
	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025

Revenue by type:
Royalties	$	966	$	789	$	1,708	$	1,378
Net product sales	145		101		261		176
Reimbursement revenue	12		13		20		36
Milestone revenue	10		1		26		13
Collaboration revenue	22		21		36		37

Total	$	1,155	$	925	$	2,051	$	1,640

Revenue by collaboration partner:
J&J	$	783	$	656	$	1,375	$	1,137
Roche	31		21		57		46
Novartis	144		109		261		200
BioNTech	4		11		4		30
Pfizer	23		22		39		41

Other**	25		5		54		10
Total*	$	1,010	$	824	$	1,790	$	1,464

Royalties by product:
DARZALEX	$	744	$	638	$	1,306	$	1,088
Kesimpta	143		108		259		198
TEPEZZA	31		20		57		45
Other**	48		23		86		47
Total	$	966	$	789	$	1,708	$	1,378

**Other consist of royalties from net sales of RYBREVANT, TECVAYLI, TALVEY, TEPKINLY and BIZENGRI as well as milestones from collaboration partners

Genmab recognized net product sales of $261 million during the first six months of 2026 compared to $176 million in the first six months of 2025. The increase in net products sales was primarily driven by sales of EPKINLY in the U.S. and Japan of $242 million in the first six months of 2026 compared to $175 million in the first six months of 2025.

Genmab has contract liabilities primarily associated with the AbbVie Agreement and Gilead Agreement (assumed through the acquisition of Merus in the fourth quarter of 2025). As part of the continued evaluation of these contract liabilities during the first six months of 2026, Genmab’s classification of contract liabilities reflects the current estimate of research and development activities as of June 30, 2026. Contract liabilities related to AbbVie and Gilead have been recognized as reimbursement revenue in the Condensed Consolidated Statements of Comprehensive Income as the performance obligations have been satisfied. The amounts recognized in the first six months of 2026 and 2025 were not material.