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Capital Structure, Financial Risk and Related Items (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2022
Financial Instruments |
Schedule of total marketable securities by currency | ​
​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, | ​ | December 31, | ​
​ | ​ | 2022 | ​ | 2021 | ​
Percent | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​
USD |  | 80 | % | 75 | %
DKK | ​ | 12 | % | 16 | %
EUR | ​ | 7 | % | 8 | %
GBP |  | 1 | % | 1 | %
Total |  | 100 | % | 100 | %
​
Schedule of maturity profile of our marketable securities | ​
​ | ​ | ​ | ​ | ​
(DKK million) | ​ | 2022 | ​ | 2021
​ | ​ | ​ | ​ | ​
Year of Maturity | ​ | ​ | ​ | ​
2022 | ​ | - | ​ | 3,372
2023 | ​ | 6,254 | ​ | 3,041
2024 | ​ | 3,660 | ​ | 2,654
2025 | ​ | 1,801 | ​ | 448
2026 | ​ | 219 | ​ | 152
2027+ | ​ | 497 | ​ | 714
Total | ​ | 12,431 | ​ | 10,381
​
Schedule of Financial Assets and Liabilities | ​
​ | ​ | ​ | ​
​ | ​ | ​ | ​
(DKK million) | Note | 2022 | 2021
Financial assets measured at fair value through profit or loss | ​ | ​ | ​
Marketable securities | 4.4 | 12,431 | 10,381
Other investments | 3.4 | 133 | 371
Financial assets measured at amortized cost | ​ | ​ | ​
Receivables excluding prepayments | 3.5 | 5,814 | 3,176
Cash and cash equivalents | ​ | 9,893 | 8,957
Financial liabilities measured at amortized cost: | ​ | ​ | ​
Other payables excluding provisions | 3.7 | (1,715) | (1,480)
Lease liabilities | 3.3 | (597) | (425)
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2022 | 2021
(DKK million) | Note | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total
Assets Measured at Fair Value | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Marketable securities | 4.4 | 12,431 | - | - | 12,431 | 10,381 | - | - | 10,381
Other investments | 3.4 | 67 | - | 66 | 133 | 344 | - | 27 | 371
​
Schedule of level 3 reconciliation of assets | ​
​ | ​
(DKK million) | Other Investments
Fair value at December 31, 2020 | 14
Acquisitions | 13
Fair value at December 31, 2021 | 27
Acquisitions | 39
Fair value at December 31, 2022 | 66
​
Schedule of portfolio of marketable securities | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Market value | Share | ​ | Market value | Share
​ | ​ | 2022 | % | ​ | 2021 | %
(DKK million) | ​ | ​ | ​ | ​ | ​ | ​
USD portfolio | ​ | ​ | ​ | ​ | ​ | ​
Corporate bonds | ​ | 5,091 | 41% | ​ | 5,149 | 50%
US government bonds and treasury bills | ​ | 3,067 | 25% | ​ | 1,496 | 14%
Commercial paper | ​ | 807 | 6% | ​ | 528 | 5%
Other | ​ | 1,023 | 8% | ​ | 608 | 6%
Total USD portfolio | ​ | 9,988 | 80% | ​ | 7,781 | 75%
​ | ​ | ​ | ​ | ​ | ​ | ​
DKK portfolio | ​ | ​ | ​ | ​ | ​ | ​
Kingdom of Denmark bonds and treasury bills | ​ | 442 | 3% | ​ | 460 | 4%
Danish mortgage-backed securities | ​ | 1,093 | 9% | ​ | 1,203 | 12%
Total DKK portfolio | ​ | 1,535 | 12% | ​ | 1,663 | 16%
​ | ​ | ​ | ​ | ​ | ​ | ​
EUR portfolio | ​ | ​ | ​ | ​ | ​ | ​
European government bonds and treasury bills | ​ | 832 | 7% | ​ | 856 | 8%
​ | ​ | ​ | ​ | ​ | ​ | ​
GBP portfolio | ​ | ​ | ​ | ​ | ​ | ​
UK government bonds and treasury bills | ​ | 76 | 1% | ​ | 81 | 1%
​ | ​ | ​ | ​ | ​ | ​ | ​
Total portfolio | ​ | 12,431 | 100% | ​ | 10,381 | 100%
​ | ​ | ​ | ​ | ​ | ​ | ​
Marketable securities | ​ | 12,431 | ​ | ​ | 10,381 | ​
​
Schedule of financial income and expenses | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
(DKK million) | ​ | 2022 | ​ | 2021 | ​ | 2020
Financial income: | ​ | ​ | ​ | ​ | ​ | ​
Interest and other financial income | ​ | 324 | ​ | 197 | ​ | 184
Gain on other investments, net | ​ | - | ​ | - | ​ | 965
Foreign exchange rate gain, net | ​ | 1,034 | ​ | 1,470 | ​ | -
​ | ​ | ​ | ​ | ​ | ​ | ​
Total financial income | ​ | 1,358 | ​ | 1,667 | ​ | 1,149
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
Financial expenses: | ​ | ​ | ​ | ​ | ​ | ​
Interest and other financial expenses | ​ | (21) | ​ | (13) | ​ | (10)
Loss on marketable securities, net | ​ | (361) | ​ | (246) | ​ | (92)
Loss on other investments, net | ​ | (298) | ​ | (443) | ​ | -
Foreign exchange rate loss, net | ​ | - | ​ | - | ​ | (1,456)
​ | ​ | ​ | ​ | ​ | ​ | ​
Total financial expenses | ​ | (680) | ​ | (702) | ​ | (1,558)
​ | ​ | ​ | ​ | ​ | ​ | ​
Net financial items | ​ | 678 | ​ | 965 | ​ | (409)
​ | ​ | ​ | ​ | ​ | ​ | ​
Schedule of marketable securities | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, | ​ | December 31, | ​ | December 31,
​ | ​ | 2022 | ​ | 2021 | ​ | 2020
USD/DKK Foreign Exchange Rates | ​ | 6.9722 | ​ | 6.5612 | ​ | 6.0524
% Increase/(Decrease) | ​ | 6% | ​ | 8% | ​ | (9)%
​
Summary of RSUs activity | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Number of RSUs held by the Board of Directors | ​ | Number of RSUs held by the Executive Management | ​ | Number of RSUs held by employees | ​ | Number of RSUs held by former members of the Executive Management, Board of Directors and employees | ​ | Total RSUs | Weighted Average Fair Value - RSUs Granted - DKK
Outstanding at January 1, 2020 | ​ | 19,953 | ​ | 72,865 | ​ | 208,859 | ​ | 6,230 | ​ | 307,907 | ​
Granted* | ​ | 2,929 | ​ | 9,032 | ​ | 34,431 | ​ | 130 | ​ | 46,522 | 1,927.83
Settled | ​ | (6,470) | ​ | (12,253) | ​ | (22,196) | ​ | (5,936) | ​ | (46,855) | ​
Transferred | ​ | (2,822) | ​ | (2,334) | ​ | (22,762) | ​ | 27,918 | ​ | - | ​
Cancelled | ​ | (1,025) | ​ | (1,128) | ​ | (958) | ​ | (10,535) | ​ | (13,646) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Outstanding at December 31, 2020 | ​ | 12,565 | ​ | 66,182 | ​ | 197,374 | ​ | 17,807 | ​ | 293,928 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Outstanding at January 1, 2021 | ​ | 12,565 | ​ | 66,182 | ​ | 197,374 | ​ | 17,807 | ​ | 293,928 | ​
Granted* | ​ | 3,297 | ​ | 31,417 | ​ | 146,684 | ​ | 4,817 | ​ | 186,215 | 2,236.44
Settled | ​ | (3,556) | ​ | (14,089) | ​ | (35,962) | ​ | (9,967) | ​ | (63,574) | ​
Transferred | ​ | (688) | ​ | 5,533 | ​ | (14,810) | ​ | 9,965 | ​ | - | ​
Cancelled | ​ | (653) | ​ | - | ​ | (255) | ​ | (9,670) | ​ | (10,578) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Outstanding at December 31, 2021 | ​ | 10,965 | ​ | 89,043 | ​ | 293,031 | ​ | 12,952 | ​ | 405,991 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Outstanding at January 1, 2022 | ​ | 10,965 | ​ | 89,043 | ​ | 293,031 | ​ | 12,952 | ​ | 405,991 | ​
Granted* | ​ | 4,295 | ​ | 40,453 | ​ | 221,000 | ​ | 6,383 | ​ | 272,131 | 2,250.18
Settled | ​ | (3,420) | ​ | (17,165) | ​ | (67,945) | ​ | (12,847) | ​ | (101,377) | ​
Transferred | ​ | (2,368) | ​ | - | ​ | (13,749) | ​ | 16,117 | ​ | - | ​
Cancelled | ​ | (653) | ​ | - | ​ | (9,195) | ​ | (18,759) | ​ | (28,607) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Outstanding at December 31, 2022 | ​ | 8,819 | ​ | 112,331 | ​ | 423,142 | ​ | 3,846 | ​ | 548,138 | ​
​
Summary of warrants activity | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Number of warrants held by the Board of Directors | ​ | Number of warrants held by the Executive Management | ​ | Number of warrants held by employees | ​ | Number of warrants held by former members of the Executive Management, Board of Directors and employees | ​ | Total warrants | ​ | Weighted average exercise price - DKK | Weighted average share price at exercise date - DKK | Outstanding Warrants - % of Share Capital
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Outstanding at January 1, 2020 | ​ | 62,334 | ​ | 347,801 | ​ | 858,973 | ​ | 144,516 | ​ | 1,413,624 | ​ | 862.03 | ​ | ​
Granted* | ​ | - | ​ | 7,771 | ​ | 110,041 | ​ | 416 | ​ | 118,228 | ​ | 2,009.79 | ​ | ​
Exercised | ​ | (24,438) | ​ | - | ​ | (122,015) | ​ | (324,793) | ​ | (471,246) | ​ | 296.77 | 2,035.29 | ​
Expired | ​ | - | ​ | - | ​ | - | ​ | - | ​ | - | ​ | - | ​ | ​
Cancelled | ​ | - | ​ | (28,424) | ​ | (589) | ​ | (43,125) | ​ | (72,138) | ​ | 1,157.54 | ​ | ​
Transfers | ​ | (25,955) | ​ | (186,333) | ​ | (113,833) | ​ | 326,121 | ​ | - | ​ | - | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Outstanding at December 31, 2020 | ​ | 11,941 | ​ | 140,815 | ​ | 732,577 | ​ | 103,135 | ​ | 988,468 | ​ | 1,247.22 | ​ | 2%
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Exercisable at year end | ​ | 4,192 | ​ | 83,426 | ​ | 166,402 | ​ | 92,696 | ​ | 346,716 | ​ | 935.60 | ​ | ​
Exercisable warrants in the money at year end | ​ | 4,192 | ​ | 83,426 | ​ | 166,402 | ​ | 92,696 | ​ | 346,716 | ​ | 935.60 | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Outstanding at January 1, 2021 | ​ | 11,941 | ​ | 140,815 | ​ | 732,577 | ​ | 103,135 | ​ | 988,468 | ​ | 1,247.22 | ​ | ​
Granted* | ​ | 1,217 | ​ | 1,287 | ​ | 167,080 | ​ | 6,400 | ​ | 175,984 | ​ | 2,282.35 | ​ | ​
Exercised | ​ | (2,500) | ​ | (7,250) | ​ | (105,726) | ​ | (57,232) | ​ | (172,708) | ​ | 780.48 | 2,439.80 | ​
Expired | ​ | - | ​ | - | ​ | - | ​ | - | ​ | - | ​ | - | ​ | ​
Cancelled | ​ | - | ​ | - | ​ | (477) | ​ | (22,816) | ​ | (23,293) | ​ | 1,956.91 | ​ | ​
Transfers | ​ | - | ​ | 24,782 | ​ | (54,454) | ​ | 29,672 | ​ | - | ​ | - | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Outstanding at December 31, 2021 | ​ | 10,658 | ​ | 159,634 | ​ | 739,000 | ​ | 59,159 | ​ | 968,451 | ​ | 1,501.49 | ​ | 1%
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Exercisable at year end | ​ | 6,594 | ​ | 135,723 | ​ | 219,386 | ​ | 50,021 | ​ | 411,724 | ​ | 1,058.41 | ​ | ​
Exercisable warrants in the money at year end | ​ | 6,594 | ​ | 135,723 | ​ | 219,386 | ​ | 50,021 | ​ | 411,724 | ​ | 1,058.41 | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Outstanding at January 1, 2022 | ​ | 10,658 | ​ | 159,634 | ​ | 739,000 | ​ | 59,159 | ​ | 968,451 | ​ | 1,501.49 | ​ | ​
Granted* | ​ | 1,541 | ​ | - | ​ | 250,005 | ​ | 7,412 | ​ | 258,958 | ​ | 2,244.22 | ​ | ​
Exercised | ​ | (1,558) | ​ | (29,836) | ​ | (176,948) | ​ | (34,775) | ​ | (243,117) | ​ | 1,154.95 | 2,815.33 | ​
Expired | ​ | - | ​ | - | ​ | - | ​ | - | ​ | - | ​ | - | ​ | ​
Cancelled | ​ | - | ​ | - | ​ | (13,670) | ​ | (32,654) | ​ | (46,324) | ​ | 2,029.00 | ​ | ​
Transfers | ​ | (8,721) | ​ | - | ​ | (25,373) | ​ | 34,094 | ​ | - | ​ | - | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Outstanding at December 31, 2022 | ​ | 1,920 | ​ | 129,798 | ​ | 773,014 | ​ | 33,236 | ​ | 937,968 | ​ | 1,770.31 | ​ | 1%
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Exercisable at year end | ​ | 617 | ​ | 118,571 | ​ | 282,296 | ​ | 32,695 | ​ | 434,179 | ​ | 1,265.68 | ​ | ​
Exercisable warrants in the money at year end | ​ | 617 | ​ | 118,571 | ​ | 282,296 | ​ | 32,695 | ​ | 434,179 | ​ | 1,265.68 | ​ | ​
​
Schedule of Weighted Average Exercise Prices Of Warrants | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Exercise price | ​ | Grant Date | ​ | Number of warrants outstanding | ​ | Weighted average remaining contractual life (in years) | ​ | Number of warrants exercisable
DKK | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
815.50 | ​ | March 17, 2016 | ​ | 2,725 | ​ | 0.21 | ​ | 2,725
962.00 | ​ | June 7, 2018 | ​ | 4,646 | ​ | 2.44 | ​ | 4,646
1,025.00 | ​ | December 10, 2018 | ​ | 109,918 | ​ | 2.94 | ​ | 109,918
1,032.00 | ​ | December 15, 2017 | ​ | 63,230 | ​ | 1.96 | ​ | 63,230
1,050.00 | ​ | September 21, 2018 | ​ | 14,024 | ​ | 2.73 | ​ | 14,024
1,136.00 | ​ | October 6, 2016 | ​ | 2,695 | ​ | 0.77 | ​ | 2,695
1,145.00 | ​ | December 15, 2016 | ​ | 14,963 | ​ | 0.96 | ​ | 14,963
1,147.50 | ​ | June 6, 2019 | ​ | 9,386 | ​ | 3.43 | ​ | 9,386
1,155.00 | ​ | March 29, 2019 | ​ | 5,509 | ​ | 3.25 | ​ | 5,509
1,161.00 | ​ | March 1, 2019 | ​ | 10,128 | ​ | 3.17 | ​ | 10,128
1,210.00 | ​ | April 10, 2018 | ​ | 7,090 | ​ | 2.28 | ​ | 7,090
1,233.00 | ​ | June 9, 2016 | ​ | 3,681 | ​ | 0.44 | ​ | 3,681
1,334.50 | ​ | October 11, 2019 | ​ | 32,150 | ​ | 3.78 | ​ | 32,150
1,362.50 | ​ | March 26, 2020 | ​ | 30,938 | ​ | 4.24 | ​ | -
1,402.00 | ​ | March 28, 2017 | ​ | 6,837 | ​ | 1.24 | ​ | 6,837
1,408.00 | ​ | June 8, 2017 | ​ | 954 | ​ | 1.44 | ​ | 954
1,424.00 | ​ | February 10, 2017 | ​ | 408 | ​ | 1.11 | ​ | 408
1,427.00 | ​ | March 29, 2017 | ​ | 8,400 | ​ | 1.25 | ​ | 8,400
1,432.00 | ​ | October 5, 2017 | ​ | 1,994 | ​ | 1.76 | ​ | 1,994
1,615.00 | ​ | December 5, 2019 | ​ | 135,441 | ​ | 3.93 | ​ | 135,441
1,948.00 | ​ | June 3, 2020 | ​ | 12,961 | ​ | 4.43 | ​ | -
2,070.00 | ​ | February 26, 2021 | ​ | 90,968 | ​ | 5.16 | ​ | -
2,103.00 | ​ | June 9, 2022 | ​ | 22,221 | ​ | 6.44 | ​ | -
2,129.00 | ​ | January 25, 2022 | ​ | 15,986 | ​ | 6.07 | ​ | -
2,148.00 | ​ | April 13, 2021 | ​ | 15,097 | ​ | 5.29 | ​ | -
2,175.00 | ​ | February 25, 2022 | ​ | 166,286 | ​ | 6.15 | ​ | -
2,317.00 | ​ | October 7, 2020 | ​ | 34,109 | ​ | 4.77 | ​ | -
2,381.00 | ​ | December 15, 2020 | ​ | 22,983 | ​ | 4.96 | ​ | -
2,408.00 | ​ | March 29, 2022 | ​ | 13,459 | ​ | 6.25 | ​ | -
2,492.00 | ​ | January 28, 2021 | ​ | 10,053 | ​ | 5.08 | ​ | -
2,585.00 | ​ | September 20, 2022 | ​ | 19,644 | ​ | 6.72 | ​ | -
2,641.00 | ​ | November 22, 2021 | ​ | 6,456 | ​ | 5.89 | ​ | -
2,698.00 | ​ | June 22, 2021 | ​ | 14,216 | ​ | 5.48 | ​ | -
2,806.00 | ​ | October 7, 2021 | ​ | 19,476 | ​ | 5.77 | ​ | -
3,172.00 | ​ | November 21, 2022 | ​ | 8,936 | ​ | 6.89 | ​ | -
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
1,770.31 | ​ | ​ | ​ | 937,968 | ​ | 4.40 | ​ | 434,179
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Exercise price | ​ | Grant Date | ​ | Number of warrants outstanding | ​ | Weighted average remaining contractual life (in years) | ​ | Number of warrants exercisable
DKK | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
466.20 | ​ | March 26, 2015 | ​ | 600 | ​ | 0.24 | ​ | 600
623.50 | ​ | June 11, 2015 | ​ | 650 | ​ | 0.45 | ​ | 650
636.50 | ​ | October 7, 2015 | ​ | 7,700 | ​ | 0.77 | ​ | 7,700
815.50 | ​ | March 17, 2016 | ​ | 5,301 | ​ | 1.21 | ​ | 5,301
939.50 | ​ | December 10, 2015 | ​ | 20,612 | ​ | 0.94 | ​ | 20,612
962.00 | ​ | June 7, 2018 | ​ | 6,527 | ​ | 3.44 | ​ | 6,527
1,025.00 | ​ | December 10, 2018 | ​ | 169,565 | ​ | 3.94 | ​ | 169,565
1,032.00 | ​ | December 15, 2017 | ​ | 79,771 | ​ | 2.96 | ​ | 79,771
1,050.00 | ​ | September 21, 2018 | ​ | 16,806 | ​ | 3.73 | ​ | 16,806
1,136.00 | ​ | October 6, 2016 | ​ | 10,424 | ​ | 1.77 | ​ | 10,424
1,145.00 | ​ | December 15, 2016 | ​ | 53,374 | ​ | 1.96 | ​ | 53,374
1,147.50 | ​ | June 6, 2019 | ​ | 17,209 | ​ | 4.43 | ​ | -
1,155.00 | ​ | March 29, 2019 | ​ | 7,662 | ​ | 4.25 | ​ | -
1,161.00 | ​ | March 1, 2019 | ​ | 19,028 | ​ | 4.17 | ​ | -
1,210.00 | ​ | April 10, 2018 | ​ | 10,189 | ​ | 3.28 | ​ | 10,189
1,233.00 | ​ | June 9, 2016 | ​ | 9,030 | ​ | 1.44 | ​ | 9,030
1,334.50 | ​ | October 11, 2019 | ​ | 52,223 | ​ | 4.78 | ​ | -
1,362.50 | ​ | March 26, 2020 | ​ | 32,054 | ​ | 5.24 | ​ | -
1,402.00 | ​ | March 28, 2017 | ​ | 7,110 | ​ | 2.24 | ​ | 7,110
1,408.00 | ​ | June 8, 2017 | ​ | 1,274 | ​ | 2.44 | ​ | 1,274
1,424.00 | ​ | February 10, 2017 | ​ | 946 | ​ | 2.11 | ​ | 946
1,427.00 | ​ | March 29, 2017 | ​ | 8,400 | ​ | 2.25 | ​ | 8,400
1,432.00 | ​ | October 5, 2017 | ​ | 3,445 | ​ | 2.76 | ​ | 3,445
1,615.00 | ​ | December 5, 2019 | ​ | 183,240 | ​ | 4.93 | ​ | -
1,948.00 | ​ | June 3, 2020 | ​ | 14,898 | ​ | 5.43 | ​ | -
2,070.00 | ​ | February 26, 2021 | ​ | 96,840 | ​ | 6.16 | ​ | -
2,148.00 | ​ | April 13, 2021 | ​ | 16,880 | ​ | 6.29 | ​ | -
2,317.00 | ​ | October 7, 2020 | ​ | 36,949 | ​ | 5.77 | ​ | -
2,381.00 | ​ | December 15, 2020 | ​ | 23,761 | ​ | 5.96 | ​ | -
2,492.00 | ​ | January 28, 2021 | ​ | 12,329 | ​ | 6.08 | ​ | -
2,641.00 | ​ | November 22, 2021 | ​ | 6,879 | ​ | 6.89 | ​ | -
2,698.00 | ​ | June 22, 2021 | ​ | 15,261 | ​ | 6.48 | ​ | -
2,806.00 | ​ | October 7, 2021 | ​ | 21,514 | ​ | 6.77 | ​ | -
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
1,501.49 | ​ | ​ | ​ | 968,451 | ​ | 4.39 | ​ | 411,724
​
Schedule of Fair value of each warrant granted | ​
​ | ​ | ​ | ​
Weighted average | 2022 | 2021 | 2020
Fair value per warrant on grant date | 664.08 | 701.82 | 631.51
Share price | 2,244.22 | 2,282.35 | 2,009.79
Exercise price | 2,244.22 | 2,282.35 | 2,009.79
Expected dividend yield | 0% | 0% | 0%
Expected stock price volatility | 33.5% | 36.6% | 37.0%
Risk-free interest rate | 0.15% | -0.54% | -0.58%
Expected life of warrants | 5 years | 5 years | 5 years
​ | ​ | ​ | ​
Total Fair Value of Amounts Granted | 2022 | 2021 | 2020
Total fair value of warrants granted | DKK 172 million | DKK 124 million | DKK 75 million
Total fair value of RSUs granted | DKK 612 million | DKK 416 million | DKK 90 million
​
Schedule of warrants issued and reissued during the period | ​
​ | ​ | ​ | ​
​ | April 13, 2021 | March 29, 2019 | March 28, 2017
​ | Authorization | Authorization | Authorization
Warrants issued | 68,291 | 500,000 | 500,000
Warrants reissued | 1,333 | 59,671 | 63,558
Warrants available for issue | 681,709 | - | -
Warrants available for reissue | 1,254 | 10,661 | -
​
Schedule of changes in share capital | ​
​ | ​ | ​ | ​ | ​ | ​
​ | Number of shares | ​ | Share capital | ​ | Share Price Ranges1
​ | ​ | ​ | (DKK million) | ​ | ​
​ | ​ | ​ | ​ | ​ | ​
December 31, 2019 | 65,074,502 | ​ | 65.1 | ​ | ​
​ | ​ | ​ | ​ | ​ | ​
Exercise of warrants | 471,246 | ​ | 0.4 | ​ | DKK 31.75 to DKK 1,432.00
​ | ​ | ​ | ​ | ​ | ​
December 31, 2020 | 65,545,748 | ​ | 65.5 | ​ | ​
​ | ​ | ​ | ​ | ​ | ​
Exercise of warrants | 172,708 | ​ | 0.2 | ​ | DKK 31.75 to DKK 1,432.00
​ | ​ | ​ | ​ | ​ | ​
December 31, 2021 | 65,718,456 | ​ | 65.7 | ​ | ​
​ | ​ | ​ | ​ | ​ | ​
Exercise of warrants | 243,117 | ​ | 0.3 | ​ | DKK 466.20 to DKK 1,615.00
​ | ​ | ​ | ​ | ​ | ​
December 31, 2022 | 65,961,573 | ​ | 66.0 | ​ | ​
​
Schedule Of Treasury Shares | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Number of shares | ​ | Share capital | ​ | Proportion of share capital | ​ | Cost
​ | ​ | ​ | (DKK million) | ​ | % | ​ | (DKK million)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Shareholding at December 31, 2019 | 163,921 | ​ | 0.2 | ​ | 0.3 | ​ | 192
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Shares used for funding RSU program | (31,815) | ​ | (0.1) | ​ | (0.1) | ​ | (38)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Shareholding at December 31, 2020 | 132,106 | ​ | 0.1 | ​ | 0.2 | ​ | 154
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Purchase of treasury shares | 200,000 | ​ | 0.2 | ​ | 0.3 | ​ | 447
Shares used for funding RSU program | (43,781) | ​ | - | ​ | (0.1) | ​ | (51)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Shareholding at December 31, 2021 | 288,325 | ​ | 0.3 | ​ | 0.4 | ​ | 550
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Purchase of treasury shares | 370,000 | ​ | 0.4 | ​ | 0.6 | ​ | 908
Shares used for funding RSU program | (68,377) | ​ | (0.1) | ​ | (0.1) | ​ | (80)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Shareholding at December 31, 2022 | 589,948 | ​ | 0.6 | ​ | 0.9 | ​ | 1,378
​
Schedule of share repurchases | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2021 Authorization | ​ | 2019 Authorization | ​ | 2016 Authorization
Number of shares authorized for repurchase1 | ​ | 500,000 | ​ | 500,000 | ​ | 500,000
Actual shares repurchased under authorization | ​ | 40,000 | ​ | 500,000 | ​ | 255,000
Shares available for repurchase as of December 31, 2022 | ​ | 460,000 | ​ | — | ​ | —
​ | ​ | ​ | ​ | ​ | ​ | ​
1 Nominal value of DKK 500,000 | ​ | ​ | ​ | ​ | ​ | ​
​

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