Discontinued operations and assets held for sale (Tables)
|
12 Months Ended |
Dec. 31, 2024 |
|---|
| Discontinued operations and assets held for sale |
|
| Schedule of consideration received |
| | | | | | Year ended December 31, 2024 | | | (Euro,
in thousands) | Upfront payment received | | € | 50,000 | Settlement for net cash and working capital | | | 9,835 | Total consideration received | | € | 59,835 |
|
| Schedule of assets and liabilities over which control was lost |
| | | | | | January 31, 2024 | | | (Euro,
in thousands) | Property, plant and equipment | | € | 4,186 | Deferred tax assets | | | 292 | Other non-current assets | | | 613 | Inventories | | | 505 | Trade and other receivables | | | 18,439 | Cash and cash equivalents | | | 19,523 | Other current assets | | | 1,161 | Total assets | | | 44,719 | | | | | Other reserves | | | (74) | Retirement benefit liabilities | | | 1,003 | Non-current lease liabilities | | | 2,328 | Other non-current liabilities | | | 90 | Current lease liabilities | | | 1,308 | Trade and other liabilities | | | 28,927 | Current tax payable | | | 1,170 | Current deferred income | | | 430 | Total liabilities | | | 35,182 | | | | | Net assets disposed of | | € | 9,537 |
|
| Schedule of gain or loss on disposal of subsidiaries. |
| | | | | | Year ended December 31, 2024 | | | (Euro,
in thousands) | Upfront payment received | | € | 50,000 | Settlement for net cash and working capital | | | 9,835 | Additional adjustment working capital to be settled | | | (750) | Net assets disposed of | | | (9,537) | Effect of cumulative translation adjustments reclassified from equity on loss of control | | | (4,095) | Fair value of the future earn-outs payable by Alfasigma to us | | | 47,035 | Contribution for R&D costs payable by us to Alfasigma | | | (40,000) | Gain on disposal of subsidiaries | | € | 52,488 |
|
| Schedule of net cash flow on disposal of subsidiaries |
| | | | Upfront payment received | | € | 50,000 | Settlement for net cash and working capital | | | 9,835 | Transfer to escrow account | | | (40,000) | Contribution for R&D costs paid by us to Alfasigma | | | (15,000) | Earn-outs paid by Alfasigma | | | 2,053 | Less: cash and cash equivalents balances disposed of | | | (19,523) | Less: settlement of pre-existing relationships | | | 3,686 | Cash out from disposals of subsidiaries, net of cash disposed of | | € | (8,949) | | | | | | | | | | | | | Costs associated to the sale taken into result in 2023 | | € | (3,072) | Costs associated to the sale taken into result in 2024 | | | (526) | Cash used for other liabilities related to the disposal of subsidiaries | | € | (3,598) |
|
| Schedule of financial statements in relation to the discontinued operations |
| | | | | | | | | | | | Year ended December 31, | | | 2024 | | 2023 | | 2022 | | | | (Euro, in thousands, except share and per share data) | Product net sales | | € | 11,475 | | € | 112,339 | | € | 87,599 | Collaboration revenues | | | 26,041 | | | 431,465 | | | 176,432 | Total net revenues | | | 37,516 | | | 543,804 | | | 264,031 | | | | | | | | | | | Cost of sales | | | (1,693) | | | (18,022) | | | (12,079) | Research and development expenses | | | (8,152) | | | (190,177) | | | (245,286) | Sales and marketing expenses | | | (11,520) | | | (113,356) | | | (144,075) | General and administrative expenses | | | (1,087) | | | (17,989) | | | (9,776) | Other operating income | | | 56,180 | | | 13,003 | | | 10,721 | | | | | | | | | | | Operating profit/loss (-) | | | 71,244 | | | 217,262 | | | (136,464) | | | | | | | | | | | Fair value adjustments and net currency exchange differences | | | — | | | (13) | | | (25) | Other financial income | | | 4,230 | | | 679 | | | 15 | Other financial expenses | | | (12) | | | (167) | | | (7,825) | | | | | | | | | | | Profit/loss (-) before tax | | | 75,462 | | | 217,761 | | | (144,298) | | | | | | | | | | | Income taxes | | | (98) | | | (2,076) | | | (2,272) | | | | | | | | | | | Net profit/loss (-) | | € | 75,364 | | € | 215,685 | | € | (146,570) | | | | | | | | | | | Basic and diluted earnings/loss (-) per share from discontinued operations | | € | 1.14 | | € | 3.27 | | € | (2.23) | Weighted average number of shares (in thousands of shares) | | | 65,897 | | | 65,884 | | | 65,699 | Weighted average number of shares - Diluted (in thousands of shares) | | | 65,942 | | | 65,933 | | | 65,699 |
|
| Schedule of cash flow from discontinued operations. |
| | | | | | | | | | | | 2024 | | 2023 | | 2022 | | | | (Euro,
in thousands) | Net cash flow used in operating activities | | € | (36,367) | | € | (175,627) | | € | (191,095) | Net cash flow used in investing activities | | | (8,949) | | | (105) | | | (136) | Net cash flow used in financing activities | | | — | | | (1,928) | | | (1,841) | Net cash flow used in discontinued operations | | € | (45,316) | | € | (177,660) | | € | (193,072) |
|