Financial Assets and Financial Liabilities (Tables)

9 Months Ended

Sep. 30, 2022

Disclosure of detailed information about financial instruments [abstract]

Schedule of Financial Assets and Liabilities

Financial assets and liabilities comprise the following:

	September 30, 2022		December 31, 2021
	(EUR’000)
Financial assets by category
Trade receivables		6,655		2,200
Other receivables (excluding income tax and indirect tax receivables)		3,751		12,276
Marketable securities		326,818		343,358
Cash and cash equivalents		608,330		446,267
Financial assets measured at amortized cost		945,554		804,101
Total financial assets		945,554		804,101
Classified in the statement of financial position
Non-current assets		17,232		109,369
Current assets		928,322		694,732
Total financial assets		945,554		804,101

	September 30, 2022		December 31, 2021
	(EUR’000)
Financial liabilities by category
Borrowings
Convertible senior notes		434,353		—
Lease liabilities		118,888		104,961
Trade payables and accrued expenses		86,102		59,417
Financial liabilities measured at amortized cost		639,343		164,378
Derivative liabilities		132,731		—
Financial liabilities measured at fair value through profit or loss		132,731		—
Total financial liabilities		772,074		164,378
Classified in the statement of financial position
Non-current liabilities		665,876		97,966
Current liabilities		106,198		66,412
Total financial liabilities		772,074		164,378

Summary of Marketable securities

The composition of the portfolio is specified in the following table:

	September 30, 2022				December 31, 2021
	Carrying amount		Fair value		Carrying amount		Fair value
	(EUR’000)
Marketable securities
U.S. Treasury bills		54,149		54,068		—		—
U.S. Government bonds		124,376		122,435		95,408		95,211
Commercial papers		—		—		2,207		2,207
Corporate bonds		134,960		133,196		226,771		226,379
Agency bonds		13,333		13,144		18,972		18,934
Total marketable securities		326,818		322,843		343,358		342,731
Classified based on maturity profiles
Non-current assets		15,338		14,700		107,561		107,175
Current assets		311,480		308,143		235,797		235,556
Total marketable securities		326,818		322,843		343,358		342,731
Specified by rate structure
Fixed rate		259,768		255,884		323,176		322,556
Floating rate		12,901		12,891		17,975		17,968
Zero-coupon		54,149		54,068		2,207		2,207
Total marketable securities		326,818		322,843		343,358		342,731
Specified by investment grade credit rating
High grade		205,504		203,120		144,307		144,030
Upper medium grade		118,865		117,278		196,909		196,566
Lower medium grade		2,449		2,445		2,142		2,135
Total marketable securities		326,818		322,843		343,358		342,731

Summary of Maturity Analysis For Financial Liabilities

Maturity analysis (on an undiscounted basis) for non-derivative financial liabilities recognized in the unaudited condensed consolidated statements of financial position at September 30, 2022, is specified below.

	< 1 year		1-5 years		>5 years		Total contractual cash-flows		Carrying amount
	(EUR’000)
September 30, 2022
Borrowings
Convertible senior notes		13,272		53,088		603,137		669,497		434,353
Lease liabilities		13,605		58,249		69,280		141,134		118,888
Trade payables and accrued expenses		86,102		—		—		86,102		86,102
Total financial liabilities		112,979		111,337		672,417		896,733		639,343