v3.26.1
Borrowings
 6 Months Ended
Jun. 30, 2026
Borrowings [abstract]  
Borrowings
Note 7 - Borrowings
CurrentNon-Current
June 30,December 31,June 30,December 31,
2026202520262025
Term A Loans (Secured)$50 $53 $890 $909 
Term B Loans (Secured)244 207 1,563 1,707 
Secured Notes— 7 1,436 1,434 
Unsecured Notes— 6 952 951 
Total Borrowings$294 $273 $4,841 $5,001 
Term A Loans (Secured)Term B Loans (Secured)Secured NotesUnsecured NotesTotal
Beginning Balance as of 12/31/2025962 1,914 1,441 957 5,274 
Loan modification and other adjustments(2)(28)(2)(1)(33)
Accrued interest(2)(7)(7)(6)(22)
Principal repayments(25)(100)— — (125)
Amortization of deferred financing fees7 28 4 2 41 
Ending Balance as of 6/30/2026940 1,807 1,436 952 5,135 
In June 2026, Genmab entered into an amendment to the Credit Agreement executed in December 2025 (the “Amended Credit Agreement”), modifying the interest terms of the Term B Loans. The Amended Credit Agreement reduced the applicable interest margin from 3.00% to 2.00%. At the time of the Amended Credit Agreement, the nominal value on the Term B Loans was $1,950 million, which represented the initial nominal value less life to date principal repayments. Subsequent to the Amended Credit Agreement, the nominal value was $1,900 million. All other terms of the Amended Credit Agreement remain materially consistent with the Credit Agreement. The amendment did not result in derecognition of the financial liability. A modification adjustment of $23 million was made to the carrying amount of the Term B Loans, with the corresponding gain
recognized in other finance income. Other adjustments during the period pertain to capitalized deferred financing fees.
The Term A Loans are subject to financial covenants. As of June 30, 2026, Genmab was in compliance with these covenants.
Refer to Note 4.8 in the Annual Report for further details.