Financial Assets and Liabilities (Tables)
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12 Months Ended |
Dec. 31, 2025 |
|---|
| Presentation of leases for lessee [abstract] |
|
| Schedule of Financial Assets and Financial Liabilities |
Financial assets and liabilities comprise the following:
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|
|
|
|
|
|
(EUR’000) |
|
2025 |
|
|
2024 |
|
Financial assets by category |
|
|
|
|
|
|
Trade receivables |
|
|
141,333 |
|
|
|
166,280 |
|
Other receivables (excluding indirect tax receivables) |
|
|
|
|
|
|
Lease receivables |
|
|
10,268 |
|
|
|
— |
|
Other receivables |
|
|
9,322 |
|
|
|
3,964 |
|
Cash and cash equivalents |
|
|
616,041 |
|
|
|
559,543 |
|
Financial assets measured at amortized cost |
|
|
776,964 |
|
|
|
729,787 |
|
Total financial assets |
|
|
776,964 |
|
|
|
729,787 |
|
Classified in the statement of financial position |
|
|
|
|
|
|
Non-current assets |
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|
10,870 |
|
|
|
2,317 |
|
Current assets |
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|
766,094 |
|
|
|
727,470 |
|
Total financial assets |
|
|
776,964 |
|
|
|
729,787 |
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|
|
|
|
|
|
|
Financial liabilities by category |
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|
|
|
|
|
Borrowings |
|
|
|
|
|
|
Convertible senior notes |
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|
429,391 |
|
|
|
458,207 |
|
Royalty funding liabilities |
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|
290,871 |
|
|
|
305,379 |
|
Lease liabilities |
|
|
151,524 |
|
|
|
93,030 |
|
Trade payables and accrued expenses |
|
|
90,657 |
|
|
|
96,394 |
|
Other liabilities (excluding indirect tax and employee related payables) |
|
|
1,046 |
|
|
|
311 |
|
Financial liabilities measured at amortized cost |
|
|
963,489 |
|
|
|
953,321 |
|
Derivative liabilities |
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|
256,231 |
|
|
|
150,670 |
|
Financial liabilities measured at fair value through profit or loss |
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|
256,231 |
|
|
|
150,670 |
|
Total financial liabilities |
|
|
1,219,720 |
|
|
|
1,103,991 |
|
Classified in the statement of financial position |
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|
|
|
|
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Non-current liabilities |
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|
385,254 |
|
|
|
365,080 |
|
Current liabilities |
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|
834,466 |
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|
|
738,911 |
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Total financial liabilities |
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|
1,219,720 |
|
|
|
1,103,991 |
|
|
| Schedule of Finance Income and Finance Expenses |
Finance income and expenses are specified below:
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|
|
|
|
|
|
|
|
(EUR’000) |
|
2025 |
|
|
2024 |
|
|
2023 |
|
Finance income |
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|
|
|
|
|
|
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Interest income |
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15,301 |
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|
14,361 |
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|
16,857 |
|
Remeasurement gain of financial liabilities |
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|
20,469 |
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|
11,248 |
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|
|
14,654 |
|
Foreign exchange translation (net) |
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|
78,229 |
|
|
|
— |
|
|
|
12,346 |
|
Total finance income |
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|
113,999 |
|
|
|
25,609 |
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|
43,857 |
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|
|
|
|
|
|
|
|
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Finance expenses |
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|
|
|
|
|
|
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Interest expenses |
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80,647 |
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|
|
65,504 |
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|
|
44,065 |
|
Remeasurement loss of financial liabilities |
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|
126,040 |
|
|
|
7,374 |
|
|
|
— |
|
Foreign exchange translation (net) |
|
|
— |
|
|
|
27,149 |
|
|
|
— |
|
Total finance expenses |
|
|
206,687 |
|
|
|
100,027 |
|
|
|
44,065 |
|
|
| Summary of Expenses, Related To Lease Activities In The Consolidated Statements |
The following expenses related to lease activities were recognized in the consolidated statements of profit or loss:
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|
|
|
|
(EUR’000) |
|
2025 |
|
2024 |
|
2023 |
Lease expenses |
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|
|
|
|
|
Depreciation |
|
12,350 |
|
12,312 |
|
11,875 |
Lease interest |
|
4,186 |
|
3,303 |
|
3,581 |
Total lease expenses |
|
16,536 |
|
15,615 |
|
15,456 |
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| Summary of Development in Borrowings Related to Financing Activities |
The development in borrowings related to financing activities is specified below:
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Cash payments |
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Non-cash items |
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|
(EUR’000) |
|
Beginning
of year |
|
Repay-
ments |
|
Net proceeds |
|
Additions/
(disposals) |
|
Remeasure-
ments |
|
Accretion of
interest |
|
Foreign
exchange
translation |
|
End of
year |
Financing activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings (excluding lease liabilities) |
|
763,586 |
|
(29,065) |
|
— |
|
— |
|
10 |
|
76,247 |
|
(90,516) |
|
720,262 |
Lease liabilities |
|
93,030 |
|
(15,548) |
|
— |
|
78,517 |
|
— |
|
4,186 |
|
(8,661) |
|
151,524 |
Total financing activities |
|
856,616 |
|
(44,613) |
|
— |
|
78,517 |
|
10 |
|
80,433 |
|
(99,177) |
|
871,786 |
|
|
|
|
|
|
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|
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|
|
|
|
|
|
|
|
Financing activities |
|
|
|
|
|
|
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|
|
|
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|
|
|
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|
December 31, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings (excluding lease liabilities) |
|
545,472 |
|
(11,819) |
|
134,158 |
|
— |
|
(11,248) |
|
62,116 |
|
44,907 |
|
763,586 |
Lease liabilities |
|
98,793 |
|
(14,677) |
|
— |
|
861 |
|
— |
|
3,303 |
|
4,750 |
|
93,030 |
Total financing activities |
|
644,265 |
|
(26,496) |
|
134,158 |
|
861 |
|
(11,248) |
|
65,419 |
|
49,657 |
|
856,616 |
|
| Summary of Fair Value Hierarchy |
Level 3 inputs are unobservable inputs for the asset or liability.
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|
2025 |
|
2024 |
|
|
(EUR’000) |
|
Carrying amount |
|
Fair value |
|
Carrying amount |
|
Fair value |
|
Fair value level |
Convertible senior notes |
|
429,391 |
|
426,429 |
|
458,207 |
|
438,288 |
|
2 |
Royalty funding liabilities |
|
290,871 |
|
296,899 |
|
305,379 |
|
305,673 |
|
3 |
Financial liabilities measured at amortized cost |
|
720,262 |
|
723,328 |
|
763,586 |
|
743,961 |
|
|
Derivative liabilities |
|
256,231 |
|
256,231 |
|
150,670 |
|
150,670 |
|
3 |
Financial liabilities measured at fair value through profit or loss |
|
256,231 |
|
256,231 |
|
150,670 |
|
150,670 |
|
|
|
| Movements in Level 3 Fair Value Measurements |
The following table specifies movements in level 3 fair value measurements:
|
|
|
|
|
|
|
(EUR’000) |
|
2025 |
|
2024 |
|
2023 |
Derivative liabilities |
|
|
|
|
|
|
January 1 |
|
150,670 |
|
143,296 |
|
157,950 |
Remeasurement recognized in financial income or expense |
|
105,561 |
|
7,374 |
|
(14,654) |
December 31 |
|
256,231 |
|
150,670 |
|
143,296 |
|