Financial Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2025

Presentation of leases for lessee [abstract]

Schedule of Financial Assets and Financial Liabilities

The financial assets and liabilities comprise the following:

	March 31, 2025		December 31, 2024
	(EUR’000)
Financial assets by category
Trade receivables		66,685		166,280
Other receivables (excluding indirect tax receivables)		4,501		3,964
Cash and cash equivalents		517,923		559,543
Financial assets measured at amortized cost		589,109		729,787
Total financial assets		589,109		729,787
Classified in the statement of financial position
Non-current assets		2,657		2,317
Current assets		586,452		727,470
Total financial assets		589,109		729,787
Financial liabilities by category
Borrowings
Convertible senior notes		449,562		458,207
Royalty funding liabilities		303,347		305,379
Lease liabilities		94,363		93,030
Trade payables and accrued expenses		84,370		96,394
Other liabilities (excluding indirect tax, and employee related payables)		3,870		311
Financial liabilities measured at amortized cost		935,512		953,321
Derivative liabilities		174,581		150,670
Financial liabilities measured at fair value through profit or loss		174,581		150,670
Total financial liabilities		1,110,093		1,103,991
Classified in the statement of financial position
Non-current liabilities		357,312		365,080
Current liabilities		752,781		738,911
Total financial liabilities		1,110,093		1,103,991

Summary of Fair Value Hierarchy

	March 31, 2025				December 31, 2024
	Carrying amount		Fair value		Carrying amount		Fair value		Fair value level
	(EUR’000)								(1-3)
Convertible senior notes		449,562		433,666		458,207		438,288		3
Royalty funding liabilities		303,347		308,018		305,379		305,673		3
Financial liabilities measured at amortized cost		752,909		741,684		763,586		743,961
Derivative liabilities		174,581		174,581		150,670		150,670		3
Financial liabilities measured at fair value through profit or loss		174,581		174,581		150,670		150,670

Movements in Level 3 Fair Value Measurements

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

	2025		2024
	(EUR’000)
Derivative liabilities
January 1		150,670		143,296
Remeasurement recognized in finance (income) or expense		23,911		53,995
March 31		174,581		197,291

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 as of March 31, 2025:

	< 1 year		1-5 years		>5 years		Total contractual cash-flows		Carrying amount
	(EUR’000)
Financial liabilities
March 31, 2025
Borrowings (excluding lease liabilities)		39,585		991,636		—		1,031,221		752,909
Lease liabilities		15,129		57,607		35,250		107,986		94,363
Trade payables, accrued expenses and other liabilities		88,240		—		—		88,240		88,240
Total financial liabilities		142,954		1,049,243		35,250		1,227,447		935,512

“Borrowings (excluding lease liabilities)” comprise convertible notes and royalty funding liabilities. Expected maturity for royalty funding liabilities is based on anticipated amount and timing of future revenue from sale of commercial products. Further details regarding the payment structure of the royalty funding agreements are provided above.