- Definition

The amount of financial liabilities that meet either of the following conditions: (a) they meet the definition of held for trading; or (b) upon initial recognition they are designated by the entity as at fair value through profit or loss. An entity may use this designation only when permitted by paragraph 4.3.5 of IFRS 9 (embedded derivatives) or when doing so results in more relevant information, because either: (a) it eliminates or significantly reduces a measurement or recognition inconsistency (sometimes referred to as ‘an accounting mismatch’) that would otherwise arise from measuring assets or liabilities or recognising the gains and losses on them on different bases; or (b) a group of financial liabilities or financial assets and financial liabilities is managed and its performance is evaluated on a fair value basis, in accordance with a documented risk management or investment strategy, and information about the group is provided internally on that basis to the entity’s key management personnel (as defined in IAS 24). [Refer: At fair value [member]; Key management personnel of entity or parent [member]; Derivatives [member]; Financial assets; Financial liabilities]

+ References + Details

Financial Assets and Liabilities - Summary of Fair Value Hierarchy (Detail) - EUR (€) € in Thousands	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025	Dec. 31, 2024
Disclosure of detailed information about financial instruments [line items]
Royalty funding liabilities	€ 298,100
Derivative liabilities	290,482	€ 256,231
Level 3 [member]
Disclosure of detailed information about financial instruments [line items]
Derivative liabilities	290,482	256,231	€ 174,581	€ 150,670
Carrying amount [member]
Disclosure of detailed information about financial instruments [line items]
Financial liabilities measured at amortized cost	746,228	720,262
Financial liabilities measured at fair value through profit or loss	290,482	256,231
Carrying amount [member] \| Level 3 [member]
Disclosure of detailed information about financial instruments [line items]
Convertible senior notes	448,176	429,391
Royalty funding liabilities	298,052	290,871
Derivative liabilities	290,482	256,231
Fair value [member]
Disclosure of detailed information about financial instruments [line items]
Financial liabilities measured at amortized cost	751,122	723,328
Financial liabilities measured at fair value through profit or loss	290,482	256,231
Fair value [member] \| Level 3 [member]
Disclosure of detailed information about financial instruments [line items]
Convertible senior notes	448,447	426,429
Royalty funding liabilities	302,675	296,899
Derivative liabilities	€ 290,482	€ 256,231