75,854 | 40,453 | 31,417 |
Settled | (35,773) | (17,165) | (14,089) |
Transferred | 12,918 | 5,533 | |
Cancelled | (4,357) | ||
Outstanding at end of period | 160,973 | 112,331 | 89,043 |
RSUs | Employees | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Outstanding at beginning of period | 423,142 | 293,031 | 197,374 |
Granted | 208,353 | 221,000 | 146,684 |
Settled | (54,871) | (67,945) | (35,962) |
Transferred | (55,103) | (13,749) | (14,810) |
Cancelled | (35) | (9,195) | (255) |
Outstanding at end of period | 521,486 | 423,142 | 293,031 |
RSUs | Former Member Of Board Of Directors and Employees | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Outstanding at beginning of period | 3,846 | 12,952 | 17,807 |
Granted | 11,643 | 6,383 | 4,817 |
Settled | (9,805) | (12,847) | (9,967) |
Transferred | 42,185 | 16,117 | 9,965 |
Cancelled | (37,984) | (18,759) | (9,670) |
Outstanding at end of period | 9,885 | 3,846 | 12,952 |
Capital Structure, Financial_13
Capital Structure, Financial Risk and Related Items - Warrant Program (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Percentage of share capital attributed to exercise of warrants | 1% | 1% | 1% |
Bottom of range [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Government bonds maturity period | 4 years | ||
Top of range [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Government bonds maturity period | 6 years | ||
April 2012 - March 2017 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Warrant vesting period | 4 years | ||
Percentage of share capital attributed to exercise of warrants | 25% | ||
March 2017 - February 2021 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Warrant vesting period | 3 years | ||
Percentage of share capital attributed to exercise of warrants | 100% |
Capital Structure, Financial_14
Capital Structure, Financial Risk and Related Items - Warrant Activity (Details) - kr / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Balance at beginning of period | 937,968 | 968,451 | 988,468 |
Granted | 209,377 | 258,958 | 175,984 |
Exercised | (112,962) | (243,117) | (172,708) |
Expired | (1,317) | ||
Cancelled | (43,175) | (46,324) | (23,293) |
Balance at end of period | 989,891 | 937,968 | 968,451 |
Exercisable at year end | 416,541 | 434,179 | 411,724 |
Exercisable warrants in the money at year end | 360,539 | 434,179 | 411,724 |
Weighted average exercise price of warrants at beginning | kr 1,770.31 | kr 1,501.49 | kr 1,247.22 |
Weighted average exercise price of warrants granted | 2,632.02 | 2,244.22 | 2,282.35 |
Weighted average exercise price of warrants exercised | 1,341.40 | 1,154.95 | 780.48 |
Weighted average exercise price of warrants expired | 1,225.18 | ||
Weighted average exercise price of warrants cancelled | 2,274.50 | 2,029 | 1,956.91 |
Weighted average exercise price of warrants at ending | 1,980.25 | 1,770.31 | 1,501.49 |
Weighted Average Exercise Price Of Warrants Exercisable | 1,416.25 | 1,265.68 | 1,058.41 |
Weighted Average Exercise Price Of Warrants Exercisable In Money | kr 1,272.37 | kr 1,265.68 | kr 1,058.41 |
Percentage of share capital attributed to exercise of warrants | 1% | 1% | 1% |
Weighted average exercise price of fair market value | kr 2,657.76 | kr 2,815.33 | kr 2,439.80 |
Board of Directors | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Balance at beginning of period | 1,920 | 10,658 | 11,941 |
Granted | 403 | 1,541 | 1,217 |
Exercised | (1,558) | (2,500) | |
Transfers | (8,721) | ||
Balance at end of period | 2,323 | 1,920 | 10,658 |
Exercisable at year end | 875 | 617 | 6,594 |
Exercisable warrants in the money at year end | 617 | 617 | 6,594 |
Executive Management | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Balance at beginning of period | 129,798 | 159,634 | 140,815 |
Granted | 1,287 | ||
Exercised | (11,900) | (29,836) | (7,250) |
Transfers | 21,295 | 24,782 | |
Balance at end of period | 139,193 | 129,798 | 159,634 |
Exercisable at year end | 123,345 | 118,571 | 135,723 |
Exercisable warrants in the money at year end | 123,345 | 118,571 | 135,723 |
Employees | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Balance at beginning of period | 773,014 | 739,000 | 732,577 |
Granted | 198,001 | 250,005 | 167,080 |
Exercised | (74,672) | (176,948) | (105,726) |
Expired | (1,200) | ||
Cancelled | (32) | (13,670) | (477) |
Transfers | (103,396) | (25,373) | (54,454) |
Balance at end of period | 791,715 | 773,014 | 739,000 |
Exercisable at year end | 246,635 | 282,296 | 219,386 |
Exercisable warrants in the money at year end | 192,945 | 282,296 | 219,386 |
Former Member Of Board Of Directors and Employees | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Balance at beginning of period | 33,236 | 59,159 | 103,135 |
Granted | 10,973 | 7,412 | 6,400 |
Exercised | (26,390) | (34,775) | (57,232) |
Expired | (117) | ||
Cancelled | (43,143) | (32,654) | (22,816) |
Transfers | 82,101 | 34,094 | 29,672 |
Balance at end of period | 56,660 | 33,236 | 59,159 |
Exercisable at year end | 45,686 | 32,695 | 50,021 |
Exercisable warrants in the money at year end | 43,632 | 32,695 | 50,021 |
Capital Structure, Financial_15
Capital Structure, Financial Risk and Related Items - Weighted Average Outstanding Warrants (Details) - kr / shares | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Number of warrants outstanding | 989,891 | 937,968 | 968,451 | 988,468 |
Number of warrants exercisable | 416,541 | 434,179 | 411,724 | |
815.50 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise price | kr 815.50 | |||
Number of warrants outstanding | 2,725 | |||
Weighted average remaining contractual life | 2 months 15 days | |||
Number of warrants exercisable | 2,725 | |||
962.00 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise price | kr 962 | |||
Number of warrants outstanding | 4,646 | |||
Weighted average remaining contractual life | 2 years 5 months 8 days | |||
Number of warrants exercisable | 4,646 | |||
1025.00 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise price | kr 1,025 | |||
Number of warrants outstanding | 109,918 | |||
Weighted average remaining contractual life | 2 years 11 months 8 days | |||
Number of warrants exercisable | 109,918 | |||
1032.00 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise price | kr 1,032 | |||
Number of warrants outstanding | 63,230 | |||
Weighted average remaining contractual life | 1 year 11 months 15 days | |||
Number of warrants exercisable | 63,230 | |||
1050.00 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise price | kr 1,050 | |||
Number of warrants outstanding | 14,024 | |||
Weighted average remaining contractual life | 2 years 8 months 23 days | |||
Number of warrants exercisable | 14,024 | |||
1136.00 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise price | kr 1,136 | |||
Number of warrants outstanding | 2,695 | |||
Weighted average remaining contractual life | 9 months 7 days | |||
Number of warrants exercisable | 2,695 | |||
1145.00 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise price | kr 1,145 | |||
Number of warrants outstanding | 14,963 | |||
Weighted average remaining contractual life | 11 months 15 days | |||
Number of warrants exercisable | 14,963 | |||
1147.00 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise price | kr 1,147.50 | |||
Number of warrants outstanding | 9,386 | |||
Weighted average remaining contractual life | 3 years 5 months 4 days | |||
Number of warrants exercisable | 9,386 | |||
1155.00 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise price | kr 1,155 | |||
Number of warrants outstanding | 5,509 | |||
Weighted average remaining contractual life | 3 years 3 months | |||
Number of warrants exercisable | 5,509 | |||
1161.00 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise price | kr 1,161 | |||
Number of warrants outstanding | 10,128 | |||
Weighted average remaining contractual life | 3 years 2 months 1 day | |||
Number of warrants exercisable | 10,128 | |||
1210.00 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise price | kr 1,210 | |||
Number of warrants outstanding | 7,090 | |||
Weighted average remaining contractual life | 2 years 3 months 10 days | |||
Number of warrants exercisable | 7,090 | |||
1233.00 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise price | kr 1,233 | |||
Number of warrants outstanding | 3,681 | |||
Weighted average remaining contractual life | 5 months 8 days | |||
Number of warrants exercisable | 3,681 | |||
1334.50 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise price | kr 1,334.50 | |||
Number of warrants outstanding | 32,150 | |||
Weighted average remaining contractual life | 3 years 9 months 10 days | |||
Number of warrants exercisable | 32,150 | |||
Exercise Price 962.00 [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise price | kr 962 | |||
Number of warrants outstanding | 3,520 | |||
Weighted average remaining contractual life | 1 year 5 months 8 days | |||
Number of warrants exercisable | 3,520 | |||
Exercise Price 1025.00 [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise price | kr 1,025 | |||
Number of warrants outstanding | 99,733 | |||
Weighted average remaining contractual life | 1 year 11 months 8 days | |||
Number of warrants exercisable | 99,733 | |||
Exercise Price 1032.00 [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise price | kr 1,032 | |||
Number of warrants outstanding | 60,799 | |||
Weighted average remaining contractual life | 11 months 15 days | |||
Number of warrants exercisable | 60,799 | |||
Exercise Price 1050.00 [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise price | kr 1,050 | |||
Number of warrants outstanding | 12,792 | |||
Weighted average remaining contractual life | 1 year 8 months 23 days | |||
Number of warrants exercisable | 12,792 | |||
Exercise Price 1147.50 [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise price | kr 1,147.50 | |||
Number of warrants outstanding | 2,775 | |||
Weighted average remaining contractual life | 2 years 5 months 4 days | |||
Number of warrants exercisable | 2,775 | |||
Exercise Price 1155.00 [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise price | kr 1,155 | |||
Number of warrants outstanding | 506 | |||
Weighted average remaining contractual life | 2 years 3 months | |||
Number of warrants exercisable | 506 | |||
Exercise Price 1161.00 [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise price | kr 1,161 | |||
Number of warrants outstanding | 8,373 | |||
Weighted average remaining contractual life | 2 years 2 months 1 day | |||
Number of warrants exercisable | 8,373 | |||
Exercise Price 1210.00 [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise price | kr 1,210 | |||
Number of warrants outstanding | 3,678 | |||
Weighted average remaining contractual life | 1 year 3 months 10 days | |||
Number of warrants exercisable | 3,678 | |||
Exercise Price 1334.50 [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise price | kr 1,334.50 | |||
Number of warrants outstanding | 22,392 | |||
Weighted average remaining contractual life | 2 years 9 months 10 days | |||
Number of warrants exercisable | 22,392 | |||
Exercise Price 1362.50 [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise price | kr 1,362.50 | kr 1,362.50 | ||
Number of warrants outstanding | 26,264 | 30,938 | ||
Weighted average remaining contractual life | 3 years 2 months 26 days | 4 years 2 months 26 days | ||
Number of warrants exercisable | 26,264 | |||
Exercise Price 1402.00 [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise price | kr 1,402 | kr 1,402 | ||
Number of warrants outstanding | 6,660 | 6,837 | ||
Weighted average remaining contractual life | 2 months 26 days | 1 year 2 months 26 days | ||
Number of warrants exercisable | 6,660 | 6,837 | ||
Exercise Price 1408.00 [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise price | kr 1,408 | kr 1,408 | ||
Number of warrants outstanding | 678 | 954 | ||
Weighted average remaining contractual life | 5 months 8 days | 1 year 5 months 8 days | ||
Number of warrants exercisable | 678 | 954 | ||
Exercise Price 1424.00 [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise price | kr 1,424 | |||
Number of warrants outstanding | 408 | |||
Weighted average remaining contractual life | 1 year 1 month 9 days | |||
Number of warrants exercisable | 408 | |||
Exercise Price 1427.00 [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise price | kr 1,427 | |||
Number of warrants outstanding | 8,400 | |||
Weighted average remaining contractual life | 1 year 3 months | |||
Number of warrants exercisable | 8,400 | |||
Exercise Price 1432.00 [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise price | kr 1,432 | kr 1,432 | ||
Number of warrants outstanding | 1,994 | 1,994 | ||
Weighted average remaining contractual life | 9 months 3 days | 1 year 9 months 3 days | ||
Number of warrants exercisable | 1,994 | 1,994 | ||
Exercise Price 1615.00 [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise price | kr 1,615 | kr 1,615 | ||
Number of warrants outstanding | 104,549 | 135,441 | ||
Weighted average remaining contractual life | 2 years 11 months 4 days | 3 years 11 months 4 days | ||
Number of warrants exercisable | 104,549 | 135,441 | ||
Exercise Price 1948.00 [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise price | kr 1,948 | kr 1,948 | ||
Number of warrants outstanding | 5,826 | 12,961 | ||
Weighted average remaining contractual life | 3 years 5 months 4 days | 4 years 5 months 4 days | ||
Number of warrants exercisable | 5,826 | |||
Exercise Price 2070.00 [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise price | kr 2,070 | kr 2,070 | ||
Number of warrants outstanding | 82,853 | 90,968 | ||
Weighted average remaining contractual life | 4 years 1 month 28 days | 5 years 1 month 28 days | ||
Exercise Price 2103.00 [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise price | kr 2,103 | kr 2,103 | ||
Number of warrants outstanding | 20,263 | 22,221 | ||
Weighted average remaining contractual life | 5 years 5 months 8 days | 6 years 5 months 8 days | ||
Exercise Price 2129.00 [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise price | kr 2,129 | kr 2,129 | ||
Number of warrants outstanding | 15,695 | 15,986 | ||
Weighted average remaining contractual life | 5 years 25 days | 6 years 25 days | ||
Exercise Price 2144.00 [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise price | kr 2,144 | |||
Number of warrants outstanding | 7,626 | |||
Weighted average remaining contractual life | 6 years 10 months 20 days | |||
Exercise Price 2148.00 [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise price | kr 2,148 | kr 2,148 | ||
Number of warrants outstanding | 14,564 | 15,097 | ||
Weighted average remaining contractual life | 4 years 3 months 14 days | 5 years 3 months 14 days | ||
Exercise Price 2175.00 [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise price | kr 2,175 | kr 2,175 | ||
Number of warrants outstanding | 152,619 | 166,286 | ||
Weighted average remaining contractual life | 5 years 1 month 24 days | 6 years 1 month 24 days | ||
Exercise Price 2317.00 [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise price | kr 2,317 | kr 2,317 | ||
Number of warrants outstanding | 33,629 | 34,109 | ||
Weighted average remaining contractual life | 3 years 9 months 7 days | 4 years 9 months 7 days | ||
Number of warrants exercisable | 33,629 | |||
Exercise Price 2381.00 [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise price | kr 2,381 | kr 2,381 | ||
Number of warrants outstanding | 22,373 | 22,983 | ||
Weighted average remaining contractual life | 3 years 11 months 15 days | 4 years 11 months 15 days | ||
Number of warrants exercisable | 22,373 | |||
Exercise Price 2408.00 [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise price | kr 2,408 | kr 2,408 | ||
Number of warrants outstanding | 13,162 | 13,459 | ||
Weighted average remaining contractual life | 5 years 3 months | 6 years 3 months | ||
Exercise Price 2491.00 [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise price | kr 2,491 | |||
Number of warrants outstanding | 7,866 | |||
Weighted average remaining contractual life | 6 years 8 months 26 days | |||
Exercise Price 2492.00 [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise price | kr 2,492 | kr 2,492 | ||
Number of warrants outstanding | 10,053 | 10,053 | ||
Weighted average remaining contractual life | 4 years 29 days | 5 years 29 days | ||
Exercise Price 2585.00 [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise price | kr 2,585 | kr 2,585 | ||
Number of warrants outstanding | 18,632 | 19,644 | ||
Weighted average remaining contractual life | 5 years 8 months 19 days | 6 years 8 months 19 days | ||
Exercise Price 2594.00 [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise price | kr 2,594 | |||
Number of warrants outstanding | 15,811 | |||
Weighted average remaining contractual life | 6 years 3 months | |||
Exercise Price 2641.00 [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise price | kr 2,641 | kr 2,641 | ||
Number of warrants outstanding | 6,297 | 6,456 | ||
Weighted average remaining contractual life | 4 years 10 months 20 days | 5 years 10 months 20 days | ||
Exercise Price 2661.00 [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise price | kr 2,661 | |||
Number of warrants outstanding | 154,746 | |||
Weighted average remaining contractual life | 6 years 1 month 24 days | |||
Exercise Price 2680.00 [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise price | kr 2,680 | |||
Number of warrants outstanding | 5,030 | |||
Weighted average remaining contractual life | 6 years 25 days | |||
Exercise Price 2688.00 [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise price | kr 2,688 | |||
Number of warrants outstanding | 7,958 | |||
Weighted average remaining contractual life | 6 years 5 months 8 days | |||
Exercise Price 2698.00 [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise price | kr 2,698 | kr 2,698 | ||
Number of warrants outstanding | 13,163 | 14,216 | ||
Weighted average remaining contractual life | 4 years 5 months 23 days | 5 years 5 months 23 days | ||
Exercise Price 2806.00 [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise price | kr 2,806 | kr 2,806 | ||
Number of warrants outstanding | 18,583 | 19,476 | ||
Weighted average remaining contractual life | 4 years 9 months 7 days | 5 years 9 months 7 days | ||
Exercise Price 3172.00 [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise price | kr 3,172 | kr 3,172 | ||
Number of warrants outstanding | 8,429 | 8,936 | ||
Weighted average remaining contractual life | 5 years 10 months 20 days | 6 years 10 months 20 days | ||
Exercise Price 1980.00 [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise price | kr 1,980.25 | |||
Number of warrants outstanding | 989,891 | |||
Weighted average remaining contractual life | 4 years 1 month 9 days | |||
Number of warrants exercisable | 416,541 | |||
Exercise Price 1770.31 [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise price | kr 1,770.31 | |||
Number of warrants outstanding | 937,968 | |||
Weighted average remaining contractual life | 4 years 4 months 24 days | |||
Number of warrants exercisable | 434,179 |
Capital Structure, Financial_16
Capital Structure, Financial Risk and Related Items - Valuation Assumptions for Warrants Granted (Details) - DKK (kr) kr / shares in Units, kr in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue | |||
Fair value per warrant on grant date | kr 924.10 | kr 664.08 | kr 701.82 |
Share price | 2,632.02 | 2,244.22 | 2,282.35 |
Exercise price | kr 2,632.02 | kr 2,244.22 | kr 2,282.35 |
Expected dividend yield | 0% | 0% | 0% |
Expected stock price volatility | 35.30% | 33.50% | 36.60% |
Risk-free interest rate | 2.48% | 0.15% | (0.54%) |
Expected life of warrants | 5 years | 5 years | 5 years |
Fair value of warrants granted | kr 193 | kr 172 | kr 124 |
Fair value of RSU granted (in dollars per share) | kr 2,619.35 | kr 2,250.18 | kr 2,236.44 |
Total tax for the period in the income statement | kr 1,285 | kr 1,493 | kr 961 |
Current tax benefit recorded directly in shareholders' equity | kr 57 | kr 22 | kr 31 |
Capital Structure, Financial_17
Capital Structure, Financial Risk and Related Items - Share Capital (Details) | 12 Months Ended | |||
Dec. 31, 2022 shares | Dec. 31, 2019 shares | Dec. 31, 2016 shares | Dec. 31, 2023 DKK (kr) EquityInstruments Vote kr / shares shares | |
Share Capital | ||||
Par value (in euros per share) | kr / shares | kr 1 | |||
Number Of Shares Authorised | 66,074,535 | |||
Number Of Votes | Vote | 1 | |||
Nominal value of shares repurchases | kr | kr 500,000 | |||
First authorization | ||||
Share Capital | ||||
Warrants issued | EquityInstruments | 242,123 | |||
Warrants reissued | EquityInstruments | 17,283 | |||
Warrants remain available for issue | EquityInstruments | 507,877 | |||
Warrants remain available for reissue | EquityInstruments | 2,136 | |||
Number of shares authorized for repurchase | 500,000 | |||
Shares available for repurchase | 500,000 | |||
Second authorization | ||||
Share Capital | ||||
Warrants issued | EquityInstruments | 500,000 | |||
Warrants reissued | EquityInstruments | 79,266 | |||
Warrants remain available for reissue | EquityInstruments | 2,418 | |||
Number of shares authorized for repurchase | 500,000 | |||
Actual shares repurchased under authorization | 260,000 | |||
Shares available for repurchase | 240,000 | |||
Third authorization | ||||
Share Capital | ||||
Number of shares authorized for repurchase | 500,000 | |||
Actual shares repurchased under authorization | 500,000 |
Capital Structure, Financial_18
Capital Structure, Financial Risk and Related Items - Changes in Share Capital (Details) - DKK (kr) kr / shares in Units, kr in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share Capital | |||
Shares authorized | 66,074,535 | ||
Nominal amount | kr 1 | ||
Number of shares | |||
Number of shares, at beginning of period | 65,961,573 | 65,718,456 | 65,545,748 |
Exercise of warrants | 112,962 | 243,117 | 172,708 |
Number of shares, at end of period | 66,074,535 | 65,961,573 | 65,718,456 |
Share capital | |||
Share capital, at beginning of period | kr 66 | kr 65.7 | kr 65.5 |
Exercise of warrants | 0.1 | 0.3 | 0.2 |
Share capital, at end of period | kr 66.1 | kr 66 | kr 65.7 |
Bottom of range [member] | |||
Share capital | |||
Exercise price warrants granted | kr 815.50 | kr 466.20 | kr 31.75 |
Top of range [member] | |||
Share capital | |||
Exercise price warrants granted | kr 1,948 | kr 1,615 | kr 1,432 |
Capital Structure, Financial_19
Capital Structure, Financial Risk and Related Items - Treasury Shares (Details) - DKK (kr) | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2019 | Dec. 31, 2020 | |
Share capital | |||||
Share capital, at beginning of period | kr 66,000,000 | kr 65,700,000 | kr 65,500,000 | ||
Purchase of treasury shares | 564,000,000 | 908,000,000 | 447,000,000 | ||
Share capital, at end of period | 66,100,000 | kr 66,000,000 | kr 65,700,000 | ||
Cost | |||||
Nominal value of shares repurchases | kr 500,000 | ||||
Treasury shares held | 66,074,535 | 65,961,573 | 65,718,456 | 65,545,748 | |
Treasury shares [member] | |||||
Number of shares | |||||
Number of shares at beginning of period | 589,948 | 288,325 | 132,106 | ||
Purchase of treasury shares. | 220,000 | 370,000 | 200,000 | ||
Shares used for funding RSU program | (65,778) | (68,377) | (43,781) | ||
Number of shares at end of period | 744,170 | 589,948 | 288,325 | ||
Share capital | |||||
Share capital, at beginning of period | kr 600,000 | kr 300,000 | kr 100,000 | ||
Purchase of treasury shares | 200,000 | 400,000 | 200,000 | ||
Shares used for funding RSU program | (100,000) | (100,000) | |||
Share capital, at end of period | kr 700,000 | kr 600,000 | kr 300,000 | ||
Proportion of share capital | |||||
Proportion of share capital, at beginning of period | 0.90% | 0.40% | 0.20% | ||
Proportion of share capital on purchase of treasury shares | 0.30% | 0.60% | 0.30% | ||
Proportion of share capital on shares used for funding RSU program | (0.10%) | (0.10%) | (0.10%) | ||
Proportion of share capital, at end of period | 1.10% | 0.90% | 0.40% | ||
Cost | |||||
Cost, at beginning of period | kr 1,378,000,000 | kr 550,000,000 | kr 154,000,000 | ||
Purchase of treasury shares | 564,000,000 | 908,000,000 | 447,000,000 | ||
Shares used for funding RSU program | (126,000,000) | (80,000,000) | (51,000,000) | ||
Cost at end of period | kr 1,816,000,000 | kr 1,378,000,000 | kr 550,000,000 | ||
Treasury shares held | 744,170 | ||||
RSU | |||||
Number of shares | |||||
Purchase of treasury shares. | 220,000 | 370,000 | |||
Share capital | |||||
Purchase of treasury shares | kr 564,000,000 | kr 908,000,000 | |||
Proportion of share capital | |||||
Proportion of share capital on purchase of treasury shares | 0.30% | 0.60% | |||
First authorization | |||||
Cost | |||||
Number of shares authorized for repurchase | 500,000 | ||||
Shares available for repurchase | 500,000 | ||||
Second authorization | |||||
Cost | |||||
Number of shares authorized for repurchase | 500,000 | ||||
Actual shares repurchased under authorization | 260,000 | ||||
Shares available for repurchase | 240,000 |
Other Disclosures - Remuneratio
Other Disclosures - Remuneration of the Board of Directors and Executive Management (Details) - DKK (kr) kr in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Remuneration of the Board of Directors and Executive Management | |||
Wages and salaries | kr 71 | kr 55 | kr 51 |
Share-based compensation expenses | 100 | 70 | 58 |
Defined contribution plans | 3 | 2 | 2 |
Total | kr 174 | kr 127 | kr 111 |
Other Disclosures - Remunerat_2
Other Disclosures - Remuneration To Board of Directors (Details) - DKK (kr) kr in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Shareholdings By Board Of Director And Executive Management Line Items | |||
Share-based compensation expenses | kr 3 | kr 2 | kr 2 |
Total | 174 | 127 | 111 |
Board of Directors | |||
Shareholdings By Board Of Director And Executive Management Line Items | |||
Basic board fee | 6.3 | 6.2 | 6.2 |
Committee fees | 2.3 | 2.1 | 2.3 |
Share-based compensation expenses | 5.6 | 4.3 | 3.9 |
Total | 14.2 | 12.6 | 12.4 |
Deirdre P. Connelly | |||
Shareholdings By Board Of Director And Executive Management Line Items | |||
Basic board fee | 1.2 | 1.2 | 1.2 |
Committee fees | 0.5 | 0.5 | 0.5 |
Share-based compensation expenses | 1.1 | 0.9 | 0.7 |
Total | 2.8 | 2.6 | 2.4 |
Pernille Erenbjerg | |||
Shareholdings By Board Of Director And Executive Management Line Items | |||
Basic board fee | 0.9 | 0.9 | 0.9 |
Committee fees | 0.4 | 0.4 | 0.4 |
Share-based compensation expenses | 0.8 | 0.7 | 0.5 |
Total | 2.1 | 2 | 1.8 |
Anders Gersel Pedersen | |||
Shareholdings By Board Of Director And Executive Management Line Items | |||
Basic board fee | 0.6 | 0.6 | 0.6 |
Committee fees | 0.5 | 0.4 | 0.4 |
Share-based compensation expenses | 0.6 | 0.5 | 0.4 |
Total | 1.7 | 1.5 | 1.4 |
Paolo Paoletti | |||
Shareholdings By Board Of Director And Executive Management Line Items | |||
Basic board fee | 0.6 | 0.6 | 0.6 |
Committee fees | 0.3 | 0.3 | 0.3 |
Share-based compensation expenses | 0.6 | 0.5 | 0.4 |
Total | 1.5 | 1.4 | 1.3 |
Rolf Hoffmann | |||
Shareholdings By Board Of Director And Executive Management Line Items | |||
Basic board fee | 0.6 | 0.6 | 0.6 |
Committee fees | 0.3 | 0.3 | 0.4 |
Share-based compensation expenses | 0.6 | 0.5 | 0.4 |
Total | 1.5 | 1.4 | 1.4 |
Elizabeth O Farrell | |||
Shareholdings By Board Of Director And Executive Management Line Items | |||
Basic board fee | 0.6 | 0.5 | |
Committee fees | 0.3 | 0.2 | |
Share-based compensation expenses | 1 | 0.6 | |
Total | 1.9 | 1.3 | |
Jonathan Peacock | |||
Shareholdings By Board Of Director And Executive Management Line Items | |||
Basic board fee | 0.5 | ||
Committee fees | 0.3 | ||
Share-based compensation expenses | 0.6 | ||
Total | 1.4 | ||
Mijke Zachariasse | |||
Shareholdings By Board Of Director And Executive Management Line Items | |||
Basic board fee | 0.6 | 0.6 | 0.6 |
Share-based compensation expenses | 0.5 | 0.4 | 0.3 |
Total | 1.1 | 1 | 0.9 |
Martin Schultz | |||
Shareholdings By Board Of Director And Executive Management Line Items | |||
Basic board fee | 0.6 | 0.5 | |
Share-based compensation expenses | 0.2 | ||
Total | 0.8 | 0.5 | |
Takahiro Hamatani | |||
Shareholdings By Board Of Director And Executive Management Line Items | |||
Basic board fee | 0.6 | 0.5 | |
Share-based compensation expenses | 0.2 | ||
Total | kr 0.8 | 0.5 | |
Peter Storm Kristensen | |||
Shareholdings By Board Of Director And Executive Management Line Items | |||
Basic board fee | 0.1 | 0.6 | |
Share-based compensation expenses | 0.1 | 0.4 | |
Total | 0.2 | 1 | |
Daniel J. Bruno | |||
Shareholdings By Board Of Director And Executive Management Line Items | |||
Basic board fee | 0.1 | 0.6 | |
Share-based compensation expenses | 0.1 | 0.2 | |
Total | kr 0.2 | kr 0.8 |
Other Disclosures - Remunerat_3
Other Disclosures - Remuneration To Executive Management (Details) - DKK (kr) kr in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Compensation | |||
Share-based compensation expenses | kr 3 | kr 2 | kr 2 |
Total | 174 | 127 | 111 |
Executive Management | |||
Share-Based Compensation | |||
Base Salary | 36.6 | 27.1 | 22.3 |
Defined Contribution Plans | 2.7 | 1.7 | 1.5 |
Other Benefits | 0.4 | 0.3 | 3.7 |
Annual Cash Bonus | 25.7 | 19.7 | 16.6 |
Share-based compensation expenses | 94 | 65.6 | 53.7 |
Total | 159.4 | 114.4 | 97.8 |
Jan van de Winkel | |||
Share-Based Compensation | |||
Base Salary | 9.2 | 8.6 | 7.9 |
Defined Contribution Plans | 1.3 | 1.3 | 1.1 |
Other Benefits | 0.3 | 0.3 | 0.6 |
Annual Cash Bonus | 9.2 | 8.6 | 7.9 |
Share-based compensation expenses | 24.3 | 22.9 | 20.6 |
Total | 44.3 | 41.7 | 38.1 |
Anthony Pagano | |||
Share-Based Compensation | |||
Base Salary | 4.4 | 4.3 | 3.2 |
Defined Contribution Plans | 0.1 | 0.1 | 0.1 |
Annual Cash Bonus | 2.6 | 2.6 | 1.9 |
Share-based compensation expenses | 12.5 | 9.5 | 7.2 |
Total | 19.6 | 16.5 | 12.4 |
Anthony Mancini | |||
Share-Based Compensation | |||
Base Salary | 4.9 | 4.7 | 3.9 |
Defined Contribution Plans | 0.1 | 0.1 | 0.1 |
Other Benefits | 3.1 | ||
Annual Cash Bonus | 2.9 | 2.8 | 2.3 |
Share-based compensation expenses | 13.9 | 11.4 | 7.2 |
Total | 21.8 | 19 | 16.6 |
Judith Klimovsky | |||
Share-Based Compensation | |||
Base Salary | 5 | 4.9 | 4 |
Defined Contribution Plans | 0.1 | 0.1 | 0.1 |
Annual Cash Bonus | 3 | 2.9 | 2.5 |
Share-based compensation expenses | 13.6 | 14.1 | 13.2 |
Total | 21.7 | 22 | 19.8 |
Tahamtan Ahmadi | |||
Share-Based Compensation | |||
Base Salary | 4.7 | 4.6 | 3.3 |
Defined Contribution Plans | 0.1 | 0.1 | 0.1 |
Annual Cash Bonus | 2.9 | 2.8 | 2 |
Share-based compensation expenses | 12.1 | 7.7 | 5.5 |
Total | 19.8 | kr 15.2 | kr 10.9 |
Birgitte Stephensen | |||
Share-Based Compensation | |||
Base Salary | 2.6 | ||
Defined Contribution Plans | 0.3 | ||
Annual Cash Bonus | 1.5 | ||
Share-based compensation expenses | 5.7 | ||
Total | 10.1 | ||
Christopher Cozic | |||
Share-Based Compensation | |||
Base Salary | 3.3 | ||
Defined Contribution Plans | 0.1 | ||
Annual Cash Bonus | 2 | ||
Share-based compensation expenses | 7.8 | ||
Total | 13.2 | ||
Martine van Vugt | |||
Share-Based Compensation | |||
Base Salary | 2.5 | ||
Defined Contribution Plans | 0.6 | ||
Other Benefits | 0.1 | ||
Annual Cash Bonus | 1.6 | ||
Share-based compensation expenses | 4.1 | ||
Total | kr 8.9 |
Other Disclosures - Severance P
Other Disclosures - Severance Payments (Details) - Executive Management - DKK (kr) kr in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Shareholdings By Board Of Directors And Executive Management [Line items] | |||
Employee notice period | 1 year | ||
Bottom of range [member] | |||
Shareholdings By Board Of Directors And Executive Management [Line items] | |||
Number of period, termination severance payment | 1 year | ||
Top of range [member] | |||
Shareholdings By Board Of Directors And Executive Management [Line items] | |||
Number of period, termination severance payment | 2 years | ||
Termination compensation period due to change in control | 2 years | ||
Total impact on financial position on termination of services | kr 103 | kr 82 | kr 72 |
Other Disclosures - Commitments
Other Disclosures - Commitments (Details) kr in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 DKK (kr) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 DKK (kr) | Dec. 31, 2022 USD ($) | |
Commitments | ||||
Short term contractual obligations | kr 3,212 | kr 1,687 | ||
Maximum due term of obligations | 2 years | |||
Contingent commitments | kr 15,393 | $ 2,282 | kr 20,077 | $ 2,880 |
Other Disclosures - Fees to Aud
Other Disclosures - Fees to Auditors Appointed at the Annual General Meeting (Details) - DKK (kr) kr in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Fees to Auditors Appointed at the Annual General Meeting | |||
Audit fees | kr 6.1 | kr 5.8 | kr 5.8 |
Audit-related fees | 3.4 | 2 | 1.8 |
All other fees | 0.1 | 0.1 | |
Total | 9.6 | 7.8 | 7.7 |
Fees for other services | kr 3.5 | kr 2 | kr 1.9 |
Other Disclosures - Adjustments
Other Disclosures - Adjustments to Cash Flows Statement (Details) - DKK (kr) kr in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Adjustments to Cash Flow Statement | |||
Depreciation, amortization and impairment | kr 295 | kr 362 | kr 248 |
Share-based compensation expenses | 586 | 439 | 310 |
Other | (32) | ||
Total adjustments for non-cash transactions | 881 | 801 | 526 |
Receivables | 797 | (2,123) | (1,009) |
Inventories | (57) | ||
Other payables | 622 | 283 | 304 |
Total changes in working capital | kr 1,362 | kr (1,840) | kr (705) |
Other Disclosures - Collaborati
Other Disclosures - Collaborations and Technology Licenses (Details) kr in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | |||||||||
Jun. 10, 2020 DKK (kr) item product | Jun. 10, 2020 USD ($) item product | May 31, 2001 | Sep. 30, 2021 | Oct. 31, 2020 | Jun. 30, 2020 DKK (kr) | Jun. 30, 2020 USD ($) | Dec. 31, 2023 USD ($) item | Dec. 31, 2012 | Dec. 31, 2023 DKK (kr) product | Dec. 31, 2022 DKK (kr) | |
Collaborations and Technology Licenses | |||||||||||
Investments accounted for using equity method | kr | kr 134 | kr 133 | |||||||||
Janssen | |||||||||||
Collaborations and Technology Licenses | |||||||||||
Royalty obligation expiration term after first sale of product | 13 years | ||||||||||
Janssen (DuoBody) | |||||||||||
Collaborations and Technology Licenses | |||||||||||
Number of products were in active clinical development | product | 3 | ||||||||||
Royalties expiration term after the first sale of each licensed product | 10 years | ||||||||||
Novartis (Arzaerra/Ofatumumab) | |||||||||||
Collaborations and Technology Licenses | |||||||||||
Royalty percentage for non-cancer treatment | 10% | ||||||||||
Roche | |||||||||||
Collaborations and Technology Licenses | |||||||||||
Royalties expiration term after the first sale of each licensed product | 10 years | ||||||||||
Seagen | |||||||||||
Collaborations and Technology Licenses | |||||||||||
Cost and profit sharing ratio | 50 | ||||||||||
Profits sharing percentage | 50% | ||||||||||
AbbVie | |||||||||||
Collaborations and Technology Licenses | |||||||||||
Upfront payment | kr 4,911 | $ 750 | |||||||||
Ratio of share of profits before income taxes | 50 | ||||||||||
Ratio of sharing pre tax profits | 50 | 50 | |||||||||
Number of performance obligations | item | 4 | 4 | |||||||||
Number of delivery license programs | item | 3 | ||||||||||
Percentage of discover research and development cost responsible by the entity | 100% | 100% | |||||||||
Maximum number of product concepts for which cost-plus margin approach was utilized | product | 4 | 4 | |||||||||
Contract Transaction Price | kr 4,911 | $ 750 | |||||||||
BioNTech | |||||||||||
Collaborations and Technology Licenses | |||||||||||
Upfront fee paid | $ 10 | ||||||||||
Number of investigational medicines currently in clinical development | item | 4 | ||||||||||
Performance obligations satisfied at point in time | AbbVie | |||||||||||
Collaborations and Technology Licenses | |||||||||||
Contract Transaction Price | 4,398 | 672 | |||||||||
Performance obligations satisfied over time | AbbVie | |||||||||||
Collaborations and Technology Licenses | |||||||||||
Contract Transaction Price | kr 513 | $ 78 | |||||||||
Bottom of range [member] | Janssen | |||||||||||
Collaborations and Technology Licenses | |||||||||||
Tiered royalty percentage | 12% | ||||||||||
Bottom of range [member] | Janssen (DuoBody) | |||||||||||
Collaborations and Technology Licenses | |||||||||||
Tiered royalty percentage | 8% | ||||||||||
Bottom of range [member] | AbbVie | |||||||||||
Collaborations and Technology Licenses | |||||||||||
Tiered royalty percentage | 22% | 22% | |||||||||
Top of range [member] | Janssen | |||||||||||
Collaborations and Technology Licenses | |||||||||||
Tiered royalty percentage | 20% | ||||||||||
Top of range [member] | Janssen (DuoBody) | |||||||||||
Collaborations and Technology Licenses | |||||||||||
Tiered royalty percentage | 10% | ||||||||||
Top of range [member] | AbbVie | |||||||||||
Collaborations and Technology Licenses | |||||||||||
Tiered royalty percentage | 26% | 26% | |||||||||
Number of future differentiated antibody for cancer to be discover | item | 4 | ||||||||||
Contractually entitled to receive amount in additional development, regulatory and sales milestone payments | $ 2,550 | ||||||||||
Contractually entitled to receive payments related to clinical development and commercial success | 550 | ||||||||||
Development Regulatory and Sales Milestone | Top of range [member] | AbbVie | |||||||||||
Collaborations and Technology Licenses | |||||||||||
Receivables | $ 3,150 | ||||||||||
Countries Outside United States and Japan | Bottom of range [member] | AbbVie | |||||||||||
Collaborations and Technology Licenses | |||||||||||
Tiered royalty percentage | 22% | 22% | |||||||||
Countries Outside United States and Japan | Top of range [member] | AbbVie | |||||||||||
Collaborations and Technology Licenses | |||||||||||
Tiered royalty percentage | 26% | 26% | |||||||||
Clinical Development and Commercial Success Across all Three Programs | Development Regulatory and Sales Milestone | AbbVie | |||||||||||
Collaborations and Technology Licenses | |||||||||||
Receivables | $ 1,150 | ||||||||||
Success of all Four Next Generation Antibody Product Candidates Developed | Development Regulatory and Sales Milestone | AbbVie | |||||||||||
Collaborations and Technology Licenses | |||||||||||
Receivables | $ 2,000 |