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Financial Assets and Liabilities (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
Presentation of leases for lessee [abstract] |
Schedule of Financial Assets and Financial Liabilities | Financial assets and liabilities comprise the following:
|  | 2024 |  |  | 2023 |
|  | (EUR’000) |
Financial assets by category |  |  |  |  |  |
Trade receivables |  |  | 166,280 |  |  |  | 35,874 |
Other receivables (excluding indirect tax receivables) |  |  | 3,964 |  |  |  | 3,909 |
Marketable securities |  |  | — |  |  |  | 7,275 |
Cash and cash equivalents |  |  | 559,543 |  |  |  | 392,164 |
Financial assets measured at amortized cost |  |  | 729,787 |  |  |  | 439,222 |
Total financial assets |  |  | 729,787 |  |  |  | 439,222 |
Classified in the statement of financial position |  |  |  |  |  |
Non-current assets |  |  | 2,317 |  |  |  | 2,127 |
Current assets |  |  | 727,470 |  |  |  | 437,095 |
Total financial assets |  |  | 729,787 |  |  |  | 439,222 |
Financial liabilities by category |  |  |  |  |  |
Borrowings |  |  |  |  |  |
Convertible senior notes |  |  | 458,207 |  |  |  | 407,095 |
Royalty funding liabilities |  |  | 305,379 |  |  |  | 138,377 |
Lease liabilities |  |  | 93,030 |  |  |  | 98,793 |
Trade payables and accrued expenses |  |  | 96,394 |  |  |  | 94,566 |
Other liabilities (excluding indirect tax and employee related payables) |  |  | 311 |  |  |  | — |
Financial liabilities measured at amortized cost |  |  | 953,321 |  |  |  | 738,831 |
Derivative liabilities |  |  | 150,670 |  |  |  | 143,296 |
Financial liabilities measured at fair value through profit or loss |  |  | 150,670 |  |  |  | 143,296 |
Total financial liabilities |  |  | 1,103,991 |  |  |  | 882,127 |
Classified in the statement of financial position |  |  |  |  |  |
Non-current liabilities |  |  | 365,080 |  |  |  | 222,996 |
Current liabilities |  |  | 738,911 |  |  |  | 659,131 |
Total financial liabilities |  |  | 1,103,991 |  |  |  | 882,127 |
Schedule of Finance Income and Finance Expenses | Finance income and expenses are specified below:
|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | (EUR’000) |
Finance income |  |  |  |  |  |  |  |  |
Interest income |  |  | 14,361 |  |  |  | 16,857 |  |  |  | 7,426 |
Remeasurement gain of financial liabilities |  |  | 11,248 |  |  |  | 14,654 |  |  |  | — |
Foreign exchange translation (net) |  |  | — |  |  |  | 12,346 |  |  |  | 44,755 |
Total finance income |  |  | 25,609 |  |  |  | 43,857 |  |  |  | 52,181 |
Finance expenses |  |  |  |  |  |  |  |  |
Interest expenses |  |  | 65,504 |  |  |  | 44,065 |  |  |  | 30,682 |
Remeasurement loss of financial liabilities |  |  | 7,374 |  |  |  | — |  |  |  | 15,483 |
Foreign exchange translation (net) |  |  | 27,149 |  |  |  | — |  |  |  | 4,322 |
Total finance expenses |  |  | 100,027 |  |  |  | 44,065 |  |  |  | 50,487 |
Summary of Expenses, Related To Lease Activities In The Consolidated Statements | The following expenses related to lease activities were recognized in the consolidated statements of profit or loss:
|  | 2024 |  | 2023 |  | 2022
|  | (EUR’000)
Lease expenses |  |  |  |  |  |
Depreciation |  | 12,312 |  | 11,875 |  | 11,740
Short term leases and leases of low value assets |  | 285 |  | 353 |  | 280
Lease interest |  | 3,303 |  | 3,581 |  | 3,842
Total lease expenses |  | 15,900 |  | 15,809 |  | 15,862
Summary of Development in Borrowings Related to Financing Activities | The development in borrowings related to financing activities is specified below:
|  |  |  | Cash payments |  | Non-cash items |  |
|  | Beginning of year |  | Repay- ments |  | Net proceeds |  | Additions/ (disposals) |  | Remeasure- ments |  | Accretion of interest |  | Foreign exchange translation |  | End of year
|  | (EUR’000)
Financing activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Borrowings (excluding lease liabilities) |  | 545,472 |  | (11,819) |  | 134,158 |  | — |  | (11,248) |  | 62,116 |  | 44,907 |  | 763,586
Lease liabilities |  | 98,793 |  | (14,677) |  | — |  | 861 |  | — |  | 3,303 |  | 4,750 |  | 93,030
Total financing activities |  | 644,265 |  | (26,496) |  | 134,158 |  | 861 |  | (11,248) |  | 65,419 |  | 49,657 |  | 856,616
Financing activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Borrowings (excluding lease liabilities) |  | 399,186 |  | (12,054) |  | 136,256 |  | — |  | — |  | 40,386 |  | (18,302) |  | 545,472
Lease liabilities |  | 109,191 |  | (14,006) |  | — |  | 2,973 |  | — |  | 3,581 |  | (2,946) |  | 98,793
Total financing activities |  | 508,377 |  | (26,060) |  | 136,256 |  | 2,973 |  | — |  | 43,967 |  | (21,248) |  | 644,265
Summary of Fair Value Hierarchy | Level 3 inputs are unobservable inputs for the asset or liability.
|  | 2024 |  | 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 |  | 458,207 |  | 438,288 |  | 407,095 |  | 385,410 |  | 3
Royalty funding liabilities |  | 305,379 |  | 305,673 |  | 138,377 |  | 143,975 |  | 3
Financial liabilities measured at amortized cost |  | 763,586 |  | 743,961 |  | 545,472 |  | 529,385 |  |
Derivative liabilities |  | 150,670 |  | 150,670 |  | 143,296 |  | 143,296 |  | 3
Financial liabilities measured at fair value through profit or loss |  | 150,670 |  | 150,670 |  | 143,296 |  | 143,296 |  |
Movements in Level 3 Fair Value Measurements | The following table specifies movements in level 3 fair value measurements:
|  | 2024 |  | 2023 |  | 2022
|  | (EUR’000)
Derivative liabilities |  |  |  |  |  |
January 1 |  | 143,296 |  | 157,950 |  | —
Additions |  | — |  | — |  | 142,467
Remeasurement recognized in financial income or expense |  | 7,374 |  | (14,654) |  | 15,483
December 31 |  | 150,670 |  | 143,296 |  | 157,950

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