Cover Page
Cover Page | 3 Months Ended |
Mar. 31, 2023 | |
Document Information [Line Items] | |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Mar. 31, 2023 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | Q1 |
Entity Registrant Name | Ascendis Pharma A/S |
Entity Central Index Key | 0001612042 |
Current Fiscal Year End Date | --12-31 |
Consolidated Statements of Prof
Consolidated Statements of Profit or Loss and Other Comprehensive Income - EUR (€) € in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Profit or loss [abstract] | |||
Revenue | € 33,589 | € 6,828 | |
Cost of sales | 4,621 | 4,246 | |
Gross profit | 28,968 | 2,582 | |
Research and development costs | 106,114 | 83,193 | |
Selling, general and administrative expenses | 66,539 | 47,418 | |
Operating profit / (loss) | (143,685) | (128,029) | |
Share of profit / (loss) of associate | (1,227) | (4,873) | |
Finance income | 45,135 | 13,044 | |
Finance expenses | 9,840 | 5,399 | |
Profit / (loss) before tax | (109,617) | (125,257) | |
Income taxes (expenses) | (1,297) | (241) | |
Net profit / (loss) for the period | (110,914) | (125,498) | |
Attributable to owners of the Company | € (110,914) | € (125,498) | |
Basic and diluted earnings / (loss) per share | € (1.98) | € (2.21) | |
Number of shares used for calculation (basic and diluted) | [1] | 56,091,927 | 56,720,063 |
Statement of comprehensive income [abstract] | |||
Net profit / (loss) for the period | € (110,914) | € (125,498) | |
Items that may be reclassified subsequently to profit or loss: | |||
Exchange differences on translating foreign operations | (787) | 425 | |
Other comprehensive income / (loss) for the period, net of tax | (787) | 425 | |
Total comprehensive income / (loss) | (111,701) | (125,073) | |
Attributable to owners of the Company | € (111,701) | € (125,073) | |
[1] As of March 31, 2023 and March 31, 2022, a total of 6,761,296 and 7,060,788 warrants outstanding, respectively, each carrying the right to subscribe for one ordinary share, and 575,000 convertible senior notes which can potentially be converted into 3,456,785 ordinary shares, can potentially dilute earnings per share in the future but have not been included in the calculation of diluted earnings per share because they are antidilutive for the periods presented. |
Consolidated Statements of Pr_2
Consolidated Statements of Profit or Loss and Other Comprehensive Income (Parenthetical) - shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Warrants outstanding | 6,761,296 | 7,060,788 |
Convertible Senior Notes [Member] | ||
Convertible notes | 575,000 | |
Ordinary shares [member] | ||
Warrants outstanding | 3,456,785 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - EUR (€) € in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Non-current assets [abstract] | ||
Intangible assets | € 4,717 | € 4,828 |
Property, plant and equipment | 127,762 | 129,095 |
Investment in associate | 21,966 | 22,932 |
Other receivables | 1,984 | 1,920 |
Marketable securities | 0 | 7,492 |
Total non-current assets | 156,429 | 166,267 |
Current assets | ||
Inventories | 150,850 | 130,673 |
Trade receivables | 16,121 | 11,910 |
Income tax receivables | 1,064 | 883 |
Other receivables | 17,375 | 12,833 |
Prepayments | 38,694 | 31,717 |
Marketable securities | 84,460 | 290,688 |
Cash and cash equivalents | 501,281 | 444,767 |
Total current assets | 809,845 | 923,471 |
Total assets | 966,274 | 1,089,738 |
Equity | ||
Share capital | 7,698 | 7,675 |
Distributable equity | 159,503 | 255,673 |
Total equity | 167,201 | 263,348 |
Non-current liabilities | ||
Borrowings | 479,988 | 482,956 |
Derivative liabilities | 116,768 | 157,950 |
Contract liabilities | 3,956 | 14,213 |
Total non-current liabilities | 600,712 | 655,119 |
Current liabilities | ||
Borrowings | 25,393 | 25,421 |
Contract liabilities | 10,000 | 0 |
Trade payables and accrued expenses | 131,438 | 101,032 |
Other liabilities | 15,503 | 31,989 |
Income taxes payable | 6,873 | 5,490 |
Provisions | 9,154 | 7,339 |
Total current liabilities | 198,361 | 171,271 |
Total liabilities | 799,073 | 826,390 |
Total equity and liabilities | € 966,274 | € 1,089,738 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - EUR (€) € in Thousands | Total | Share Capital [member] | Share Premium [member] | Treasury Shares [member] | Foreign Currency Translation Reserve [member] | Accumulated Deficit [member] |
Equity at Dec. 31, 2021 | € 883,635 | € 7,646 | € 2,107,739 | € (21) | € 3,779 | € (1,235,508) |
Net profit / (loss) for the period | (125,498) | (125,498) | ||||
Other comprehensive income / (loss), net of tax | 425 | 425 | 0 | |||
Total comprehensive income / (loss) | (125,073) | 0 | 425 | (125,498) | ||
Share-based payment (Note 7) | 19,968 | 19,968 | ||||
Acquisition of treasury shares (Note 9) | (106,099) | (134) | (105,965) | |||
Capital increase | 385 | 3 | 382 | |||
Equity at Mar. 31, 2022 | 672,816 | 7,649 | 2,108,121 | (155) | 4,204 | (1,447,003) |
Equity at Dec. 31, 2022 | 263,348 | 7,675 | 2,112,863 | (149) | 3,452 | (1,860,493) |
Net profit / (loss) for the period | (110,914) | (110,914) | ||||
Other comprehensive income / (loss), net of tax | (787) | (787) | ||||
Total comprehensive income / (loss) | (111,701) | (787) | (110,914) | |||
Share-based payment (Note 7) | 13,688 | 13,688 | ||||
Capital increase | 1,866 | 23 | 1,843 | |||
Equity at Mar. 31, 2023 | € 167,201 | € 7,698 | € 2,114,706 | € (149) | € 2,665 | € (1,957,719) |
Consolidated Cash Flow Statemen
Consolidated Cash Flow Statements - EUR (€) € in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Operating activities | ||
Net profit / (loss) for the period | € (110,914) | € (125,498) |
Reversal of finance income | (45,135) | (13,044) |
Reversal of finance expenses | 9,840 | 5,399 |
Reversal of gain and loss on disposal of property, plant and equipment | 21 | 0 |
Reversal of income taxes (expenses) | 1,297 | 241 |
Increase / (decrease) in provisions | 1,983 | 1,215 |
Adjustments for non-cash items: | ||
Non-cash consideration relating to revenue | (614) | (632) |
Share of profit / (loss) of associate | 1,227 | 4,873 |
Share-based payment | 13,688 | 19,968 |
Depreciation | 4,435 | 4,304 |
Amortization | 111 | 111 |
Changes in working capital: | ||
Inventories | (20,178) | (17,031) |
Receivables | (9,608) | (2,407) |
Prepayments | (10,176) | (2,728) |
Contract liabilities (deferred income) | (256) | (2,338) |
Trade payables, accrued expenses and other payables | 14,236 | (4,338) |
Cash flows generated from / (used in) operations | (150,043) | (131,905) |
Finance income received | 3,879 | 1,848 |
Finance expenses paid | (906) | (610) |
Income taxes received / (paid) | 26 | (121) |
Cash flows from / (used in) operating activities | (147,044) | (130,788) |
Investing activities | ||
Acquisition of property, plant and equipment | (1,085) | (3,818) |
Reimbursement from acquisition of property, plant and equipment | 0 | 3,794 |
Purchase of marketable securities | 0 | (26,311) |
Settlement of marketable securities | 211,731 | 64,877 |
Cash flows from / (used in) investing activities | 210,646 | 38,542 |
Financing activities | ||
Payment of principal portion of lease liabilities | (2,568) | (1,950) |
Net proceeds from convertible senior notes | 0 | 504,454 |
Proceeds from exercise of warrants | 1,866 | 385 |
Acquisition of treasury shares, net of transaction costs | 0 | (105,154) |
Cash flows from / (used in) financing activities | (702) | 397,735 |
Increase / (decrease) in cash and cash equivalents | 62,900 | 305,489 |
Cash and cash equivalents at January 1 | 444,767 | 446,267 |
Effect of exchange rate changes on balances held in foreign currencies | (6,386) | 3,887 |
Bank deposits | 501,281 | 754,497 |
Short-term marketable securities | 0 | 1,146 |
Cash and cash equivalents at March 31 | € 501,281 | € 755,643 |
General Information
General Information | 3 Months Ended |
Mar. 31, 2023 | |
Disclosure of General Information [Abstract] | |
General Information | No te 1—General Information Ascendis Pharma A/S, together with its subsidiaries, is applying its innovative TransCon technologies to build a leading, fully integrated, global, biopharma company. Ascendis Pharma A/S was incorporated in 2006 and is headquartered in Hellerup, Denmark. Unless the context otherwise requires, references to the “Company,” “we,” “us,” and “our,” refer to Ascendis Pharma A/S and its subsidiaries. The address of the Company’s registered office is Tuborg Boulevard 12, DK-2900, Hellerup, Denmark. On February 2, 2015, the Company completed an initial public offering which resulted in the listing of American Depositary Shares (“ADSs”), representing the Company’s ordinary shares, under the symbol “ASND” in the United States on The Nasdaq Global Select Market. The Company’s Board of Directors (the “Board”) approved these unaudited condensed consolidated interim financial statements on April 27, 2023 . |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2023 | |
Disclosure of voluntary change in accounting policy [abstract] | |
Summary of Significant Accounting Policies | Note 2—Summary of Significant Accounting Policies Basis of Preparation The unaudited condensed consolidated interim financial statements of the Company are prepared in accordance with International Accounting Standard 34, “Interim Financial Reporting.” Certain information and disclosures normally included in the annual consolidated financial statements prepared in accordance with International Financial Reporting Standards (“IFRS”) have been condensed or omitted. Accordingly, these unaudited condensed consolidated interim financial statements should be read in conjunction with the Company’s audited annual consolidated financial statements for the year ended December 31, 2022, and accompanying notes, which have been prepared in accordance with IFRS as issued by the International Accounting Standards Board (the “IASB”) and as adopted by the European Union (the “EU”). The accounting policies applied are consistent with those of the previous financial year. A description of the accounting policies is provided in the Accounting Policies section of the audited consolidated financial statements as of and for the year ended December 31, 2022. The preparation of financial statements in conformity with IFRS requires the use of certain significant accounting estimates and requires management to exercise its judgement in the process of applying the Company’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the unaudited condensed consolidated interim financial statements are disclosed in Note 3, “Significant Accounting Judgements and Estimates.” New International Financial Reporting Standards Not Yet Effective The IASB has issued a number of new or amended standards, which have not yet become effective or have not yet been adopted by the EU. Therefore, these new standards have not been incorporated in these unaudited condensed consolidated interim financial statements. Amendments to IAS 1, “Classification of Liabilities as Current or Non-current” In January 2020, the IASB issued amendments to paragraphs 69 to 76 of IAS 1, “Presentation of Financial Statements,” to specify the requirements for classifying liabilities as current or non-current. The amendments clarify: • What is meant by a right to defer settlement; • That a right to defer must exist at the end of the reporting period; • That classification is unaffected by the likelihood that an entity will exercise its deferral right; and • That only if an embedded derivative in a convertible liability is itself an equity instrument would the terms of a liability not impact its classification. If approved by the EU, the amendments are effective for annual reporting periods beginning on or after January 1, 2024, and must be applied retrospectively. The amendments are expected to require the convertible notes (presented as part of borrowings on the statement of financial position) and derivative liabilities, both presented as non-current liabilities at March 31, 2023, to be presented as current liabilities. On March 31, 2023, the carrying amount of convertible notes and derivative liabilities were € 399.9 million and € 116.8 million, respectively. The consolidated financial statements are not expected to be affected by other new or amended standards. |
Significant Accounting Judgemen
Significant Accounting Judgements and Estimates | 3 Months Ended |
Mar. 31, 2023 | |
Disclosure of voluntary change in accounting policy [abstract] | |
Significant Accounting Judgements and Estimates | Note 3—Significant Accounting Judgements and Estimates In the application of the Company’s accounting policies, management is required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. Judgements, estimates and assumptions applied are based on historical experience and other factors that are relevant, and which are available at the reporting date. Uncertainty concerning estimates and assumptions could result in outcomes that require a material adjustment to assets and liabilities in future periods. The unaudited condensed consolidated interim financial statements do not include all disclosures for significant accounting judgements, estimates and assumptions, that are required in the annual consolidated financial statements, and therefore should be read in conjunction with the Company’s audited consolidated financial statements as of and for the year ended December 31, 2022. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized prospectively. While the application of critical accounting estimates is subject to material estimation uncertainties, management’s ongoing revisions of critical accounting estimates and underlying assumptions have not revealed any material impact in any of the periods presented in the unaudited condensed consolidated interim financial statements. Additionally, there have been no other changes to the application of significant accounting judgements, or estimation uncertainties regarding accounting estimates compared to December 31, 2022 . |
Significant Events in the Repor
Significant Events in the Reporting Period | 3 Months Ended |
Mar. 31, 2023 | |
Significant Events in the Reporting Period [Abstract] | |
Significant Events In the Reporting Period | Note 4—Significant Events in the Reporting Period Global Banking Situation In March 2023, the Federal Deposit Insurance Corporation (the “FDIC”) announced that Silicon Valley Bank (“SVB”) had been closed by the California Department of Financial Protection and Innovation, which appointed the FDIC as receiver. The Company did not hold deposits or securities or maintain any accounts at SVB. Following the closure of SVB and subsequent developments in the global banking sector, the Company considered the risk of expected credit loss on bank deposits and marketable securities, including the hypothetical impact arising from the probability of default, which is considered in conjunction with the expected loss caused by default by banks or securities with similar credit-ratings and attributes. In line with previous periods, this assessment did not reveal a material impairment loss, and accordingly no provision for expected credit loss has been recognized. Conflict in the Region Surrounding Ukraine and Russia The ongoing conflict in the region surrounding Ukraine and Russia has impacted our ability to continue clinical trial activities in those countries. The conflict did not have a direct material impact on the unaudited condensed consolidated interim financial statements. COVID-19 Pandemic The COVID-19 pandemic has affected countries where we are operating, where we have planned or have ongoing clinical trials, and where we rely on third-parties to manufacture preclinical, clinical and commercial supply. COVID-19 did not have a direct material impact on the unaudited condensed consolidated interim financial statements. |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2023 | |
Revenue [abstract] | |
Revenue | Note 5—Revenue Revenue from commercial sale of products relates to sale of SKYTROFA ® (lonapegsomatropin-tcgd) on the U.S. market, which is sold to specialty pharmacies and a specialty distributor (“commercial customers”). Customer payment terms are typically 30 days from the transaction date. SKYTROFA was approved by the U.S. Food and Drug Administration in August 2021, and the Company began shipping products to commercial customers in the fourth quarter of 2021. Other revenue is generated primarily from three license agreements, which were entered into in 2018. The licenses grant VISEN Pharmaceuticals exclusive rights to develop and commercialize TransCon hGH, TransCon PTH and TransCon CNP in Greater China. Three Months Ended 2023 2022 (EUR’000) Revenue from external customers Commercial sale of products 31,551 1,888 Rendering of services 1,170 372 Sale of clinical supply 254 3,936 Licenses 614 632 Total revenue from external customers 33,589 6,828 Attributable to Commercial customers 31,551 1,888 Collaboration partners and license agreements 2,038 4,940 Total revenue from external customers 33,589 6,828 Specified by timing of recognition Recognized over time 1,170 372 Recognized at a point in time 32,419 6,456 Total revenue from external customers 33,589 6,828 Revenue by geographical location Europe — 135 North America 33,070 6,456 China 519 237 Total revenue from external customers 33,589 6,828 |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2023 | |
Disclosure of operating segments [abstract] | |
Segment Information | Note 6—Segment Information The Company is managed and operated as one business unit. No separate business areas or separate business units have been identified in relation to product candidates or geographical markets. Accordingly, no additional information on business segments or geographical areas is disclosed. |
Share-based Payment
Share-based Payment | 3 Months Ended |
Mar. 31, 2023 | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | |
Share-based Payment | Note 7—Share-based Payment As an incentive to the senior management and the Executive Board, other employees, members of the Board and select consultants, Ascendis Pharma A/S has established warrant programs, a Restricted Stock Unit (“RSU”) program adopted in December 2021, and a Performance Stock Unit (“PSU”) Program adopted in February 2023, which are all classified as equity-settled share-based payment transactions. Share-based Compensation Costs Share-based compensation costs are determined using the grant date fair value and are recognized over the vesting period as research and development costs, selling, general and administrative expenses, or cost of sales. For the three months ended March 31, 2023 and 2022, share-based compensation costs recognized in the unaudited condensed consolidated interim statement of profit or loss were € 13.7 and € 20.0 million, respectively. Restricted Stock Unit Program RSUs are granted by the Board to certain members of senior management and the Executive Board, certain other employees and certain members of the Board (“RSU-holders”). In addition, RSUs may be granted to select consultants. One RSU represents a right for the RSU-holder to receive one ADS of Ascendis Pharma A/S upon vesting, if the vesting conditions are met. RSUs granted vest over three years with 1/3 of the RSUs vesting on each anniversary date from the date of grant, and require RSU-holders to be employed, or provide a specified period of service (“service conditions”). Performance Stock Unit Program PSUs are granted by the Board to certain members of senior management and the Executive Board (“PSU-holders”). In addition, PSUs may be granted to other employees, select consultants and members of the Board. PSUs were granted for the first time in March 2023. One PSU represents a right for the PSU-holder to receive one ADS of Ascendis Pharma A/S upon vesting. PSUs vest in a manner similar to the service conditions of the RSUs; however, vesting is also contingent upon achievement of performance target goals as determined by the Board, provided that no more than 10% of each tranche may be directly attributable to accomplishment of financial results achieved in the financial year prior to the vesting date. Exceeding performance target goals will not result in granting of additional ADSs. RSUs and PSUs generally cease to vest from the date of termination of employment or board membership, as applicable, whereas unvested RSUs or PSUs will forfeit. The Board may at its discretion and on an individual basis decide to deviate from the vesting conditions, including deciding to accelerate vesting in the event of termination of employment or board membership, as applicable. All RSUs and PSUs are settled at the time of vesting by treasury shares that are ADSs repurchased in the market. The Company may at its sole discretion choose to make a cash settlement instead of delivering ADSs. RSU and PSU Activity The following table specifies the number of RSUs and PSUs granted and outstanding at March 31, 2023: Restricted Stock Units Performance Stock Units Total Outstanding (Number) January 1, 2023 82,492 — 82,492 Granted during the period 609,695 112,268 721,963 Forfeited during the period ( 10,494 ) — ( 10,494 ) March 31, 2023 681,693 112,268 793,961 Specified by vesting year 2023 41,240 — 41,240 2024 240,888 37,422 278,310 2025 199,757 37,423 237,180 2026 199,808 37,423 237,231 March 31, 2023 681,693 112,268 793,961 Warrant Program Warrants are granted by the Board in accordance with authorizations given to it by the shareholders of Ascendis Pharma A/S to all employees, members of the Board and select consultants. Each warrant carries the right to subscribe for one ordinary share of a nominal value of DKK 1 . The exercise price is fixed at the fair market value of the Company’s ordinary shares at the time of grant as determined by the Board. Vested warrants may be exercised in two or four annual exercise periods. Warrant Activity The following table specifies the warrant activity for the three months ended March 31, 2023: Total Weighted (Number) (EUR) Outstanding January 1, 2023 6,864,011 81.30 Granted during the period 113,585 103.60 Exercised during the period ( 176,253 ) 10.40 Forfeited during the period ( 40,047 ) 118.69 March 31, 2023 6,761,296 83.30 Vested at March 31, 2023 5,013,862 70.58 The exercise prices of outstanding warrants under the Company’s warrant programs range from € 6.48 to € 145.50 depending on the grant dates. |
Share Capital
Share Capital | 3 Months Ended |
Mar. 31, 2023 | |
Disclosure of classes of share capital [abstract] | |
Share Capital | Note 8—Share Capital The share capital of Ascendis Pharma A/S consists of 57,328,548 fully paid shares at a nominal value of DKK 1 , all in the same share class. |
Treasury Shares
Treasury Shares | 3 Months Ended |
Mar. 31, 2023 | |
Disclosure of treasury shares [abstract] | |
Treasury Shares | Note 9—Treasury Shares The holding of treasury shares is as follows: Nominal Holding Holding in (EUR’000) (Number) Treasury shares January 1, 2023 149 1,113,152 2.0 % March 31, 2023 149 1,113,152 1.9 % |
Financial Assets and Liabilitie
Financial Assets and Liabilities | 3 Months Ended |
Mar. 31, 2023 | |
Disclosure of detailed information about financial instruments [abstract] | |
Financial Assets and Liabilities | Note 10—Financial Assets and Liabilities Financial assets and liabilities comprise the following: March 31, December 31, (EUR’000) Financial assets by category Trade receivables 16,121 11,910 Other receivables (excluding income tax and indirect tax receivables) 8,464 3,884 Marketable securities 84,460 298,180 Cash and cash equivalents 501,281 444,767 Financial assets measured at amortized cost 610,326 758,741 Total financial assets 610,326 758,741 Classified in the statement of financial position Non-current assets 1,984 9,412 Current assets 608,342 749,329 Total financial assets 610,326 758,741 Financial liabilities by category Borrowings Convertible senior notes 399,880 399,186 Lease liabilities 105,501 109,191 Trade payables and accrued expenses 131,438 101,032 Financial liabilities measured at amortized cost 636,819 609,409 Derivative liabilities 116,768 157,950 Financial liabilities measured at fair value through profit or loss 116,768 157,950 Total financial liabilities 753,587 767,359 Classified in the statement of financial position Non-current liabilities 596,756 640,907 Current liabilities 156,831 126,452 Total financial liabilities 753,587 767,359 Marketable Securities The composition of the portfolio of marketable securities is specified in the following table: March 31, December 31, (EUR’000) Marketable securities U.S. Treasury bills — 79,086 U.S. Government bonds 42,955 99,337 Corporate bonds 36,907 104,236 Agency bonds 4,598 15,521 Total marketable securities 84,460 298,180 Classified based on maturity profiles Non-current assets — 7,492 Current assets 84,460 290,688 Total marketable securities 84,460 298,180 Specified by rate structure Fixed rate 75,834 205,825 Floating rate 8,626 11,787 Zero-coupon — 80,568 Total marketable securities 84,460 298,180 Specified by investment grade credit rating High grade 51,052 203,530 Upper medium grade 33,408 94,650 Total marketable securities 84,460 298,180 The portfolio of marketable securities is all denominated in U.S. Dollars. At March 31, 2023, the portfolio had a weighted average duration of 3.4 months. All marketable securities have investment grade ratings and accordingly, the risk from probability of default is low. The risk of expected credit loss over marketable securities has been considered, including the hypothetical impact arising from the probability of default which is considered in conjunction with the expected loss given default from securities with similar credit ratings and attributes. This assessment did not reveal a material expected credit loss and accordingly, no provision for expected credit loss has been recognized. Convertible Senior Notes In March 2022, the Company issued an aggregate principal amount of $ 575.0 million of fixed rate 2.25 % convertible notes. The net proceeds from the offering of the convertible notes were $ 557.9 million (€ 503.3 million) after deducting the initial purchasers’ discounts and commissions and offering expenses. The convertible notes rank equally in right of payment with all future senior unsecured indebtedness. Unless earlier converted or redeemed, the convertible notes will mature on April 1, 2028 . The convertible notes accrue interest at a rate of 2.25 % per annum, payable semi-annually in arrears on April 1 and October 1 of each year. At any time before the close of business on the second scheduled trading day immediately before the maturity date, noteholders may convert their convertible notes at their option into the Company’s ordinary shares represented by ADSs, together, if applicable, with cash in lieu of any fractional ADS, at the then-applicable conversion rate. The initial conversion rate is 6.0118 ADSs per $ 1,000 principal amount of convertible notes, which represents an initial conversion price of $ 166.34 per ADS. The conversion rate and conversion price will be subject to customary adjustments upon the occurrence of certain events. The convertible notes will be optionally redeemable, in whole or in part (subject to certain limitations), at the Company’s option at any time, and from time to time, on or after April 7, 2025 , but only if the last reported sale price per ADS exceeds 130 % of the conversion price on (i) each of at least 20 trading days, whether or not consecutive, during the 30 consecutive trading days ending on, and including, the trading day immediately before the date the Company sends the related optional redemption notice; and (ii) the trading day immediately before the date the Company sends such notice. On March 31, 2023, the carrying amount of the convertible notes was € 399.9 million, and the fair value was approximately € 388.0 million. Fair value cannot be measured based on quoted prices in active markets or other observable input, and accordingly the fair value was measured by using an estimated market rate for an equivalent non-convertible instrument. Derivative Liabilities Derivative liabilities relate to the foreign currency conversion option embedded in the convertible notes. Fair value cannot be measured based on quoted prices in active markets or other observable inputs, and accordingly, derivative liabilities are measured by using the Black-Scholes option pricing model. Fair value of the option is calculated, applying the following assumptions: (1) conversion price; (2) the Company’s share price; (3) maturity of the option; (4) a risk-free interest rate equaling the effective interest rate on a U.S. government bond with the same lifetime as the maturity of the option; (5) no payment of dividends; and (6) an expected volatility using the Company’s share price ( 49 % as of March 31, 2023). For additional description of fair values, refer to the following section “Fair Value Measurement.” Sensitivity Analysis On March 31, 2023 , all other inputs and assumptions held constant, a 10 % relative increase in volatility, will increase the fair value of derivative liabilities by approximately € 14.0 million and indicates a decrease in profit or loss and equity before tax. Similarly, a 10 % relative decrease in volatility indicates the opposite impact. Similarly, on March 31, 2023 , all other inputs and assumptions held constant, a 10 % increase in the share price, will increase the fair value of derivative liabilities by approximately € 21.8 million and indicates a decrease in profit or loss and equity before tax. Similarly, a 10 % decrease in the share price indicates the opposite impact. Fair Value Measurement Derivative liabilities are measured at fair value. All other financial assets and liabilities are measured at amortized cost. Because of the short-term maturity for cash and cash equivalents, receivables and trade payables, their fair value approximate their carrying amount. Fair value compared to carrying amount of marketable securities, convertible notes and derivatives and their level in the fair value hierarchy is summarized in the following table, where: Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date; Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and Level 3 inputs are unobservable inputs for the asset or liability. March 31, 2023 December 31, 2022 Carrying Fair value Carrying Fair value Fair value level (EUR’000) (1-3) Financial assets Marketable securities 84,460 83,525 298,180 295,843 1 Financial assets measured at amortized cost 84,460 83,525 298,180 295,843 Total financial assets 84,460 83,525 298,180 295,843 Financial liabilities Convertible senior notes 399,880 388,003 399,186 382,459 3 Financial liabilities measured at amortized cost 399,880 388,003 399,186 382,459 Derivative liabilities 116,768 116,768 157,950 157,950 3 Financial liabilities measured at fair value through profit or loss 116,768 116,768 157,950 157,950 Total financial liabilities 516,648 504,771 557,136 540,409 Movements in level 3 fair value measurements are specified below: 2023 2022 (EUR’000) Derivative liabilities January 1 157,950 — Additions — 142,467 Remeasurement recognized in financial (income) or expense ( 41,182 ) ( 1,088 ) March 31 116,768 141,379 Maturity Analysis Maturity analysis (on an undiscounted basis) for non-derivative financial liabilities recognized in the unaudited condensed consolidated statements of financial position at March 31, 2023, is specified below: < 1 year 1-5 years >5 years Total Carrying (EUR’000) Financial liabilities March 31, 2023 Borrowings Convertible senior notes 11,897 41,638 534,684 588,219 399,880 Lease liabilities 13,565 51,967 57,331 122,863 105,501 Trade payables and accrued expenses 131,438 — — 131,438 131,438 Total financial liabilities 156,900 93,605 592,015 842,520 636,819 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2023 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
Subsequent Events | Note 11—Subsequent Events No events have occurred after the reporting date that would influence the evaluation of these unaudited condensed consolidated interim financial statements. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Disclosure of voluntary change in accounting policy [abstract] | |
Basis of Preparation | Basis of Preparation The unaudited condensed consolidated interim financial statements of the Company are prepared in accordance with International Accounting Standard 34, “Interim Financial Reporting.” Certain information and disclosures normally included in the annual consolidated financial statements prepared in accordance with International Financial Reporting Standards (“IFRS”) have been condensed or omitted. Accordingly, these unaudited condensed consolidated interim financial statements should be read in conjunction with the Company’s audited annual consolidated financial statements for the year ended December 31, 2022, and accompanying notes, which have been prepared in accordance with IFRS as issued by the International Accounting Standards Board (the “IASB”) and as adopted by the European Union (the “EU”). The accounting policies applied are consistent with those of the previous financial year. A description of the accounting policies is provided in the Accounting Policies section of the audited consolidated financial statements as of and for the year ended December 31, 2022. The preparation of financial statements in conformity with IFRS requires the use of certain significant accounting estimates and requires management to exercise its judgement in the process of applying the Company’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the unaudited condensed consolidated interim financial statements are disclosed in Note 3, “Significant Accounting Judgements and Estimates.” |
New International Financial Reporting Standards Not Yet Effective | New International Financial Reporting Standards Not Yet Effective The IASB has issued a number of new or amended standards, which have not yet become effective or have not yet been adopted by the EU. Therefore, these new standards have not been incorporated in these unaudited condensed consolidated interim financial statements. Amendments to IAS 1, “Classification of Liabilities as Current or Non-current” In January 2020, the IASB issued amendments to paragraphs 69 to 76 of IAS 1, “Presentation of Financial Statements,” to specify the requirements for classifying liabilities as current or non-current. The amendments clarify: • What is meant by a right to defer settlement; • That a right to defer must exist at the end of the reporting period; • That classification is unaffected by the likelihood that an entity will exercise its deferral right; and • That only if an embedded derivative in a convertible liability is itself an equity instrument would the terms of a liability not impact its classification. If approved by the EU, the amendments are effective for annual reporting periods beginning on or after January 1, 2024, and must be applied retrospectively. The amendments are expected to require the convertible notes (presented as part of borrowings on the statement of financial position) and derivative liabilities, both presented as non-current liabilities at March 31, 2023, to be presented as current liabilities. On March 31, 2023, the carrying amount of convertible notes and derivative liabilities were € 399.9 million and € 116.8 million, respectively. The consolidated financial statements are not expected to be affected by other new or amended standards. |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Revenue [abstract] | |
Schedule of Revenue Recognized in Consolidated Statement of Profit or Loss | Three Months Ended 2023 2022 (EUR’000) Revenue from external customers Commercial sale of products 31,551 1,888 Rendering of services 1,170 372 Sale of clinical supply 254 3,936 Licenses 614 632 Total revenue from external customers 33,589 6,828 Attributable to Commercial customers 31,551 1,888 Collaboration partners and license agreements 2,038 4,940 Total revenue from external customers 33,589 6,828 Specified by timing of recognition Recognized over time 1,170 372 Recognized at a point in time 32,419 6,456 Total revenue from external customers 33,589 6,828 Revenue by geographical location Europe — 135 North America 33,070 6,456 China 519 237 Total revenue from external customers 33,589 6,828 |
Share-based Payment (Tables)
Share-based Payment (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | |
Summary of Share Based Payment | The following table specifies the number of RSUs and PSUs granted and outstanding at March 31, 2023: Restricted Stock Units Performance Stock Units Total Outstanding (Number) January 1, 2023 82,492 — 82,492 Granted during the period 609,695 112,268 721,963 Forfeited during the period ( 10,494 ) — ( 10,494 ) March 31, 2023 681,693 112,268 793,961 Specified by vesting year 2023 41,240 — 41,240 2024 240,888 37,422 278,310 2025 199,757 37,423 237,180 2026 199,808 37,423 237,231 March 31, 2023 681,693 112,268 793,961 |
Summary of Warrant Activity | The following table specifies the warrant activity for the three months ended March 31, 2023: Total Weighted (Number) (EUR) Outstanding January 1, 2023 6,864,011 81.30 Granted during the period 113,585 103.60 Exercised during the period ( 176,253 ) 10.40 Forfeited during the period ( 40,047 ) 118.69 March 31, 2023 6,761,296 83.30 Vested at March 31, 2023 5,013,862 70.58 |
Treasury Shares (Tables)
Treasury Shares (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Disclosure of treasury shares [abstract] | |
Summary of Holding of Treasury Shares | The holding of treasury shares is as follows: Nominal Holding Holding in (EUR’000) (Number) Treasury shares January 1, 2023 149 1,113,152 2.0 % March 31, 2023 149 1,113,152 1.9 % |
Financial Assets and Liabilit_2
Financial Assets and Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Disclosure of detailed information about financial instruments [abstract] | |
Schedule of Financial Assets and Liabilities | Financial assets and liabilities comprise the following: March 31, December 31, (EUR’000) Financial assets by category Trade receivables 16,121 11,910 Other receivables (excluding income tax and indirect tax receivables) 8,464 3,884 Marketable securities 84,460 298,180 Cash and cash equivalents 501,281 444,767 Financial assets measured at amortized cost 610,326 758,741 Total financial assets 610,326 758,741 Classified in the statement of financial position Non-current assets 1,984 9,412 Current assets 608,342 749,329 Total financial assets 610,326 758,741 Financial liabilities by category Borrowings Convertible senior notes 399,880 399,186 Lease liabilities 105,501 109,191 Trade payables and accrued expenses 131,438 101,032 Financial liabilities measured at amortized cost 636,819 609,409 Derivative liabilities 116,768 157,950 Financial liabilities measured at fair value through profit or loss 116,768 157,950 Total financial liabilities 753,587 767,359 Classified in the statement of financial position Non-current liabilities 596,756 640,907 Current liabilities 156,831 126,452 Total financial liabilities 753,587 767,359 |
Summary of Marketable securities | The composition of the portfolio of marketable securities is specified in the following table: March 31, December 31, (EUR’000) Marketable securities U.S. Treasury bills — 79,086 U.S. Government bonds 42,955 99,337 Corporate bonds 36,907 104,236 Agency bonds 4,598 15,521 Total marketable securities 84,460 298,180 Classified based on maturity profiles Non-current assets — 7,492 Current assets 84,460 290,688 Total marketable securities 84,460 298,180 Specified by rate structure Fixed rate 75,834 205,825 Floating rate 8,626 11,787 Zero-coupon — 80,568 Total marketable securities 84,460 298,180 Specified by investment grade credit rating High grade 51,052 203,530 Upper medium grade 33,408 94,650 Total marketable securities 84,460 298,180 |
Summary of Fair Value Hierarchy | March 31, 2023 December 31, 2022 Carrying Fair value Carrying Fair value Fair value level (EUR’000) (1-3) Financial assets Marketable securities 84,460 83,525 298,180 295,843 1 Financial assets measured at amortized cost 84,460 83,525 298,180 295,843 Total financial assets 84,460 83,525 298,180 295,843 Financial liabilities Convertible senior notes 399,880 388,003 399,186 382,459 3 Financial liabilities measured at amortized cost 399,880 388,003 399,186 382,459 Derivative liabilities 116,768 116,768 157,950 157,950 3 Financial liabilities measured at fair value through profit or loss 116,768 116,768 157,950 157,950 Total financial liabilities 516,648 504,771 557,136 540,409 |
Movements in Level 3 Fair Value Measurements | Movements in level 3 fair value measurements are specified below: 2023 2022 (EUR’000) Derivative liabilities January 1 157,950 — Additions — 142,467 Remeasurement recognized in financial (income) or expense ( 41,182 ) ( 1,088 ) March 31 116,768 141,379 |
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 March 31, 2023, is specified below: < 1 year 1-5 years >5 years Total Carrying (EUR’000) Financial liabilities March 31, 2023 Borrowings Convertible senior notes 11,897 41,638 534,684 588,219 399,880 Lease liabilities 13,565 51,967 57,331 122,863 105,501 Trade payables and accrued expenses 131,438 — — 131,438 131,438 Total financial liabilities 156,900 93,605 592,015 842,520 636,819 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) - EUR (€) € in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Disclosure of summary of significant accounting policies [line items] | ||
Convertible Senior Notes | € 399,900 | |
Derivative Liabilities | € 116,768 | € 157,950 |
Revenue - Additional Informatio
Revenue - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2023 | |
Disclosure of associates [line items] | |
Payment Term Of Customers | 30 days |
Revenue - Schedule of Revenue R
Revenue - Schedule of Revenue Recognized in Consolidated Statements of Profit or Loss (Detail) - EUR (€) € in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenue from external customers | ||
Commercial sale of products | € 31,551 | € 1,888 |
Rendering of services | 1,170 | 372 |
Sale of clinical supply | 254 | 3,936 |
"Right-to-use" licenses | 614 | 632 |
Total revenue | 33,589 | 6,828 |
Revenue from external customers (geographical) | ||
Total revenue | 33,589 | 6,828 |
Goods or services transferred over time [member] | ||
Revenue from external customers | ||
Total revenue | 1,170 | 372 |
Revenue from external customers (geographical) | ||
Total revenue | 1,170 | 372 |
Goods or services transferred at point in time [member] | ||
Revenue from external customers | ||
Total revenue | 32,419 | 6,456 |
Revenue from external customers (geographical) | ||
Total revenue | 32,419 | 6,456 |
Commercial customers [Member] | ||
Revenue from external customers | ||
Total revenue | 31,551 | 1,888 |
Revenue from external customers (geographical) | ||
Total revenue | 31,551 | 1,888 |
Collaboration partners and license agreements [Member] | ||
Revenue from external customers | ||
Total revenue | 2,038 | 4,940 |
Revenue from external customers (geographical) | ||
Total revenue | 2,038 | 4,940 |
Europe [Member] | ||
Revenue from external customers | ||
Total revenue | 0 | 135 |
Revenue from external customers (geographical) | ||
Total revenue | 0 | 135 |
North America [member] | ||
Revenue from external customers | ||
Total revenue | 33,070 | 6,456 |
Revenue from external customers (geographical) | ||
Total revenue | 33,070 | 6,456 |
China [member] | ||
Revenue from external customers | ||
Total revenue | 519 | 237 |
Revenue from external customers (geographical) | ||
Total revenue | € 519 | € 237 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2023 Segment | |
Disclosure of operating segments [line items] | |
Number of reportable segment | 1 |
Share-Based Payment - Additiona
Share-Based Payment - Additional Information (Details) € / shares in Units, € in Thousands | 3 Months Ended | |||
Mar. 31, 2023 EUR (€) | Mar. 31, 2022 EUR (€) | Mar. 31, 2023 kr / shares | Mar. 31, 2023 € / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Share Based Compensation Expense | € | € 13,688 | € 19,968 | ||
Share nominal value | kr / shares | kr 1 | |||
Bottom of range [member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise price of outstanding share options | € / shares | € 6.48 | |||
Top of range [member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise price of outstanding share options | € / shares | € 145.50 | |||
Profit Loss [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Share Based Compensation Expense | € | € 13,700 | € 20,000 |
Share-Based Payment - Summary O
Share-Based Payment - Summary Of Share Based Payment (Detail) | 3 Months Ended |
Mar. 31, 2023 | |
Restricted Stock Units [Member] | |
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items] | |
Beginning balance | 82,492 |
Granted | 609,695 |
Forfeited during the period | (10,494) |
Ending balance | 681,693 |
Restricted Stock Units [Member] | 2023 | |
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items] | |
Vested at the reporting date | 41,240 |
Restricted Stock Units [Member] | 2024 | |
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items] | |
Vested at the reporting date | 240,888 |
Restricted Stock Units [Member] | 2025 | |
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items] | |
Vested at the reporting date | 199,757 |
Restricted Stock Units [Member] | 2026 | |
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items] | |
Vested at the reporting date | 199,808 |
Performance Stock Units [Member] | |
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items] | |
Beginning balance | 0 |
Granted | 112,268 |
Forfeited during the period | 0 |
Ending balance | 112,268 |
Performance Stock Units [Member] | 2023 | |
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items] | |
Vested at the reporting date | 0 |
Performance Stock Units [Member] | 2024 | |
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items] | |
Vested at the reporting date | 37,422 |
Performance Stock Units [Member] | 2025 | |
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items] | |
Vested at the reporting date | 37,423 |
Performance Stock Units [Member] | 2026 | |
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items] | |
Vested at the reporting date | 37,423 |
Restricted Stock Units and Performance Stock Unit [Member] | |
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items] | |
Beginning balance | 82,492 |
Granted | 721,963 |
Forfeited during the period | (10,494) |
Ending balance | 793,961 |
Restricted Stock Units and Performance Stock Unit [Member] | 2023 | |
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items] | |
Vested at the reporting date | 41,240 |
Restricted Stock Units and Performance Stock Unit [Member] | 2024 | |
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items] | |
Vested at the reporting date | 278,310 |
Restricted Stock Units and Performance Stock Unit [Member] | 2025 | |
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items] | |
Vested at the reporting date | 237,180 |
Restricted Stock Units and Performance Stock Unit [Member] | 2026 | |
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items] | |
Vested at the reporting date | 237,231 |
Share-based Payment - Schedule
Share-based Payment - Schedule of Warrant Activity (Detail) - Warrants [member] | 3 Months Ended |
Mar. 31, 2023 € / shares | |
Disclosure Of Warrant Activity [line items] | |
Beginning balance | 6,864,011 |
Granted during the period | 113,585 |
Exercised during the period | (176,253) |
Forfeited during the period | (40,047) |
Ending balance | 6,761,296 |
Vested at the balance sheet date | 5,013,862 |
Beginning balance | € 81.30 |
Granted during the period | 103.60 |
Exercised during the period | 10.40 |
Forfeited during the period | 118.69 |
Ending balance | 83.30 |
Vested at the balance sheet date | € 70.58 |
Share Capital - Additional Info
Share Capital - Additional Information (Detail) | Mar. 31, 2023 kr / shares shares |
Disclosure of classes of share capital [abstract] | |
Number of shares issued | shares | 57,328,548 |
Share nominal value | kr / shares | kr 1 |
Treasury Shares - Summary of Ho
Treasury Shares - Summary of Holding of Treasury Shares (Detail) € in Thousands | Mar. 31, 2023 EUR (€) shares |
Disclosure Of Holding Of Treasury Shares [Line Items] | |
January 1, 2023 (Nominal values) | € | € 149 |
March 31, 2023 (Nominal values) | € | € 149 |
January 1, 2023 (Holding) | shares | 1,113,152 |
March 31, 2023 (Holding) | shares | 1,113,152 |
January 1, 2023 (Holding in % of total outstanding shares) | 2% |
March 31, 2023(Holding in % of total outstanding shares) | 1.90% |
Financial Assets and Liabilit_3
Financial Assets and Liabilities - Schedule of Financial assets and Liabilities (Detail) - EUR (€) € in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Financial assets by category | ||||
Cash and cash equivalents | € 501,281 | € 444,767 | € 755,643 | € 446,267 |
Total financial assets | 610,326 | 758,741 | ||
Classified in the statement of financial position | ||||
Non-current assets | 1,984 | 9,412 | ||
Current assets | 608,342 | 749,329 | ||
Total financial assets | 610,326 | 758,741 | ||
Borrowings | ||||
Convertible senior notes | 399,900 | |||
Derivative liabilities | 116,768 | 157,950 | ||
Total financial liabilities | 753,587 | 767,359 | ||
Classified in the statement of financial position | ||||
Non-current liabilities | 596,756 | 640,907 | ||
Current liabilities | 156,831 | 126,452 | ||
Total financial liabilities | 753,587 | 767,359 | ||
Financial liabilities at amortised cost, class [member] | ||||
Borrowings | ||||
Convertible senior notes | 399,880 | 399,186 | ||
Lease liabilities | 105,501 | 109,191 | ||
Trade payables and accrued expenses | 131,438 | 101,032 | ||
Financial liabilities measured at amortized cost | 636,819 | 609,409 | ||
Total financial liabilities | 636,819 | |||
Classified in the statement of financial position | ||||
Total financial liabilities | 636,819 | |||
Financial liabilities at amortised cost, class [member] | Financial liabilities at fair value, class [member] | ||||
Borrowings | ||||
Financial liabilities measured at fair value through profit or loss | 116,768 | 157,950 | ||
Financial assets at amortised cost, class [member] | ||||
Financial assets by category | ||||
Trade receivables | 16,121 | 11,910 | ||
Other receivables | 8,464 | 3,884 | ||
Marketable Securities | 84,460 | 298,180 | ||
Cash and cash equivalents | 501,281 | 444,767 | ||
Financial assets measured at amortized cost | € 610,326 | € 758,741 |
Financial Assets and Liabilit_4
Financial Assets and Liabilities - Additional Information (Detail) $ / shares in Units, € in Thousands | 3 Months Ended | ||||
Mar. 29, 2022 EUR (€) | Mar. 29, 2022 USD ($) | Mar. 31, 2023 EUR (€) Days Agreement | Mar. 31, 2023 USD ($) $ / shares | Dec. 31, 2022 EUR (€) | |
Disclosure of detailed information about financial instruments [line items] | |||||
Derivative liabilities | € 116,768 | € 157,950 | |||
Convertible Senior Notes | 399,900 | ||||
Fair Value of Convertible Notes | € 388,000 | ||||
Share price | $ / shares | $ (49) | ||||
Historical volatility for shares, measurement input [member] | Derivatives [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Percentage of reasonably possible increase in unobservable input, liabilities | 10% | 10% | |||
Percentage of reasonably possible decrease in unobservable input, liabilities | 10% | 10% | |||
Share Price Measurement Input [Member] | Derivatives [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Increase decrease in derivative financial liabilities fair value | € 21,800 | ||||
Percentage of reasonably possible increase in unobservable input, liabilities | 10% | 10% | |||
Percentage of reasonably possible decrease in unobservable input, liabilities | 10% | 10% | |||
Foreign Currency Conversion Option [Member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Increase decrease in derivative financial liabilities fair value | € 14,000 | ||||
American depository shares [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Conversion price per share | $ / shares | $ 166.34 | ||||
Convertible Senior Notes [Member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Conversion rate per note | $ / shares | $ 6.0118 | ||||
Principal amount | $ | $ 575,000,000 | ||||
Borrowings redemption period | April 7, 2025 | ||||
Borrowings condition for redemption | but only if the last reported sale price per ADS exceeds 130% of the conversion price on (i) each of at least 20 trading days, whether or not consecutive, during the 30 consecutive trading days ending on, and including, the trading day immediately before the date the Company sends the related optional redemption notice; and (ii) the trading day immediately before the date the Company sends such notice. | ||||
Borrowings threshold percentage of sale price per share for redemption | 130% | ||||
Borrowings threshold trading days for redemption | Days | 20 | ||||
Borrowings threshold consecutive trading days for redemption | Agreement | 30 | ||||
Proceeds from issue of bonds, notes and debentures | € 503,300 | $ 557,900,000 | |||
Borrowings, maturity | April 1, 2028 | April 1, 2028 | |||
Convertible Senior Notes [Member] | American depository shares [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Principal amount | $ | $ 1,000 | ||||
Fixed interest rate [member] | Convertible Senior Notes [Member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Borrowings Interest Rate | 2.25% | 2.25% | 2.25% | ||
Liquidity risk [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Weighted Average Duration Of Marketable Securities | 3 months 12 days |
Financial Assets and Liabilit_5
Financial Assets and Liabilities - Summary of Marketable securities (Detail) - EUR (€) € in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Disclosure Detailed Information About Marketable Securities [Line Items] | ||
Non-current financial marketable securities | € 0 | € 7,492 |
Current financial marketable securities | 84,460 | 290,688 |
Financial assets | 610,326 | 758,741 |
Financial assets at amortised cost, class [member] | ||
Disclosure Detailed Information About Marketable Securities [Line Items] | ||
Financial marketable securities | 84,460 | 298,180 |
Non-current financial marketable securities | 0 | 7,492 |
Current financial marketable securities | 84,460 | 290,688 |
Financial assets | 84,460 | 298,180 |
Financial assets at amortised cost, class [member] | High Grade [Member] | ||
Disclosure Detailed Information About Marketable Securities [Line Items] | ||
Financial assets | 51,052 | 203,530 |
Financial assets at amortised cost, class [member] | Upper Medium Grade [Member] | ||
Disclosure Detailed Information About Marketable Securities [Line Items] | ||
Financial assets | 33,408 | 94,650 |
Financial assets at amortised cost, class [member] | Fixed interest rate [Member] | ||
Disclosure Detailed Information About Marketable Securities [Line Items] | ||
Financial assets | 75,834 | 205,825 |
Financial assets at amortised cost, class [member] | Floating interest rate [Member] | ||
Disclosure Detailed Information About Marketable Securities [Line Items] | ||
Financial assets | 8,626 | 11,787 |
Financial assets at amortised cost, class [member] | Zero Coupon [Member] | ||
Disclosure Detailed Information About Marketable Securities [Line Items] | ||
Financial assets | 0 | 80,568 |
Financial assets at amortised cost, class [member] | US Treasury bills [Member] | ||
Disclosure Detailed Information About Marketable Securities [Line Items] | ||
Financial marketable securities | 0 | 79,086 |
Financial assets at amortised cost, class [member] | US Government Bonds [Member] | ||
Disclosure Detailed Information About Marketable Securities [Line Items] | ||
Financial marketable securities | 42,955 | 99,337 |
Financial assets at amortised cost, class [member] | Corporate bonds [Member] | ||
Disclosure Detailed Information About Marketable Securities [Line Items] | ||
Financial marketable securities | 36,907 | 104,236 |
Financial assets at amortised cost, class [member] | Agency bonds [Member] | ||
Disclosure Detailed Information About Marketable Securities [Line Items] | ||
Financial marketable securities | € 4,598 | € 15,521 |
Financial Assets and Liabilit_6
Financial Assets and Liabilities - Summary of Fair Value Hierarchy (Details) - EUR (€) € in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Disclosure of fair value measurement of assets [line items] | ||||
Total financial assets | € 610,326 | € 758,741 | ||
Convertible senior notes | 399,900 | |||
Derivative liabilities | 116,768 | 157,950 | ||
Total financial liabilities | 753,587 | 767,359 | ||
Level 3 [member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Derivative liabilities | 116,768 | 157,950 | € 141,379 | € 0 |
Carrying amount [member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial assets measured at amortized cost | 84,460 | 298,180 | ||
Total financial assets | 84,460 | 298,180 | ||
Financial liabilities measured at amortized cost | 399,880 | 399,186 | ||
Financial liabilities measured at fair value through profit or loss | 116,768 | 157,950 | ||
Total financial liabilities | 516,648 | 557,136 | ||
Carrying amount [member] | Level 1 [member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Marketable Securities | 84,460 | 298,180 | ||
Carrying amount [member] | Level 3 [member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Convertible senior notes | 399,880 | 399,186 | ||
Derivative liabilities | 116,768 | 157,950 | ||
Fair value [member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial assets measured at amortized cost | 83,525 | 295,843 | ||
Total financial assets | 83,525 | 295,843 | ||
Financial liabilities measured at amortized cost | 388,003 | 382,459 | ||
Financial liabilities measured at fair value through profit or loss | 116,768 | 157,950 | ||
Total financial liabilities | 504,771 | 540,409 | ||
Fair value [member] | Level 1 [member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Marketable Securities | 83,525 | 295,843 | ||
Fair value [member] | Level 3 [member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Convertible senior notes | 388,003 | 382,459 | ||
Derivative liabilities | € 116,768 | € 157,950 |
Financial Assets and Liabilit_7
Financial Assets and Liabilities - Movements in Level 3 Fair Value Measurements (Details) - EUR (€) € in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Reconciliation of changes in fair value measurement, liabilities [abstract] | ||
Beginning balance | € 157,950 | |
Ending balance | 116,768 | |
Level 3 [member] | ||
Reconciliation of changes in fair value measurement, liabilities [abstract] | ||
Beginning balance | 157,950 | € 0 |
Additions | 0 | 142,467 |
Remeasurement recognized in financial income or expense | (41,182) | (1,088) |
Ending balance | € 116,768 | € 141,379 |
Financial Assets and Liabilit_8
Financial Assets and Liabilities - Liquidity Risk Management (Detail) - EUR (€) € in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Borrowings [abstract] | ||
Convertible senior notes | € 399,900 | |
Total financial liabilities | 753,587 | € 767,359 |
Convertible senior notes | 588,219 | |
Lease liabilities | 122,863 | |
Trade payables | 131,438 | |
Total financial liabilities | 842,520 | |
Financial liabilities at amortised cost, class [member] | ||
Borrowings [abstract] | ||
Convertible senior notes | 399,880 | 399,186 |
Lease liabilities | 105,501 | € 109,191 |
Trade payables | 131,438 | |
Total financial liabilities | 636,819 | |
Within 1 year [member] | ||
Borrowings [abstract] | ||
Convertible senior notes | 11,897 | |
Lease liabilities | 13,565 | |
Trade payables | 131,438 | |
Total financial liabilities | 156,900 | |
Within 1 to 5 years [member] | ||
Borrowings [abstract] | ||
Convertible senior notes | 41,638 | |
Lease liabilities | 51,967 | |
Trade payables | 0 | |
Total financial liabilities | 93,605 | |
After 5 years [member] | ||
Borrowings [abstract] | ||
Convertible senior notes | 534,684 | |
Lease liabilities | 57,331 | |
Trade payables | 0 | |
Total financial liabilities | € 592,015 |