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Genmab A/S

GMAB

Health Care

1

exclusion reason

1 theme

Animal Welfare (1)
GMAB Health Care Current as of March 2026

Genmab A/S is screened out under 1 exclusion reason spanning 1 issue category.

This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. It is a statement of values.

Animal Exploitation
Since Jan 3, 2022

Genmab A/S is a biotechnology company whose core business of developing antibody therapeutics requires animal testing as an integral part of its research and development process. The company acknowledges this reliance in its public Animal Welfare Policy, which states its operations are governed by the European Union's Directive 2010/63/EU on the protection of animals used for scientific purposes. This framework permits and standardizes the use of animals in laboratory research.

While the company asserts a commitment to the "highest ethical standards," its business model is fundamentally dependent on the commercial exploitation of animals for product testing and regulatory approval. As a developer of biologic drugs, Genmab's preclinical studies routinely utilize animals to assess the safety, efficacy, and pharmacokinetics of its drug candidates. This places the company's operations within the broad definition of animal exploitation for commercial gain, as the use of animals is not incidental but a necessary step in its value chain. The available evidence does not detail the scale or specifics of its animal use, but the policy framework it cites confirms the activity is a standard, regulated part of its business.

Research Sources 1 organization
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Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.

This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.

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