Revenue

6 Months Ended

Jun. 30, 2021

Note 5—Revenue

The Company’s revenue is primarily generated from three license agreements, which were entered into in 2018. The licenses grant VISEN exclusive rights to develop and commercialize TransCon hGH, TransCon PTH and TransCon CNP in Greater China. As consideration for the granting of such rights, the Company has received

up-front,

non-refundable,

non-cash

consideration of $40.0 million in the form of 50% ownership in VISEN. At the reporting date, the Company retains approximately 44% of VISEN’s issued and outstanding shares.

Consideration received is recognized partly as license revenue, and partly as rendering of services over time. In addition to granting exclusive rights, the Company will provide clinical trial supply and development services to VISEN.


	Three Months Ended June 30,				Six Months Ended June 30,

	2021		2020		2021		2020

	(EUR’000)				(EUR’000)
Revenue from external customers
Revenue from the rendering of services (recognized over time)		226		779		395		2,091
Sale of clinical supply (recognized at a point in time)		217		—		217		246
“Right-to-use” licenses (recognized at a point in time)		579		657		1,155		1,324

Total revenue (1)		1,022		1,436		1,767		3,661

Attributable to
VISEN Pharmaceuticals		913		1,436		1,550		3,661
Other collaboration partners		109		—		217		—

Total revenue		1,022		1,436		1,767		3,661

Revenue by geographical location
North America		688		657		1,373		1,324
China		334		779		394		2,337

Total revenue		1,022		1,436		1,767		3,661

(1)	For the three months ended June 30, 2021 and 2020, and for the six months ended June 30, 2021 and 2020, “Total revenue” includes recognition of previously deferred revenue/internal profit from associate of €579 thousand and €1,013 thousand, and of €1,155 thousand and €2,215 thousand, respectively.