Financial Risk Management (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Disclosure of detailed information about financial instruments [abstract] |
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| Summary of Number of Shares |
The development in outstanding shares of the Company was as follows:
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2025 |
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2024 |
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2023 |
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2022 |
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2021 |
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(Number) |
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Changes in share capital |
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January 1 |
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60,689,487 |
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57,707,439 |
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57,152,295 |
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56,937,682 |
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53,750,386 |
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Increase through cash contributions |
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1,287,921 |
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2,982,048 |
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555,144 |
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214,613 |
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3,187,296 |
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December 31 |
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61,977,408 |
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60,689,487 |
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57,707,439 |
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57,152,295 |
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56,937,682 |
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Capital increases in 2024 and 2021 were impacted by follow-on public offerings with net proceeds of €290.6 and €367.9 million, respectively.
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| Summary Of Holding Of Treasury Shares |
The development in the holding of treasury shares was as follows:
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Nominal
value |
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Holding |
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Holding in
% of total
outstanding
shares |
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(EUR’000) |
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(Number) |
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Treasury shares |
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January 1, 2024 |
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146 |
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1,093,054 |
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— |
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Transferred under stock incentive programs |
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(33 |
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(247,167 |
) |
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— |
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December 31, 2024 |
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113 |
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845,887 |
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1.4 |
% |
Acquired from third parties |
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16 |
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119,148 |
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— |
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Transferred under stock incentive programs |
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(49 |
) |
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(367,939 |
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— |
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December 31, 2025 |
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80 |
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597,096 |
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1.0 |
% |
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| Summary of Foreign Currency Sensitivity Analysis |
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Hypothetical impact on consolidated
financial statements |
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Nominal
positions
(net) |
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Increase in
foreign
currency
exchange
rate |
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Profit/(loss)
before tax |
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Equity before tax |
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(EUR ‘000) |
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USD/EUR |
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December 31, 2025 |
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(508,858 |
) |
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10 |
% |
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(50,886 |
) |
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(50,886 |
) |
December 31, 2024 |
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(735,064 |
) |
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10 |
% |
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(73,506 |
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(73,506 |
) |
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| Summary of Contractual Cash Flows for Financial Liabilities |
The following table summarizes maturity analysis (on an undiscounted basis) for non-derivative financial liabilities recognized in the consolidated 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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December 31, 2025 |
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Borrowings (excluding lease liabilities) |
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51,081 |
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812,294 |
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140,555 |
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1,003,930 |
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720,262 |
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Lease liabilities |
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20,438 |
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82,299 |
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93,898 |
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196,635 |
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151,524 |
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Trade payables, accrued expenses and other liabilities |
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91,703 |
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— |
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— |
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91,703 |
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91,703 |
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Total financial liabilities |
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163,222 |
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894,593 |
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234,453 |
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1,292,268 |
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963,489 |
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Financial liabilities |
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December 31, 2024 |
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Borrowings (excluding lease liabilities) |
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32,303 |
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1,027,558 |
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13,660 |
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1,073,521 |
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763,586 |
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Lease liabilities |
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15,482 |
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52,007 |
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39,127 |
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106,616 |
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93,030 |
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Trade payables, accrued expenses and other liabilities |
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96,705 |
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— |
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— |
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96,705 |
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96,705 |
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Total financial liabilities |
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144,490 |
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1,079,565 |
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52,787 |
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1,276,842 |
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953,321 |
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“Borrowings (excluding lease liabilities)” comprise convertible notes and royalty funding liabilities. Expected maturity for royalty funding liabilities is based on anticipated amount and timing of future revenue from sale of commercial products. Further details regarding the payment structure of the royalty funding agreements are provided above.
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