Company: GNMSF
Filing Date: 2025-02-12
Form Type: 20-F
Source: 0001558370-25-000846
Chunk: 2

Company: GENMAB A/S
Filing Date: 2025-02-12
Form: 20-F
Item: Item 3
Chunk 2
---
 (“ IT ”) infrastructure, or those of our collaboration partners, contractors or consultants, may fail or suffer cyber security breaches.  
 ─────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────

  Our ability to compete may decline if we or our collaboration partners are unable to or do not adequately protect intellectual property rights or if our intellectual property rights are inadequ...  
 ────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────

  Government restrictions on pricing and reimbursement, as well as other healthcare payer cost-containment initiatives, may negatively impact our ability to generate revenue.  
 ────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────

  Even if approved, our products will be subject to extensive post-approval regulation, which may result in significant additional expense. Additionally, our product candidates, if approved, coul...  
 ────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────

  Future laws and regulations and changes to existing ones may have an adverse impact on our business.  
 ────────────────────────────────────────────────────────────────────────────────────────────────────────

  We and our business arrangements with third parties are subject to fraud, abuse and other healthcare laws and regulations.  

Table of Contents

Risks Related to Our Business and Financial Condition

The substantial majority of our revenue comes from royalties on sales of DARZALEX, and our patents underlying these royalties will start to expire in the late 2020s.

In 2024, royalties and milestone payments from Johnson & Johnson (“ J& J”), legal entity Janssen Biotech, Inc., related to daratumumab (marketed as DARZALEX for IV administration and as DARZALEX FASPROin the U. S. and as DARZALEX SC in Europe for subcutaneous (“SC”) administration) for certain indications of multiple myeloma (“MM”) and light-chain (“AL”) amyloidosis, accounted for 65% of our revenue, and we anticipate that DARZALEX will continue to account for a substantial portion of our revenue in the near term. J& J is currently fully responsible for developing and commercializing daratumumab, and all costs associated therewith, and consequently, our