- Definition

The amount of financial liabilities that meet either of the following conditions: (a) they meet the definition of held for trading; or (b) upon initial recognition they are designated by the entity as at fair value through profit or loss. An entity may use this designation only when permitted by paragraph 4.3.5 of IFRS 9 (embedded derivatives) or when doing so results in more relevant information, because either: (a) it eliminates or significantly reduces a measurement or recognition inconsistency (sometimes referred to as ‘an accounting mismatch’) that would otherwise arise from measuring assets or liabilities or recognising the gains and losses on them on different bases; or (b) a group of financial liabilities or financial assets and financial liabilities is managed and its performance is evaluated on a fair value basis, in accordance with a documented risk management or investment strategy, and information about the group is provided internally on that basis to the entity’s key management personnel (as defined in IAS 24). [Refer: At fair value [member]; Key management personnel of entity or parent [member]; Derivatives [member]; Financial assets; Financial liabilities]

+ References + Details

Financial Assets and Liabilities - Summary of Fair Value Hierarchy (Detail) - EUR (€) € in Thousands	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025	Dec. 31, 2024
Disclosure of detailed information about financial instruments [line items]
Royalty funding liabilities	€ 301,800
Derivative liabilities	0	€ 256,231
Level 3 [member]
Disclosure of detailed information about financial instruments [line items]
Derivative liabilities	0	256,231	€ 186,579	€ 150,670
Carrying amount [member]
Disclosure of detailed information about financial instruments [line items]
Financial liabilities measured at amortized cost	301,789	720,262
Financial liabilities measured at fair value through profit or loss	0	256,231
Carrying amount [member] \| Level 3 [member]
Disclosure of detailed information about financial instruments [line items]
Convertible senior notes	0	429,391
Royalty funding liabilities	301,789	290,871
Derivative liabilities	0	256,231
Fair value [member]
Disclosure of detailed information about financial instruments [line items]
Financial liabilities measured at amortized cost	303,011	723,328
Financial liabilities measured at fair value through profit or loss	0	256,231
Fair value [member] \| Level 3 [member]
Disclosure of detailed information about financial instruments [line items]
Convertible senior notes	0	426,429
Royalty funding liabilities	303,011	296,899
Derivative liabilities	€ 0	€ 256,231