Financial Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2024

Disclosure of detailed information about financial instruments [abstract]

Schedule of Financial Assets and Financial Liabilities

The following table specifies financial assets and liabilities:

	September 30, 2024		December 31, 2023
	(EUR’000)
Financial assets by category
Trade receivables		33,098		35,874
Other receivables (excluding income tax and indirect tax receivables)		9,035		3,909
Marketable securities		—		7,275
Cash and cash equivalents		625,515		392,164
Financial assets measured at amortized cost		667,648		439,222
Total financial assets		667,648		439,222
Classified in the statement of financial position
Non-current assets		2,202		2,127
Current assets		665,446		437,095
Total financial assets		667,648		439,222
Financial liabilities by category
Borrowings
Convertible senior notes		422,064		407,095
Royalty funding liabilities		276,802		138,377
Lease liabilities		89,796		98,793
Trade payables and accrued expenses		75,268		94,566
Other liabilities (excluding income tax, indirect tax, and employee related payables)		288		—
Financial liabilities measured at amortized cost		864,218		738,831
Derivative liabilities		168,346		143,296
Financial liabilities measured at fair value through profit or loss		168,346		143,296
Total financial liabilities		1,032,564		882,127
Classified in the statement of financial position
Non-current liabilities		338,930		222,996
Current liabilities		693,634		659,131
Total financial liabilities		1,032,564		882,127

Summary of Fair Value Hierarchy

	September 30, 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	422,064	412,448	407,095	385,410	3
Royalty funding liabilities	276,802	284,174	138,377	143,975	3
Financial liabilities measured at amortized cost	698,866	696,622	545,472	529,385
Derivative liabilities	168,346	168,346	143,296	143,296	3
Financial liabilities measured at fair value through profit or loss	168,346	168,346	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		25,050		(64,597	)
September 30		168,346		93,353

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 September 30, 2024:

	< 1 year		1-5 years		>5 years		Total contractual cash-flows		Carrying amount
	(EUR’000)
Financial liabilities
September 30, 2024
Borrowings (excluding lease liabilities)		26,538		928,162		47,221		1,001,921		698,866
Lease liabilities		14,416		49,223		39,649		103,288		89,796
Trade payables, accrued expenses and other liabilities		75,556		—		—		75,556		75,556
Total financial liabilities		116,510		977,385		86,870		1,180,765		864,218

“Borrowings (excluding lease liabilities)” comprise convertible notes and royalty funding liabilities. Further details regarding classification of convertible notes as current liabilities in the consolidated statement of financial position are provided in Note 2, “Summary of Material Accounting Policies,” section “New and Amended Standards and Interpretations.” Expected maturity for royalty funding liabilities is based on anticipated amount and timing of future commercial revenue. Further details regarding the payment structure of the royalty funding agreements are provided above.