No. Human papillomavirus--that which causes all warts, including
genital warts--come in two types: low-risk and high-risk. All HPV
types can result in the growth of abnormal cells, but only
high-risk HPV types can lead to cancer. HPV types that cause
genital warts are low-risk, such as HPV-6 and HPV-11.
Do not worry. Penile warts are not cancerous and can be treated
through medical procedures (laser treatment, surgery, cryotherapy)
and topical remedies (Wartscide, etc).
For more information about genital warts and HPV, check this
out: cancer.gov/cancertopics/factsheet/Risk/HPV