Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jun. 30, 2019 | |
Document and Entity Information [Abstract] | |
Entity Registrant Name | Genmab A/S |
Entity Central Index Key | 0001434265 |
Document Type | 6-K |
Document Period End Date | Jun. 30, 2019 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | Q2 |
STATEMENT OF COMPREHENSIVE INCO
STATEMENT OF COMPREHENSIVE INCOME - DKK (kr) kr in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Statement | ||||
Revenue | kr 773,914 | kr 509,675 | kr 1,364,923 | kr 1,190,687 |
Research and development expenses | (563,376) | (318,889) | (1,109,456) | (631,440) |
General and administrative expenses | (73,371) | (55,742) | (144,224) | (100,158) |
Operating expenses | (636,747) | (374,631) | (1,253,680) | (731,598) |
Operating result | 137,167 | 135,044 | 111,243 | 459,089 |
Net financial items | (26,639) | 200,271 | 93,307 | 131,791 |
Net result before tax | 110,528 | 335,315 | 204,550 | 590,880 |
Corporate tax | (25,643) | (74,788) | (47,456) | (131,779) |
Net result | kr 84,885 | kr 260,527 | kr 157,094 | kr 459,101 |
Basic net result per share | kr 1.38 | kr 4.26 | kr 2.56 | kr 7.51 |
Diluted net result per share | kr 1.35 | kr 4.21 | kr 2.53 | kr 7.41 |
Statement of Comprehensive Income | ||||
Net result | kr 84,885 | kr 260,527 | kr 157,094 | kr 459,101 |
Amounts which will be re-classified to the income statement: | ||||
Adjustment of foreign currency fluctuations on subsidiaries | 36 | 10,335 | 4,003 | 5,444 |
Total comprehensive income | kr 84,921 | kr 270,862 | kr 161,097 | kr 464,545 |
BALANCE SHEET
BALANCE SHEET - DKK (kr) kr in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Non-current assets | ||
Intangible assets | kr 421,429 | kr 470,359 |
Property, plant and equipment | 175,948 | 161,545 |
Right-of-use assets | 190,979 | |
Receivables | 11,533 | 9,621 |
Deferred tax assets | 366,560 | 386,449 |
Total non-current assets | 1,166,449 | 1,027,974 |
Current assets | ||
Receivables | 859,911 | 1,326,931 |
Marketable securities | 6,368,090 | 5,573,187 |
Cash and cash equivalents | 582,863 | 532,907 |
Total current assets | 7,810,864 | 7,433,025 |
Total assets | 8,977,313 | 8,460,999 |
Equity | ||
Share capital | 61,690 | 61,498 |
Share premium | 8,097,093 | 8,058,614 |
Other reserves | 95,710 | 91,707 |
Retained Earnings | 32,016 | (197,459) |
Shareholders' equity | 8,286,509 | 8,014,360 |
Non-current liabilities | ||
Provisions | 1,860 | 1,430 |
Lease liabilities | 162,811 | |
Other payables | 1,575 | 1,860 |
Total non-current liabilities | 166,246 | 3,290 |
Current liabilities | ||
Corporate tax payable | 1,583 | 126,964 |
Lease liabilities | 31,237 | |
Other payables | 491,738 | 316,385 |
Total current liabilities | 524,558 | 443,349 |
Total liabilities | 690,804 | 446,639 |
Total shareholders' equity and liabilities | kr 8,977,313 | kr 8,460,999 |
STATEMENT OF CASH FLOWS
STATEMENT OF CASH FLOWS - DKK (kr) kr in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Cash flows from (used in) operating activities | ||
Net result before tax | kr 204,550 | kr 590,880 |
Reversal of financial items, net | (93,307) | (131,791) |
Adjustments for non-cash transactions | 135,775 | 70,673 |
Changes in working capital | 699,919 | 53,940 |
Cash flow from operating activities before financial items | 946,937 | 583,702 |
Financial interest received | 29,542 | 20,643 |
Interest elements of lease payments | (3,607) | |
Financial expenses paid | (530) | (273) |
Corporate taxes received/(paid) | (140,316) | (5,125) |
Cash flow from operating activities | 832,026 | 598,947 |
Cash flows from (used in) investing activities | ||
Investments in tangible assets | (35,574) | (47,791) |
Marketable securities bought | (2,215,031) | (1,792,044) |
Marketable securities sold | 1,464,523 | 1,053,144 |
Cash flow from investing activities | (786,082) | (786,691) |
Cash flows from (used in) financing activities | ||
Warrants exercised | 38,478 | 60,413 |
Shares issued for cash | 193 | 251 |
Principal elements of lease payments | (14,325) | |
Purchase of treasury shares | (146,175) | |
Payment of withholding taxes on behalf of employees on net settled RSUs | (8,728) | |
Cash flow from financing activities | 15,618 | (85,511) |
Change in cash and cash equivalents | 61,562 | (273,255) |
Cash and cash equivalents at the beginning of the period | 532,907 | 1,347,545 |
Exchange rate adjustments | (11,606) | 12,875 |
Cash and cash equivalents at the end of the period | 582,863 | 1,087,165 |
Cash and cash equivalents include: | ||
Bank deposits and petty cash | kr 582,863 | kr 1,087,165 |
STATEMENT OF CHANGES IN EQUITY
STATEMENT OF CHANGES IN EQUITY - DKK (kr) kr in Thousands | Share capital | Share premium [Member] | Translation reserves | Retained Earnings [Member] | Total |
Adjusted total equity at January 1, 2018 | kr 61,186 | kr 7,983,652 | kr 82,080 | kr (1,704,078) | kr 6,422,840 |
Balance at beginning of period at Dec. 31, 2017 | kr 61,186 | 7,983,652 | 82,080 | (1,854,726) | 6,272,192 |
Balance at beginning of period (in shares) at Dec. 31, 2017 | 61,185,674 | ||||
Net result | 459,101 | 459,101 | |||
Other comprehensive income | 5,444 | 5,444 | |||
Total comprehensive income | 5,444 | 459,101 | 464,545 | ||
Transactions with owners: | |||||
Exercise of warrants | kr 251 | 60,414 | 60,665 | ||
Exercise of warrants (in shares) | 251,144 | ||||
Purchase of treasury shares | (146,175) | (146,175) | |||
Share-based compensation expenses | 43,225 | 43,225 | |||
Tax on items recognized directly in equity | 16,125 | 16,125 | |||
Balance at end of period at Jun. 30, 2018 | kr 61,437 | 8,044,066 | 87,524 | (1,331,802) | 6,861,225 |
Balance at end of period (in shares) at Jun. 30, 2018 | 61,436,818 | ||||
Balance at beginning of period at Dec. 31, 2018 | kr 61,498 | 8,058,614 | 91,707 | (197,459) | 8,014,360 |
Balance at beginning of period (in shares) at Dec. 31, 2018 | 61,497,571 | ||||
Net result | 157,094 | 157,094 | |||
Other comprehensive income | 4,003 | 4,003 | |||
Total comprehensive income | 4,003 | 157,094 | 161,097 | ||
Transactions with owners: | |||||
Exercise of warrants | kr 192 | 38,479 | 38,671 | ||
Exercise of warrants (in shares) | 192,572 | ||||
Share-based compensation expenses | 68,455 | 68,455 | |||
Net settlement of RSUs | (8,728) | (8,728) | |||
Tax on items recognized directly in equity | 12,654 | 12,654 | |||
Balance at end of period at Jun. 30, 2019 | kr 61,690 | kr 8,097,093 | kr 95,710 | kr 32,016 | kr 8,286,509 |
Balance at end of period (in shares) at Jun. 30, 2019 | 61,690,143 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2019 | |
Basis of Presentation | |
Basis of Presentation | Note 1 – Basis of Presentation Accounting Policies The interim report is prepared in accordance with International Accounting Standard No. 34 (IAS 34), “Interim Financial Reporting” and additional Danish disclosure requirements for interim reports of listed companies. The interim report has not been reviewed or audited by Genmab’s external auditors. The interim report has been prepared using the same accounting policies as outlined in section 1 – Basis of Presentation in the financial statements in the 2018 annual report, except for the adoption of new accounting standards detailed below. Management Judgments and Estimates under IFRS In preparing interim reports, certain provisions under IFRS require management to make judgments (various accounting estimates and assumptions) which may significantly impact the group’s financial statements. The most significant judgments include, among other things, revenue recognition, share-based compensation, deferred tax assets, and recognition of internally generated intangible assets. For additional descriptions of significant judgments and estimates, refer to note 1.3 in the 2018 annual report. Fair Value Measurement For financial instruments that are measured in the balance sheet at fair value, IFRS 13 for financial instruments requires disclosure of fair value measurements by level of the following fair value measurement hierarchy for: · Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities · Level 2 – Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) · Level 3 – Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs). MDKK June 30, 2019 December 31, 2018 Assets Measured at Fair Value Note Level 1 Level 2 Level 1 Level 2 Marketable securities 3 6,368 — 5,573 — Marketable Securities All fair market values are determined by reference to external sources using unadjusted quoted prices in established markets for our marketable securities (Level 1). New Accounting Standards - Recently Adopted IFRS 16 Leasing Effective January 1, 2019, we adopted IFRS 16 using the modified retrospective transition method. Under this method, all leases are recognized in the balance sheet as a right-of-use (“ROU”) asset with a corresponding lease liability, except for short term assets in which the lease term is 12 months or less, or low value assets. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. The ROU asset is depreciated over the shorter of the asset’s useful life and the lease term on a straight-line basis over the lease term. In the income statement, lease costs are replaced by depreciation of the ROU asset recognized over the lease term in operating expenses, and interest expenses related to the lease liability are classified in financial items. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. Genmab determines if an arrangement is a lease at inception. Genmab leases various properties and IT equipment. Rental contracts are typically made for fixed periods. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of fixed payments, less any lease incentives. As our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). ROU assets are measured at cost and include the amount of the initial measurement of lease liability, any lease payments made at or before the commencement date less any lease incentives received, any initial direct costs, and restoration costs. Payments associated with short-term leases and leases of low-value assets are recognized on a straight-line basis as an expense in the income statement. Short-term leases are leases with a lease term of 12 months or less and low-value assets comprise IT equipment and small items of office furniture. On adoption of IFRS 16, the group recognized lease liabilities in relation to leases which had previously been classified as ‘operating leases’ under the principles of IAS 17 Leases. These liabilities were measured at the present value of the remaining lease payments, discounted using the lessee’s incremental borrowing rate as of January 1, 2019. The weighted average lessee’s incremental borrowing rate applied to the lease liabilities on January 1, 2019 was 3.7%. The impact of the adoption of IFRS 16 on the financial statements as of January 1, 2019 is shown in the table and further described below: January 1, 2019 DKK'000 Operating lease commitments disclosed as at December 31, 2018 183,711 Discounted using the group’s incremental borrowing rate of 3.7% (42,461) (Less): short-term leases recognised on a straight- line basis as expense (2,874) Add/(less): adjustments as a result of a different treatment of extension and termination options 66,392 Lease liability recognized at January 1, 2019 204,768 The ROU assets established at January 1, 2019 on the balance sheet was DKK 204.8 million. Net result decreased by DKK 3.1 million as a result of adopting IFRS 16 in the first half of 2019. Cash flows from operating activities increased by DKK 17.4 million and cash flows from financing activities decreased by DKK 14.3 million as a result of adopting IFRS 16 in the first half of 2019. For purposes of applying the modified retrospective approach in adoption of IFRS 16, Genmab has used the following practical expedients permitted by the standard: · applied the exemption not to recognize ROU assets and liabilities for leases with less than 12 months of lease term from January 1, 2019, and · excluded initial direct costs for the measurement of the ROU assets at the date of initial application There are no ROU assets that meet the definition of investment property. |
Revenue
Revenue | 6 Months Ended |
Jun. 30, 2019 | |
Revenue. | |
Revenue | Note 2 – Revenue Genmab enters into license and collaboration agreements which are within the scope of IFRS 15, under which it licenses certain rights to its product candidates to third parties and also may participate in the development of the product candidates. The terms of these arrangements typically include payment to Genmab of one or more of the following: non-refundable, upfront license fees; exclusive designation fees; annual license maintenance fees; additional target fees; development, regulatory and commercial milestone payments; payments for research and development services; and royalties on net sales of licensed products. Each of these payments results in revenue from contracts with customers. The table below disaggregates our revenue by type of payment and collaboration partner under our agreements, which provides additional information regarding how the nature, amount, timing and uncertainty of our revenue and cash flows might be affected by economic factors. 6 Months Ended 6 Months Ended June 30, 2019 June 30, 2018 DKK'000 DKK'000 Revenue: Royalties 1,181,101 708,933 Milestone payments 19,676 40,010 License fees — 336,045 Reimbursement income 164,146 105,699 Total 1,364,923 1,190,687 Revenue split by collaboration partner: Janssen (DARZALEX/daratumumab & DuoBody) 1,189,211 745,302 Novartis (Arzerra/ofatumumab) 11,704 317,738 Other collaboration partners 164,008 127,647 Total 1,364,923 1,190,687 |
Marketable Securities
Marketable Securities | 6 Months Ended |
Jun. 30, 2019 | |
Marketable Securities | |
Marketable Securities | Note 3 – Marketable Securities June 30, December 31, 2019 2018 DKK'000 DKK'000 (full year) Cost at the beginning of the period 5,493,957 4,194,743 Additions for the period 2,215,031 3,521,212 Disposals and maturities for the period (1,457,667) (2,221,998) Cost at the end of the period 6,251,321 5,493,957 Fair value adjustment at the beginning of the period 79,230 (119,551) Fair value adjustment for the period 37,539 198,781 Fair value adjustment at the end of the period 116,769 79,230 Net book value at the end of the period 6,368,090 5,573,187 Net book value in percentage of cost 101.9 % 101.4 % Average effective duration 0.95 1.39 In accordance with the group’s risk management guidelines, Genmab’s marketable securities are administrated by two external investment managers who solely invest in securities from investment grade issuers. Genmab invests its cash in deposits with major financial institutions, Danish mortgage bonds and notes issued by Danish, European, and American governments. As of June 30, 2019, 90% of our marketable securities had a triple A-rating, compared to 90% as of December 31, 2018. The total fair value adjustment for the first half of 2019 was income of DKK 38 million, which was driven primarily by foreign exchange adjustments of DKK 9 million due to the strengthening of the USD against the DKK which positively impacted our USD denominated portfolio. |
Finance Income and Expenses
Finance Income and Expenses | 6 Months Ended |
Jun. 30, 2019 | |
Finance Income and Expenses | |
Financial Income and Expenses | Note 4 – Financial Income and Expenses 6 Months Ended 6 Months Ended June 30, 2019 June 30, 2018 DKK'000 DKK'000 Financial income: Interest and other financial income 44,754 28,007 Realized and unrealized gains on marketable securities, net 26,151 — Realized and unrealized gains on fair value hedges, net — 2,282 Realized and unrealized exchange rate gains, net 26,218 111,238 Total financial income 97,123 141,527 Financial expenses: Interest and other financial expenses 3,816 273 Realized and unrealized losses on marketable securities, net — 9,463 Total financial expenses 3,816 9,736 Net financial items 93,307 131,791 Realized and unrealized exchange rate gains, net of DKK 26 million in the first half of 2019 were driven by the strengthening of the USD against the DKK which positively impacted our USD denominated portfolio and cash holdings. Realized and unrealized exchange rate gains, net of DKK 111 million in the first half of 2018 were driven by foreign exchange movements, which positively impacted our USD denominated portfolio and cash holdings. The increase in interest and other financial expenses is driven by the interest expense recognized on the lease liability established as part of the adoption of IFRS 16. See note 1 for details of the adoption of IFRS 16 and note 7 for details of the interest expense related to the lease liability. |
Share-Based Instruments
Share-Based Instruments | 6 Months Ended |
Jun. 30, 2019 | |
Share-Based Instruments | |
Schedule of share-based payment | Note 5 – Share-Based Instruments Restricted Stock Unit Program Genmab A/S established a Restricted Stock Unit (RSU) program as an incentive for all the Genmab group’s employees, members of the Executive Management, and members of the Board of Directors. Under the terms of the RSU program, RSUs are subject to a cliff vesting period and become fully vested on the first banking day of the month following a period of three years from the date of grant. Within 30 days of the vesting date, the holder of an RSU receives one share in Genmab A/S for each RSU. Our Board of Directors, under two separate authorizations, is currently authorized to repurchase up to a total of 1,000,000 shares (with a nominal value of DKK 1,000,000) at a price per share that may not deviate by more than 10% from the price quoted on Nasdaq Copenhagen at the time of the acquisition. The first authorization, granted on March 17, 2016, authorizes the Board of Directors to repurchase up to a total of 500,000 shares (with a nominal value of DKK 500,000) and shall lapse on March 17, 2021. The second authorization, granted on March 29, 2019, authorizes the Board of Directors to repurchase up to an additional 500,000 shares (with a nominal value of DKK 500,000) and shall lapse on March 28, 2024. The authorizations are intended to cover obligations in relation to the RSU program and reduce the dilution effect of share capital increases resulting from future exercises of warrants. As of June 30, 2019, we repurchased a total of 225,000 shares (with a nominal value of DKK 225,000) under the first authorization and have not repurchased any shares under the second authorization. As of June 30, 2019, up to a further 275,000 shares (with a nominal value of up to DKK 275,000) can be repurchased under the first authorization. During the first half of 2019, there were no acquisitions of treasury shares. During the first half of 2018, Genmab acquired 125,000 of its own shares, approximately 0.2% of share capital, to cover its future obligations under the RSU program. The total amount paid to acquire the shares, including directly attributable costs, was DKK 146 million and has been recognized as a deduction to shareholders’ equity. These shares are classified as treasury shares and are presented within retained earnings as of June 30, 2019 and June 30, 2018. The shares were acquired in accordance with the authorization granted by the Annual General Meeting on March 17, 2016 and the acquisition was carried out in compliance with applicable laws, the Nasdaq Copenhagen issuer rules and Genmab’s internal policies on trading with shares of Genmab A/S. RSU Activity The RSU activity in the first half of 2019 and 2018, respectively, is outlined below. 6 Months Ended 6 Months Ended June 30, 2019 June 30, 2018 Outstanding RSUs at January 1 218,902 168,044 Granted 15,431 10,489 Vested (22,189) (47,450) Forfeited/Cancelled (5,053) (1,971) Outstanding RSUs at June 30 207,091 129,112 During the first half of 2019, 15,431 RSUs were granted with a weighted average fair value of DKK 1,154.35 per RSU. During the first half of 2018, 10,489 RSUs were granted with a weighted average fair value of DKK 1,084.57 per RSU. During the first half of 2019, 22,189 RSUs vested and a corresponding amount of treasury shares were issued to cover the obligation. During the first half of 2018, 47,450 RSUs vested and a corresponding amount of treasury shares were issued to cover the obligation. As of June 30, 2019, 163,921 treasury shares were held by Genmab to cover its future obligations in relation to the RSU program. Genmab settles RSUs using shares issued from treasury stock. A portion of the settlement is withheld to satisfy individual statutory tax withholding obligations which remain in our treasury share account. Warrant Program Genmab A/S established warrant programs as an incentive for all the Genmab group’s employees, and members of the Executive Management. Warrants Granted from August 2004 until April 2012 Under the August 2004 warrant program, warrants vest annually over a four year period on the anniversary of the grant date. Warrants granted under the August 2004 warrant program will lapse on the tenth anniversary of the grant date. As a general rule, the warrant holder may only exercise 25% of the warrants granted per full year of employment or affiliation with Genmab after the grant date. However, the warrant holder will be entitled to retain rights to exercise all warrants on a regular schedule in instances where the employment relationship is terminated by Genmab without cause. Warrants Granted from April 2012 until March 2017 In April 2012, a new warrant program was adopted by the Board of Directors. Whereas warrants granted under the August 2004 warrant program will lapse on the tenth anniversary of the grant date, warrants granted under the April 2012 warrant program will lapse at the seventh anniversary of the grant date. All other terms in the warrant programs are identical. Warrants Granted from March 2017 In March 2017, a new warrant program was adopted by the Board of Directors. Whereas warrants granted under the April 2012 warrant program vested annually over a four year period, warrants granted under the new March 2017 warrant program are subject to a cliff vesting period and become fully vested three years from the date of grant. All other terms in the warrant programs are identical. Warrant Activity The warrant activity in the first half of 2019 and 2018 is outlined below. 6 Months Ended 6 Months Ended June 30, 2019 June 30, 2018 Outstanding warrants at January 1 1,423,210 1,518,186 Granted 49,360 29,668 Exercised (192,572) (251,144) Expired/lapsed/cancelled (12,911) (38,631) Outstanding warrants at June 30 1,267,087 1,258,079 During the first half of 2019, 49,360 warrants were granted to our employees with a weighted average exercise price of 1,154.19 per warrant and a weighted average Black-Scholes fair market value of DKK 360.96 per warrant. During the first half of 2018, 29,668 warrants were granted to our employees with a weighted average exercise price of 1,087.00 per warrant and a weighted average Black-Scholes fair market value of DKK 383.48 per warrant. During the first half of 2019, 192,572 warrants were exercised with a weighted average exercise price of DKK 200.81 with proceeds to Genmab of DKK 39 million. The warrants exercised increased share capital accordingly and corresponded to approximately 0.31% of share capital. During the first half of 2018, 251,144 warrants were exercised with a weighted average exercise price of DKK 241.55 with proceeds to Genmab of DKK 61 million. The warrants exercised increased share capital accordingly and corresponded to approximately 0.41% of share capital. Share-based compensation expenses for the first half of 2019 totaled DKK 68 million compared to DKK 43 million for the first half of 2018. |
Shareholdings by the Board of D
Shareholdings by the Board of Directors and Executive Management | 6 Months Ended |
Jun. 30, 2019 | |
Shareholdings By The Board Of Directors And Executive Management [Abstract] | |
Shareholdings by the Board of Directors and Executive Management | The tables below set forth certain information regarding the beneficial ownership of the issued share capital and the outstanding share-based instruments held by the members of the Board of Directors and the Executive Management as of June 30, 2019. December 31, June 30, 2018 Acquired Sold Transferred 2019 Number of ordinary shares owned Board of Directors Mats Pettersson 24,800 7,207 — — 32,007 Anders Gersel Pedersen 8,000 718 — — 8,718 Pernille Erenbjerg 2,700 478 — — 3,178 Paolo Paoletti 3,337 478 — — 3,815 Rolf Hoffmann 1,050 — — — 1,050 Deirdre P. Connelly 2,200 — — — 2,200 Peter Storm Kristensen — — — — — Rick Hibbert — — — — — Mijke Zachariasse — — — — — Daniel Bruno — — — — — 42,087 8,881 — — 50,968 Executive Management Jan van de Winkel 662,400 6,084 — — 668,484 David A. Eatwell 30,825 4,436 — — 35,261 Judith Klimovsky — — — — — 693,225 10,520 — — 703,745 Total 735,312 19,401 — — 754,713 December 31, June 30, 2018 Granted Exercised Transferred 2019 Number of warrants held Board of Directors Mats Pettersson 26,250 — (6,250) — 20,000 Anders Gersel Pedersen 29,000 — (9,000) — 20,000 Pernille Erenbjerg — — — — — Paolo Paoletti — — — — — Rolf Hoffmann — — — — — Deirdre P. Connelly — — — — — Peter Storm Kristensen 2,515 — — — 2,515 Rick Hibbert 876 — (87) (789) — Mijke Zachariasse — — — 557 557 Daniel Bruno 15,837 — — — 15,837 74,478 — (15,337) (232) 58,909 Executive Management Jan van de Winkel 108,068 — (42,400) — 65,668 David A. Eatwell 335,201 — (45,000) — 290,201 Judith Klimovsky 36,932 — — — 36,932 480,201 — (87,400) — 392,801 Total 554,679 — (102,737) (232) 451,710 December 31, June 30, 2018 Granted Settled Transferred 2019 Number of RSUs held Board of Directors Mats Pettersson 3,298 — (957) — 2,341 Anders Gersel Pedersen 2,278 — (718) — 1,560 Pernille Erenbjerg 1,649 — (478) — 1,171 Paolo Paoletti 1,649 — (478) — 1,171 Rolf Hoffmann 1,899 — — — 1,899 Deirdre P. Connelly 2,094 — — — 2,094 Peter Storm Kristensen 1,481 — — — 1,481 Rick Hibbert 1,439 — — (1,439) — Mijke Zachariasse — — — 188 188 Daniel Bruno 4,340 — — — 4,340 20,127 — (2,631) (1,251) 16,245 Executive Management Jan van de Winkel 33,505 — (11,387) — 22,118 David A. Eatwell 20,068 — (7,693) — 12,375 Judith Klimovsky 12,579 — — — 12,579 66,152 — (19,080) — 47,072 Total 86,279 — (21,711) (1,251) 63,317 |
Leases
Leases | 6 Months Ended |
Jun. 30, 2019 | |
Leases | |
Leases | Note 7 – Leases Amounts recognized in the balance sheet The balance sheet shows the following amounts relating to leases: June 30, December 31, 2019 2018 DKK'000 DKK'000 Right-of-use assets Properties 185,867 — Equipment 5,112 — — Total right-of-use assets 190,979 — — Lease liabilities — Current 31,237 — Non-current 162,811 — — Total lease liabilities 194,048 — There were no additions to the right-of-use assets in the first half ended June 30, 2019. Amounts recognized in the statement of comprehensive income The statement of comprehensive income shows the following amounts relating to leases: 6 Months Ended 6 Months Ended June 30, 2019 June 30, 2018 DKK'000 DKK'000 Depreciation charge of right-of-use assets Properties 13,150 — Equipment 639 — Total depreciation charge of right-of-use assets 13,789 — Interest expense 3,607 — Expense relating to short-term leases 1,437 — Interest expense is included in net financial items and expenses relating to short-term leases are included in operating expenses in the statement of comprehensive income. Please refer to note 1 for disclosure of the impact of adoption of IFRS 16 on our consolidated financial statements. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. During the second quarter of 2019, Genmab A/S’s subsidiary Genmab US, Inc., entered into a lease agreement with respect to office and laboratory space with a commencement date in March 2020 and is non-cancellable until August 2031. The total future minimum payments over the term of the lease are approximately DKK 210 million and estimated capital expenditures to fit out the space are approximately DKK 111 million. |
Subsequent Events to the Balanc
Subsequent Events to the Balance Sheet Date | 6 Months Ended |
Jun. 30, 2019 | |
Subsequent Events to the Balance Sheet Date | |
Subsequent Events to the Balance Sheet Date | Note 8 - Subsequent Events to the Balance Sheet Date On July 22, 2019, the public offering and listing of American Depository Shares (ADSs) on Nasdaq Global Select Market under the symbol “GMAB” was completed. Gross proceeds from the issuance of new shares amounted to USD 506 million (DKK 3,368 million) with a corresponding increase in share capital of 2,850,000 ordinary shares or 28,500,000 American Depository Shares (“ADSs”). Further, the underwriters’ exercised in full their option to purchase an additional 427,500 ordinary shares or 4,275,000 ADSs bringing the total gross proceeds of the offering to USD 582 million (DKK 3,873 million). The closing of the overallotment was completed on July 23, 2019. The public offering price of $17.75 per ADS, corresponded to a subscription price of DKK 1,181.80 per New Share at the U.S. dollar/DKK exchange rate of DKK 6.6580 per USD 1.00 on July 17, 2019, multiplied by the ADS-to-share ratio of ten-to-one. Underwriting commissions paid were USD 32 million (DKK 213 million). Total share capital following the public offering amounted to DKK 64,967,643. No other events have occurred subsequent to the balance sheet date that could significantly affect the financial statements as of June 30, 2019. |
Basis of Presentation (policies
Basis of Presentation (policies) | 6 Months Ended |
Jun. 30, 2019 | |
Basis of Presentation | |
Accounting Policies | Accounting Policies The interim report is prepared in accordance with International Accounting Standard No. 34 (IAS 34), “Interim Financial Reporting” and additional Danish disclosure requirements for interim reports of listed companies. The interim report has not been reviewed or audited by Genmab’s external auditors. The interim report has been prepared using the same accounting policies as outlined in section 1 – Basis of Presentation in the financial statements in the 2018 annual report, except for the adoption of new accounting standards detailed below. |
Management Judgments and Estimates under IFRS | Management Judgments and Estimates under IFRS In preparing interim reports, certain provisions under IFRS require management to make judgments (various accounting estimates and assumptions) which may significantly impact the group’s financial statements. The most significant judgments include, among other things, revenue recognition, share-based compensation, deferred tax assets, and recognition of internally generated intangible assets. For additional descriptions of significant judgments and estimates, refer to note 1.3 in the 2018 annual report. |
Fair Value Measurement | Fair Value Measurement For financial instruments that are measured in the balance sheet at fair value, IFRS 13 for financial instruments requires disclosure of fair value measurements by level of the following fair value measurement hierarchy for: · Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities · Level 2 – Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) · Level 3 – Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs). MDKK June 30, 2019 December 31, 2018 Assets Measured at Fair Value Note Level 1 Level 2 Level 1 Level 2 Marketable securities 3 6,368 — 5,573 — |
Marketable Securities | Marketable Securities All fair market values are determined by reference to external sources using unadjusted quoted prices in established markets for our marketable securities (Level 1). |
New Accounting Standards - Recently Adopted | New Accounting Standards - Recently Adopted IFRS 16 Leasing Effective January 1, 2019, we adopted IFRS 16 using the modified retrospective transition method. Under this method, all leases are recognized in the balance sheet as a right-of-use (“ROU”) asset with a corresponding lease liability, except for short term assets in which the lease term is 12 months or less, or low value assets. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. The ROU asset is depreciated over the shorter of the asset’s useful life and the lease term on a straight-line basis over the lease term. In the income statement, lease costs are replaced by depreciation of the ROU asset recognized over the lease term in operating expenses, and interest expenses related to the lease liability are classified in financial items. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. Genmab determines if an arrangement is a lease at inception. Genmab leases various properties and IT equipment. Rental contracts are typically made for fixed periods. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of fixed payments, less any lease incentives. As our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). ROU assets are measured at cost and include the amount of the initial measurement of lease liability, any lease payments made at or before the commencement date less any lease incentives received, any initial direct costs, and restoration costs. Payments associated with short-term leases and leases of low-value assets are recognized on a straight-line basis as an expense in the income statement. Short-term leases are leases with a lease term of 12 months or less and low-value assets comprise IT equipment and small items of office furniture. On adoption of IFRS 16, the group recognized lease liabilities in relation to leases which had previously been classified as ‘operating leases’ under the principles of IAS 17 Leases. These liabilities were measured at the present value of the remaining lease payments, discounted using the lessee’s incremental borrowing rate as of January 1, 2019. The weighted average lessee’s incremental borrowing rate applied to the lease liabilities on January 1, 2019 was 3.7%. The impact of the adoption of IFRS 16 on the financial statements as of January 1, 2019 is shown in the table and further described below: January 1, 2019 DKK'000 Operating lease commitments disclosed as at December 31, 2018 183,711 Discounted using the group’s incremental borrowing rate of 3.7% (42,461) (Less): short-term leases recognised on a straight- line basis as expense (2,874) Add/(less): adjustments as a result of a different treatment of extension and termination options 66,392 Lease liability recognized at January 1, 2019 204,768 The ROU assets established at January 1, 2019 on the balance sheet was DKK 204.8 million. Net result decreased by DKK 3.1 million as a result of adopting IFRS 16 in the first half of 2019. Cash flows from operating activities increased by DKK 17.4 million and cash flows from financing activities decreased by DKK 14.3 million as a result of adopting IFRS 16 in the first half of 2019. For purposes of applying the modified retrospective approach in adoption of IFRS 16, Genmab has used the following practical expedients permitted by the standard: · applied the exemption not to recognize ROU assets and liabilities for leases with less than 12 months of lease term from January 1, 2019, and · excluded initial direct costs for the measurement of the ROU assets at the date of initial application There are no ROU assets that meet the definition of investment property. |
Basis of Presentation (Tables)
Basis of Presentation (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Basis of Presentation | |
Schedule of assets measured at fair value | MDKK June 30, 2019 December 31, 2018 Assets Measured at Fair Value Note Level 1 Level 2 Level 1 Level 2 Marketable securities 3 6,368 — 5,573 — |
Schedule of impact of the adoption of IFRS 16 on the financial statements | The impact of the adoption of IFRS 16 on the financial statements as of January 1, 2019 is shown in the table and further described below: January 1, 2019 DKK'000 Operating lease commitments disclosed as at December 31, 2018 183,711 Discounted using the group’s incremental borrowing rate of 3.7% (42,461) (Less): short-term leases recognised on a straight- line basis as expense (2,874) Add/(less): adjustments as a result of a different treatment of extension and termination options 66,392 Lease liability recognized at January 1, 2019 204,768 |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Revenue. | |
Schedule of disaggregates of revenue by type of payment and collaboration partner under agreements | 6 Months Ended 6 Months Ended June 30, 2019 June 30, 2018 DKK'000 DKK'000 Revenue: Royalties 1,181,101 708,933 Milestone payments 19,676 40,010 License fees — 336,045 Reimbursement income 164,146 105,699 Total 1,364,923 1,190,687 Revenue split by collaboration partner: Janssen (DARZALEX/daratumumab & DuoBody) 1,189,211 745,302 Novartis (Arzerra/ofatumumab) 11,704 317,738 Other collaboration partners 164,008 127,647 Total 1,364,923 1,190,687 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Schedule of marketable securities | MDKK June 30, 2019 December 31, 2018 Assets Measured at Fair Value Note Level 1 Level 2 Level 1 Level 2 Marketable securities 3 6,368 — 5,573 — |
Marketable Securities | |
Schedule of marketable securities | June 30, December 31, 2019 2018 DKK'000 DKK'000 (full year) Cost at the beginning of the period 5,493,957 4,194,743 Additions for the period 2,215,031 3,521,212 Disposals and maturities for the period (1,457,667) (2,221,998) Cost at the end of the period 6,251,321 5,493,957 Fair value adjustment at the beginning of the period 79,230 (119,551) Fair value adjustment for the period 37,539 198,781 Fair value adjustment at the end of the period 116,769 79,230 Net book value at the end of the period 6,368,090 5,573,187 Net book value in percentage of cost 101.9 % 101.4 % Average effective duration 0.95 1.39 |
Finance Income and Expenses (Ta
Finance Income and Expenses (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Finance Income and Expenses | |
Schedule of finance income and expenses | 6 Months Ended 6 Months Ended June 30, 2019 June 30, 2018 DKK'000 DKK'000 Financial income: Interest and other financial income 44,754 28,007 Realized and unrealized gains on marketable securities, net 26,151 — Realized and unrealized gains on fair value hedges, net — 2,282 Realized and unrealized exchange rate gains, net 26,218 111,238 Total financial income 97,123 141,527 Financial expenses: Interest and other financial expenses 3,816 273 Realized and unrealized losses on marketable securities, net — 9,463 Total financial expenses 3,816 9,736 Net financial items 93,307 131,791 |
Share-Based Instruments (Tables
Share-Based Instruments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Share-Based Instruments | |
Summary of RSUs activity | 6 Months Ended 6 Months Ended June 30, 2019 June 30, 2018 Outstanding RSUs at January 1 218,902 168,044 Granted 15,431 10,489 Vested (22,189) (47,450) Forfeited/Cancelled (5,053) (1,971) Outstanding RSUs at June 30 207,091 129,112 |
Summary of warrants activity | 6 Months Ended 6 Months Ended June 30, 2019 June 30, 2018 Outstanding warrants at January 1 1,423,210 1,518,186 Granted 49,360 29,668 Exercised (192,572) (251,144) Expired/lapsed/cancelled (12,911) (38,631) Outstanding warrants at June 30 1,267,087 1,258,079 |
Shareholding by the Board of Di
Shareholding by the Board of Directors and Executive Management (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Disclosure Of Shareholdings By Board of Directors and Executive Management [Table Text Block] | |
Summary of beneficial ownership of the issued share capital and the outstanding share-based instruments held by the members of the Board of Directors and the Executive Management | The tables below set forth certain information regarding the beneficial ownership of the issued share capital and the outstanding share-based instruments held by the members of the Board of Directors and the Executive Management as of June 30, 2019. December 31, June 30, 2018 Acquired Sold Transferred 2019 Number of ordinary shares owned Board of Directors Mats Pettersson 24,800 7,207 — — 32,007 Anders Gersel Pedersen 8,000 718 — — 8,718 Pernille Erenbjerg 2,700 478 — — 3,178 Paolo Paoletti 3,337 478 — — 3,815 Rolf Hoffmann 1,050 — — — 1,050 Deirdre P. Connelly 2,200 — — — 2,200 Peter Storm Kristensen — — — — — Rick Hibbert — — — — — Mijke Zachariasse — — — — — Daniel Bruno — — — — — 42,087 8,881 — — 50,968 Executive Management Jan van de Winkel 662,400 6,084 — — 668,484 David A. Eatwell 30,825 4,436 — — 35,261 Judith Klimovsky — — — — — 693,225 10,520 — — 703,745 Total 735,312 19,401 — — 754,713 December 31, June 30, 2018 Granted Exercised Transferred 2019 Number of warrants held Board of Directors Mats Pettersson 26,250 — (6,250) — 20,000 Anders Gersel Pedersen 29,000 — (9,000) — 20,000 Pernille Erenbjerg — — — — — Paolo Paoletti — — — — — Rolf Hoffmann — — — — — Deirdre P. Connelly — — — — — Peter Storm Kristensen 2,515 — — — 2,515 Rick Hibbert 876 — (87) (789) — Mijke Zachariasse — — — 557 557 Daniel Bruno 15,837 — — — 15,837 74,478 — (15,337) (232) 58,909 Executive Management Jan van de Winkel 108,068 — (42,400) — 65,668 David A. Eatwell 335,201 — (45,000) — 290,201 Judith Klimovsky 36,932 — — — 36,932 480,201 — (87,400) — 392,801 Total 554,679 — (102,737) (232) 451,710 December 31, June 30, 2018 Granted Settled Transferred 2019 Number of RSUs held Board of Directors Mats Pettersson 3,298 — (957) — 2,341 Anders Gersel Pedersen 2,278 — (718) — 1,560 Pernille Erenbjerg 1,649 — (478) — 1,171 Paolo Paoletti 1,649 — (478) — 1,171 Rolf Hoffmann 1,899 — — — 1,899 Deirdre P. Connelly 2,094 — — — 2,094 Peter Storm Kristensen 1,481 — — — 1,481 Rick Hibbert 1,439 — — (1,439) — Mijke Zachariasse — — — 188 188 Daniel Bruno 4,340 — — — 4,340 20,127 — (2,631) (1,251) 16,245 Executive Management Jan van de Winkel 33,505 — (11,387) — 22,118 David A. Eatwell 20,068 — (7,693) — 12,375 Judith Klimovsky 12,579 — — — 12,579 66,152 — (19,080) — 47,072 Total 86,279 — (21,711) (1,251) 63,317 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Leases | |
Summary of balance sheet amounts relating to leases | June 30, December 31, 2019 2018 DKK'000 DKK'000 Right-of-use assets Properties 185,867 — Equipment 5,112 — — Total right-of-use assets 190,979 — — Lease liabilities — Current 31,237 — Non-current 162,811 — — Total lease liabilities 194,048 — |
Summary of statement of comprehensive income amounts relating to leases | 6 Months Ended 6 Months Ended June 30, 2019 June 30, 2018 DKK'000 DKK'000 Depreciation charge of right-of-use assets Properties 13,150 — Equipment 639 — Total depreciation charge of right-of-use assets 13,789 — Interest expense 3,607 — Expense relating to short-term leases 1,437 — |
Basis of Presentation - Fair Va
Basis of Presentation - Fair Value Measurement (Details) - DKK (kr) kr in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Basis of Presentation | ||
Marketable securities | kr 6,368,090 | kr 5,573,187 |
Net Book value | Level 1 | ||
Basis of Presentation | ||
Marketable securities | kr 6,368 | kr 5,573 |
Basis of Presentation - IFRS 16
Basis of Presentation - IFRS 16 Leasing (Details) - DKK (kr) kr in Thousands | Jan. 01, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 |
Disclosure of initial application of standards or interpretations [line items] | |||||
Weighted average lessee’s incremental borrowing rate applied to the lease liabilities | 3.70% | ||||
Operating lease commitments disclosed as at December 31, 2018 | kr 183,711 | ||||
Discounted using the group’s incremental borrowing rate of 3.7% | (42,461) | ||||
(Less): short-term leases recognised on a straight- line basis as expense | (2,874) | ||||
Add/(less): adjustments as a result of a different treatment of extension and termination options | 66,392 | ||||
Total lease liabilities | 204,768 | kr 194,048 | kr 194,048 | ||
ROU assets | kr 204,800 | 190,979 | 190,979 | ||
Net result | 84,885 | kr 260,527 | 157,094 | kr 459,101 | |
Cash flows from operating activities | 832,026 | 598,947 | |||
cash flows from financing activities | 15,618 | kr (85,511) | |||
Practical Expedient , Statement that lessee accounts for short-term leases using recognition exemption | applied the exemption not to recognize ROU assets and liabilities for leases with less than 12 months of lease term | ||||
ROU assets that meet the definition of investment property | kr 0 | 0 | |||
Increase (decrease) due to application of IFRS 16 | |||||
Disclosure of initial application of standards or interpretations [line items] | |||||
Net result | 3,100 | ||||
Cash flows from operating activities | 17,400 | ||||
cash flows from financing activities | kr 14,300 |
Revenue (Details)
Revenue (Details) - DKK (kr) kr in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Revenue | ||
Revenue | kr 1,364,923 | kr 1,190,687 |
Janssen (Darzalex/Daratumumab & DuoBody) | ||
Revenue | ||
Revenue | 1,189,211 | 745,302 |
Novartis (Arzaerra/Ofatumumab) | ||
Revenue | ||
Revenue | 11,704 | 317,738 |
Other collaboration partners | ||
Revenue | ||
Revenue | 164,008 | 127,647 |
Royalties | ||
Revenue | ||
Revenue | 1,181,101 | 708,933 |
Milestone payments | ||
Revenue | ||
Revenue | 19,676 | 40,010 |
License fees | ||
Revenue | ||
Revenue | 336,045 | |
Reimbursement income | ||
Revenue | ||
Revenue | kr 164,146 | kr 105,699 |
Marketable Securities (Details)
Marketable Securities (Details) kr in Thousands | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2019DKK (kr)item | Dec. 31, 2018DKK (kr) | Jun. 30, 2019DKK (kr) | Dec. 31, 2018DKK (kr) | |
Marketable Securities | ||||
Cost at the beginning of the period | kr 8,460,999 | |||
Cost at the end of the period | 8,977,313 | kr 8,460,999 | ||
Net book value at the end of the period | kr 8,460,999 | 8,460,999 | kr 8,977,313 | kr 8,460,999 |
Number of external investment managers | item | 2 | |||
Marketable Securities | ||||
Marketable Securities | ||||
Fair value adjustment at the beginning of the period | kr 79,230 | (119,551) | ||
Fair value adjustment for the period | 37,539 | 198,781 | ||
Fair value adjustment at the end of the period | kr 116,769 | kr 79,230 | ||
Net book value in percentage of cost | 101.90% | 101.40% | ||
Average effective duration | 11 months 12 days | 1 year 4 months 21 days | ||
Foreign exchange adjustments | kr 9,000 | |||
Marketable Securities | Triple A-rating | ||||
Marketable Securities | ||||
Percentage of marketable securities | 90.00% | 90.00% | ||
Cost | Marketable Securities | ||||
Marketable Securities | ||||
Cost at the beginning of the period | 5,493,957 | kr 4,194,743 | ||
Additions for the period | 2,215,031 | 3,521,212 | ||
Disposals and maturities for the period | (1,457,667) | (2,221,998) | ||
Cost at the end of the period | 6,251,321 | 5,493,957 | ||
Net book value at the end of the period | 5,493,957 | 4,194,743 | kr 6,251,321 | kr 5,493,957 |
Net Book value | Marketable Securities | ||||
Marketable Securities | ||||
Cost at the beginning of the period | 5,573,187 | |||
Cost at the end of the period | 6,368,090 | 5,573,187 | ||
Net book value at the end of the period | kr 5,573,187 | kr 5,573,187 | kr 6,368,090 | kr 5,573,187 |
Finance Income and Expenses (De
Finance Income and Expenses (Details) - DKK (kr) kr in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Financial Income: | ||||
Interest and other financial income | kr 44,754 | kr 28,007 | ||
Realized and unrealized gains on marketable securities, net | 26,151 | |||
Realized and unrealized gains on fair value hedges, net | 2,282 | |||
Realized and unrealized exchange rate gains, net | 26,218 | 111,238 | ||
Total financial income | 97,123 | 141,527 | ||
Financial expenses: | ||||
Interest and other financial expenses | 3,816 | 273 | ||
Realized and unrealized losses on marketable securities, net | 9,463 | |||
Total financial expenses | 3,816 | 9,736 | ||
Net financial items | kr (26,639) | kr 200,271 | kr 93,307 | kr 131,791 |
Share-Based Instruments (Detail
Share-Based Instruments (Details) | 6 Months Ended | |||
Jun. 30, 2019DKK (kr)itemshares | Jun. 30, 2018DKK (kr)shares | Mar. 29, 2019DKK (kr)shares | Mar. 17, 2016DKK (kr)shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Vesting period | 3 years | |||
Period from vesting date for crediting shares | 30 days | |||
Number of shares per RSU | 1 | |||
Number of authorization | item | 2 | |||
Number of shares authorized to be repurchased | 1,000,000 | |||
Nominal value of shares repurchases | kr | kr 1,000,000 | |||
Acquisition of treasury shares | kr | kr 146,175,000 | |||
Maximum [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Threshold price deviation percentage | 10.00% | |||
RSUs | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Treasury shares acquired | 0 | 125,000 | ||
Percentage of share capital repurchased | 0.20% | |||
First authorization | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Number of shares authorized to be repurchased | 500,000 | |||
Nominal value of shares repurchases | kr | kr 500,000 | |||
Share repurchased | 225,000 | |||
Share repurchased amount | kr | kr 225,000 | |||
Shares available for repurchase | 275,000 | |||
Shares available for repurchase amount | kr | kr 275,000 | |||
Second authorization | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Number of shares authorized to be repurchased | 500,000 | |||
Nominal value of shares repurchases | kr | kr 500,000 |
Share-Based Instruments - Part
Share-Based Instruments - Part 1 (Details) - RSUs | 6 Months Ended | |
Jun. 30, 2019DKK (kr)kr / shares | Jun. 30, 2018DKK (kr)kr / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Outstanding at beginning of period | 218,902 | 168,044 |
Granted | 15,431 | 10,489 |
Vested | (22,189) | (47,450) |
Forfeited/Cancelled | (5,053) | (1,971) |
Outstanding at end of period | 207,091 | 129,112 |
Weighted average fair value of RSU granted | kr / shares | kr 1,154.35 | kr 1,084.57 |
Treasury shares issued | kr 22,189 | kr 47,450 |
Treasury shares | kr 163,921 |
Share-Based Instruments - Par_2
Share-Based Instruments - Part 2 (Details) - DKK (kr) kr / shares in Units, kr in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Balance at beginning of period | 1,423,210 | 1,518,186 |
Granted | 49,360 | 29,668 |
Exercised | (192,572) | (251,144) |
Expired/lapsed/cancelled | (12,911) | (38,631) |
Balance at end of period | 1,267,087 | 1,258,079 |
Weighted average exercise price of warrants granted | kr 1,154.19 | kr 1,087 |
Weighted average exercise price of fair market value | 360.96 | 383.48 |
Weighted average exercise price of warrants exercised | kr 200.81 | kr 241.55 |
Proceeds from exercise of warrants | kr 38,478 | kr 60,413 |
Percentage of share capital attributed to exercise of warrants | 0.31% | 0.41% |
Share-based compensation expenses | kr 68,000 | kr 43,000 |
Warrants Granted from August 2004 until April 2012 | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Warrant vesting period | 4 years | |
Percentage of share capital attributed to exercise of warrants | 25.00% | |
Warrants Granted from April 2012 until March 2017 | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Warrant vesting period | 4 years | |
Warrants Granted from March 2017 | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Warrant vesting period | 3 years |
Shareholdings by the board of_2
Shareholdings by the board of Directors and Executive Management (Details) | Mar. 29, 2019director | Jun. 30, 2019DKK (kr)shares | Jun. 30, 2018DKK (kr)shares |
Shareholdings By The Board Of Directors And Executive Management [Line items] | |||
Granted | 49,360 | 29,668 | |
Exercised | (192,572) | (251,144) | |
Number of independent directors | director | 5 | ||
Number of non-independent directors | director | 1 | ||
Number of employee-elected directors | director | 3 | ||
Reelected term | 1 year | ||
Employee elected board of directors term | 3 years | ||
RSUs | |||
Shareholdings By The Board Of Directors And Executive Management [Line items] | |||
Outstanding at beginning of period | kr | 218,902 | 168,044 | |
Granted | kr | 15,431 | 10,489 | |
Outstanding at end of period | kr | 207,091 | 129,112 | |
Board of Directors And Executive Management [Member] | |||
Shareholdings By The Board Of Directors And Executive Management [Line items] | |||
Balance at beginning of period | 735,312,000 | ||
Acquired | 19,401,000 | ||
Balance at end of period | 754,713,000 | ||
Balance at beginning of period | 554,679,000 | ||
Exercised | (102,737,000) | ||
Transferred | kr | kr (232,000) | ||
Balance at end of period | 451,710,000 | ||
Board of Directors And Executive Management [Member] | RSUs | |||
Shareholdings By The Board Of Directors And Executive Management [Line items] | |||
Outstanding at beginning of period | kr | 86,279,000 | ||
Settled | (21,711,000) | ||
Transferred | (1,251,000) | ||
Outstanding at end of period | kr | 63,317,000 | ||
Board of Directors | |||
Shareholdings By The Board Of Directors And Executive Management [Line items] | |||
Balance at beginning of period | 42,087,000 | ||
Acquired | 8,881,000 | ||
Balance at end of period | 50,968,000 | ||
Balance at beginning of period | 74,478,000 | ||
Exercised | (15,337,000) | ||
Transferred | kr | kr (232,000) | ||
Balance at end of period | 58,909,000 | ||
Board of Directors | RSUs | |||
Shareholdings By The Board Of Directors And Executive Management [Line items] | |||
Outstanding at beginning of period | kr | 20,127,000 | ||
Settled | (2,631,000) | ||
Transferred | (1,251,000) | ||
Outstanding at end of period | kr | 16,245,000 | ||
Mats Pettersson | |||
Shareholdings By The Board Of Directors And Executive Management [Line items] | |||
Balance at beginning of period | 24,800,000 | ||
Acquired | 7,207,000 | ||
Balance at end of period | 32,007,000 | ||
Balance at beginning of period | 26,250,000 | ||
Exercised | (6,250,000) | ||
Balance at end of period | 20,000,000 | ||
Mats Pettersson | RSUs | |||
Shareholdings By The Board Of Directors And Executive Management [Line items] | |||
Outstanding at beginning of period | kr | 3,298,000 | ||
Settled | (957,000) | ||
Outstanding at end of period | kr | 2,341,000 | ||
Anders Gersel Pedersen | |||
Shareholdings By The Board Of Directors And Executive Management [Line items] | |||
Balance at beginning of period | 8,000,000 | ||
Acquired | 718,000 | ||
Balance at end of period | 8,718,000 | ||
Balance at beginning of period | 29,000,000 | ||
Exercised | (9,000,000) | ||
Balance at end of period | 20,000,000 | ||
Anders Gersel Pedersen | RSUs | |||
Shareholdings By The Board Of Directors And Executive Management [Line items] | |||
Outstanding at beginning of period | kr | 2,278,000 | ||
Settled | (718,000) | ||
Outstanding at end of period | kr | 1,560,000 | ||
Pernille Erenbjerg | |||
Shareholdings By The Board Of Directors And Executive Management [Line items] | |||
Balance at beginning of period | 2,700,000 | ||
Acquired | 478,000 | ||
Balance at end of period | 3,178,000 | ||
Pernille Erenbjerg | RSUs | |||
Shareholdings By The Board Of Directors And Executive Management [Line items] | |||
Outstanding at beginning of period | kr | 1,649,000 | ||
Settled | (478,000) | ||
Outstanding at end of period | kr | 1,171,000 | ||
Paolo Paoletti | |||
Shareholdings By The Board Of Directors And Executive Management [Line items] | |||
Balance at beginning of period | 3,337,000 | ||
Acquired | 478,000 | ||
Balance at end of period | 3,815,000 | ||
Paolo Paoletti | RSUs | |||
Shareholdings By The Board Of Directors And Executive Management [Line items] | |||
Outstanding at beginning of period | kr | 1,649,000 | ||
Settled | (478,000) | ||
Outstanding at end of period | kr | 1,171,000 | ||
Rolf Hoffmann | |||
Shareholdings By The Board Of Directors And Executive Management [Line items] | |||
Balance at beginning of period | 1,050,000 | ||
Balance at end of period | 1,050,000 | ||
Rolf Hoffmann | RSUs | |||
Shareholdings By The Board Of Directors And Executive Management [Line items] | |||
Outstanding at beginning of period | kr | 1,899,000 | ||
Outstanding at end of period | kr | 1,899,000 | ||
Deirdre P. Connelly | |||
Shareholdings By The Board Of Directors And Executive Management [Line items] | |||
Balance at beginning of period | 2,200,000 | ||
Balance at end of period | 2,200,000 | ||
Deirdre P. Connelly | RSUs | |||
Shareholdings By The Board Of Directors And Executive Management [Line items] | |||
Outstanding at beginning of period | kr | 2,094,000 | ||
Outstanding at end of period | kr | 2,094,000 | ||
Peter Storm Kristensen | |||
Shareholdings By The Board Of Directors And Executive Management [Line items] | |||
Balance at beginning of period | 2,515,000 | ||
Balance at end of period | 2,515,000 | ||
Peter Storm Kristensen | RSUs | |||
Shareholdings By The Board Of Directors And Executive Management [Line items] | |||
Outstanding at beginning of period | kr | 1,481,000 | ||
Outstanding at end of period | kr | 1,481,000 | ||
Rick Hibbert | |||
Shareholdings By The Board Of Directors And Executive Management [Line items] | |||
Balance at beginning of period | 876,000 | ||
Exercised | (87,000) | ||
Transferred | kr | kr (789,000) | ||
Rick Hibbert | RSUs | |||
Shareholdings By The Board Of Directors And Executive Management [Line items] | |||
Outstanding at beginning of period | kr | 1,439,000 | ||
Transferred | (1,439,000) | ||
Mijke Zachariasse | |||
Shareholdings By The Board Of Directors And Executive Management [Line items] | |||
Transferred | kr | kr 557,000 | ||
Balance at end of period | 557,000 | ||
Mijke Zachariasse | RSUs | |||
Shareholdings By The Board Of Directors And Executive Management [Line items] | |||
Transferred | 188,000 | ||
Outstanding at end of period | kr | 188,000 | ||
Daniel Bruno | |||
Shareholdings By The Board Of Directors And Executive Management [Line items] | |||
Balance at beginning of period | 15,837,000 | ||
Balance at end of period | 15,837,000 | ||
Daniel Bruno | RSUs | |||
Shareholdings By The Board Of Directors And Executive Management [Line items] | |||
Outstanding at beginning of period | kr | 4,340,000 | ||
Outstanding at end of period | kr | 4,340,000 | ||
Executive Management | |||
Shareholdings By The Board Of Directors And Executive Management [Line items] | |||
Balance at beginning of period | 693,225,000 | ||
Acquired | 10,520,000 | ||
Balance at end of period | 703,745,000 | ||
Balance at beginning of period | 480,201,000 | ||
Exercised | (87,400,000) | ||
Balance at end of period | 392,801,000 | ||
Executive Management | RSUs | |||
Shareholdings By The Board Of Directors And Executive Management [Line items] | |||
Outstanding at beginning of period | kr | 66,152,000 | ||
Settled | (19,080,000) | ||
Outstanding at end of period | kr | 47,072,000 | ||
Jan van de Winkel | |||
Shareholdings By The Board Of Directors And Executive Management [Line items] | |||
Balance at beginning of period | 662,400,000 | ||
Acquired | 6,084,000 | ||
Balance at end of period | 668,484,000 | ||
Balance at beginning of period | 108,068,000 | ||
Exercised | (42,400,000) | ||
Balance at end of period | 65,668,000 | ||
Jan van de Winkel | RSUs | |||
Shareholdings By The Board Of Directors And Executive Management [Line items] | |||
Outstanding at beginning of period | kr | 33,505,000 | ||
Settled | (11,387,000) | ||
Outstanding at end of period | kr | 22,118,000 | ||
David A. Eatwell | |||
Shareholdings By The Board Of Directors And Executive Management [Line items] | |||
Balance at beginning of period | 30,825,000 | ||
Acquired | 4,436,000 | ||
Balance at end of period | 35,261,000 | ||
Balance at beginning of period | 335,201,000 | ||
Exercised | (45,000,000) | ||
Balance at end of period | 290,201,000 | ||
David A. Eatwell | RSUs | |||
Shareholdings By The Board Of Directors And Executive Management [Line items] | |||
Outstanding at beginning of period | kr | 20,068,000 | ||
Settled | (7,693,000) | ||
Outstanding at end of period | kr | 12,375,000 | ||
Judith Klimovsky | |||
Shareholdings By The Board Of Directors And Executive Management [Line items] | |||
Balance at beginning of period | 36,932,000 | ||
Balance at end of period | 36,932,000 | ||
Judith Klimovsky | RSUs | |||
Shareholdings By The Board Of Directors And Executive Management [Line items] | |||
Outstanding at beginning of period | kr | 12,579,000 | ||
Outstanding at end of period | kr | 12,579,000 |
Leases (Details)
Leases (Details) - DKK (kr) kr in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jan. 01, 2019 | |
Disclosure of quantitative information about right-of-use assets [line items] | ||
Right-of-use assets | kr 190,979 | kr 204,800 |
Lease Liabilities | ||
Current | 31,237 | |
Non-current | 162,811 | |
Total lease liabilities | 194,048 | kr 204,768 |
Additions to right of use assets | 0 | |
Depreciation charge of right-of-use assets | 13,789 | |
Interest expense | 3,607 | |
Expense relating to short-term leases | 1,437 | |
Total future minimum payments | 210,000 | |
Estimated capital expenditure for lease | 111,000 | |
Properties | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Right-of-use assets | 185,867 | |
Lease Liabilities | ||
Depreciation charge of right-of-use assets | 13,150 | |
Equipment | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Right-of-use assets | 5,112 | |
Lease Liabilities | ||
Depreciation charge of right-of-use assets | kr 639 |
Subsequent Events to the Bala_2
Subsequent Events to the Balance Sheet Date (Details) kr / shares in Units, $ / shares in Units, $ in Millions | Jul. 22, 2019USD ($)shares | Jul. 22, 2019DKK (kr)shares | Jun. 30, 2019DKK (kr) | Jun. 30, 2018DKK (kr) | Jul. 17, 2019kr / $kr / shares | Jul. 17, 2019kr / $$ / shares | Dec. 31, 2018DKK (kr) |
Disclosure of non-adjusting events after reporting period [line items] | |||||||
Proceeds from issuing shares | kr | kr 193,000 | kr 251,000 | |||||
Issued capital | kr | kr 61,690,000 | kr 61,498,000 | |||||
Shares | |||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||
Increase in share capital | 2,850,000 | 2,850,000 | |||||
ADS to share ratio | 10 | 10 | |||||
Underwriting commissions | $ 32 | kr 213,000,000 | |||||
Issued capital | kr | kr 64,967,643 | ||||||
Underwriters' exercise | Shares | |||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||
Increase in share capital | 427,500 | 427,500 | |||||
ADS | Shares | |||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||
Proceeds from issuing shares | $ 506 | kr 3,368,000,000 | |||||
Increase in share capital | 28,500,000 | 28,500,000 | |||||
ADS | Underwriters' exercise | Shares | |||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||
Proceeds from issuing shares | $ 582 | kr 3,873,000,000 | |||||
Increase in share capital | 4,275,000 | 4,275,000 | |||||
Public offering price | $ / shares | $ 17.75 | ||||||
Subscription price per share. | kr / shares | kr 1,181.80 | ||||||
Closing foreign exchange rate | kr / $ | 6.6580 | 6.6580 |
Uncategorized Items - gmab-2019
Label | Element | Value |
Increase Decrease Due To Application Of I F R S15 [Member] | ||
Ifrs Cumulative Effect of New Accounting Principle in Period of Adoption | gmab_IfrsCumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | kr 150,648,000 |
Retained Earnings [Member] | Increase Decrease Due To Application Of I F R S15 [Member] | ||
Ifrs Cumulative Effect of New Accounting Principle in Period of Adoption | gmab_IfrsCumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | kr 150,648,000 |