Shareholder Letter

Dear Shareholder,

In 2018, we continued to build Genmab's robust innovative pipeline, advancing our four proprietary programs, announcing our new proprietary HexElect antibody technology and entering a new strategic collaboration. We also continued to see excellent progress with DARZALEX, saw completion of patient enrollment in the Phase III trials of subcutaneous ofatumumab in relapsing multiple sclerosis, and achieved our financial goals.

Tisotumab Vedotin Moves Forward in Cervical Cancer

Building on the promising data we saw for tisotumab vedotin in cervical cancer in 2017, we made forward strides with this program together with our collaboration partner Seattle Genetics last year. We treated the first patients in a Phase II study of tisotumab vedotin (innovaTV 204) in recurrent and/or metastatic cervical cancer. If the data from the study is supportive, it could potentially be used to file regulatory applications to bring tisotumab vedotin to the market. We began preparations to enroll patients in a Phase I/II study of tisotumab vedotin (innovaTV 205) in combination with other treatments for cervical cancer in December. In addition, we began two studies of tisotumab vedotin in other solid tumors: the innovaTV 207 Phase II study for locally advanced or metastatic colon, pancreatic, head and neck or non-small cell lung cancers (NSCLC) and the innovaTV 208 Phase II study in ovarian cancer. If all continues to go well with the tisotumab vedotin program, it could become the first product Genmab markets with its own commercial team.

Early Stage Clinical Pipeline Takes the Stage

We made very significant progress with our early stage proprietary clinical programs last year. The enapotamab vedotin study in solid tumors was expanded in various tumor types, and in particular, we saw encouraging early signs of activity in NSCLC. We also treated the first patients with two exciting products created with our proprietary next generation antibody technologies. The HexaBody-DR5/DR5 program is treating patients with solid tumors in the first ever clinical trial of a product made with our enhanced potency HexaBody technology platform. The first patients were also treated with Genmab's first fully owned DuoBody bispecific antibody product, DuoBody-CD3xCD20, in a Phase I/II study in B-cell malignancies. We also continue to develop our innovative pre-clinical pipeline in order to bring at least three new programs into clinical development during 2019.

DARZALEX Continues to Impress

We continue to be excited by the progress we have seen with DARZALEX, with over 60,000 patients with multiple myeloma treated by the end of 2018, and by the fact that a growing number of patients with multiple myeloma are able to access this first-in-class drug. This was made possible with new regulatory approvals for DARZALEX in combination with other drugs for frontline multiple myeloma in the US and Europe and for a split dose regimen. We hope to see further regulatory approvals in Japan and China. We were also delighted with the positive topline data reported last year from two key Phase III studies of DARZALEX in combination with other therapies for frontline multiple myeloma. Both the CASSIOPEIA study combining daratumumab with bortezomib, thalidomide, and dexamethasone (VTd) in autologous stem cell transplant (ASCT) eligible patients and the MAIA study combining daratumumab with lenalidomide and dexamethasone (Rd) for ASCT ineligible patients met their primary endpoints at interim analyses. Our collaboration partner, Janssen Biotech, Inc. (Janssen), is discussing the potential for regulatory applications based on these studies with the health authorities.

Bright Past, Brighter Future

As we move into Genmab's 21st year, our past achievements speak for themselves. Our team is one that rises to every challenge, surpasses expectations, and leverages our expertise to create and develop truly transformative cancer treatments. We are entering an exciting next stage of development in the company and as we grow our talented team, our competencies, and our differentiated product pipeline, we are working rapidly to achieve our inspirational 2025 vision and our goal of improving lives for cancer patients. Thank you for your continuing support on this exciting journey.

Sincerely yours,

Jan van de Winkel, Ph.D.
President & Chief Executive Officer