Financial Assets and Liabilities (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Disclosure of detailed information about financial instruments [abstract] |
|
| Schedule of Financial Assets and Financial Liabilities |
The following table specifies financial assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
September 30,
2024 |
|
|
December 31,
2023 |
|
|
|
(EUR’000) |
|
Financial assets by category |
|
|
|
|
|
|
Trade receivables |
|
|
33,098 |
|
|
|
35,874 |
|
Other receivables (excluding income tax and indirect tax receivables) |
|
|
9,035 |
|
|
|
3,909 |
|
Marketable securities |
|
|
— |
|
|
|
7,275 |
|
Cash and cash equivalents |
|
|
625,515 |
|
|
|
392,164 |
|
Financial assets measured at amortized cost |
|
|
667,648 |
|
|
|
439,222 |
|
Total financial assets |
|
|
667,648 |
|
|
|
439,222 |
|
Classified in the statement of financial position |
|
|
|
|
|
|
Non-current assets |
|
|
2,202 |
|
|
|
2,127 |
|
Current assets |
|
|
665,446 |
|
|
|
437,095 |
|
Total financial assets |
|
|
667,648 |
|
|
|
439,222 |
|
|
|
|
|
|
|
|
Financial liabilities by category |
|
|
|
|
|
|
Borrowings |
|
|
|
|
|
|
Convertible senior notes |
|
|
422,064 |
|
|
|
407,095 |
|
Royalty funding liabilities |
|
|
276,802 |
|
|
|
138,377 |
|
Lease liabilities |
|
|
89,796 |
|
|
|
98,793 |
|
Trade payables and accrued expenses |
|
|
75,268 |
|
|
|
94,566 |
|
Other liabilities (excluding income tax, indirect tax, and employee related payables) |
|
|
288 |
|
|
|
— |
|
Financial liabilities measured at amortized cost |
|
|
864,218 |
|
|
|
738,831 |
|
Derivative liabilities |
|
|
168,346 |
|
|
|
143,296 |
|
Financial liabilities measured at fair value through profit or loss |
|
|
168,346 |
|
|
|
143,296 |
|
Total financial liabilities |
|
|
1,032,564 |
|
|
|
882,127 |
|
Classified in the statement of financial position |
|
|
|
|
|
|
Non-current liabilities |
|
|
338,930 |
|
|
|
222,996 |
|
Current liabilities |
|
|
693,634 |
|
|
|
659,131 |
|
Total financial liabilities |
|
|
1,032,564 |
|
|
|
882,127 |
|
|
| Summary of Fair Value Hierarchy |
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2024 |
|
December 31, 2023 |
|
|
|
|
Carrying
amount |
|
Fair value |
|
Carrying
amount |
|
Fair value |
|
Fair value level |
|
|
(EUR’000) |
|
(1-3) |
Financial assets |
|
|
|
|
|
|
|
|
|
|
Marketable securities |
|
— |
|
— |
|
7,275 |
|
7,266 |
|
1 |
Financial assets measured at amortized cost |
|
— |
|
— |
|
7,275 |
|
7,266 |
|
|
Financial liabilities |
|
|
|
|
|
|
|
|
|
|
Convertible senior notes |
|
422,064 |
|
412,448 |
|
407,095 |
|
385,410 |
|
3 |
Royalty funding liabilities |
|
276,802 |
|
284,174 |
|
138,377 |
|
143,975 |
|
3 |
Financial liabilities measured at amortized cost |
|
698,866 |
|
696,622 |
|
545,472 |
|
529,385 |
|
|
Derivative liabilities |
|
168,346 |
|
168,346 |
|
143,296 |
|
143,296 |
|
3 |
Financial liabilities measured at fair value through profit or loss |
|
168,346 |
|
168,346 |
|
143,296 |
|
143,296 |
|
|
|
| Movements in Level 3 Fair Value Measurements |
The following table specifies movements in level 3 fair value measurements:
|
|
|
|
|
|
|
|
|
|
|
2024 |
|
|
2023 |
|
|
|
(EUR’000) |
|
Derivative liabilities |
|
|
|
|
|
|
January 1 |
|
|
143,296 |
|
|
|
157,950 |
|
Remeasurement recognized in finance (income) or expense |
|
|
25,050 |
|
|
|
(64,597 |
) |
September 30 |
|
|
168,346 |
|
|
|
93,353 |
|
|
| Summary of Maturity Analysis For Financial Liabilities |
The following table summarizes maturity analysis (on an undiscounted basis) for non-derivative financial liabilities recognized in the unaudited condensed consolidated statements of financial position at September 30, 2024:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
< 1 year |
|
|
1-5 years |
|
|
>5 years |
|
|
Total
contractual
cash-flows |
|
|
Carrying
amount |
|
|
|
(EUR’000) |
|
Financial liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings (excluding lease liabilities) |
|
|
26,538 |
|
|
|
928,162 |
|
|
|
47,221 |
|
|
|
1,001,921 |
|
|
|
698,866 |
|
Lease liabilities |
|
|
14,416 |
|
|
|
49,223 |
|
|
|
39,649 |
|
|
|
103,288 |
|
|
|
89,796 |
|
Trade payables, accrued expenses and other liabilities |
|
|
75,556 |
|
|
|
— |
|
|
|
— |
|
|
|
75,556 |
|
|
|
75,556 |
|
Total financial liabilities |
|
|
116,510 |
|
|
|
977,385 |
|
|
|
86,870 |
|
|
|
1,180,765 |
|
|
|
864,218 |
|
“Borrowings (excluding lease liabilities)” comprise convertible notes and royalty funding liabilities. Further details regarding classification of convertible notes as current liabilities in the consolidated statement of financial position are provided in Note 2, “Summary of Material Accounting Policies,” section “New and Amended Standards and Interpretations.” Expected maturity for royalty funding liabilities is based on anticipated amount and timing of future commercial revenue. Further details regarding the payment structure of the royalty funding agreements are provided above.
|