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Results for the Year (Tables) | 12 Months Ended
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Dec. 31, 2021
Results for the Year |
Schedule of revenue by type and collaboration partner under agreements | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(DKK million) | ​ | ​ | 2021 | ​ | 2020 | ​ | 2019
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Revenue by type: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Royalties | ​ | ​ | 6,977 | ​ | 4,741 | ​ | 3,155
Reimbursement revenue | ​ | ​ | 531 | ​ | 431 | ​ | 342
Milestone revenue | ​ | ​ | 954 | ​ | 351 | ​ | 1,869
License revenue | ​ | ​ | - | ​ | 4,588 | ​ | -
Collaboration revenue | ​ | ​ | 20 | ​ | - | ​ | -
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total | ​ | ​ | 8,482 | ​ | 10,111 | ​ | 5,366
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Revenue by collaboration partner: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Janssen | ​ | ​ | 6,847 | ​ | 4,693 | ​ | 4,983
AbbVie | ​ | ​ | 245 | ​ | 4,398 | ​ | -
Roche | ​ | ​ | 603 | ​ | 305 | ​ | 7
BioNTech | ​ | ​ | 416 | ​ | 230 | ​ | 115
Novartis | ​ | ​ | 236 | ​ | 212 | ​ | 23
Seagen | ​ | ​ | 135 | ​ | 201 | ​ | 226
Other collaboration partners | ​ | ​ | - | ​ | 72 | ​ | 12
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total | ​ | ​ | 8,482 | ​ | 10,111 | ​ | 5,366
Schedule of segment disclosures in the financial statements as the group's business activities. | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Revenue | ​ | Non-current assets | ​ | Revenue | ​ | Non-current assets | ​ | Revenue | ​ | Non-current assets
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(DKK million) | ​ | 2021 | ​ | 2020 | ​ | 2019
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Denmark | ​ | 8,482 | ​ | 269 | ​ | 10,111 | ​ | 344 | ​ | 5,366 | ​ | 475
Netherlands | ​ | - | ​ | 422 | ​ | - | ​ | 380 | ​ | - | ​ | 336
United States | ​ | - | ​ | 470 | ​ | - | ​ | 370 | ​ | - | ​ | 84
Japan | ​ | - | ​ | 95 | ​ | - | ​ | - | ​ | - | ​ | -
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total | ​ | 8,482 | ​ | 1,256 | ​ | 10,111 | ​ | 1,094 | ​ | 5,366 | ​ | 895
Schedule of staff cost | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2021 | ​ | 2020 | ​ | 2019
(DKK million) | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
Wages and salaries | ​ | 1,174 | ​ | 694 | ​ | 489
Share-based compensation | ​ | 310 | ​ | 200 | ​ | 147
Defined contribution plans | ​ | 80 | ​ | 51 | ​ | 39
Other social security costs | ​ | 155 | ​ | 108 | ​ | 72
Government grants | ​ | (122) | ​ | (119) | ​ | (96)
​ | ​ | ​ | ​ | ​ | ​ | ​
Total | ​ | 1,597 | ​ | 934 | ​ | 651
​ | ​ | ​ | ​ | ​ | ​ | ​
Staff costs are included in the income statement as follows: | ​ | ​ | ​ | ​ | ​ | ​
Research and development expenses | ​ | 1,190 | ​ | 803 | ​ | 572
Selling, general and administrative expenses | ​ | 529 | ​ | 250 | ​ | 175
Government grants related to research and development expenses | ​ | (122) | ​ | (119) | ​ | (96)
​ | ​ | ​ | ​ | ​ | ​ | ​
Total | ​ | 1,597 | ​ | 934 | ​ | 651
​ | ​ | ​ | ​ | ​ | ​ | ​
Average number of FTE | ​ | 1,022 | ​ | 656 | ​ | 471
Number of FTE at year-end | ​ | 1,212 | ​ | 781 | ​ | 548
Fair value of each warrant granted | ​
​ | ​ | ​ | ​
Weighted average | 2021 | 2020 | 2019
Fair value per warrant on grant date | 701.82 | 631.51 | 425.80
Share price | 2,282.35 | 2,009.79 | 1,483.58
Exercise price | 2,282.35 | 2,009.79 | 1,483.58
Expected dividend yield | 0% | 0% | 0%
Expected stock price volatility | 36.6% | 37.0% | 34.2%
Risk-free interest rate | -0.54% | -0.58% | -0.56%
Expected life of warrants | 5 years | 5 years | 5 years
Schedule of corporate and deferred Tax | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2021 | ​ | 2020 | ​ | 2019
(DKK million) | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
Current tax on profit | ​ | 968 | ​ | 1,191 | ​ | 444
Adjustment to deferred tax | ​ | (371) | ​ | (112) | ​ | 294
Adjustment to valuation allowance | ​ | 378 | ​ | 67 | ​ | (45)
​ | ​ | ​ | ​ | ​ | ​ | ​
Total tax for the period in the income statement | ​ | 975 | ​ | 1,146 | ​ | 693
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2021 | ​ | 2020 | ​ | 2019
(DKK million) | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
Net profit before tax | ​ | 3,983 | ​ | 5,904 | ​ | 2,859
​ | ​ | ​ | ​ | ​ | ​ | ​
Tax at the Danish corporation tax rate of 22% for all periods | ​ | 876 | ​ | 1,299 | ​ | 629
​ | ​ | ​ | ​ | ​ | ​ | ​
Tax effect of: | ​ | ​ | ​ | ​ | ​ | ​
Adjustment to valuation allowance | ​ | 137 | ​ | 67 | ​ | -
Recognition of previously unrecognized tax losses and deductible temporary differences | ​ | 119 | ​ | (222) | ​ | (19)
Non-deductible expenses/non-taxable income and other permanent differences, net | ​ | (147) | ​ | (5) | ​ | 75
All other | ​ | (10) | ​ | 7 | ​ | 8
​ | ​ | ​ | ​ | ​ | ​ | ​
Total tax effect | ​ | 99 | ​ | (153) | ​ | 64
​ | ​ | ​ | ​ | ​ | ​ | ​
Total tax for the period in the income statement | ​ | 975 | ​ | 1,146 | ​ | 693
​ | ​ | ​ | ​ | ​ | ​ | ​
Total tax for the period in shareholders' equity | ​ | (31) | ​ | (44) | ​ | (24)
​ | ​ | ​ | ​ | ​ | ​ | ​
Effective Tax Rate | ​ | 24.5% | ​ | 19.4% | ​ | 24.2%
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
Schedule of components of the deferred tax asset | ​
​ | ​ | ​ | ​ | ​
​ | ​ | 2021 | ​ | 2020
(DKK million) | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​
Share-based instruments | ​ | 136 | ​ | 43
Deferred revenue | ​ | 113 | ​ | 113
Other temporary differences | ​ | 15 | ​ | 21
​ | ​ | ​ | ​ | ​
Total Deferred Taxes | ​ | 264 | ​ | 177
​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​
Schedule of Result Per Share | ​
​ | ​ | ​ | ​ | ​ | ​
(DKK million) | 2021 | ​ | 2020 | ​ | 2019
​ | ​ | ​ | ​ | ​ | ​
Net profit | 3,008 | ​ | 4,758 | ​ | 2,166
​ | ​ | ​ | ​ | ​ | ​
(Shares) | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​
Average number of shares outstanding | 65,634,300 | ​ | 65,315,975 | ​ | 63,126,771
Average number of treasury shares | (238,663) | ​ | (136,969) | ​ | (163,958)
​ | ​ | ​ | ​ | ​ | ​
Average number of shares excl. treasury shares | 65,395,637 | ​ | 65,179,006 | ​ | 62,962,813
Average number of share-based instruments, dilution | 650,114 | ​ | 706,869 | ​ | 674,030
​ | ​ | ​ | ​ | ​ | ​
Average number of shares, diluted | 66,045,751 | ​ | 65,885,875 | ​ | 63,636,843
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​
Basic net profit per share | 46.00 | ​ | 73.00 | ​ | 34.40
Diluted net profit per share | 45.54 | ​ | 72.21 | ​ | 34.03

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