v3.25.2
Revenue
 6 Months Ended
Jun. 30, 2025
Revenue [abstract]  
Revenue
Note 3 - Revenue
The table below summarizes Genmab’s revenue by type and collaboration partner, and royalties by product, under Genmab’s agreements.
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Revenue by type:
Royalties$789 $659 $1,378 $1,111 
Reimbursement revenue13 42 36 82 
Milestone revenue1 — 13 50 
Collaboration revenue21 16 37 30 
Net product sales101 62 176 109 
Total$925 $779 $1,640 $1,382 
Revenue by collaboration partner:
J&J$656 $554 $1,137 $915 
Roche21 23 46 49 
Novartis109 81 200 145 
BioNTech11 37 30 74 
Pfizer22 20 41 37 
AbbVie5 2 8 53 
Other— — 2 — 
Total*$824 $717 $1,464 $1,273 
Royalties by product:
DARZALEX$638 $538 $1,088 $885 
Kesimpta108 80 198 144 
TEPEZZA20 23 45 49 
Other**23 18 47 33 
Total$789 $659 $1,378 $1,111 
*Excludes Genmab’s Net product sales
**Other consist of royalties from net sales of RYBREVANT, TECVAYLI, TALVEY and TEPKINLY.
Net Product Sales
Genmab recognized net product sales of $176 million during the first six months of 2025 compared to $109 million in the first six months of 2024. EPKINLY was approved in the U.S. in May 2023 and Japan in September 2023.
Contract Liabilities
As part of the continued evaluation of contract liabilities related to the AbbVie Agreement, during the first six months of 2025, Genmab’s classification of contract liabilities reflects the current estimate of co-development activities as of June 30, 2025. These co-development activities are related to a performance obligation in connection with the product concepts under a research option agreement. Contract liabilities have been recognized as reimbursement revenue during the first half of 2025.
Refer to Note 2.1 in the Annual Report for further details regarding revenue.