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Financial Assets and Liabilities (Tables)

6 Months Ended

Jun. 30, 2024

Disclosure of detailed information about financial instruments [abstract]

Schedule of Financial Assets and Financial Liabilities

The following table specifies financial assets and liabilities:


		June 30, 2024				December 31, 2023
		(EUR’000)
Financial assets by category
Trade receivables			49,163				35,874
Other receivables (excluding income tax and indirect tax receivables)			5,062				3,909
Marketable securities			—				7,275
Cash and cash equivalents			258,696				392,164
Financial assets measured at amortized cost			312,921				439,222
Total financial assets			312,921				439,222
Classified in the statement of financial position
Non-current assets			2,186				2,127
Current assets			310,735				437,095
Total financial assets			312,921				439,222

Financial liabilities by category
Borrowings
Convertible senior notes			432,190				407,095
Royalty funding liabilities			144,547				138,377
Lease liabilities			95,902				98,793
Trade payables and accrued expenses			99,527				94,566
Other liabilities (excluding income tax, indirect tax, and employee related payables)			302				—
Financial liabilities measured at amortized cost			772,468				738,831
Derivative liabilities			159,059				143,296
Financial liabilities measured at fair value through profit or loss			159,059				143,296
Total financial liabilities			931,527				882,127
Classified in the statement of financial position
Non-current liabilities			219,052				222,996
Current liabilities			712,475				659,131
Total financial liabilities			931,527				882,127

Summary of Fair Value Hierarchy


		June 30, 2024				December 31, 2023
		Carrying amount		Fair value		Carrying amount		Fair value		Fair value level
		(EUR’000)								(1-3)
Financial assets
Marketable securities		—		—		7,275		7,266		1
Financial assets measured at amortized cost		—		—		7,275		7,266
Financial liabilities
Convertible senior notes		432,190		412,122		407,095		385,410		3
Royalty funding liabilities		144,547		147,345		138,377		143,975		3
Financial liabilities measured at amortized cost		576,737		559,467		545,472		529,385
Derivative liabilities		159,059		159,059		143,296		143,296		3
Financial liabilities measured at fair value through profit or loss		159,059		159,059		143,296		143,296

Movements in Level 3 Fair Value Measurements

The following table specifies movements in level 3 fair value measurements:


		2024				2023
		(EUR’000)
Derivative liabilities
January 1			143,296				157,950
Remeasurement recognized in finance (income) or expense			15,763				(71,565	)
June 30			159,059				86,385

Summary of Maturity Analysis For Financial Liabilities

The following table summarizes maturity analysis (on an undiscounted basis) for non-derivative financial liabilities recognized in the unaudited condensed consolidated statements of financial position at June 30, 2024.


		< 1 year				1-5 years				>5 years				Total contractual cash-flows				Carrying amount
		(EUR’000)
Financial liabilities
June 30, 2024
Borrowings (excluding lease liabilities)			18,902				759,073				38,700				816,675				576,737
Lease liabilities			14,802				51,632				44,312				110,746				95,902
Trade payables, accrued expenses and other liabilities			99,829				—				—				99,829				99,829
Total financial liabilities			133,533				810,705				83,012				1,027,250				772,468