Financial Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2024

Presentation of leases for lessee [abstract]

Schedule of Financial Assets and Financial Liabilities

Financial assets and liabilities comprise the following:

	2024		2023
	(EUR’000)
Financial assets by category
Trade receivables		166,280		35,874
Other receivables (excluding indirect tax receivables)		3,964		3,909
Marketable securities		—		7,275
Cash and cash equivalents		559,543		392,164
Financial assets measured at amortized cost		729,787		439,222
Total financial assets		729,787		439,222
Classified in the statement of financial position
Non-current assets		2,317		2,127
Current assets		727,470		437,095
Total financial assets		729,787		439,222
Financial liabilities by category
Borrowings
Convertible senior notes		458,207		407,095
Royalty funding liabilities		305,379		138,377
Lease liabilities		93,030		98,793
Trade payables and accrued expenses		96,394		94,566
Other liabilities (excluding indirect tax and employee related payables)		311		—
Financial liabilities measured at amortized cost		953,321		738,831
Derivative liabilities		150,670		143,296
Financial liabilities measured at fair value through profit or loss		150,670		143,296
Total financial liabilities		1,103,991		882,127
Classified in the statement of financial position
Non-current liabilities		365,080		222,996
Current liabilities		738,911		659,131
Total financial liabilities		1,103,991		882,127

Schedule of Finance Income and Finance Expenses

Finance income and expenses are specified below:

	2024		2023		2022
	(EUR’000)
Finance income
Interest income		14,361		16,857		7,426
Remeasurement gain of financial liabilities		11,248		14,654		—
Foreign exchange translation (net)		—		12,346		44,755
Total finance income		25,609		43,857		52,181
Finance expenses
Interest expenses		65,504		44,065		30,682
Remeasurement loss of financial liabilities		7,374		—		15,483
Foreign exchange translation (net)		27,149		—		4,322
Total finance expenses		100,027		44,065		50,487

Summary of Expenses, Related To Lease Activities In The Consolidated Statements

The following expenses related to lease activities were recognized in the consolidated statements of profit or loss:

	2024	2023	2022
	(EUR’000)
Lease expenses
Depreciation	12,312	11,875	11,740
Short term leases and leases of low value assets	285	353	280
Lease interest	3,303	3,581	3,842
Total lease expenses	15,900	15,809	15,862

Summary of Development in Borrowings Related to Financing Activities

The development in borrowings related to financing activities is specified below:

		Cash payments		Non-cash items
	Beginning of year	Repay- ments	Net proceeds	Additions/ (disposals)	Remeasure- ments	Accretion of interest	Foreign exchange translation	End of year
	(EUR’000)
Financing activities
December 31, 2024
Borrowings (excluding lease liabilities)	545,472	(11,819)	134,158	—	(11,248)	62,116	44,907	763,586
Lease liabilities	98,793	(14,677)	—	861	—	3,303	4,750	93,030
Total financing activities	644,265	(26,496)	134,158	861	(11,248)	65,419	49,657	856,616
Financing activities
December 31, 2023
Borrowings (excluding lease liabilities)	399,186	(12,054)	136,256	—	—	40,386	(18,302)	545,472
Lease liabilities	109,191	(14,006)	—	2,973	—	3,581	(2,946)	98,793
Total financing activities	508,377	(26,060)	136,256	2,973	—	43,967	(21,248)	644,265

Summary of Fair Value Hierarchy

Level 3 inputs are unobservable inputs for the asset or liability.

	2024		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	458,207	438,288	407,095	385,410	3
Royalty funding liabilities	305,379	305,673	138,377	143,975	3
Financial liabilities measured at amortized cost	763,586	743,961	545,472	529,385
Derivative liabilities	150,670	150,670	143,296	143,296	3
Financial liabilities measured at fair value through profit or loss	150,670	150,670	143,296	143,296

Movements in Level 3 Fair Value Measurements

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

	2024	2023	2022
	(EUR’000)
Derivative liabilities
January 1	143,296	157,950	—
Additions	—	—	142,467
Remeasurement recognized in financial income or expense	7,374	(14,654)	15,483
December 31	150,670	143,296	157,950