Revenue has been recognized in the unaudited condensed consolidated interim statements of profit or loss with the following amounts:


	Three Months Ended September 30,				Nine Months Ended September 30,
(EUR’000)	2025		2024		2025		2024
Revenue
Commercial products		193,790		55,710		443,480		153,598
Rendering of services and clinical supply		6,134		1,272		13,228		9,637
Licenses		788		851		3,002		26,490
Milestones		12,922		—		12,922		—
Total revenue		213,634		57,833		472,632		189,725
Specified per geographical area
Europe (1)		33,381		8,151		82,602		14,800
North America		161,133		48,758		343,266		170,833
Rest of world		19,120		924		46,764		4,092
Total revenue		213,634		57,833		472,632		189,725

Revenue from sale of commercial products were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(EUR’000)	2025		2024		2025		2024
Revenue from commercial products
SKYTROFA®		50,701		47,249		152,745		138,455
YORVIPATH®		143,089		8,461		290,735		15,143
Total revenue from commercial products		193,790		55,710		443,480		153,598

In the U.S., the Company have established an integrated organization to commercialize the Company’s approved Endocrinology Rare Disease products, SKYTROFA® and YORVIPATH®. In Europe, the Company have established its presence by building integrated organizations in select countries (“Europe Direct”), where the Company has launched SKYTROFA and YORVIPATH. Beyond the U.S. and Europe Direct, SKYTROFA and YORVIPATH may also be sold through exclusive sales and distribution agreements with geographic market leaders (“International Markets”) and under exclusive license agreements (“Strategic Collaborations”).

YORVIPATH and SKYTROFA is approved by the U.S. Food and Drug Administration (“FDA”) and authorized by the European Commission (“EC”) and other regulatory agencies. The Company began selling YORVIPATH in Europe in the first quarter of 2024 and in the U.S. in December 2024. The Company began selling SKYTROFA in the U.S. in the fourth quarter of 2021 and in Europe in the third quarter of 2023.

Other revenue is attributable to collaborations and license agreements, and relates to Novo Nordisk A/S (“Novo Nordisk”), Eyconis, Inc. (“Eyconis”), Teijin Limited (“Teijin”) and VISEN, and includes revenue from licenses, milestones, rendering of services and clinical supply.