Intangible Assets


(in thousands of $)	Acquired R&D available for use		Acquired In- Process R&D		Other Intangibles1)		Total
Cost

On January 1, 2023	$	—	$	70,180	$	106,340	$	176,520
Additions		56,000		—		—		56,000
Disposals		—		—		(102,000)		(102,000)
Reclassification		52,931		(52,931)		—		—
On December 31, 2023		108,931	$	17,249	$	4,340	$	130,520
Additions		36,500		30,000		—		66,500
On December 31, 2024		145,431	$	47,249	$	4,340	$	197,020
Additions		55,000		37,727		12,788		105,515
Reclassification		(7,500)		—		7,500		—
On December 31, 2025	$	192,931	$	84,976	$	24,628	$	302,535

Amortization and impairment

On January 1, 2023	$	—	$	—	$	(1,618)	$	(1,618)
Amortization		(3,392)		—		(102,282)		(105,674)
Disposals		—		—		102,000		102,000
On December 31, 2023		(3,392)	$	—	$	(1,900)	$	(5,292)
Amortization		(10,069)		—		(213)		(10,282)
On December 31, 2024		(13,461)	$	—	$	(2,113)	$	(15,574)
Amortization		(10,408)		—		(4,450)		(14,858)
Reclassification		1,154		—		(1,154)		—
On December 31, 2025	$	(22,715)	$	—	$	(7,717)	$	(30,432)

Carrying Amount

On December 31, 2023	$	105,539	$	17,249	$	2,440	$	125,228
On December 31, 2024		131,970		47,249		2,227		181,445
On December 31, 2025	$	170,216	$	84,976	$	16,911	$	272,103

1)Comparative figures have been aligned to the presentation adopted in the current year.

“Acquired R&D available for use” and “Acquired In-Process R&D” is mainly related to the in-licensing of the

ENHANZE® drug delivery technology from Halozyme. In line with its accounting policies, the Company has capitalized

the upfront payment upon commencement of the in-license agreement. In June 2023, the Company obtained the FDA

approval for VYVGART HYTRULO. During the year ended December 31, 2023, upon obtaining regulatory approval,

$53 million has been moved from “Acquired In-Process R&D” to “Acquired R&D available for use”.

In 2024, the Company extended its collaboration with Halozyme and nominated four new targets to be in-licensed to the

ENHANZE® drug delivery technology. The cost of the license was capitalized as

“Acquired In-Process R&D”.

Further, the additions in 2025 to “Acquired R&D available for use” are mainly related to sales-based milestones in the

context of the Halozyme agreement. The “Acquired R&D available for use” are amortized under “Cost of sales” on a

straight-line basis over their useful life. The Company performs an annual impairment review on the intangible assets.

This review did not result in the recognition of an impairment charge for the years ended December 31, 2025, 2024 and

In the fourth quarter of 2023, the Company utilized the PRV submitted with the sBLA filing for VYVGART HYTRULO

for the treatment of CIDP, which resulted in the amortization of $102 million of intangible assets which is recognized

under “Research and development expenses” within the consolidated statements of profit or loss and the consolidated

statements of other comprehensive income or loss and subsequent derecognition of $102 million of intangibles included

under “Other intangibles” on the consolidated statements of financial position.

The Company continually assesses the useful life of intangible assets based on the shorter of its expected useful life and

legal life. Currently, intangible assets are amortized over a range of three to more than fifteen years.

As of December 31, 2025, there are no material commitments to acquire intangible assets, except as set forth in

“Note 27 — Commitments”. No intangible assets are pledged as security for liabilities nor are there any intangible assets

whose title is restricted.