Financial Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2024

Disclosure of detailed information about financial instruments [abstract]

Schedule of Financial Assets and Financial Liabilities

The following table specifies financial assets and liabilities:

	March 31, 2024		December 31, 2023
	(EUR’000)
Financial assets by category
Trade receivables		41,092		35,874
Other receivables (excluding income tax and indirect tax receivables)		4,845		3,909
Marketable securities		—		7,275
Cash and cash equivalents		320,239		392,164
Financial assets measured at amortized cost		366,176		439,222
Total financial assets		366,176		439,222
Classified in the statement of financial position
Non-current assets		2,129		2,127
Current assets		364,047		437,095
Total financial assets		366,176		439,222
Financial liabilities by category
Borrowings
Convertible senior notes		424,984		407,095
Royalty funding liabilities		146,233		138,377
Lease liabilities		97,797		98,793
Trade payables and accrued expenses		94,526		94,566
Other liabilities (excluding income tax, indirect tax, and employee related payables)		299		—
Financial liabilities measured at amortized cost		763,839		738,831
Derivative liabilities		197,291		143,296
Financial liabilities measured at fair value through profit or loss		197,291		143,296
Total financial liabilities		961,130		882,127
Classified in the statement of financial position
Non-current liabilities		229,627		222,996
Current liabilities		731,503		659,131
Total financial liabilities		961,130		882,127

Summary of Fair Value Hierarchy

	March 31, 2024		December 31, 2023
	Carrying amount	Fair value	Carrying amount	Fair value	Fair value level
	(EUR’000)				(1-3)
Financial assets
Marketable securities	—	—	7,275	7,266	1
Financial assets measured at amortized cost	—	—	7,275	7,266
Financial liabilities
Convertible senior notes	424,984	387,321	407,095	385,410	3
Royalty funding liabilities	146,233	150,151	138,377	143,975	3
Financial liabilities measured at amortized cost	571,217	537,472	545,472	529,385
Derivative liabilities	197,291	197,291	143,296	143,296	3
Financial liabilities measured at fair value through profit or loss	197,291	197,291	143,296	143,296

Movements in Level 3 Fair Value Measurements

The following table specifies movements in level 3 fair value measurements:

	2024		2023
	(EUR’000)
Derivative liabilities
January 1		143,296		157,950
Remeasurement recognized in finance (income) or expense		53,995		(41,182	)
March 31		197,291		116,768

Summary of Maturity Analysis For Financial Liabilities

The following table summarizes maturity analysis (on an undiscounted basis) for non-derivative financial liabilities recognized in the unaudited condensed consolidated statements of financial position at March 31, 2024.

	< 1 year		1-5 years		>5 years		Total contractual cash-flows		Carrying amount
	(EUR’000)
Financial liabilities
March 31, 2024
Borrowings (excluding lease liabilities)		11,967		773,386		29,298		814,651		571,217
Lease liabilities		14,621		51,729		46,983		113,333		97,797
Trade payables, accrued expenses and other liabilities		94,825		—		—		94,825		94,825
Total financial liabilities		121,413		825,115		76,281		1,022,809		763,839