Financial Assets and Liabilities (Tables)
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9 Months Ended |
Sep. 30, 2025 |
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| Presentation of leases for lessee [abstract] |
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| Schedule of Financial Assets and Financial Liabilities |
The financial assets and liabilities comprise the following:
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(EUR’000) |
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September 30,
2025 |
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December 31,
2024 |
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Financial assets by category |
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Trade receivables |
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134,734 |
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166,280 |
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Other receivables (excluding indirect tax receivables) |
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6,973 |
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3,964 |
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Cash and cash equivalents |
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539,092 |
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559,543 |
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Financial assets measured at amortized cost |
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680,799 |
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729,787 |
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Total financial assets |
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680,799 |
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729,787 |
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Classified in the statement of financial position |
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Non-current assets |
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3,160 |
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2,317 |
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Current assets |
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677,639 |
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727,470 |
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Total financial assets |
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680,799 |
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729,787 |
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Financial liabilities by category |
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Borrowings |
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Convertible senior notes |
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426,241 |
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458,207 |
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Royalty funding liabilities |
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287,760 |
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305,379 |
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Lease liabilities |
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99,649 |
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93,030 |
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Trade payables and accrued expenses |
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78,601 |
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96,394 |
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Other liabilities (excluding indirect tax, and employee related payables) |
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1,048 |
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311 |
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Financial liabilities measured at amortized cost |
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893,299 |
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953,321 |
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Derivative liabilities |
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233,761 |
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150,670 |
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Financial liabilities measured at fair value through profit or loss |
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233,761 |
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150,670 |
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Total financial liabilities |
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1,127,060 |
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1,103,991 |
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Classified in the statement of financial position |
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Non-current liabilities |
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331,369 |
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365,080 |
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Current liabilities |
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795,691 |
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738,911 |
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Total financial liabilities |
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1,127,060 |
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1,103,991 |
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| Summary of Fair Value Hierarchy |
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September 30, 2025 |
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December 31, 2024 |
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(EUR’000) |
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Carrying
amount |
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Fair value |
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Carrying
amount |
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Fair value |
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Fair value level |
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Convertible senior notes |
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426,241 |
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415,635 |
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458,207 |
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438,288 |
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3 |
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Royalty funding liabilities |
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287,760 |
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295,045 |
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305,379 |
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305,673 |
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3 |
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Financial liabilities measured at amortized cost |
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714,001 |
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710,680 |
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763,586 |
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743,961 |
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Derivative liabilities |
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233,761 |
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233,761 |
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150,670 |
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150,670 |
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3 |
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Financial liabilities measured at fair value through profit or loss |
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233,761 |
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233,761 |
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150,670 |
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150,670 |
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| Movements in Level 3 Fair Value Measurements |
The following table specifies movements in level 3 fair value measurements:
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(EUR’000) |
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2025 |
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2024 |
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Derivative liabilities |
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January 1 |
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150,670 |
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143,296 |
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Remeasurement recognized in finance (income) or expense |
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83,091 |
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25,050 |
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September 30 |
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233,761 |
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168,346 |
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| 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 interim statements of financial position.
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(EUR’000) |
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< 1 year |
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1-5 years |
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>5 years |
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Total
contractual
cash-flows |
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Carrying
amount |
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Financial liabilities |
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September 30, 2025 |
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Borrowings (excluding lease liabilities) |
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54,946 |
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880,082 |
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— |
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935,028 |
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714,001 |
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Lease liabilities |
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15,828 |
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62,323 |
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38,508 |
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116,659 |
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99,649 |
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Trade payables, accrued expenses and other liabilities |
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79,649 |
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— |
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— |
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79,649 |
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79,649 |
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Total financial liabilities |
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150,423 |
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942,405 |
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38,508 |
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1,131,336 |
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893,299 |
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