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Results for the Year (Tables)

12 Months Ended

Dec. 31, 2021

Results for the Year

Schedule of revenue by type and collaboration partner under agreements

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​	​	​	​	​	​	​	​
(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.

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Revenue

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Non-current assets

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Revenue

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Non-current assets

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Revenue

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Non-current assets

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(DKK million)

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2021

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2020

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2019

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Denmark

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8,482

​

269

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10,111

​

344

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5,366

​

475

Netherlands

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-

​

422

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-

​

380

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-

​

336

United States

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-

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470

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-

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370

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-

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84

Japan

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-

​

95

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-

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-

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-

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Total

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8,482

​

1,256

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10,111

​

1,094

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5,366

​

895

Schedule of staff cost

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​	​	​	​	​	​	​
​	​	​	​	​	​	​
​	​	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

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​	​	​	​
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

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​	​	​	​	​	​	​
​	​	​	​	​	​	​
​	​	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%
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Schedule of components of the deferred tax asset

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​	​	​	​	​
​	​	2021	​	2020
(DKK million)	​	​	​	​
​	​	​	​	​
Share-based instruments	​	136	​	43
Deferred revenue	​	113	​	113
Other temporary differences	​	15	​	21
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Total Deferred Taxes	​	264	​	177
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Schedule of Result Per Share

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​	​	​	​	​	​
(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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