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


	Three Months Ended June 30,				Six Months Ended June 30,
(EUR’000)	2026		2025		2026		2025
Revenue
Commercial products		314,910		153,663		555,763		249,690
Services and clinical supply		4,856		3,570		9,965		7,094
Licenses		2,473		812		3,112		2,214
Milestones		17,046		—		17,046		—
Total revenue		339,285		158,045		585,886		258,998
Specified per geographical area
United States (1)		265,471		108,344		474,548		181,976
Europe (2)		49,671		27,894		85,989		49,222
Rest of World (1)		24,143		21,807		25,349		27,800
Total revenue		339,285		158,045		585,886		258,998

(1)

Beginning with the year ended December 31, 2025, revenue related to the United States has been disclosed separately. Comparatives for the United States and Rest of World have been restated for comparative purposes.

Revenue from sale of commercial products was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(EUR’000)	2026		2025		2026		2025
Revenue from commercial products
YORVIPATH®		252,114		102,957		449,010		147,646
SKYTROFA®		55,214		50,706		99,171		102,044
YUVIWEL®		7,582		—		7,582		—
Total revenue from commercial products		314,910		153,663		555,763		249,690

In the U.S., the Company has established an integrated organization to commercialize the Company’s approved Endocrinology Rare Disease products, YORVIPATH®, SKYTROFA® and YUVIWEL®. In Europe, the Company has established its presence by building integrated organizations in select countries (“Europe Direct”), where the Company has launched YORVIPATH and SKYTROFA.

Beyond the U.S. and Europe Direct, the Company is expanding global reach for its Endocrinology Rare Disease products through exclusive sales and distribution agreements with geographic market leaders (“International Markets”) and under Strategic Collaborations. As of June 30, 2026, the Company has agreements covering over 75 countries.

YORVIPATH, SKYTROFA and YUVIWEL are approved by the U.S. Food & Drug Administration (“FDA”) and YORVIPATH and SKYTROFA are authorized by the European Commission (“EC”) and other regulatory agencies. The Company began selling YUVIWEL in the U.S. in the second quarter of 2026. The Company began selling YORVIPATH in Europe in the first quarter of 2024 and in the U.S. in the fourth quarter of 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 the Company’s Strategic Collaborations, and relates to Novo Nordisk A/S (“Novo Nordisk”), Eyconis, Inc. (“Eyconis”), Teijin Limited (“Teijin”) and VISEN Pharmaceuticals (“VISEN”).