Genmab is a Danish biotech company that discovers, develops, and commercializes antibody-based cancer medicines. Genmab's business runs on two revenue engines: royalties from partner-commercialized medicines, and direct product sales from its own approved drugs. Royalties are the dominant near-term profit driver, led by DARZALEX (daratumumab), a multiple myeloma treatment licensed to J&J on which Genmab earns a tiered royalty of 12–20% on net sales. These royalties are high-margin and passive, but time-limited — U.S. patent exclusivity on daratumumab runs through roughly 2029. On the proprietary side, Genmab directly sells EPKINLY (epcoritamab), a bispecific antibody for B-cell lymphomas co-commercialized with AbbVie in the U.S. and Japan, and Tivdak (tisotumab vedotin) for cervical cancer, co-commercialized with Pfizer in the U.S. Genmab outsources all manufacturing to contract manufacturers, keeping its cost base asset-light. Its late-stage pipeline includes EPKINLY label expansion into frontline lymphoma settings, Rina-S (an ADC targeting ovarian and endometrial cancer acquired via ProfoundBio), and petosemtamab (a bispecific antibody in head and neck cancer acquired via Merus). Genmab funds pipeline investment and M&A primarily from DARZALEX royalty cash flows, and returns capital through share buybacks rather than dividends.