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v3.25.1

Financial Assets and Liabilities (Tables) | 3 Months Ended
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Mar. 31, 2025
Presentation of leases for lessee [abstract] |
Schedule of Financial Assets and Financial Liabilities | The financial assets and liabilities comprise the following:
|  | March 31, 2025 |  |  | December 31, 2024 |
|  | (EUR’000) |
Financial assets by category |  |  |  |  |  |
Trade receivables |  |  | 66,685 |  |  |  | 166,280 |
Other receivables (excluding indirect tax receivables) |  |  | 4,501 |  |  |  | 3,964 |
Cash and cash equivalents |  |  | 517,923 |  |  |  | 559,543 |
Financial assets measured at amortized cost |  |  | 589,109 |  |  |  | 729,787 |
Total financial assets |  |  | 589,109 |  |  |  | 729,787 |
Classified in the statement of financial position |  |  |  |  |  |
Non-current assets |  |  | 2,657 |  |  |  | 2,317 |
Current assets |  |  | 586,452 |  |  |  | 727,470 |
Total financial assets |  |  | 589,109 |  |  |  | 729,787 |
Financial liabilities by category |  |  |  |  |  |
Borrowings |  |  |  |  |  |
Convertible senior notes |  |  | 449,562 |  |  |  | 458,207 |
Royalty funding liabilities |  |  | 303,347 |  |  |  | 305,379 |
Lease liabilities |  |  | 94,363 |  |  |  | 93,030 |
Trade payables and accrued expenses |  |  | 84,370 |  |  |  | 96,394 |
Other liabilities (excluding indirect tax, and employee related payables) |  |  | 3,870 |  |  |  | 311 |
Financial liabilities measured at amortized cost |  |  | 935,512 |  |  |  | 953,321 |
Derivative liabilities |  |  | 174,581 |  |  |  | 150,670 |
Financial liabilities measured at fair value through profit or loss |  |  | 174,581 |  |  |  | 150,670 |
Total financial liabilities |  |  | 1,110,093 |  |  |  | 1,103,991 |
Classified in the statement of financial position |  |  |  |  |  |
Non-current liabilities |  |  | 357,312 |  |  |  | 365,080 |
Current liabilities |  |  | 752,781 |  |  |  | 738,911 |
Total financial liabilities |  |  | 1,110,093 |  |  |  | 1,103,991 |
Summary of Fair Value Hierarchy |
|  | March 31, 2025 |  |  | December 31, 2024 |  |  |  |
|  | Carrying amount |  |  | Fair value |  |  | Carrying amount |  |  | Fair value |  |  | Fair value level |
|  | (EUR’000) |  |  | (1-3) |
Convertible senior notes |  |  | 449,562 |  |  |  | 433,666 |  |  |  | 458,207 |  |  |  | 438,288 |  |  |  | 3 |
Royalty funding liabilities |  |  | 303,347 |  |  |  | 308,018 |  |  |  | 305,379 |  |  |  | 305,673 |  |  |  | 3 |
Financial liabilities measured at amortized cost |  |  | 752,909 |  |  |  | 741,684 |  |  |  | 763,586 |  |  |  | 743,961 |  |  |  |
Derivative liabilities |  |  | 174,581 |  |  |  | 174,581 |  |  |  | 150,670 |  |  |  | 150,670 |  |  |  | 3 |
Financial liabilities measured at fair value through profit or loss |  |  | 174,581 |  |  |  | 174,581 |  |  |  | 150,670 |  |  |  | 150,670 |  |  |  |
Movements in Level 3 Fair Value Measurements | The following table specifies movements in level 3 fair value measurements:
|  | 2025 |  |  | 2024 |
|  | (EUR’000) |
Derivative liabilities |  |  |  |  |  |
January 1 |  |  | 150,670 |  |  |  | 143,296 |
Remeasurement recognized in finance (income) or expense |  |  | 23,911 |  |  |  | 53,995 |
March 31 |  |  | 174,581 |  |  |  | 197,291 |
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 as of March 31, 2025:
|  | < 1 year |  |  | 1-5 years |  |  | >5 years |  |  | Total contractual cash-flows |  |  | Carrying amount |
|  | (EUR’000) |
Financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
March 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Borrowings (excluding lease liabilities) |  |  | 39,585 |  |  |  | 991,636 |  |  |  | — |  |  |  | 1,031,221 |  |  |  | 752,909 |
Lease liabilities |  |  | 15,129 |  |  |  | 57,607 |  |  |  | 35,250 |  |  |  | 107,986 |  |  |  | 94,363 |
Trade payables, accrued expenses and other liabilities |  |  | 88,240 |  |  |  | — |  |  |  | — |  |  |  | 88,240 |  |  |  | 88,240 |
Total financial liabilities |  |  | 142,954 |  |  |  | 1,049,243 |  |  |  | 35,250 |  |  |  | 1,227,447 |  |  |  | 935,512 |
“Borrowings (excluding lease liabilities)” comprise convertible notes and royalty funding liabilities. Expected maturity for royalty funding liabilities is based on anticipated amount and timing of future revenue from sale of commercial products. Further details regarding the payment structure of the royalty funding agreements are provided above.

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