Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2023 shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2023 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | FY |
Trading Symbol | ASND |
Entity Registrant Name | Ascendis Pharma A/S |
Entity Central Index Key | 0001612042 |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | Yes |
Entity Current Reporting Status | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 57,707,439 |
Entity Voluntary Filers | No |
Entity Interactive Data Current | Yes |
Document Accounting Standard | International Financial Reporting Standards |
Entity Incorporation, State or Country Code | G7 |
Entity Address, Country | DK |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Document Registration Statement | false |
Title of 12(b) Security | Ordinary shares |
Security Exchange Name | NASDAQ |
Entity Address, Address Line One | Tuborg Boulevard 12 |
Entity Address, City or Town | Hellerup |
Entity File Number | 001-36815 |
ICFR Auditor Attestation Flag | true |
Auditor Name | Deloitte Statsautoriseret Revisionspartnerselskab |
Auditor Firm ID | 1294 |
Auditor Location | Copenhagen, Denmark |
Entity Address, Postal Zip Code | DK-2900 |
Business Contact [member] | |
Document Information [Line Items] | |
Entity Address, Country | DK |
Entity Address, Address Line One | Tuborg Boulevard 12 |
Entity Address, City or Town | Hellerup |
Contact Personnel Name | Jan Møller Mikkelsen |
City Area Code | +45 |
Local Phone Number | 70 22 22 44 |
Entity Address, Postal Zip Code | DK-2900 |
American Depositary Shares [member] | |
Document Information [Line Items] | |
Title of 12(b) Security | American Depositary Shares |
Security Exchange Name | NASDAQ |
No Trading Symbol Flag | true |
Consolidated Statements of Prof
Consolidated Statements of Profit or (Loss) and Other Comprehensive Income or (Loss) - EUR (€) € in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Profit or loss [abstract] | ||||
Revenue | € 266,718 | € 51,174 | € 7,778 | |
Cost of sales | 44,395 | 12,137 | 3,523 | |
Gross profit | 222,323 | 39,037 | 4,255 | |
Research and development costs | 413,454 | 379,624 | 295,867 | |
Selling, general and administrative expenses | 264,410 | 221,227 | 160,180 | |
Operating profit/(loss) | (455,541) | (561,814) | (451,792) | |
Share of profit/(loss) of associate | (18,395) | (17,697) | 12,041 | |
Finance income | 43,857 | 52,181 | 59,718 | |
Finance expenses | 44,065 | 50,487 | 3,911 | |
Profit/(loss) before tax | (474,144) | (577,817) | (383,944) | |
Tax on profit/(loss) for the year | (7,303) | (5,377) | 367 | |
Net profit/(loss) for the year | (481,447) | (583,194) | (383,577) | |
Attributable to owners of the Company | € (481,447) | € (583,194) | € (383,577) | |
Basic earnings/(loss) per share | € (8.55) | € (10.40) | € (7) | |
Diluted earnings/(loss) per share | € (8.55) | € (10.40) | € (7) | |
Weighted average number of shares used for calculation (basic and diluted) | [1] | 56,287,060 | 56,071,793 | 54,771,763 |
Statement of comprehensive income [abstract] | ||||
Net profit/(loss) for the year | € (481,447) | € (583,194) | € (383,577) | |
Items that may be reclassified subsequently to profit or loss: | ||||
Exchange differences on translating foreign operations | (2,731) | (327) | 3,855 | |
Other comprehensive income/(loss) for the year, net of tax | (2,731) | (327) | 3,855 | |
Total comprehensive income/(loss) | (484,178) | (583,521) | (379,722) | |
Attributable to owners of the Company | € (484,178) | € (583,521) | € (379,722) | |
[1] A total of 6,523,784 warrants outstanding as of December 31, 2023 (a total of 6,864,011 warrants and 7,085,073 warrants outstanding as of December 31, 2022 and 2021 , respectively) 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. Similarly, 575,000 convertible senior notes which were issued in March 2022 can potentially be converted into 3,456,785 ordinary shares, and 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 2022 and 2023 . |
Consolidated Statements of Pr_2
Consolidated Statements of Profit or (Loss) and Other Comprehensive Income or (Loss) (Parenthetical) - shares | 1 Months Ended | 12 Months Ended | ||
Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Convertible Senior Notes [Member] | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Convertible notes | 575,000 | |||
Ordinary shares [member] | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Convertible notes | 3,456,785 | |||
Warrants [member] | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Warrants outstanding | 6,523,784 | 6,864,011 | 7,085,073 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - EUR (€) € in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Non-current assets | ||
Intangible assets | € 4,419 | € 4,828 |
Property, plant and equipment | 110,634 | 129,095 |
Investment in associate | 5,686 | 22,932 |
Other receivables | 2,127 | 1,920 |
Marketable securities | 0 | 7,492 |
Total non-current assets | 122,866 | 166,267 |
Current assets | ||
Inventories | 208,931 | 130,673 |
Trade receivables | 35,874 | 11,910 |
Income tax receivables | 802 | 883 |
Other receivables | 19,097 | 12,833 |
Prepayments | 38,578 | 31,717 |
Marketable securities | 7,275 | 290,688 |
Cash and cash equivalents | 392,164 | 444,767 |
Total current assets | 702,721 | 923,471 |
Total assets | 825,587 | 1,089,738 |
Equity | ||
Share capital | 7,749 | 7,675 |
Distributable equity | (153,446) | 255,673 |
Total equity | (145,697) | 263,348 |
Non-current liabilities | ||
Borrowings | 534,246 | 387,556 |
Lease liabilities | 84,619 | 95,400 |
Derivative liabilities | 143,296 | 157,950 |
Contract liabilities | 5,949 | 14,213 |
Deferred tax liabilities | 5,830 | 0 |
Total non-current liabilities | 773,940 | 655,119 |
Current liabilities | ||
Borrowings | 11,226 | 11,630 |
Lease liabilities | 14,174 | 13,791 |
Contract liabilities | 1,184 | 0 |
Trade payables and accrued expenses | 94,566 | 101,032 |
Other liabilities | 41,176 | 31,989 |
Income tax payables | 2,299 | 5,490 |
Provisions | 32,719 | 7,339 |
Total current liabilities | 197,344 | 171,271 |
Total liabilities | 971,284 | 826,390 |
Total equity and liabilities | € 825,587 | € 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, 2020 | € 838,711 | € 7,217 | € 1,728,747 | € 0 | € (76) | € (897,177) |
Net profit/(loss) for the period | (383,577) | (383,577) | ||||
Other comprehensive income/(loss), net of tax | 3,855 | 3,855 | ||||
Total comprehensive income/(loss) | (379,722) | 0 | 3,855 | (383,577) | ||
Share-based payment (Note 7) | 66,830 | 66,830 | ||||
Acquisition of treasury shares | (21,605) | (21) | (21,584) | |||
Capital increase | 399,395 | 429 | 398,966 | |||
Cost of capital increase | (19,974) | (19,974) | ||||
Equity at Dec. 31, 2021 | 883,635 | 7,646 | 2,107,739 | (21) | 3,779 | (1,235,508) |
Net profit/(loss) for the period | (583,194) | (583,194) | ||||
Other comprehensive income/(loss), net of tax | (327) | (327) | ||||
Total comprehensive income/(loss) | (583,521) | 0 | (327) | (583,194) | ||
Share-based payment (Note 7) | 64,180 | 64,180 | ||||
Acquisition of treasury shares | (106,099) | (134) | (105,965) | |||
Transfer under stock incentive programs | 6 | (6) | ||||
Capital increase | 5,153 | 29 | 5,124 | |||
Equity at Dec. 31, 2022 | 263,348 | 7,675 | 2,112,863 | (149) | 3,452 | (1,860,493) |
Net profit/(loss) for the period | (481,447) | (481,447) | ||||
Other comprehensive income/(loss), net of tax | (2,731) | (2,731) | ||||
Total comprehensive income/(loss) | (484,178) | 0 | (2,731) | (481,447) | ||
Share-based payment (Note 7) | 66,660 | 66,660 | ||||
Transfer under stock incentive programs | 3 | (3) | ||||
Net settlement under stock incentive programs | (1,812) | (1,812) | ||||
Capital increase | 10,285 | 74 | 10,211 | |||
Equity at Dec. 31, 2023 | € (145,697) | € 7,749 | € 2,123,074 | € (146) | € 721 | € (2,277,095) |
Consolidated Cash Flow Statemen
Consolidated Cash Flow Statements - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating activities | |||
Net profit/(loss) for the year | € (481,447) | € (583,194) | € (383,577) |
Reversal of finance income | (43,857) | (52,181) | (59,718) |
Reversal of finance expenses | 44,065 | 50,487 | 3,911 |
Reversal of gain and loss on disposal of property, plant and equipment | 5 | 22 | 0 |
Reversal of income taxes (expenses) | 7,303 | 5,377 | (367) |
Adjustments for non-cash items: | |||
Non-cash consideration relating to revenue | (2,354) | (2,547) | (2,365) |
Share of profit/(loss) of associate | 18,395 | 17,697 | (12,041) |
Share-based payment | 66,660 | 64,180 | 66,830 |
Depreciation | 18,428 | 17,514 | 14,946 |
Impairment of property, plant and equipment | 7,834 | ||
Amortization | 483 | 444 | 445 |
Changes in working capital: | |||
Inventories | (78,258) | (55,268) | (75,405) |
Receivables | (32,773) | (11,531) | (6,659) |
Prepayments | (11,413) | (6,409) | (11,238) |
Contract liabilities (deferred income) | (7,080) | 8,648 | 5,202 |
Trade payables, accrued expenses and other payables | 3,551 | 45,943 | 39,186 |
Increase/(decrease) in provisions | 26,187 | 6,145 | 1,193 |
Cash flows generated from/(used in) operations | (464,271) | (494,673) | (419,657) |
Finance income received | 17,048 | 8,271 | 3,697 |
Finance expenses paid | (15,672) | (9,294) | (1,841) |
Income taxes received/(paid) | (4,466) | (3) | 152 |
Cash flows from/(used in) operating activities | (467,361) | (495,699) | (417,649) |
Investing activities | |||
Investment in associate | 0 | 0 | (10,187) |
Proceeds from disposal of property, plant and equipment | 51 | 0 | 0 |
Acquisition of property, plant and equipment | (2,442) | (14,489) | (23,704) |
Reimbursement for acquisition of property, plant and equipment | 0 | 9,535 | 0 |
Development expenditures (software) | 0 | 0 | (530) |
Purchase of marketable securities | 0 | (213,842) | (226,038) |
Settlement of marketable securities | 288,865 | 280,528 | 149,880 |
Cash flows from/(used in) investing activities | 286,474 | 61,732 | (110,579) |
Financing activities | |||
Payment of principal portion of lease liabilities | (10,438) | (6,356) | (6,429) |
Net proceeds from borrowings | 136,256 | 503,281 | 0 |
Proceeds from exercise of warrants | 10,286 | 5,153 | 11,537 |
Net proceeds from follow-on public offerings | 0 | 0 | 367,884 |
Acquisitions of treasury shares, net of transaction costs | 0 | (105,305) | (21,605) |
Payment of withholding taxes under stock incentive programs | (1,812) | 0 | 0 |
Cash flows from/(used in) financing activities | 134,292 | 396,773 | 351,387 |
Increase/(decrease) in cash and cash equivalents | (46,595) | (37,194) | (176,841) |
Cash and cash equivalents at January 1 | 444,767 | 446,267 | 584,517 |
Effect of exchange rate changes on balances held in foreign currencies | (6,008) | 35,694 | 38,591 |
Bank deposits | 392,164 | 427,810 | 441,736 |
Short-term marketable securities | 0 | 16,957 | 4,531 |
Cash and cash equivalents at December 31 | € 392,164 | € 444,767 | € 446,267 |
Insider Trading Policies and Pr
Insider Trading Policies and Procedures | 12 Months Ended |
Dec. 31, 2023 | |
Insider Trading Policies and Procedure [Line Items] | |
Insider Trading Policies and Procedure Adopted [Flag] | true |
General Information
General Information | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of General Information [Abstract] | |
General Information | Note 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. The Company’s registration number in Denmark is 29918791. On February 2, 2015, the Company completed an initial public offering (“IPO”), 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 approved these consolidated financial statements on February 7, 2024 . |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 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 consolidated financial statements are prepared in accordance with the IFRS Accounting Standards (“IFRS”), as issued by the International Accounting Standards Board (“IASB”), and as adopted by the European Union (the “EU”). The accounting policies applied when preparing the consolidated financial statements are described in detail below and are applied for all entities. Significant accounting judgements and sources of estimation uncertainties used when exercising the accounting policies are described in Note 3, “Significant Accounting Judgements and Estimates”. These consolidated financial statements have been prepared under the historical cost convention, apart from certain financial instruments that are measured at fair value at initial recognition. Changes in Accounting Policies Several amendments to and interpretations of IFRS applied for the first time in 2023, which have not had an impact on the accounting policies applied by the Company. Thus, the accounting policies applied when preparing these consolidated financial statements have been applied consistently to all the periods presented. Change to Presentation of Borrowings At December 31, 2022, lease liabilities were presented as part of borrowings in the consolidated statements of financial position. At December 31, 2022, the carrying amount of lease liabilities was € 95.4 million and € 13.8 million, for non-current liabilities and current liabilities, respectively. In connection with entering into additional borrowing activities in September 2023, lease liabilities are presented separately in the consolidated statements of financial position, Comparative figures have been reclassified to reflect the change in presentation. Accordingly, borrowings comprise convertible senior notes and royalty funding liabilities. The change to presentation had no other impact on the consolidated financial statements. Going Concern The Company’s Board of Directors has at the time of approving the consolidated financial statements, a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus, the Company continues to adopt the going concern basis of accounting in preparing the consolidated financial statements. Basis of Consolidation The consolidated financial statements include the parent company, Ascendis Pharma A/S, and all enterprises over which the parent company has control. Control of an enterprise exists when the Company has exposure, or rights to, variable returns from its involvement with the enterprise and has the ability to control those returns through its power over the enterprise. Accordingly, the consolidated financial statements include Ascendis Pharma A/S and the subsidiaries listed in Note 20, “Investment in Group Enterprises” . Consolidation Principles Subsidiaries, which are enterprises the Company controls, are fully consolidated from the date upon which control is transferred to the Company. They are deconsolidated from the date control ceases. Control over an enterprise is reassessed if facts and circumstances indicate that there are changes to one or more of the three elements of control, respectively: • the contractual arrangement(s) with the other vote holders of the enterprise; • the Company’s voting rights and potential voting rights; and • rights arising from other contractual arrangements. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between group enterprises are eliminated in full on consolidation. Subsidiaries apply accounting policies in line with the Company’s accounting policies. When necessary, adjustments are made to bring the entities’ accounting policies in line with those of the Company. Investment in Associates An associate is an entity over which the Company has significant influence over financial and operational decisions but without having control or joint control. The Company’s associate is accounted for using the equity method and is initially recognized at cost. Thereafter, the carrying amount of the investment is adjusted to recognize changes in the Company’s share of net assets of the associate since the acquisition or establishment date. The consolidated statements of profit or loss include the Company’s share of result after tax of the associate after any adjustments made to bring the associate’s accounting policies in line with those of the Company. Transactions between the associate and the Company are eliminated proportionally according to the Company’s interest in the associate. Unrealized gains and losses resulting from transactions between the Company and its associate are eliminated to the extent of the Company’s interest in the associate. On each reporting date, the Company determines whether there are indications that the investment is impaired. If there is such evidence, the amount of impairment is calculated as the difference between the recoverable amount of the associate and its carrying amount. Any impairment loss is recognized in the consolidated statements of profit or loss. Foreign Currency Functional and Presentation Currency Items included in the consolidated financial statements are measured using the functional currency of each group entity. Functional currency is the currency of the primary economic environment in which the entity operates. The consolidated financial statements are presented in Euros (“EUR”), which is also the functional currency of the parent company. Translation of Transactions and Balances On initial recognition, transactions in currencies other than the individual entity’s functional currency are translated applying the exchange rate in effect at the date of the transaction. Receivables, payables and other monetary items denominated in foreign currencies that have not been settled at the reporting date are translated using the exchange rate in effect at the reporting date. Monetary items carried at fair value that are denominated in foreign currencies are translated at the rates prevailing at the date when the fair value was determined. Exchange rate differences that arise between the rate at the transaction date and the rate in effect at the payment date, or the rate at the reporting date, are recognized in profit or loss as finance income or finance expenses. Property, plant and equipment, intangible assets and other non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates as of the dates of the initial transactions. Currency Translation of Group Enterprises When subsidiaries or the associate present their financial statements in a functional currency other than EUR, their statements of profit or loss are translated at average exchange rates. Balance sheet items are translated using the exchange rates at the reporting date. Exchange rate differences arising from translation of foreign entities’ balance sheet items at the beginning of the year to the reporting date exchange rates as well as from translation of statements of profit or loss from average rates to the exchange rates at the reporting date are recognized in other comprehensive income. Similarly, exchange rate differences arising from changes that have been made directly in a foreign subsidiary’s equity are recognized in other comprehensive income. Revenue Revenue from Commercial Sale of Products Revenue is recognized when the customer has obtained control of the goods and it is probable that the Company will collect the consideration to which it is entitled for transferring the goods. Control is transferred upon delivery. Revenue is measured at the contractual sales price, reflecting the consideration received or receivable from customers, net of value added taxes, and provisions for a variety of sales deductions such as prompt pay discounts, shelf stock adjustments and applicable sales rebates attributable to various commercial arrangements, managed healthcare organizations, government programs, and co-pay arrangements. In addition, goods are principally sold on a “sale-or-return” basis, where customers may return products in line with the Company’s return policy. Sales deductions and product returns are considered variable consideration and are estimated at the time of sale using the expected value method. The amount of variable consideration that is included in the transaction price may be constrained and is included in the net contractual price only to the extent that it is probable that a significant reversal will not occur. Unsettled sales rebates and product returns are recognized as provisions when timing or amount is uncertain. Payable amounts that are absolute are recognized as other liabilities. Sales discounts and rebates that are payable to customers are offset in trade receivables. Other Revenue Other revenue relates to collaboration and license agreements. In addition, other revenue is generated from feasibility studies for potential partners to evaluate if TransCon technologies enable certain advantages for their product candidates of interest. Such feasibility studies are often structured as short-term agreements with fixed fees for the work that the Company performs. When contracts with customers are entered into, the goods and/or services promised in the contract are assessed to identify distinct performance obligations. A promise in the agreement is considered a distinct performance obligation if both of the following criteria are met: • the customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer (i.e., the good or service is capable of being distinct); and • the entity’s promise to transfer the good or service to the customer is separately identifiable from other promises in the contract (i.e., the promise to transfer the good or service is distinct within the context of the contract). Under collaboration, license, and other agreements that contain multiple promises to the customer, the promises are identified and accounted for as separate performance obligations, if these are distinct. If promises are not distinct, those goods or services are combined with other promised goods or services until a bundle of goods or services that is distinct is identified. The transaction price in the contract is measured at fair value and reflects the consideration the Company expects to be entitled to in exchange for those goods or services. Under license agreements, the transaction price may include up-front payments, royalty and milestone payments. Sales-based royalty and sales-based milestone income promised in exchange for a license of intellectual property is recognized as revenue at the later of the occurrence of subsequent sale or satisfaction of the performance obligation to which some of the royalty has been allocated. Milestone income related to regulatory activities is included in the transaction price at the point in time that it is highly probable that the applicable criteria are met. The transaction price is allocated to each performance obligation according to their stand-alone selling prices and is recognized when control of the goods or services is transferred to the customer, either over time or at a point in time, depending on the specific terms and conditions in the contracts. License agreements, which transfer rights to the Company's intellectual property (“IP”), are classified as “right-to-access”, with revenue recognized over time, or as “right-to-use” with revenue recognized at a point in time. Research and Development Costs Research and development costs consist primarily of manufacturing costs, preclinical and clinical study costs and costs for process optimizations and improvements performed by Clinical Research Organizations (“CROs”) and Contract Manufacturing Organizations (“CMOs”), salaries and other personnel costs including pension and share-based payment, the cost of facilities, professional fees, cost of obtaining and maintaining the Company’s intellectual property portfolio, and depreciation of non-current assets related to research and development activities. Research costs are incurred at the early stages of the drug development cycle from the initial drug discovery and include a variety of preclinical research activities in order to assess potential drug candidates in non-human subjects, prior to filing an Investigational New Drug Application (“IND”), or equivalent. Research costs are recognized in the consolidated statement of profit or loss when incurred. Development activities relate to activities following an IND, or equivalent, and typically involve a single product candidate undergoing a series of studies to illustrate its safety profile and effect on human beings, prior to obtaining the necessary approval from the appropriate authorities. Development activities comprise drug candidates undergoing clinical trials starting in phase I (first time drug is administered in a small group of humans), and further into Phase II and III, which include administration of drugs in larger patient groups. Following, and depending on clinical trial results, a Biologic License Application (“BLA”) or New Drug Application (“NDA”) may be submitted to the authorities, to apply for marketing approval, which, with a positive outcome will permit the Company to market and sell the products. Long-term extension trials may be ongoing following submission of a BLA or NDA. Development costs also include product development and pre-commercial manufacturing costs related to development product candidates, and write-downs of inventories manufactured for late-stage development product candidates prior to marketing approval being obtained (pre-launch inventories). Due to the risk related to the development of pharmaceutical products, the Company cannot estimate the future economic benefits associated with individual development activities with sufficient certainty until the development activities have been finalized and the necessary market approval of the final product has been obtained. As a consequence, all development costs are recognized in the consolidated statement of profit or loss when incurred. Selling, General and Administrative Expenses Selling, general and administrative expenses comprise salaries and other personnel costs including pension and share-based payment, office supplies, cost of facilities, professional fees, and depreciation of non-current assets related to selling, general and administrative activities, including pre-commercial and commercial activities. Selling, general and administrative expenses are recognized in the consolidated statement of profit or loss when incurred. Share-based Incentive Programs Share-based incentive programs comprise warrant programs, Restricted Stock Unit programs (“RSU-programs”) and Performance Stock Unit Programs (“PSU-programs”). which are classified as equity-settled share-based payment transactions. The cost of equity-settled transactions is determined by the fair value at the date of grant. For warrant programs, the fair value of each warrant granted is determined using the Black-Scholes valuation model. For RSU-programs and PSU-programs, the fair value of each RSU or PSU granted is equal to the closing share price on the date of grant of the underlying ADS. Any social security contributions payable in connection with the grant or exercise of the warrants are recognized as expenses when incurred. The assumptions used for estimating the fair value of share-based payment transactions are disclosed in Note 7, “Share-based Payment”. The cost is recognized together with a corresponding increase in equity over the period in which the performance and/or service conditions are fulfilled (i.e., the vesting period). The fair value determined at the grant date of the equity-settled share-based payment is expensed on a straight-line basis over the vesting period for each tranche, based on the best estimate of the number of equity instruments that will ultimately vest. No expense is recognized for grants that do not ultimately vest. Where an equity-settled grant is cancelled other than upon forfeiture when vesting conditions are not satisfied, the grant is treated as if it vested on the date of the cancellation, and any expense not yet recognized for the grant is recognized immediately. Where the terms and conditions for an equity-settled grant are modified, the services measured at the grant date fair value over the vesting period are recognized, subject to performance and/or service conditions that were specified at the initial grant date(s). Additionally, at the date of modification, unvested grants are re-measured and any increase in the total fair value is recognized over the vesting period. If a new grant is substituted for the cancelled grant and designated as a replacement grant on the date that it is granted, the cancelled and new grants are treated as if they were a modification of the original grant. Finance Income and Expenses Finance income and expenses comprise interest income and expenses, realized and unrealized exchange rate gains and losses on transactions denominated in foreign currencies, fair value remeasurement gains and losses on derivative liabilities, and remeasurement gains and losses on royalty funding liabilities. Interest income and interest expenses are stated on an accrual basis using the principal and the effective interest rate. The effective interest rate is the discount rate that is used to discount expected future cash payments or receipts through the expected life of the financial asset or financial liability to the amortized cost (the carrying amount) of such asset or liability. Income Taxes Tax for the year, which consists of current tax for the year and changes in deferred tax, is recognized in the consolidated statement of profit or loss by the portion attributable to the profit or loss for the year and recognized directly in equity or other comprehensive income by the portion attributable to entries directly in equity and in other comprehensive income. The current tax payable or receivable is recognized in the consolidated statement of financial position, stated as tax computed on this year’s taxable income, adjusted for prepaid tax. When computing the current tax for the year, the tax rates and tax rules enacted or substantially enacted at the reporting date are used. Current tax payable is based on taxable profit or loss for the year. Taxable profit or loss differs from net profit or loss as reported in the consolidated statements of profit or loss because it excludes items of income or expense that are taxable or deductible in prior or future years. In addition, taxable profit or loss excludes items that are never taxable or deductible. Deferred tax is recognized according to the balance sheet liability method of all temporary differences between carrying amounts and tax-based values of assets and liabilities, apart from deferred tax on all temporary differences occurring on initial recognition of goodwill or on initial recognition of a transaction which is not a business combination, and for which the temporary difference found at the time of initial recognition neither affects profit or loss nor taxable income. Deferred tax liabilities are recognized on all temporary differences related to investments in subsidiaries and/or associates, unless the Company is able to control when the deferred tax is realized, and it is probable that the deferred tax will not become due and payable as current tax in the foreseeable future. Deferred tax assets, including the tax base of tax loss carry forwards, are recognized in the statement of financial position at their estimated realizable value, either as a set-off against deferred tax liabilities or as net tax assets for offset against future positive taxable income. Deferred tax assets are only offset against deferred tax liabilities if the entity has a legally enforceable right to offset, and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same tax jurisdiction. Deferred tax is calculated based on the planned use of each asset and the settlement of each liability, respectively. Deferred tax is measured using the tax rates and tax rules in the relevant countries that, based on acts in force or acts in reality in force at the reporting date are expected to apply when the deferred tax is expected to crystallize as current tax. Changes in deferred tax resulting from changed tax rates or tax rules are recognized in the consolidated statement of profit or loss unless the deferred tax is attributable to transactions previously recognized directly in equity or other comprehensive income. In the latter case, such changes are also recognized in equity or other comprehensive income. On every reporting date, it is assessed whether sufficient taxable income is likely to arise in the future for the deferred tax asset to be utilized. Intangible assets Goodwill Goodwill acquired in a business combination is initially measured at cost, being the excess of the aggregate of the consideration transferred and the amount recognized for non-controlling interests over the net identifiable assets acquired and liabilities assumed. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill is not amortized but is subject to impairment testing at least on a yearly basis. For the purpose of impairment testing, goodwill acquired in a business combination is allocated to each of the cash-generating units, or group of cash-generating units, that are expected to benefit from the synergies of the combination. Each cash-generating unit or group of cash-generating units to which goodwill is allocated represents the lowest level within the Company at which the goodwill is monitored for internal management purposes. Software Software assets comprise administrative applications and serve general purposes to support the Company’s operations. Development costs that are directly attributable to the design, customization, implementation, and testing of identifiable and unique software assets controlled by the Company are recognized as intangible assets from the time that; (1) the software asset is clearly defined and identifiable; (2) technological feasibility, adequate resources to complete, and an internal use of the software asset can be demonstrated; (3) the expenditure attributable to the software asset can be measured reliably; and (4) the Company has the intention to use the software asset internally. The Company does not capitalize software with no alternative use, or where economic benefit depends on marketing approvals of drug candidates and where marketing approvals have not been obtained. Following initial recognition of the development expenditure as an asset, the asset is carried at cost less any accumulated amortization and accumulated impairment losses. Amortization of the asset begins when the development is complete, and the asset is available for use. Software assets are amortized over the period of expected future benefits. Amortization is recognized in research and development costs, and selling, general and administrative expenses, as appropriate. Expenditures that do not meet the criteria above are recognized as an expense as incurred. Property, Plant and Equipment Property, plant and equipment primarily comprises leasehold improvements, office facilities, and process equipment and tools which are located at CMOs. Property, plant and equipment also includes right-of-use assets. Refer to the separate section “Leases”. Property, plant and equipment is measured at cost less accumulated depreciation and impairment losses. Cost comprises the acquisition price, costs directly attributable to the acquisition and preparation costs of the asset until the time when it is ready to be used in operation. Subsequent costs are included in the carrying amount of the asset or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the assets will flow to the Company and costs of the items can be measured reliably. All repair and maintenance costs are charged to the consolidated statement of profit or loss during the financial periods in which they are incurred. Plant and equipment acquired for research and development activities with alternative use, which is expected to be used for more than one year, is capitalized and depreciated over the estimated useful life as research and development costs. Plant and equipment acquired for research and development activities, which has no alternative use, is recognized as research and development costs when incurred. If the acquisition or use of the asset involves an obligation to incur costs of decommissioning or restoration of the asset, the estimated related costs are recognized as a provision and as part of the relevant asset’s cost, respectively. The basis for depreciation is cost less estimated residual value. The residual value is the estimated amount that would be earned if selling the asset today net of selling costs, assuming that the asset is of an age and a condition that is expected after the end of its useful life. Cost of a combined asset is divided into smaller components, with such significant components depreciated individually if their useful lives vary. Depreciation commences when the asset is available for use, which is when it is in the location and condition necessary for it to be capable of operating in the manner intended. Depreciation is calculated on a straight-line basis, based on an asset’s expected useful life, being within the following ranges: Process plant and machinery 5 - 10 years Other equipment 3 - 5 years Leasehold improvements 3 - 11 years Right-of-use assets 2 - 11 years Depreciation methods, useful lives and residual amounts are reassessed at least annually. Property, plant and equipment is written down to the lower of recoverable amount and carrying amount, as described in the “Impairment” section below. Depreciation and impairment losses of property, plant and equipment is recognized in the consolidated statement of profit or loss as cost of sales, research and development costs or as selling, general and administrative expenses, as appropriate. Gains and losses on disposal of property, plant and equipment are recognized in the consolidated statement of profit or loss at its net proceeds, as either other operating income or other operating expenses, as appropriate. Impairment The recoverable amount of goodwill is estimated annually irrespective of any recorded indications of impairment. Property, plant and equipment and finite-lived intangible assets are reviewed for impairment whenever events or circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs of disposal and value in use. For the purpose of assessing impairment, assets are grouped at the lowest levels for which there are largely independent cash inflows, or cash-generating units, which for goodwill represent the lowest level within the enterprise at which the goodwill is monitored for internal management purposes. Prior impairments of non-financial assets, other than goodwill, are reviewed for possible reversal at each reporting date. Inventories Inventories comprise raw materials, work in progress and finished goods. The cost of work in progress and finished goods comprise service expenses incurred at CMOs, raw materials consumed, incremental storage and transportation, other direct materials, and a proportion of manufacturing overheads based on normal operation capacity. Inventories are measured at the lower of cost incurred in bringing it to its present location and condition, and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale. Cost is measured using the first-in, first-out method. Work in progress and finished goods are measured under a standard cost method that takes into account normal levels of consumption, yields, labor, efficiency and capacity utilization. Production processes are complex, where actual yields and consumptions are sensitive to a wide variety of manufacturing conditions. Standard cost variances are reviewed regularly and adjusted to ensure inventories approximate actual cost of production. If net realizable value is lower than cost, a write-down is recognized as the excess amount by which cost exceeds net realizable value, as part of cost of sales when incurred. The amount of reversal of write-down of inventories arising from an increase in net realizable value is recognized as a reduction in cost of sales in the period in which the reversal occurs. Manufacturing of pre-launch inventories is initiated for late-stage product candidates where manufacturing costs are recognized as inventories. However, since pre-launch inventories are not realizable prior to obtaining marketing approval, pre-launch inventories are immediately written down to zero through research and development costs. If marketing approval is obtained, prior write-downs of pre-launch inventories are reversed through research and development costs. Cost of inventories is recognized as part of cost of sales in the period in which the related revenue is recognized. Receivables Receivables comprise trade receivables, income tax receivables and other receivables. Trade receivables are classified as financial assets at amortized cost, as these are held to collect contractual cash flows and thus give rise to cash flows representing solely payments of principal and interest. Trade receivables are initially recognized at their transaction price and subsequently measured at amortized cost. Income tax receivables, and other receivables related to deposits, VAT and other indirect taxes are measured at cost less impairment. Carrying amounts of receivables usually equals their nominal value less provision for impairments. Prepayments Prepayments comprise advance payments relating to a future financial period. Prepayments are measured at cost. Marketable Securities Marketable securities may comprise government bonds, treasury bills, commercial papers, and other securities traded on established markets. At initial recognition (trade-date), contractual terms of individual securities are analyzed to determine whether these give rise on specified dates to cash flows that are solely payments of principal and interest on the principal outstanding ("SPPI-test"). All marketable securities held at the reporting date have passed the SPPI-test. Marketable securities are initially recognized at fair value at trade-date, and subsequently measured at amortized cost under the effective interest method. Interest income is recognized as finance income in the consolidated statement of profit or loss. Marketable securities are subject to an impairment test to accommodate expected credit loss. Gains and losses are recognized as finance income or expenses in the consolidated statement of profit or loss when the specific security or portfolio of securities is derecognized, modified or impaired. Marketable securities, having maturity profiles of three months or less after the date of acquisition are presented as cash equivalents in the consolidated statements of financial position, where securities having maturities of more than three months after the date of acquisition are presented separately as marketable securities as current (i.e., those maturing within twelve months after the reporting date) or non-current assets, as appropriate. Cash and Cash Equivalents Cash and cash equivalents comprise cash and on-demand deposits with financial institutions, and highly liquid marketable securities with a maturity of three months or less after the date of acquisition (trade-date). Cash and cash equivalents are measured at amortized cost. Allowance for Expected Credit Losses on Financial Assets Financial assets comprise receivables (excluding receivables relating to VAT, other indirect tax and income tax), marketable securities and cash and cash equivalents. Impairment of financial assets is determined on the basis of a forward-looking Expected Credit Loss (“ECL”) model. ECLs are based |
Significant Accounting Judgemen
Significant Accounting Judgements and Estimates | 12 Months Ended |
Dec. 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. 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 years presented in these consolidated financial statements. Significant Accounting Judgements Critical accounting judgements which have a material impact on the consolidated financial statements are described in the following sections. Internally Generated Intangible Assets Development of Drug Candidates IAS 38, “Intangible Assets” prescribes that intangible assets arising from development projects must be recognized in the consolidated statements of financial position if the criteria for capitalization are met. That means (1) that the development project is clearly defined and identifiable; (2) that technological feasibility, adequate resources to complete and a market for the product or an internal use of the project can be documented; (3) that the expenditure attributable to the development project can be measured reliably; and (4) that the Company has the intent to produce and market the product. Such an intangible asset shall be recognized if it can be demonstrated that the future income from the development project will exceed the aggregate cost of development, production, sale and administration of the product. Due to the risk associated with drug development, future income from development projects related to drug candidates cannot be determined with sufficient certainty until the development activities have been completed and the necessary marketing approvals have been obtained. Accordingly, the Company does not recognize internally generated intangible assets at this time. Significant Estimation Uncertainties The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below. Revenue and Provisions Provision for Sales Rebates and Product Returns Sales deductions and product returns are considered variable consideration and constrained to the extent that a significant reversal in the amount of recognized revenue will not occur when the uncertainties associated with the rebate item are subsequently resolved, or for product returns, when the products are distributed to patients. Provisions for unsettled sales deductions and product returns are estimated on the basis of a percentage of sales as defined by individual agreements and contracts, and for government rebates by individual state- and plan agreements. Further input in the calculations is based on payer channel mix, current contract prices under eligible programs, patient groups and current inventory levels in the distribution channels. Provisions are adjusted to absolute amounts and recognized as other liabilities when estimated sales rebates and returns are processed. As of December 31, 2023, the provisions for sales rebates and product returns was € 32.7 million compared to € 7.3 million, as of December 31, 2022. Development in total provisions is disclosed in Note 15, “Provisions”. Share-Based Payment Warrant Compensation Costs IFRS 2, “Share-Based Payment” requires an entity to reflect in its consolidated statement of profit or loss and financial position, the effects of share-based payment transactions. Warrant compensation costs are recognized as cost of sales, research and development costs or selling, general and administrative expenses, as appropriate, over the vesting period, based on management’s best estimate of the number of warrants that will ultimately vest, which is subject to uncertainty. Warrant compensation costs are measured according to the grant date fair value of the warrants granted. Estimating fair values requires the Company to apply generally accepted valuation models and apply these models consistently according to the terms and conditions of the specific warrant program. Under all warrant programs, the Black-Scholes option-pricing model has been applied to determine the fair value of warrants granted. Subjective judgements and assumptions, which are subject to estimation uncertainties, need to be exercised in determining the appropriate input to the valuation model. These inputs include expected volatility of the Company’s share price for a historic period equaling the expected lifetime of the warrants, reflecting the assumption that the historical volatility over a period similar to the life of the warrants is indicative of future trends, expected forfeitures and expected lifetime of warrants. In 2021, the Company for the first time, in connection with determining the grant date fair value of warrants and accordingly, warrant compensation costs, applied the price of the Company’s ADSs, each representing one ordinary share of the Company, as input for expected volatility. Until December 31, 2020, the expected volatility was calculated using a simple average of daily historical data of comparable publicly traded companies, as the Company did not have sufficient data for the volatility of the Company’s own share price. Refer to Note 7, “Share-based Payment”, for additional details on the Company’s warrant program and option-pricing model input. Warrant compensation cost recognized in the consolidated statement of profit or loss was € 28.8 million, € 55.2 million and € 66.1 million for the years ended December 31, 2023, 2022 and 2021, respectively. Valuation of Embedded Derivatives Foreign currency conversion options embedded in the convertible notes are accounted for separately as derivative liabilities at fair value through profit or loss. Fair value cannot be measured based on quoted prices in active markets, or other observable input, and accordingly, derivative liabilities are measured by use of valuation techniques in the form of the Black-Scholes Option Pricing model. Subjective judgements and assumptions, which are subject to estimation uncertainties, need to be exercised in determining the appropriate unobservable input to the valuation model (Level 3 in the fair value hierarchy). This includes volatility of the Company’s share price for a historic period, reflecting the assumption that the historical volatility is indicative of a period similar to the expected lifetime of the options. As of December 31, 2023, the valuation of the derivative liabilities was € 143.3 million compared to € 158.0 million as of December 31, 2022. Changes in assumptions relating to these factors could affect the reported fair value of derivative liabilities. Refer to Note 16, “Financial Assets and Liabilities”, for additional details. Measurement of Royalty Funding Liabilities The carrying amount of royalty funding liabilities is measured according to anticipated future cash flows, which further depends on the amount and timing of future commercial revenue. Assumptions that impact the amount and timing of future commercial revenue are subject to estimation uncertainties, and are subject to a number of factors which are not within the Company's control. The Company will periodically revisit the anticipated amount and timing of future commercial revenue and to the extent such amount or timing is materially different from the previous estimates, a remeasurement gain or loss is recognized through the profit or loss as finance income or expenses, respectively, which would further increase or decrease future interest expenses. Further details are provided in Note 16, “Financial Assets and Liabilities”. As of December 31, 2023, the carrying amount of the royalty funding liabilities was € 138.4 million. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2023 | |
Revenue [abstract] | |
Revenue | Note 4—Revenue Revenue has been recognized in the consolidated statements of profit or loss with the following amounts: 2023 2022 2021 (EUR’000) Revenue Sale of commercial products 178,663 35,659 943 Rendering of services 21,659 4,434 751 Sale of clinical supply 319 8,534 3,719 Licenses 66,077 2,547 2,365 Total revenue 266,718 51,174 7,778 Attributable to Commercial customers 178,663 35,659 943 Collaboration partners and license agreements 88,055 15,515 6,835 Total revenue 266,718 51,174 7,778 Specified by timing of recognition Recognized over time 21,659 4,434 751 Recognized at a point in time 245,059 46,740 7,027 Total revenue 266,718 51,174 7,778 Specified per geographical location Europe 869 552 — North America 191,677 44,156 6,856 Asia 74,172 6,466 922 Total revenue 266,718 51,174 7,778 Commercial Customers Revenue to commercial customers relates to sale of SKYTROFA ® (lonapegsomatropin-tcgd), primarily in the U.S. market, which is sold to specialty pharmacies and specialty distributors. In addition, the Company began shipping products to wholesalers in Germany in the third quarter of 2023. Customer payment terms are typically 30 days from the transaction date. In both 2023 and 2022, four commercial customers represented more than 10 % of sales to commercial customers. Collaboration Partners and License Agreements On November 29, 2023, the Company entered into an exclusive license agreement with Teijin Limited (the “Teijin Agreement”) for the further development and commercialization of TransCon hGH, TransCon PTH, and TransCon CNP for endocrinology rare disease (the “Licensed Products”) in Japan. Under the terms of the Teijin Agreement, the Company received an upfront payment of $ 70 million, with additional development and regulatory milestones of up to $ 175 million and commercial milestones. In addition, the Company is eligible to receive royalties on net sales of the Licensed Products in Japan, of up to mid-20’s percent. Further, the Company will provide clinical and commercial supply, and development services for joint activities, which are subject to separate remuneration, and which will be recognized as revenue over time as rendering of services or reimbursement revenue, as applicable. At December 31, 2023, none of the Licensed Products have received marketing authorization in Japan and no services has been provided by the Company. The Licensed Products are patent protected, where future activities do not affect their existing stand-alone functionalities. Accordingly, all three licenses have been classified as “right-to-use” licenses, with revenue recognized at a point in time, where the licensee is granted access to the IP. For the year ended, December 31, 2023, “Licenses” includes upfront payment of $ 70 million, which is allocated to the license of the Company’s IP. Development and regulatory milestones of up to $ 175 million are recognized as revenue when the milestone criteria specific to the licensed product are met. Royalty and commercial milestone income is recognized as revenue when the subsequent product sales occur. For the year ended, December 31, 2023 , no revenue from royalties or milestones has been recognized under the Teijin Agreement. Revenue from collaboration partners and license agreements also includes license income, rendering of services and sale of clinical supply under three licenses agreements with VISEN Pharmaceuticals, which were entered into in 2018. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of operating segments [abstract] | |
Segment Information | Note 5—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, except for entity wide disclosures, no information on business segments or geographical markets is disclosed. Entity wide disclosures regarding revenue are included in Note 4, “Revenue”. The Company’s intangible assets and property, plant and equipment located by country or region are specified below, and defines the Company’s non-current segment assets: 2023 2022 (EUR’000) Non-current segment assets Denmark (domicile country) 32,893 30,336 North America 68,589 89,439 Europe 13,571 14,148 Total non-current segment assets 115,053 133,923 Investment in associate 5,686 22,932 Marketable securities — 7,492 Other receivables 2,127 1,920 Total non-current assets 122,866 166,267 |
Employee costs
Employee costs | 12 Months Ended |
Dec. 31, 2023 | |
Classes of employee benefits expense [abstract] | |
Employee costs | Note 6—Employee costs 2023 2022 2021 (EUR’000) Employee costs Wages and salaries 170,278 140,420 104,583 Share-based payment 66,660 64,180 66,830 Pensions (defined contribution plans) 4,403 4,163 2,416 Social security costs 12,877 10,627 7,667 Other employee costs 4,238 4,411 1,740 Total employee costs (2) 258,456 223,801 183,236 Included in the profit or loss Cost of sales (1) 15,748 7,239 1,380 Research and development costs 127,002 122,581 108,434 Selling, general and administrative expenses 115,706 93,981 73,422 Total employee costs (2) 258,456 223,801 183,236 Average number of employees 851 719 573 (1) Cost of sales includes employee costs capitalized as part of inventories. (2) At December 31, 2023, “Employee costs” has been extended to also incl ude “Other employee costs”, which comprise other external costs associated with employment. In addition, “Social security costs” have been adjusted to also include various insurance programs. Comparative amounts have been reclassified to reflect the change in presentation. Key Management Personnel comprises the Board of Directors (the “Board”), the Executive Board and Non-executive Senior Management. Compensation to Key Management Personnel comprises salaries, participation in annual bonus schemes, pensions (defined contributions plans), and share-based compensation. Share-based compensation is elaborated in further details in Note 7, “Share-based Payment”. Compensation to Key Management Personnel included within total employee costs is summarized below: Board of Directors (1) Executive Board (2) Non-executive Senior Management 2023 2022 2021 2023 2022 2021 2023 2022 2021 (EUR ‘000) Compensation Wages and salaries 543 403 296 4,375 3,809 2,699 4,673 6,087 5,547 Share-based payment 1,276 1,273 2,032 13,243 11,392 8,770 9,529 8,872 14,906 Pensions (defined — — — 54 46 23 122 118 120 Social security costs — — — 103 55 49 45 89 60 Other employee cost — — — 20 20 10 40 45 45 Total compensation 1,819 1,676 2,328 17,795 15,322 11,551 14,409 15,211 20,678 (1) The Board of Directors comprised six to seven persons in 2023, 2022 and 2021. (2) The Executive Board comprised four persons in 2023 and 2022. In 2021, the Executive Board comprised two to four persons. |
Share-based Payment
Share-based Payment | 12 Months Ended |
Dec. 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 employees, members of the Board and select consultants, the Company has established warrant programs. In December 2021, the Company established a Restricted Stock Unit programs (“RSU program”), and in March 2023, a Performance Stock Unit program. All programs are classified as equity-settled share-based payment transactions. Restricted Stock Unit Program Restricted Stock Units (“RSUs”) are granted by the Board in accordance with authorizations given to it by the shareholders of Ascendis Pharma A/S to the Executive Board, select employees and members of the Board (“RSU-holders”) in accordance with the Company’s RSU Program adopted in December 2021. Further, 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 or waived by the Board at its discretion. ADSs underlying RSUs are treasury shares that have been repurchased in the market. Performance Stock Unit Program Performance Stock Units (“PSUs”) are granted by the Board to certain members of senior management and the Executive Board (the “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. Vesting Conditions RSUs granted vest over a predetermined service period, and accordingly require RSU-holders to be employed, or provide a specified period of service. RSUs vest over three years with 1/3 of the RSUs vesting on each anniversary date from the date of grant. RSUs generally cease to vest from the date of termination of employment, or for the Board, termination of board membership, whereas unvested RSUs will lapse. In addition, vesting may be contingent upon additional vesting criteria (non-market performance conditions). PSUs vest in a manner similar to the service conditions of the RSUs; however, vesting is also contingent upon achievement of performance targets (non-market performance conditions) 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 targets 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 be forfeited. 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. Settlement Options All RSUs and PSUs are settled at the time of vesting by transfer of treasury shares that are ADSs repurchased in the market. In jurisdictions where the Company is required to withhold and settle tax with the tax authority on behalf of the RSU/PSU-holders, the Company withholds the number of RSUs or PSUs that are equal to the estimated monetary value of the RSU/PSU-holders tax obligation from the total number of RSUs or PSUs that otherwise would have been transferred to the RSU/PSU holder upon vesting. These settlements are presented as “Net settlement under stock incentive programs” in the consolidated statement of equity. Upon vesting, the Company may at its sole discretion choose to make a cash settlement instead of delivering ADSs. Adjustments RSU-holders and PSU-holders are entitled to an adjustment of the number of RSUs or PSUs granted, in the event of certain corporate changes, including among other events, increases or decreases to the share capital at a price below or above market value, the issuance of bonus shares, and changes in the nominal value of each share. In addition, The RSU and PSU Programs contain provisions to accelerate vesting, or compensate with grant of new equity instruments, in the event of restructuring events including change in control events. RSU and PSU Activity The following table specifies the number of RSUs and PSUs granted and outstanding: Restricted Stock Units Performance Stock Units Total (Number) Outstanding at January 1, 2021 — — — Granted during the period (1) 148,148 — 148,148 Outstanding at December 31, 2021 148,148 — 148,148 Transferred during the period ( 41,685 ) — ( 41,685 ) Forfeited during the period ( 23,971 ) — ( 23,971 ) Outstanding at December 31, 2022 82,492 — 82,492 Granted during the period (1) 609,860 112,268 722,128 Settled during the period ( 18,132 ) — ( 18,132 ) Transferred during the period ( 20,098 ) — ( 20,098 ) Forfeited during the period ( 77,497 ) ( 7,245 ) ( 84,742 ) Outstanding at December 31, 2023 576,625 105,023 681,648 Specified by vesting date 2024 217,615 35,007 252,622 2025 179,482 35,008 214,490 2026 179,528 35,008 214,536 Outstanding at December 31, 2023 576,625 105,023 681,648 (1) The fair value of one RSU at the date of grant was € 123.46 and € 105.96 for the year ended December 31, 2021 and December 31, 2023, respectively. PSUs were granted for the first time in 2023. The fair value of one PSU at the date of grant was € 105.96 . 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 of Directors and select consultants (“warrantholders”). Each warrant carries the right to subscribe for one ordinary share of a nominal value of DKK 1 . The exercise price is equal to the fair market value of the Company’s ordinary shares at the time of grant as determined by the Board of Directors. Vested warrants may be exercised in two or four annual exercise periods as described below. Apart from exercise prices, exercise periods and vesting conditions for board members, the programs are similar. Vesting Conditions Warrants granted vest over a predetermined service period and require warrantholders provide a specified period of service. Warrants generally cease to vest from the date of termination in the event that (i) the employee terminates the employment contract and the termination is not a result of breach of the employment terms by the Company, or (ii) in the event that the Company terminates the employment contract and the employee has given the Company good reason to do so. In relation to board members, the vesting shall cease on the termination date of the board membership regardless of the reason. In relation to consultants, the vesting shall cease on the termination date of the consultancy relationship. The warrantholder will, however, be entitled to exercise vested warrants in the first exercise period after termination. In the event that the employment contract is terminated, and the employee has not given the Company good reason to do so, the warrantholder may keep the right to continued vesting and exercise of warrants as if the employment was still in effect. In such case, any expense not yet recognized for the outstanding warrants is recognized immediately. Warrants granted until November 2021 Warrants granted from 2012 until November 2021, generally vest over 48 months with 1/48 of the warrants vesting per month from the date of grant. However, effective from January 2015, certain warrants granted to board members vest over 24 months with 1/24 of the warrants vesting per month from the date of grant. Warrants granted from December 2021 For warrants granted to employees and consultants, 25 % of the warrants vest one year after the date of grant, and the remaining 75 % of the warrants granted vest over 36 months, with 1/36 of the warrants vesting per month, from one year after the date of grant. For warrants granted to board members upon the board members accession, 25 % of the warrants granted vest one year after the date of grant, and the remaining 75 % of the warrants granted shall vest over 36 months, with 1/36 per month from one year after the date of grant. Regarding subsequent grants of warrants to board members, 50 % of the warrants vest one year after the date of grant, and the remaining 50% of the warrants vest over 12 months, with 1/12 per month from one year after the date of grant. Exercise Periods Vested warrants may be exercised during certain exercise periods each year, within certain periods after publication of earnings data of a fiscal quarter, interim and annual reports, as per each program's terms and conditions. Warrants expire ten years after the grant date. Warrants not exercised by the warrantholder during the last exercise period shall become null and void without further notice or compensation or payment of any kind to the warrantholder. If the warrantholder is a consultant, advisor or board member, the exercise of warrants is conditional upon the warrantholder’s continued service to the Company at the time the warrants are exercised. If the consultant’s, advisor’s or board member’s relationship with the Company should cease without this being attributable to the warrantholder’s actions or omissions, the warrantholder shall be entitled to exercise vested warrants in the pre-defined exercise periods. Adjustments Warrantholders are entitled to an adjustment of the number of warrants issued and/or the exercise price applicable in the event of certain corporate changes. Events giving rise to an adjustment include, among other things, increases or decreases to the share capital at a price below or above market value, the issuance of bonus shares, changes in the nominal value of each share, and payment of dividends in excess of 10% of the Company’s equity. Warrant Activity The following table specifies the number and weighted average exercise prices of, and movements, in warrants: Warrants (number) Weighted Outstanding at January 1, 2021 6,148,004 69.97 Granted during the year 1,445,981 122.03 Exercised during the year (1) ( 312,296 ) 38.43 Forfeited during the year ( 196,616 ) 119.58 Outstanding at December 31, 2021 7,085,073 80.30 Vested at the reporting date 4,022,011 52.63 Granted during the year 357,092 100.40 Exercised during the year (1) ( 214,613 ) 21.83 Forfeited during the year ( 363,541 ) 123.62 Outstanding at December 31, 2022 6,864,011 81.30 Vested at the reporting date 4,972,026 66.34 Granted during the year 395,275 91.07 Exercised during the year (1) ( 555,144 ) 17.76 Forfeited during the year ( 180,358 ) 115.79 Outstanding at December 31, 2023 6,523,784 86.38 Vested at the reporting date 5,273,056 80.02 (1) The weighted average share price (listed in $) at the date of exercise was € 98.10 , € 113.60 and € 124.62 for the years ended December 31, 2023, 2022 and 2021, respectively. At December 31, 2023, the Board of Directors was authorized to grant up to 1,564,221 additional warrants to employees, board members and select consultants without preemptive subscription rights for the shareholders of Ascendis Pharma A/S. The following table specifies the weighted average exercise prices and weighted average remaining contractual life for outstanding warrants at December 31, 2023 per grant year. Outstanding ) Weighted Weighted Granted before January 1, 2021 4,717,462 75.54 60 Granted in 2021 1,135,647 121.77 94 Granted in 2022 296,480 100.28 102 Granted in 2023 374,195 90.73 113 Outstanding at December 31, 2023 6,523,784 86.38 71 At December 31, 2023, the exercise prices of outstanding warrants under the Company’s warrant programs range from € 11.98 to € 145.50 depending on the grant dates. The range of exercise prices for outstanding warrants was € 6.48 to € 145.50 for the years ended December 31, 2022 and 2021. The weighted average remaining life for outstanding warrants was 77 months and 87 months, for the financial years ended December 31, 2022 and 2021, respectively. Warrant Compensation Costs Warrant compensation costs are recognized in the consolidated statements of profit or loss over the vesting period of the warrants granted. Warrant compensation costs are determined with basis in the grant date fair value of the warrants granted and recognized over the vesting period. Fair value of the warrants is calculated at the grant dates by use of the Black-Scholes Option Pricing model with the following assumptions: (1) an exercise price equal to the estimated market price of the Company’s shares at the date of grant; (2) an expected lifetime of the warrants determined as a weighted average of the time from grant date to date of becoming exercisable and from grant date to expiry of the warrants; (3) a risk-free interest rate equaling the effective interest rate on a Danish government bond with the same lifetime as the warrants; (4) no payment of dividends; and (5) an expected volatility using the Company’s own share price (from 2021). The following table summarizes the input to the Black-Scholes Option Pricing model and the calculated fair values for warrant grants in 2023, 2022 and 2021: 2023 2022 2021 Expected volatility 49 - 51 % 48 - 49 % 48 – 49 % Risk-free interest rate 2.40 - 2.97 % ( 0.08 ) - 2.54 % ( 0.54 )–( 0.27 ) % Expected life of warrants (years) 6.0 6.0 6.0 Weighted average exercise price € 91.07 € 100.40 € 122.03 Fair value of warrants granted in the year € 37.34 - 52.03 € 36.55 - 60.85 € 45.91 – 64.28 |
Principal Accountant Fees and S
Principal Accountant Fees and Services | 12 Months Ended |
Dec. 31, 2023 | |
Auditor's remuneration [abstract] | |
Principal Accountant Fees and Services | Note 8— Principal Accountant Fees and Services The following table sets forth, for each of the years indicated, the fees billed by the Company’s independent public accountants and the proportion of each of the fees out of the total amount billed by the accountants. 2023 2022 2021 (EUR’000) Principal accountant fees and services Audit fees 739 814 771 Tax fees 122 138 87 All other fees — — 13 Total principal accountant fees and services 861 952 871 |
Tax on Profit_(Loss) for the Ye
Tax on Profit/(Loss) for the Year and Deferred Tax | 12 Months Ended |
Dec. 31, 2023 | |
Deferred tax expense (income) [abstract] | |
Tax on Profit/(Loss) for the Year and Deferred Tax | Note 9—Tax on Profit/(Loss) for the Year and Deferred Tax 2023 2022 2021 (EUR’000) Tax on profit/(loss) for the year: Current tax (expense)/income ( 5,377 ) ( 3,723 ) 367 Current tax, adjustments to prior years 3,904 ( 1,654 ) — Deferred tax, movement for the year ( 1,044 ) — — Deferred tax, adjustments to prior years ( 4,786 ) — — ( 7,303 ) ( 5,377 ) 367 Tax for the year can be explained as follows: Profit/(loss) before tax ( 474,144 ) ( 577,817 ) ( 383,944 ) Tax at the Danish corporation tax rate of 22 % 104,312 127,120 84,468 Tax effect of: Non-deductible costs ( 8,494 ) ( 17,094 ) ( 14,800 ) Additional tax deductions 9,077 13,720 17,117 Impact from associate ( 4,047 ) ( 3,893 ) 3,169 Prior year adjustments ( 1,294 ) — — Other effects including effect of different tax rates ( 882 ) ( 2,716 ) 305 Deferred tax asset, not recognized ( 105,975 ) ( 122,514 ) ( 89,892 ) Tax on profit/(loss) for the year ( 7,303 ) ( 5,377 ) 367 Effective tax rate 1.54 % 0.93 % ( 0.10 )% 2023 2022 2021 (EUR’000) Specification of Deferred Tax Assets/(Liabilities) Tax deductible losses 521,697 433,174 313,011 Other temporary differences, assets 16,256 19,961 12,856 Deferred tax asset, not recognized ( 537,953 ) ( 453,135 ) ( 325,867 ) Other temporary differences, liabilities ( 5,830 ) — — Total Deferred Tax Assets/(Liabilities) at December 31 ( 5,830 ) — — At December 31, 2023 , a deferred tax liability has been recognized in relation to taxable temporary differences in one jurisdiction, as we do not believe we will have any deductible temporary differences nor tax losses to utilize against the taxable difference, when it is expected to be reversed. Deferred tax assets have not been recognized in the statements of financial position at December 31, 2023 due to uncertainty relating to future utilization. The deferred tax asset can be carried forward without timing limitations. The Company had tax losses carried forward of € 2,371.3 million and € 1,985.0 million at December 31, 2023 and 2022, respectively. Tax losses can be carried forward indefinitely, where certain limitations exist for amounts to be utilized each year. Under Danish tax legislation, tax losses may be partly refunded by the tax authorities to the extent such tax losses arise from research and development activities. The jointly taxed Danish entities had a negative taxable income, and accordingly were entitled to a tax refund of approximately € 0.7 million for each of the years ended December 31, 2023, 2022 and 2021, respectively. The Company is entitled to additional tax deductions related to share based payments (Warrants, RSUs and PSUs). Tax deductions can be taken when the warrants/RSUs/PSUs are exercised. For the year ended December 31, 2023, the Company was entitled to additional tax deductions with a tax value of € 10.6 million, compared to € 5.2 million and € 4.8 million for the years ended December 31, 2022, and 2021, respectively. These future tax deductions depend on the timing and amounts of warrant exercises, and accordingly, future additional tax deductions are subject to uncertainties. Refer to Note 7, “Share-based Payment”, regarding a description of warrant programs. The Parent Company Ascendis Pharma A/S is jointly taxed with its Danish subsidiaries. The current Danish corporation tax is allocated between the jointly taxed Danish companies in proportion to their taxable income (full absorption with refunds for tax losses). The jointly taxed companies are included in the on-account tax scheme. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of detailed information about intangible assets [abstract] | |
Intangible Assets | Note 10—Intangible Assets Goodwill Software Total (EUR’000) Cost January 1, 2022 3,495 2,222 5,717 December 31, 2022 3,495 2,222 5,717 Additions — 53 53 Transferred — 21 21 December 31, 2023 3,495 2,296 5,791 Amortization and impairment January 1, 2022 — ( 445 ) ( 445 ) Amortization charge — ( 444 ) ( 444 ) December 31, 2022 — ( 889 ) ( 889 ) Amortization charge — ( 483 ) ( 483 ) December 31, 2023 — ( 1,372 ) ( 1,372 ) Carrying amount December 31, 2022 3,495 1,333 4,828 December 31, 2023 3,495 924 4,419 At the reporting date, no internally generated intangible assets from development of pharmaceutical drug candidates have been recognized. Thus, all related research and development costs incurred for the years ended December 31, 2023, 2022, and 2021, were recognized in the consolidated statements of profit or loss. Goodwill relates to the acquisition of Complex Biosystems GmbH (now Ascendis Pharma GmbH) in 2007. Goodwill was calculated as the excess amount of the purchase price to the fair value of identifiable assets acquired, and liabilities assumed at the acquisition date. Ascendis Pharma GmbH was initially a separate technology platform company but is now an integral part of the Company’s research and development activities. Accordingly, it is not possible to look separately at Ascendis Pharma GmbH when considering the recoverable amount of the goodwill. Goodwill is monitored and tested for impairment on a consolidated level as the Company is considered to represent one cash-generating unit. The recoverable amount of the cash-generating unit is determined based on an estimation of the Company’s fair value less costs of disposal. The fair value of goodwill has been determined after taking into account the market value of the Company’s ADSs as of the reporting date. The computation of the market value including an estimation of selling costs, significantly exceeded the carrying amount of the net assets, leaving sufficient value to cover the carrying amount of goodwill. Considering the excess value, no further assumptions are deemed relevant to be applied in determining whether goodwill is impaired. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Property, plant and equipment [abstract] | |
Property, Plant and Equipment | Note 11—Property, Plant and Equipment Plant and Other Leasehold Right-of-Use Total (EUR’000) Cost January 1, 2022 16,946 8,822 18,067 116,135 159,970 Additions 7,787 2,487 1,284 3,245 14,803 Disposals ( 32 ) ( 395 ) — ( 5,480 ) ( 5,907 ) Foreign exchange translation 243 289 779 5,566 6,877 December 31, 2022 24,944 11,203 20,130 119,466 175,743 Additions 2,580 503 228 7,547 10,858 Disposals ( 383 ) ( 57 ) — — ( 440 ) Transferred 504 ( 21 ) ( 504 ) — ( 21 ) Foreign exchange translation ( 209 ) ( 208 ) ( 479 ) ( 3,093 ) ( 3,989 ) December 31, 2023 27,436 11,420 19,375 123,920 182,151 Depreciation and impairment January 1, 2022 ( 5,527 ) ( 3,547 ) ( 2,488 ) ( 22,359 ) ( 33,921 ) Depreciation charge ( 2,039 ) ( 1,793 ) ( 1,942 ) ( 11,740 ) ( 17,514 ) Disposals 25 380 — 5,480 5,885 Foreign exchange translation ( 43 ) ( 63 ) ( 67 ) ( 925 ) ( 1,098 ) December 31, 2022 ( 7,584 ) ( 5,023 ) ( 4,497 ) ( 29,544 ) ( 46,648 ) Depreciation charge ( 2,569 ) ( 1,899 ) ( 2,085 ) ( 11,875 ) ( 18,428 ) Impairment charge ( 2,869 ) ( 405 ) ( 4,560 ) — ( 7,834 ) Disposals 146 54 — — 200 Foreign exchange translation 92 98 196 807 1,193 December 31, 2023 ( 12,784 ) ( 7,175 ) ( 10,946 ) ( 40,612 ) ( 71,517 ) Carrying amount December 31, 2022 17,360 6,180 15,633 89,922 129,095 December 31, 2023 14,652 4,245 8,429 83,308 110,634 The impairment charge for the year ended December 31, 2023, relates to change in planned activities at one of our R&D sites and is determined according to its estimated value in use. Depreciation charges are specified below: 2023 2022 2021 (EUR’000) Depreciation charges Cost of sales (1) 2,509 1,245 252 Research and development costs 10,296 10,892 10,102 Selling, general and administrative expenses 5,623 5,377 4,592 Total depreciation charges 18,428 17,514 14,946 (1) Cost of sales includes depreciation charges capitalized as part of inventories. |
Investment in Associate
Investment in Associate | 12 Months Ended |
Dec. 31, 2023 | |
Investments accounted for using equity method [abstract] | |
Investment in Associate | Note 12—Investment in Associate VISEN is a private company with business activities within development, manufacturing and commercialization of endocrinology rare disease therapies in Greater China. The Company’s interest in VISEN is accounted for as an associate using the equity method in the consolidated financial statements as the Company has determined that it has significant influence but not joint control. The Company has granted VISEN exclusive rights to develop and commercialize TransCon hGH, TransCon PTH and TransCon CNP in Greater China, and as consideration for the granting of such rights has received a 50 % ownership of VISEN’s issued and outstanding shares. On January 8, 2021, the Company entered into an equity investment of $ 12.5 million as part of VISEN’s $ 150.0 million Series B financing. Following VISEN’s Series B financing, the Company retained 43.93 % of VISEN’s issued and outstanding shares. As a result, a non-cash gain of € 42.3 million was recognized in the consolidated statement of profit or loss as part of share of profit/(loss) of associate in 2021. The Series B financing did not change the accounting treatment of VISEN. The following table illustrates the summarized relevant financial information of VISEN: VISEN Pharmaceuticals Principal place of business China 2023 2022 (EUR’000) Statement of profit or (loss) Profit/(loss) for the year from continuing operations ( 41,873 ) ( 40,283 ) Total comprehensive income ( 41,859 ) ( 40,273 ) Statement of financial position Non-current assets 9,596 21,410 Current assets 48,041 92,204 Total assets 57,637 113,614 Equity 51,078 100,062 Non-current liabilities 140 180 Current liabilities 6,419 13,372 Total equity and liabilities 57,637 113,614 Company’s share of equity before eliminations 22,438 43,957 Elimination of internal profit and other equity method adjustments ( 16,752 ) ( 21,025 ) Company’s share of equity 5,686 22,932 Investment in associate at December 31 5,686 22,932 Present ownership at December 31 43.93 % 43.93 % Transactions and outstanding balances as of December 31 Invoicing of goods and services to associate 15,026 22,327 Trade receivables from associate 991 3,554 Contract liabilities 7,133 14,213 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2023 | |
Inventories [Abstract] | |
Inventories | Note 13—Inventories 2023 2022 (EUR’000) Inventories Raw materials and consumables 18,566 9,616 Work in progress 171,030 112,885 Finished goods 19,335 8,172 Total inventories 208,931 130,673 Due to production lead time, work in progress includes inventories that are not sellable before more than twelve months after the reporting date. At December 31, 2023 , inventories were reduced by write-downs of € 22.9 million, which include write-downs on pre-launch inventories. |
Contract liabilities
Contract liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Contract liabilities [abstract] | |
Contract liabilities | Note 14—Contract Liabilities At December 31, 2023 , contract liabilities comprise unsatisfied performance obligations relating to delivery of commercial supply under one of the Company’s license agreements. Non-current contract liabilities are expected to be recognized as revenue within 1 - 3 years . Revenue recognized from contract liabilities was € 13.3 million, € 10.5 million and € 0.4 million for the years ended December 31, 2023, 2022 and 2021 , respectively, and primarily related to delivery of clinical supply and research and development services. |
Provisions
Provisions | 12 Months Ended |
Dec. 31, 2023 | |
Provisions [abstract] | |
Provisions | Note 15—Provisions Development in provisions is specified below: 2023 (EUR’000) Provisions At January 1 7,339 Net additions 28,293 Reversals and other adjustments ( 1,904 ) Foreign exchange translation ( 1,009 ) At December 31 32,719 |
Financial Assets and Liabilitie
Financial Assets and Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Financial Assets and Liabilities | Note 16—Financial Assets and Liabilities Financial assets and liabilities comprise the following: 2023 2022 (EUR’000) Financial assets by category Trade receivables 35,874 11,910 Other receivables (excluding income tax and indirect tax receivables) 3,909 3,884 Marketable securities 7,275 298,180 Cash and cash equivalents 392,164 444,767 Financial assets measured at amortized cost 439,222 758,741 Total financial assets 439,222 758,741 Classified in the statement of financial position Non-current assets 2,127 9,412 Current assets 437,095 749,329 Total financial assets 439,222 758,741 Financial liabilities by category Borrowings Convertible senior notes 407,095 399,186 Royalty funding liabilities 138,377 — Lease liabilities 98,793 109,191 Trade payables and accrued expenses 94,566 101,032 Financial liabilities measured at amortized cost 738,831 609,409 Derivative liabilities 143,296 157,950 Financial liabilities measured at fair value through profit or loss 143,296 157,950 Total financial liabilities 882,127 767,359 Classified in the statement of financial position Non-current liabilities 762,161 640,907 Current liabilities 119,966 126,452 Total financial liabilities 882,127 767,359 Finance income and expenses are specified below: 2023 2022 2021 (EUR’000) Finance income Interest income 16,857 7,426 692 Fair value gains, derivatives 14,654 — — Foreign exchange and other adjustments gain (net) 12,346 44,755 59,026 Total finance income 43,857 52,181 59,718 Finance expenses Interest expenses 44,065 30,682 3,911 Fair value loss, derivatives — 15,483 — Foreign exchange and other adjustments loss (net) — 4,322 — Total finance expenses 44,065 50,487 3,911 Interest income and interest expenses relate to financial assets and liabilities measured at amortized cost. Net exchange rate gains and losses primarily relate to U.S. Dollar/Euro fluctuations pertaining to the Company’s cash, cash equivalents, marketable securities and borrowings. Borrowings 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 transaction costs . 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, beginning on October 1, 2022 . 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 each of (i) 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. Royalty Funding Liabilities In September 2023, the Company entered into a $ 150.0 million capped synthetic royalty funding agreement (the “Royalty Pharma Agreement”) with Royalty Pharma Development, LLC (“Royalty Pharma”). The net proceeds were $ 146.3 million (€ 136.3 million) after deducting offering expenses. Under the terms of the Royalty Pharma Agreement, the Company received an upfront payment of $ 150.0 million (the “Purchase Price”), in exchange for which Royalty Pharma obtained the right to receive payment of 9.15 % of U.S. net sales of SKYTROFA, beginning on January 1, 2025 (the “Revenue Interest Payments”). The Revenue Interest Payments to Royalty Pharma will cease upon reaching a multiple of 1.925 times the Purchase Price, or 1.65 times the Purchase Price if Royalty Pharma receives Revenue Interest Payments in that amount by December 31, 2031 . The Royalty Pharma Agreement includes a buy-out option, which provides the Company with the right to settle all outstanding liabilities at any time by paying a buy-out amount equal to 1.925 times the Purchase Price minus the Revenue Interest Payments paid to Royalty Pharma as of the effective date of the buy-out notice. However, if the buy-out notice is provided on or prior to December 31, 2028, and the Company has paid the Purchaser Revenue Interest Payments equal to the Purchase Price as of the date of the buy-out notice, then the buy-out amount equal to 1.65 times the Purchase Price minus the Revenue Interest Payments paid to Royalty Pharma as of the effective date of the buy-out notice. Pursuant to the Royalty Pharma Agreement, we have granted to Royalty Pharma back-up security interest in certain assets to secure our obligations under the Royalty Pharma Agreement. On December 31, 2023, the carrying amount of the royalty funding liabilities was € 138.4 million, and the fair value was approximately € 144.0 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 instrument. Leases The Company primarily leases office and laboratory facilities. Lease arrangements contain a range of different terms and conditions and are typically entered into for fixed periods. In order to improve flexibility to the Company’s operations, lease arrangements may provide the Company with option to extend the lease or terminate the lease within the enforceable lease term. In the Company’s current lease portfolio, extension and termination options range between six months to five years , in addition to the non-cancellable periods. The following expenses relating to lease activities are recognized in the consolidated statements of profit or loss: 2023 2022 2021 (EUR’000) Lease expenses Depreciation 11,875 11,740 10,963 Short term leases and leases of low value assets 353 280 186 Lease interest 3,581 3,842 3,396 Total lease expenses 15,809 15,862 14,545 In February 2022, the Company entered into a facility lease in Germany with an enforceable lease term of 15 years, which is expected to commence in 2025 and comprise total lease cash-outflows of € 68.1 million. Financing Activities Development in borrowings related to financing activities is specified below: Cash payments Non-cash items Beginning Repay- Net proceeds Additions/ Separation of embedded derivative Accretion of Foreign End of (EUR’000) Financing activities December 31, 2023 Borrowings 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 Financing activities December 31, 2022 Borrowings — ( 6,710 ) 503,281 — ( 142,467 ) 30,216 14,866 399,186 Lease liabilities 104,961 ( 7,995 ) — 3,194 — 3,842 5,189 109,191 Total financing activities 104,961 ( 14,705 ) 503,281 3,194 ( 142,467 ) 34,058 20,055 508,377 For December 31, 2022, “separation of embedded derivative” relates to derivative liabilities that are separated from convertible notes and presented separately in the consolidated statement of financial position, please refer to the following section, “Derivative Liabilities”. Derivative Liabilities Derivative liabilities relate to the foreign currency conversion option embedded in the convertible notes. Fair value of derivative liabilities cannot be measured based on quoted prices in active markets, or other observable input, and accordingly, derivative liabilities are measured by using the Black-Scholes Option Pricing model (Level 3 in the fair value hierarchy). The fair value of the options is calculated, applying the following assumptions: (1) conversion price; (2) own share price; (3) maturity of the options; (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 options; (5) no payment of dividends; and (6) an expected volatility using the Company’s own share price ( 50.47 % and 49.24 % as of December 31, 2023 and December 31, 2022, respectively). Sensitivity Analysis On December 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 € 14.8 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 December 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 € 26.7 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 carrying amount. Fair value of marketable securities, convertible notes, royalty funding liabilities and derivatives, and their level in the fair value hierarchy is summarized in 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. 2023 2022 Carrying amount Fair value Carrying amount Fair value Fair value level (EUR’000) (1-3) Financial assets Marketable securities 7,275 7,266 298,180 295,843 1 Financial assets measured at amortized cost 7,275 7,266 298,180 295,843 Financial liabilities Borrowings Convertible senior notes 407,095 385,410 399,186 382,459 3 Royalty funding 138,377 143,975 — — 3 Financial liabilities measured at amortized cost 545,472 529,385 399,186 382,459 Derivative liabilities 143,296 143,296 157,950 157,950 3 Financial liabilities measured at fair value through profit or loss 143,296 143,296 157,950 157,950 Development in level 3 fair value remeasurements is specified below: 2023 2022 2021 (EUR’000) Derivative liabilities January 1 157,950 — — Additions — 142,467 — Remeasurement recognized in financial income or expense ( 14,654 ) 15,483 — December 31 143,296 157,950 — |
Financial Risk Management
Financial Risk Management | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of detailed information about financial instruments [abstract] | |
Financial Risk Management | Note 17 – Financial Risk Management The Company manages capital to ensure that all group enterprises will be able to continue as a going concern while maximizing the return to shareholders through the optimization of debt and equity balances. Capital Structure The Company’s capital structure consists of equity and external debt obtained through issuance of convertible notes and royalty funding liabilities. The Company is not subject to any contractually imposed capital requirements or financial covenants. The capital structure is reviewed on an ongoing basis for the adequacy of the Company’s capital compared to the resources required for carrying out ordinary activities . Development in the Company’s share capital and treasury shares reserves are described in the following sections. Other equity reserves are described in Note 2, “Summary of Significant Accounting Policies”. Share Capital The share capital of Ascendis Pharma A/S consists of 57,707,439 fully paid shares at a nominal value of DKK 1, all in the same share class. The number of outstanding shares of the Company are as follows: 2023 2022 2021 2020 2019 (Number) Changes in share capital At January 1 57,152,295 56,937,682 53,750,386 47,985,837 42,135,448 Increase through cash contributions 555,144 214,613 3,187,296 5,764,549 5,850,389 At December 31 57,707,439 57,152,295 56,937,682 53,750,386 47,985,837 Treasury Shares Reserve The holding of treasury shares are as follows: Nominal Holding Holding in (EUR’000) (Number) Treasury shares At January 1, 2022 21 154,837 — Acquired from third parties 134 1,000,000 — Transferred under stock incentive programs ( 6 ) ( 41,685 ) — At December 31, 2022 149 1,113,152 2.0 % Transferred under stock incentive programs ( 3 ) ( 20,098 ) — At December 31, 2023 146 1,093,054 1.9 % Financial Risk Management Objectives The Company regularly monitors the access to domestic and international financial markets, manages the financial risks relating to its operations, and analyzes exposures to risk, including market risk, such as foreign currency risk and interest rate risk, credit risk and liquidity risk. The Company’s financial risk exposure and risk management policies are described in the following sections. Market Risk The Company’s activities expose the group enterprises to the financial risks of changes in foreign currency exchange rates and interest rates. Derivative financial instruments are not applied to manage exposure to such risks. Foreign Currency Risk Management The Company is exposed to foreign currency exchange risks arising from various currency exposures, primarily with respect to the U.S. Dollar (“USD”). Foreign currency exchange risks are unchanged to prior year, and primarily relate to sale and purchases in foreign currencies, and cash, cash equivalents and marketable securities, countered by convertible notes and royalty funding liabilities. The exposure from foreign currency exchange risks is managed by maintaining cash positions in the currencies in which the majority of future expenses are denominated, and payments are made from those reserves. Foreign Currency Sensitivity Analysis The following table details how a strengthening of the USD against the EUR would impact profit and loss, and equity before tax at the reporting date. A similar weakening of the USD would have the opposite effect with similar amounts. A positive number indicates an increase in profit or loss and equity before tax, while a negative number indicates the opp osite. The sensitivity analysis is deemed representative of the inherent foreign currency exchange risk associated with the operations. Hypothetical impact on consolidated Nominal Increase in Profit/(loss) Equity before tax (EUR ‘000) USD/EUR December 31, 2023 ( 369,091 ) 10 % ( 36,909 ) ( 36,909 ) December 31, 2022 60,581 10 % 6,058 6,058 Interest Rate Risk Management Outstanding convertible notes comprise a 2.25 % coupon fixed rate structure. Further, interest rate on lease liabilities is fixed at the lease commencement date. In addition, the effective interest rate on royalty funding liabilities is estimated at initial recognition and takes into account anticipated amount and timing of future cash flows, which further depends on future commercial revenue forecasts and the probability of exercising the embedded buy-out option. Material changes to anticipated future cash flows could potentially increase or decrease future interest expense. Future indebtedness may be subject to higher interest rates. In addition, future interest income from interest-bearing bank deposits and marketable securities may fall short of expectations due to changes in interest rates. Rate structure of marketable securities are specified below: 2023 2022 Carrying Fair value Carrying Fair value (EUR’000) Marketable securities specified by rate structure Fixed rate 7,275 7,266 205,825 203,543 Floating rate — — 11,787 11,773 Zero-coupon — — 80,568 80,527 Total marketable securities 7,275 7,266 298,180 295,843 Derivative liabilities are measured at fair value through profit or loss. Accordingly, since the fair value is exposed from the development in interest rates, the profit or loss is exposed to volatility from such development. The effects of interest rate fluctuations are not considered a material risk to the Company’s financial position. Accordingly, no interest sensitivity analysis has been presented. Credit Risk Management The Company has adopted an investment policy with the primary purpose of preserving capital, fulfilling liquidity needs and diversifying the risks associated with cash, cash equivalents and marketable securities. This investment policy establishes minimum ratings for institutions with which the Company holds cash and cash equivalents, as well as rating and concentration limits for marketable securities held. The exposure to credit risk primarily relates to cash, cash equivalents, and marketable securities. The credit risk on bank deposits is limited because the counterparties, holding significant deposits, are banks with minimum credit-ratings of A3/A- assigned by international credit-rating agencies. The banks are reviewed on a regular basis and deposits may be transferred during the year to mitigate credit risk. In order to mitigate the concentration of credit risks on bank deposits and to preserve capital, a portion of the bank deposits have been placed into primarily U.S. government bonds, treasury bills, corporate bonds, and agency bonds. The Company’s investment policy, approved by the Board of Directors, only allows investment in marketable securities having investment grade credit-ratings, assigned by international credit-rating agencies. Accordingly, the risk from probability of default is low. On each reporting date, the risk of expected credit loss on bank deposits and marketable securities, including the hypothetical impact arising from the probability of default, 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. Marketable securities specified by investment grade credit rating are specified below: 2023 2022 Carrying Fair value Carrying Fair value (EUR’000) Marketable securities specified by investment grade credit rating High grade 4,523 4,519 203,530 202,048 Upper medium grade 2,752 2,747 94,650 93,795 Total marketable securities 7,275 7,266 298,180 295,843 At the reporting dates, there are no significant overdue trade receivable balances. As a result, write-down to accommodate expected credit-losses is not deemed material. Liquidity Risk Management Historically, the risk of insufficient funds has been addressed through proceeds from sale of the Company’s securities in private and public offerings, through issuance of convertible notes in 2022, and through royalty funding liabilities in 2023. Liquidity risk is managed by maintaining adequate cash reserves and banking facilities, and by matching the maturity profiles of marketable securities with cash-forecasts. The risk of shortage of funds is monitored, using a liquidity planning tool, to ensure sufficient funds are available to settle liabilities as they fall due. Besides marketable securities and deposits, the Company’s financial assets are recoverable within twelve months after the reporting date. The composition of the marketable securities portfolio and its maturity profiles are specified in the following table. 2023 2022 Carrying Fair value Carrying Fair value (EUR’000) Marketable securities specified by security type U.S. Treasury bills — — 79,086 79,043 U.S. Government bonds 4,523 4,519 99,337 98,075 Corporate bonds 2,752 2,747 104,236 103,301 Agency bonds — — 15,521 15,424 Total marketable securities 7,275 7,266 298,180 295,843 Classified based on maturity profiles Non-current assets — — 7,492 7,201 Current assets 7,275 7,266 290,688 288,642 Total marketable securities 7,275 7,266 298,180 295,843 At December 31, 2023 marketable securities have a weighted average duration of 1 .0 month after the reporting date. Maturity analysis Contractual cash flows for non-derivative financial liabilities recognized in the consolidated statements of financial position are specified below. < 1 year 1-5 years >5 years Total Carrying (EUR’000) Financial liabilities December 31, 2023 Borrowings 11,708 742,925 42,397 797,030 545,472 Lease liabilities 14,385 51,426 49,056 114,867 98,793 Trade payables and accrued expenses 94,566 — — 94,566 94,566 Total financial liabilities 120,659 794,351 91,453 1,006,463 738,831 Financial liabilities December 31, 2022 Borrowings 12,130 48,519 545,161 605,810 399,186 Lease liabilities 13,996 53,821 60,946 128,763 109,191 Trade payables and accrued expenses 101,032 — — 101,032 101,032 Total financial liabilities 127,158 102,340 606,107 835,605 609,409 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Capital commitments [abstract] | |
Commitments and Contingencies | Note 18—Commitments and Contingencies Contractual commitments for the acquisition of property, plant and equipment were € 1.2 million and € 4.4 million for the years ended December 31, 2023 and 2022, respectively. Further, with certain suppliers, the Company has agreed minimum commitments related to the manufacturing of product supply, subject to continuous negotiation and adjustments according to the individual contractual terms and conditions. Cost of product supply is recognized when the Company obtains control of the goods. In addition, the Company has commitments related to short-term leases and leases of low value assets, contracts of various lengths in respect of research and development with CROs, and IT and facility related services. Costs relating to those commitments are recognized as services are received. The Company is not aware of any significant legal claims or disputes. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Related party transactions [abstract] | |
Related Party Transactions | Note 19—Related Party Transactions The Board of Directors, the Executive Board and non-executive Senior Management (“Key Management Personnel”) are considered related parties as they have authority and responsibility for planning and directing the Company’s operations. Related parties also include undertakings in which such individuals have a controlling or joint controlling interest. Additionally, all group enterprises and associates are considered related parties. Neither the Company’s related parties or major shareholders hold a controlling, joint controlling, or significant interest in the Group. The Company has entered into employment agreements with and issued warrants, RSUs and PSUs to Key Management Personnel. In addition, the Company pays fees for board tenure and board committee tenure to the independent members of the Board of Directors. For further details, refer to Note 6, “Employee Costs”. Indemnification agreements have been entered with members of the Board of Directors, the Executive Board and Non-executive Senior Management. Transactions between the parent company and group enterprises comprise management and license fees, research and development services, and clinical and commercial supplies. These transactions have been eliminated in the consolidated financial statements. Transactions and outstanding balances with the associate are disclosed in Note 12, “Investment in Associate”. In addition, the parent company Ascendis Pharma A/S is jointly taxed with its Danish subsidiaries, where the current Danish corporation tax is allocated between the jointly taxed Danish companies. For further details, refer to Note 9, “Tax on Profit/(Loss) for the Year and Deferred Tax”. Except for the information disclosed above, the Company has not undertaken any significant transactions with members of the Key Management Personnel, or undertakings in which the identified related parties have a controlling or joint controlling interest. |
Investments in Group Enterprise
Investments in Group Enterprises | 12 Months Ended |
Dec. 31, 2023 | |
Investments In Group Enterprises [Abstract] | |
Investments in Group Enterprises | Note 20—Investments in Group Enterprises Ascendis Pharma A/S’s (parent company) investments in group enterprises at December 31, 2023, comprise: Subsidiaries Domicile Ownership Ascendis Pharma GmbH Germany 100 % Ascendis Pharma Endocrinology GmbH Germany 100 % Ascendis Pharma, Inc. USA 100 % Ascendis Pharma Endocrinology, Inc. USA 100 % Ascendis Pharma Ophthalmology Division A/S Denmark 100 % Ascendis Pharma Endocrinology Division A/S Denmark 100 % Ascendis Pharma Bone Diseases A/S Denmark 100 % Ascendis Pharma Growth Disorders A/S Denmark 100 % Ascendis Pharma Oncology Division A/S Denmark 100 % Ascendis Pharma Nordics A/S Denmark 100 % Ascendis Pharma Europe A/S Denmark 100 % Ascendis Pharma UK Limited United Kingdom 100 % Ascendis Pharma Iberia S.L. Spain 100 % Associate Domicile Ownership VISEN Pharmaceuticals Cayman Island 43.93 % |
Ownership
Ownership | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Beneficial Ownership [abstract] | |
Ownership | Note 21—Ownership The following investors, or groups of affiliated investors, are known by us to beneficially own more than 5 % of the Company’s outstanding ordinary shares at December 31, 2023: • T. Rowe Price Associates, Inc., USA • Entities affiliated with RA Capital Management, LLC, USA • Entities affiliated with Artisan Partners Limited Partnership, USA • Entities affiliated with FMR LLC, USA • Entities affiliated with Wellington Management Group LLP, USA • Entities affiliated with Janus Henderson Group plc, United Kingdom • Avoro Capital Advisors LLC, USA • Westfield Capital Management Company, L.P., USA The Company’s American Depository Shares are held through BNY (Nominees) Limited as nominee, of The Bank of New York Mellon, UK (as registered holder of the Company’s outstanding ADSs). |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
Subsequent Events | Note 22—Subsequent Events On January 29, 2024, the Company announced the formation and launch with Frazier Life Sciences of Eyconis, Inc., a separate company created to develop, manufacture, and commercialize TransCon ophthalmology assets globally, together with a $ 150 million commitment from an investor syndicate that includes Frazier, RA Capital Management, venBio, and HealthQuest Capital. The Company has granted Eyconis exclusive rights to develop and commercialize TransCon ophthalmology products globally and received an equity position in the newly formed company. In addition, the Company will be eligible to receive development, regulatory, and sales milestone payments, plus single digit royalties on global net sales of commercialized products, if any. Eyconis will initially be based in Redwood City, California, and certain employees of the Company are expected to join the newly formed company. No other events have occurred after the reporting date that would influence the evaluation of these consolidated financial statements. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Summary of Significant Accounting Policies [abstract] | |
Basis of Preparation | Basis of Preparation The consolidated financial statements are prepared in accordance with the IFRS Accounting Standards (“IFRS”), as issued by the International Accounting Standards Board (“IASB”), and as adopted by the European Union (the “EU”). The accounting policies applied when preparing the consolidated financial statements are described in detail below and are applied for all entities. Significant accounting judgements and sources of estimation uncertainties used when exercising the accounting policies are described in Note 3, “Significant Accounting Judgements and Estimates”. These consolidated financial statements have been prepared under the historical cost convention, apart from certain financial instruments that are measured at fair value at initial recognition. |
Changes in Accounting Policies | Changes in Accounting Policies Several amendments to and interpretations of IFRS applied for the first time in 2023, which have not had an impact on the accounting policies applied by the Company. Thus, the accounting policies applied when preparing these consolidated financial statements have been applied consistently to all the periods presented. Change to Presentation of Borrowings At December 31, 2022, lease liabilities were presented as part of borrowings in the consolidated statements of financial position. At December 31, 2022, the carrying amount of lease liabilities was € 95.4 million and € 13.8 million, for non-current liabilities and current liabilities, respectively. In connection with entering into additional borrowing activities in September 2023, lease liabilities are presented separately in the consolidated statements of financial position, Comparative figures have been reclassified to reflect the change in presentation. Accordingly, borrowings comprise convertible senior notes and royalty funding liabilities. The change to presentation had no other impact on the consolidated financial statements. |
Going Concern | Going Concern The Company’s Board of Directors has at the time of approving the consolidated financial statements, a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus, the Company continues to adopt the going concern basis of accounting in preparing the consolidated financial statements. |
Basis of Consolidation | Basis of Consolidation The consolidated financial statements include the parent company, Ascendis Pharma A/S, and all enterprises over which the parent company has control. Control of an enterprise exists when the Company has exposure, or rights to, variable returns from its involvement with the enterprise and has the ability to control those returns through its power over the enterprise. Accordingly, the consolidated financial statements include Ascendis Pharma A/S and the subsidiaries listed in Note 20, “Investment in Group Enterprises” |
Consolidation Principles Subsidiaries | Consolidation Principles Subsidiaries, which are enterprises the Company controls, are fully consolidated from the date upon which control is transferred to the Company. They are deconsolidated from the date control ceases. Control over an enterprise is reassessed if facts and circumstances indicate that there are changes to one or more of the three elements of control, respectively: • the contractual arrangement(s) with the other vote holders of the enterprise; • the Company’s voting rights and potential voting rights; and • rights arising from other contractual arrangements. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between group enterprises are eliminated in full on consolidation. Subsidiaries apply accounting policies in line with the Company’s accounting policies. When necessary, adjustments are made to bring the entities’ accounting policies in line with those of the Company. |
Investment in Associates | Investment in Associates An associate is an entity over which the Company has significant influence over financial and operational decisions but without having control or joint control. The Company’s associate is accounted for using the equity method and is initially recognized at cost. Thereafter, the carrying amount of the investment is adjusted to recognize changes in the Company’s share of net assets of the associate since the acquisition or establishment date. The consolidated statements of profit or loss include the Company’s share of result after tax of the associate after any adjustments made to bring the associate’s accounting policies in line with those of the Company. Transactions between the associate and the Company are eliminated proportionally according to the Company’s interest in the associate. Unrealized gains and losses resulting from transactions between the Company and its associate are eliminated to the extent of the Company’s interest in the associate. On each reporting date, the Company determines whether there are indications that the investment is impaired. If there is such evidence, the amount of impairment is calculated as the difference between the recoverable amount of the associate and its carrying amount. Any impairment loss is recognized in the consolidated statements of profit or loss. |
Foreign Currency | Foreign Currency Functional and Presentation Currency Items included in the consolidated financial statements are measured using the functional currency of each group entity. Functional currency is the currency of the primary economic environment in which the entity operates. The consolidated financial statements are presented in Euros (“EUR”), which is also the functional currency of the parent company. Translation of Transactions and Balances On initial recognition, transactions in currencies other than the individual entity’s functional currency are translated applying the exchange rate in effect at the date of the transaction. Receivables, payables and other monetary items denominated in foreign currencies that have not been settled at the reporting date are translated using the exchange rate in effect at the reporting date. Monetary items carried at fair value that are denominated in foreign currencies are translated at the rates prevailing at the date when the fair value was determined. Exchange rate differences that arise between the rate at the transaction date and the rate in effect at the payment date, or the rate at the reporting date, are recognized in profit or loss as finance income or finance expenses. Property, plant and equipment, intangible assets and other non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates as of the dates of the initial transactions. Currency Translation of Group Enterprises When subsidiaries or the associate present their financial statements in a functional currency other than EUR, their statements of profit or loss are translated at average exchange rates. Balance sheet items are translated using the exchange rates at the reporting date. Exchange rate differences arising from translation of foreign entities’ balance sheet items at the beginning of the year to the reporting date exchange rates as well as from translation of statements of profit or loss from average rates to the exchange rates at the reporting date are recognized in other comprehensive income. Similarly, exchange rate differences arising from changes that have been made directly in a foreign subsidiary’s equity are recognized in other comprehensive income. |
Revenue | Revenue Revenue from Commercial Sale of Products Revenue is recognized when the customer has obtained control of the goods and it is probable that the Company will collect the consideration to which it is entitled for transferring the goods. Control is transferred upon delivery. Revenue is measured at the contractual sales price, reflecting the consideration received or receivable from customers, net of value added taxes, and provisions for a variety of sales deductions such as prompt pay discounts, shelf stock adjustments and applicable sales rebates attributable to various commercial arrangements, managed healthcare organizations, government programs, and co-pay arrangements. In addition, goods are principally sold on a “sale-or-return” basis, where customers may return products in line with the Company’s return policy. Sales deductions and product returns are considered variable consideration and are estimated at the time of sale using the expected value method. The amount of variable consideration that is included in the transaction price may be constrained and is included in the net contractual price only to the extent that it is probable that a significant reversal will not occur. Unsettled sales rebates and product returns are recognized as provisions when timing or amount is uncertain. Payable amounts that are absolute are recognized as other liabilities. Sales discounts and rebates that are payable to customers are offset in trade receivables. Other Revenue Other revenue relates to collaboration and license agreements. In addition, other revenue is generated from feasibility studies for potential partners to evaluate if TransCon technologies enable certain advantages for their product candidates of interest. Such feasibility studies are often structured as short-term agreements with fixed fees for the work that the Company performs. When contracts with customers are entered into, the goods and/or services promised in the contract are assessed to identify distinct performance obligations. A promise in the agreement is considered a distinct performance obligation if both of the following criteria are met: • the customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer (i.e., the good or service is capable of being distinct); and • the entity’s promise to transfer the good or service to the customer is separately identifiable from other promises in the contract (i.e., the promise to transfer the good or service is distinct within the context of the contract). Under collaboration, license, and other agreements that contain multiple promises to the customer, the promises are identified and accounted for as separate performance obligations, if these are distinct. If promises are not distinct, those goods or services are combined with other promised goods or services until a bundle of goods or services that is distinct is identified. The transaction price in the contract is measured at fair value and reflects the consideration the Company expects to be entitled to in exchange for those goods or services. Under license agreements, the transaction price may include up-front payments, royalty and milestone payments. Sales-based royalty and sales-based milestone income promised in exchange for a license of intellectual property is recognized as revenue at the later of the occurrence of subsequent sale or satisfaction of the performance obligation to which some of the royalty has been allocated. Milestone income related to regulatory activities is included in the transaction price at the point in time that it is highly probable that the applicable criteria are met. The transaction price is allocated to each performance obligation according to their stand-alone selling prices and is recognized when control of the goods or services is transferred to the customer, either over time or at a point in time, depending on the specific terms and conditions in the contracts. License agreements, which transfer rights to the Company's intellectual property (“IP”), are classified as “right-to-access”, with revenue recognized over time, or as “right-to-use” with revenue recognized at a point in time. |
Research and Development Costs | Research and Development Costs Research and development costs consist primarily of manufacturing costs, preclinical and clinical study costs and costs for process optimizations and improvements performed by Clinical Research Organizations (“CROs”) and Contract Manufacturing Organizations (“CMOs”), salaries and other personnel costs including pension and share-based payment, the cost of facilities, professional fees, cost of obtaining and maintaining the Company’s intellectual property portfolio, and depreciation of non-current assets related to research and development activities. Research costs are incurred at the early stages of the drug development cycle from the initial drug discovery and include a variety of preclinical research activities in order to assess potential drug candidates in non-human subjects, prior to filing an Investigational New Drug Application (“IND”), or equivalent. Research costs are recognized in the consolidated statement of profit or loss when incurred. Development activities relate to activities following an IND, or equivalent, and typically involve a single product candidate undergoing a series of studies to illustrate its safety profile and effect on human beings, prior to obtaining the necessary approval from the appropriate authorities. Development activities comprise drug candidates undergoing clinical trials starting in phase I (first time drug is administered in a small group of humans), and further into Phase II and III, which include administration of drugs in larger patient groups. Following, and depending on clinical trial results, a Biologic License Application (“BLA”) or New Drug Application (“NDA”) may be submitted to the authorities, to apply for marketing approval, which, with a positive outcome will permit the Company to market and sell the products. Long-term extension trials may be ongoing following submission of a BLA or NDA. Development costs also include product development and pre-commercial manufacturing costs related to development product candidates, and write-downs of inventories manufactured for late-stage development product candidates prior to marketing approval being obtained (pre-launch inventories). Due to the risk related to the development of pharmaceutical products, the Company cannot estimate the future economic benefits associated with individual development activities with sufficient certainty until the development activities have been finalized and the necessary market approval of the final product has been obtained. As a consequence, all development costs are recognized in the consolidated statement of profit or loss when incurred. |
Selling, General and Administrative Expenses | Selling, General and Administrative Expenses Selling, general and administrative expenses comprise salaries and other personnel costs including pension and share-based payment, office supplies, cost of facilities, professional fees, and depreciation of non-current assets related to selling, general and administrative activities, including pre-commercial and commercial activities. Selling, general and administrative expenses are recognized in the consolidated statement of profit or loss when incurred. |
Share-based Incentive Programs | Share-based Incentive Programs Share-based incentive programs comprise warrant programs, Restricted Stock Unit programs (“RSU-programs”) and Performance Stock Unit Programs (“PSU-programs”). which are classified as equity-settled share-based payment transactions. The cost of equity-settled transactions is determined by the fair value at the date of grant. For warrant programs, the fair value of each warrant granted is determined using the Black-Scholes valuation model. For RSU-programs and PSU-programs, the fair value of each RSU or PSU granted is equal to the closing share price on the date of grant of the underlying ADS. Any social security contributions payable in connection with the grant or exercise of the warrants are recognized as expenses when incurred. The assumptions used for estimating the fair value of share-based payment transactions are disclosed in Note 7, “Share-based Payment”. The cost is recognized together with a corresponding increase in equity over the period in which the performance and/or service conditions are fulfilled (i.e., the vesting period). The fair value determined at the grant date of the equity-settled share-based payment is expensed on a straight-line basis over the vesting period for each tranche, based on the best estimate of the number of equity instruments that will ultimately vest. No expense is recognized for grants that do not ultimately vest. Where an equity-settled grant is cancelled other than upon forfeiture when vesting conditions are not satisfied, the grant is treated as if it vested on the date of the cancellation, and any expense not yet recognized for the grant is recognized immediately. Where the terms and conditions for an equity-settled grant are modified, the services measured at the grant date fair value over the vesting period are recognized, subject to performance and/or service conditions that were specified at the initial grant date(s). Additionally, at the date of modification, unvested grants are re-measured and any increase in the total fair value is recognized over the vesting period. If a new grant is substituted for the cancelled grant and designated as a replacement grant on the date that it is granted, the cancelled and new grants are treated as if they were a modification of the original grant. |
Finance Income and Expenses | Finance Income and Expenses Finance income and expenses comprise interest income and expenses, realized and unrealized exchange rate gains and losses on transactions denominated in foreign currencies, fair value remeasurement gains and losses on derivative liabilities, and remeasurement gains and losses on royalty funding liabilities. Interest income and interest expenses are stated on an accrual basis using the principal and the effective interest rate. The effective interest rate is the discount rate that is used to discount expected future cash payments or receipts through the expected life of the financial asset or financial liability to the amortized cost (the carrying amount) of such asset or liability. |
Income Taxes | Income Taxes Tax for the year, which consists of current tax for the year and changes in deferred tax, is recognized in the consolidated statement of profit or loss by the portion attributable to the profit or loss for the year and recognized directly in equity or other comprehensive income by the portion attributable to entries directly in equity and in other comprehensive income. The current tax payable or receivable is recognized in the consolidated statement of financial position, stated as tax computed on this year’s taxable income, adjusted for prepaid tax. When computing the current tax for the year, the tax rates and tax rules enacted or substantially enacted at the reporting date are used. Current tax payable is based on taxable profit or loss for the year. Taxable profit or loss differs from net profit or loss as reported in the consolidated statements of profit or loss because it excludes items of income or expense that are taxable or deductible in prior or future years. In addition, taxable profit or loss excludes items that are never taxable or deductible. Deferred tax is recognized according to the balance sheet liability method of all temporary differences between carrying amounts and tax-based values of assets and liabilities, apart from deferred tax on all temporary differences occurring on initial recognition of goodwill or on initial recognition of a transaction which is not a business combination, and for which the temporary difference found at the time of initial recognition neither affects profit or loss nor taxable income. Deferred tax liabilities are recognized on all temporary differences related to investments in subsidiaries and/or associates, unless the Company is able to control when the deferred tax is realized, and it is probable that the deferred tax will not become due and payable as current tax in the foreseeable future. Deferred tax assets, including the tax base of tax loss carry forwards, are recognized in the statement of financial position at their estimated realizable value, either as a set-off against deferred tax liabilities or as net tax assets for offset against future positive taxable income. Deferred tax assets are only offset against deferred tax liabilities if the entity has a legally enforceable right to offset, and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same tax jurisdiction. Deferred tax is calculated based on the planned use of each asset and the settlement of each liability, respectively. Deferred tax is measured using the tax rates and tax rules in the relevant countries that, based on acts in force or acts in reality in force at the reporting date are expected to apply when the deferred tax is expected to crystallize as current tax. Changes in deferred tax resulting from changed tax rates or tax rules are recognized in the consolidated statement of profit or loss unless the deferred tax is attributable to transactions previously recognized directly in equity or other comprehensive income. In the latter case, such changes are also recognized in equity or other comprehensive income. On every reporting date, it is assessed whether sufficient taxable income is likely to arise in the future for the deferred tax asset to be utilized. |
Intangible assets | Intangible assets Goodwill Goodwill acquired in a business combination is initially measured at cost, being the excess of the aggregate of the consideration transferred and the amount recognized for non-controlling interests over the net identifiable assets acquired and liabilities assumed. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill is not amortized but is subject to impairment testing at least on a yearly basis. For the purpose of impairment testing, goodwill acquired in a business combination is allocated to each of the cash-generating units, or group of cash-generating units, that are expected to benefit from the synergies of the combination. Each cash-generating unit or group of cash-generating units to which goodwill is allocated represents the lowest level within the Company at which the goodwill is monitored for internal management purposes. |
Software | Software Software assets comprise administrative applications and serve general purposes to support the Company’s operations. Development costs that are directly attributable to the design, customization, implementation, and testing of identifiable and unique software assets controlled by the Company are recognized as intangible assets from the time that; (1) the software asset is clearly defined and identifiable; (2) technological feasibility, adequate resources to complete, and an internal use of the software asset can be demonstrated; (3) the expenditure attributable to the software asset can be measured reliably; and (4) the Company has the intention to use the software asset internally. The Company does not capitalize software with no alternative use, or where economic benefit depends on marketing approvals of drug candidates and where marketing approvals have not been obtained. Following initial recognition of the development expenditure as an asset, the asset is carried at cost less any accumulated amortization and accumulated impairment losses. Amortization of the asset begins when the development is complete, and the asset is available for use. Software assets are amortized over the period of expected future benefits. Amortization is recognized in research and development costs, and selling, general and administrative expenses, as appropriate. Expenditures that do not meet the criteria above are recognized as an expense as incurred. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment primarily comprises leasehold improvements, office facilities, and process equipment and tools which are located at CMOs. Property, plant and equipment also includes right-of-use assets. Refer to the separate section “Leases”. Property, plant and equipment is measured at cost less accumulated depreciation and impairment losses. Cost comprises the acquisition price, costs directly attributable to the acquisition and preparation costs of the asset until the time when it is ready to be used in operation. Subsequent costs are included in the carrying amount of the asset or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the assets will flow to the Company and costs of the items can be measured reliably. All repair and maintenance costs are charged to the consolidated statement of profit or loss during the financial periods in which they are incurred. Plant and equipment acquired for research and development activities with alternative use, which is expected to be used for more than one year, is capitalized and depreciated over the estimated useful life as research and development costs. Plant and equipment acquired for research and development activities, which has no alternative use, is recognized as research and development costs when incurred. If the acquisition or use of the asset involves an obligation to incur costs of decommissioning or restoration of the asset, the estimated related costs are recognized as a provision and as part of the relevant asset’s cost, respectively. The basis for depreciation is cost less estimated residual value. The residual value is the estimated amount that would be earned if selling the asset today net of selling costs, assuming that the asset is of an age and a condition that is expected after the end of its useful life. Cost of a combined asset is divided into smaller components, with such significant components depreciated individually if their useful lives vary. Depreciation commences when the asset is available for use, which is when it is in the location and condition necessary for it to be capable of operating in the manner intended. Depreciation is calculated on a straight-line basis, based on an asset’s expected useful life, being within the following ranges: Process plant and machinery 5 - 10 years Other equipment 3 - 5 years Leasehold improvements 3 - 11 years Right-of-use assets 2 - 11 years Depreciation methods, useful lives and residual amounts are reassessed at least annually. Property, plant and equipment is written down to the lower of recoverable amount and carrying amount, as described in the “Impairment” section below. Depreciation and impairment losses of property, plant and equipment is recognized in the consolidated statement of profit or loss as cost of sales, research and development costs or as selling, general and administrative expenses, as appropriate. Gains and losses on disposal of property, plant and equipment are recognized in the consolidated statement of profit or loss at its net proceeds, as either other operating income or other operating expenses, as appropriate. |
Impairment | Impairment The recoverable amount of goodwill is estimated annually irrespective of any recorded indications of impairment. Property, plant and equipment and finite-lived intangible assets are reviewed for impairment whenever events or circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs of disposal and value in use. For the purpose of assessing impairment, assets are grouped at the lowest levels for which there are largely independent cash inflows, or cash-generating units, which for goodwill represent the lowest level within the enterprise at which the goodwill is monitored for internal management purposes. Prior impairments of non-financial assets, other than goodwill, are reviewed for possible reversal at each reporting date. |
Inventories | Inventories Inventories comprise raw materials, work in progress and finished goods. The cost of work in progress and finished goods comprise service expenses incurred at CMOs, raw materials consumed, incremental storage and transportation, other direct materials, and a proportion of manufacturing overheads based on normal operation capacity. Inventories are measured at the lower of cost incurred in bringing it to its present location and condition, and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale. Cost is measured using the first-in, first-out method. Work in progress and finished goods are measured under a standard cost method that takes into account normal levels of consumption, yields, labor, efficiency and capacity utilization. Production processes are complex, where actual yields and consumptions are sensitive to a wide variety of manufacturing conditions. Standard cost variances are reviewed regularly and adjusted to ensure inventories approximate actual cost of production. If net realizable value is lower than cost, a write-down is recognized as the excess amount by which cost exceeds net realizable value, as part of cost of sales when incurred. The amount of reversal of write-down of inventories arising from an increase in net realizable value is recognized as a reduction in cost of sales in the period in which the reversal occurs. Manufacturing of pre-launch inventories is initiated for late-stage product candidates where manufacturing costs are recognized as inventories. However, since pre-launch inventories are not realizable prior to obtaining marketing approval, pre-launch inventories are immediately written down to zero through research and development costs. If marketing approval is obtained, prior write-downs of pre-launch inventories are reversed through research and development costs. Cost of inventories is recognized as part of cost of sales in the period in which the related revenue is recognized. |
Receivables | Receivables Receivables comprise trade receivables, income tax receivables and other receivables. Trade receivables are classified as financial assets at amortized cost, as these are held to collect contractual cash flows and thus give rise to cash flows representing solely payments of principal and interest. Trade receivables are initially recognized at their transaction price and subsequently measured at amortized cost. Income tax receivables, and other receivables related to deposits, VAT and other indirect taxes are measured at cost less impairment. Carrying amounts of receivables usually equals their nominal value less provision for impairments. |
Prepayments | Prepayments Prepayments comprise advance payments relating to a future financial period. Prepayments are measured at cost. |
Marketable Securities | Marketable Securities Marketable securities may comprise government bonds, treasury bills, commercial papers, and other securities traded on established markets. At initial recognition (trade-date), contractual terms of individual securities are analyzed to determine whether these give rise on specified dates to cash flows that are solely payments of principal and interest on the principal outstanding ("SPPI-test"). All marketable securities held at the reporting date have passed the SPPI-test. Marketable securities are initially recognized at fair value at trade-date, and subsequently measured at amortized cost under the effective interest method. Interest income is recognized as finance income in the consolidated statement of profit or loss. Marketable securities are subject to an impairment test to accommodate expected credit loss. Gains and losses are recognized as finance income or expenses in the consolidated statement of profit or loss when the specific security or portfolio of securities is derecognized, modified or impaired. Marketable securities, having maturity profiles of three months or less after the date of acquisition are presented as cash equivalents in the consolidated statements of financial position, where securities having maturities of more than three months after the date of acquisition are presented separately as marketable securities as current (i.e., those maturing within twelve months after the reporting date) or non-current assets, as appropriate. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents comprise cash and on-demand deposits with financial institutions, and highly liquid marketable securities with a maturity of three months or less after the date of acquisition (trade-date). Cash and cash equivalents are measured at amortized cost. |
Allowance for Expected Credit Losses on Financial Assets | Allowance for Expected Credit Losses on Financial Assets Financial assets comprise receivables (excluding receivables relating to VAT, other indirect tax and income tax), marketable securities and cash and cash equivalents. Impairment of financial assets is determined on the basis of a forward-looking Expected Credit Loss (“ECL”) model. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and the cash flows expected to be received, discounted by an approximation of the original effective interest rate. For receivables, a simplified approach in calculating ECLs is applied. Therefore, changes in credit risks are not tracked, but instead, a loss allowance based on lifetime ECL is assessed at each reporting date. Lifetime ECLs are assessed on historical credit loss experience, adjusted for forward-looking factors specific to the counterparts and the economic environment. For cash, cash equivalents and marketable securities, ECLs are assessed for credit losses that result from default events that are possible within the next twelve months (12-month ECL). Credit risk is continuously tracked and monitored in order to identify significant deterioration. For those credit exposures for which there has been a significant increase in credit risk since initial recognition, an allowance is recognized for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default. |
Shareholders' Equity | Shareholders’ Equity The share capital comprises the nominal amount of the parent company’s ordinary shares, each at a nominal value of DKK 1 , or approximately € 0.13 . All shares are fully paid. Share premium comprises the amounts received, attributable to shareholders’ equity, in excess of the nominal amount of the shares issued at the parent company’s capital increases, reduced by any expenses directly attributable to the capital increases. Under Danish legislation, share premium is an unrestricted reserve that is available to be distributed as dividends to a company’s shareholders. Also, under Danish legislation, the share premium reserve can be used to offset accumulated deficits. Treasury shares reserve comprise nominal amounts of holding of own equity instruments. No gain or loss is recognized in profit or loss on the purchase, sale, transfer or cancellation of the Company’s own equity instruments. The treasury shares reserve is part of unrestricted reserves and accordingly, reduce the amount available to be distributed as dividends to the Company’s shareholders. Foreign currency translation reserve includes exchange rate adjustments relating to the translation of the results and net assets of foreign operations from their functional currencies to the presentation currency. The accumulated reserve of a foreign operation is reclassified to the consolidated statement of profit or loss at the time the Company loses control, and thus cease to consolidate such foreign operation. The foreign currency translation reserve is an unrestricted reserve that is available to be distributed as dividends to the Company’s shareholders. Retained earnings/(accumulated deficit) represents the accumulated profits or losses from the Company’s operations, including corresponding entries to share-based payments recognized in the consolidated statement of profit or loss, arising from warrant programs, RSU-programs and PSU-programs. In addition, premiums from acquisition and sale of treasury shares are recognized as part of this reserve. A positive reserve is available to be distributed as dividends to the Company’s shareholders. |
Convertible Senior Notes and Embedded Derivative Liabilities | Convertible Senior Notes and Embedded Derivative Liabilities Convertible senior notes (“convertible notes”) are separated into a financial liability and an embedded derivative component based on the terms and conditions of the contract. The embedded derivative component is accounted for separately if it is not deemed closely related to the financial liability. The convertible notes include an embedded equity conversion option which is not deemed closely related to the financial liability, and initially recognized and measured separately at fair value as derivative liabilities based on the stated terms upon issuance of the convertible notes. The conversion option is classified as a foreign currency conversion option and thus not convertible into a fixed number of shares for a fixed amount of cash. Accordingly, the conversion option is subsequently recognized and measured as a derivative liability at fair value through profit or loss, with any subsequent remeasurement gains or losses recognized as part of finance income or expenses. In addition, the convertible notes include a redemption option, which entitle the Company to redeem the notes at a cash amount equal to the principal amount of the convertible notes, plus accrued and unpaid interest. The redemption option is closely related to the financial liability, and not separately accounted for. The initial carrying amount of the financial liability component including the redemption option is the residual amount of the proceeds, net of transaction costs, after separating the derivative component. Transaction costs are apportioned between the financial liability and derivative component based on the allocation of proceeds when the instrument is initially recognized. Transaction costs apportioned to the financial liability component form part of the effective interest and are amortized over the expected lifetime of the liability. Transaction costs allocated to the derivative component are expensed as incurred. The financial liability is subsequently measured at amortized cost until it is extinguished on conversion, optional redemption or upon repayment at maturity. The financial liability is presented as part of borrowings on the statement of financial position. |
Royalty Funding Liabilities | Royalty Funding Liabilities Royalty funding liabilities relate to the Company’s contractual obligations to pay a predetermined percentage of future commercial revenue until reaching a predetermined multiple of proceeds received, pursuant to the detailed provisions of the capped synthetic royalty funding agreement (the “Royalty Funding Agreement”). Where relevant, royalty funding liabilities are separated into a financial liability and embedded derivative components based on the terms and conditions of the Royalty Funding Agreement. Embedded derivative components are accounted for separately, unless these are deemed closely related to the financial liability. The Royalty Funding Agreement includes a buy-out option where the value is dependent on non-financial variables that are specific to the Company. Accordingly, the buy-out option is not accounted for separately as a derivative. The financial liability is recognized when the Company becomes party to the contractual provisions of the Royalty Funding Agreement and measured at amortized cost until it is extinguished upon exercising a buy-out option or upon achieving the predetermined multiple of proceeds received. The effective interest rate is estimated at initial recognition and takes into account incremental transaction costs and anticipated amount and timing of future cash flows, which further depends on future commercial revenue forecasts and the probability of exercising the buy-out option. The amortized cost is remeasured prospectively when there is a material change in expectations to amount and timing of future cash flows, which will increase or decrease future interest expenses. Remeasurement gain or losses are recognized through the profit or loss as finance income or expenses, respectively. The financial liability is presented as part of borrowings in the statement of financial position. |
Leases | Leases Right-of-use Assets Right-of-use assets are recognized at the lease commencement date, defined as the date the underlying asset is available for use. Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets include the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any incentives received. In addition, right-of-use assets also include an estimate of costs to be incurred by the Company in dismantling or restoring the underlying asset to the condition if required by the terms and condition of the lease, if any. Right-of-use assets are presented as part of property, plant and equipment, and depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets. Lease Liabilities At the lease commencement date, lease liabilities are recognized and measured at the present value of fixed lease payments and variable lease payments that depend on an index or a rate, whereas variable lease payments and payments related to non-lease components are excluded. Variable lease payments that do not depend on an index or a rate are recognized as expenses in the consolidated statement of profit or loss when incurred. When interest rates implicit in the lease contracts are not readily available, the present value of lease payments are calculated by applying the incremental borrowing rate of the relevant entity holding the lease. Following the commencement date, the incremental borrowing rate is not changed unless the lease term is modified, or if the lease payments are modified and this modification results from a change in floating interest rates. From the lease commencement date and over the lease term, the carrying amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in lease term, or a change in lease payments, including changes to future payments resulting from a change in an index used to determine such lease payments. |
Provisions | Provisions Provisions comprise unsettled sales deductions and product returns regarding sale of commercial products where amount or timing of payment is uncertain. Provisions for sales deductions attributed to various commercial arrangements, managed healthcare organizations, government programs, and co-pay arrangements are recognized when the related sales takes place and measured using the expected value method. Payable amounts for managed healthcare organizations and government programs are generally settled within 90-180 days from the transaction date. Provisions for estimated product returns are measured according to contractual sales price based on expected product returns. |
Trade Payables and Accrued Expenses | Trade Payables and Accrued Expenses Trade payables and accrued expenses are measured at amortized cost. |
Other Liabilities | Other Liabilities Other liabilities comprise payables to public authorities, short-term employee benefits, and sales rebates. Other liabilities are measured at their net-realizable values. |
Contract Liabilities | Contract Liabilities Contract liabilities comprise deferred income from collaboration and license agreements, where consideration received does not match the individual deliverables with respect to amount and satisfied performance obligations. Contract liabilities are measured at the fair value of the consideration received and is recognized as revenue in the consolidated statement of profit or loss when the relevant performance obligation, to which the deferred income relates, is satisfied. |
Cash Flow Statement | Cash Flow Statement The cash flow statement shows cash flows from operating, investing and financing activities as well as cash and cash equivalents at the beginning and the end of the financial year. Cash flows from operating activities are presented using the indirect method and calculated as the profit or loss adjusted for non-cash items, working capital changes as well as finance income, finance expenses and income taxes paid. Cash flows from investing activities include payments in connection with acquisition, development, improvement and sale, etc., of property, plant and equipment, investment in associate and marketable securities. Cash flows from financing activities comprise payments related to the capital structure of the Company, including lease liabilities, changes in the share capital and treasury shares, and issuance and payments under the Company's borrowing activities. The effect of exchange rate changes on cash and cash equivalents held or due in a foreign currency is presented separately from cash flows from operating, investing and financing activities. Cash flows in currencies other than the functional currency are recognized in the cash flow statement, using the average exchange rates. Cash and cash equivalents comprise cash and on-demand bank deposits with financial institutions, cash held by service providers for the purpose of meeting short-term cash commitments, and highly liquid marketable securities with a maturity of three months or less after the date of acquisition. |
Basic EPS | Basic Earnings per Share Basic Earnings per Share (“EPS”) is calculated as the consolidated net income or loss from continuing operations for the period divided by the weighted average number of ordinary shares outstanding. The weighted average number of shares takes into account the weighted average number of treasury shares during the year. |
Diluted EPS | Diluted Earnings per Share Diluted EPS is calculated as the consolidated net income or loss from continuing operations for the period divided by the weighted average number of ordinary shares outstanding adjusted for the weighted average effect of changes in treasury shares during the year, and the dilutive effect of outstanding warrants and convertible notes. If the consolidated statement of profit or loss shows a net loss, no adjustment is made for the dilutive effect, as such effect would be anti-dilutive. |
New IFRS Accounting Standards Not Yet Effective | New IFRS Accounting 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 consolidated 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. The amendments are effective for annual reporting periods beginning on or after January 1, 2024 and must be applied retrospectively. The amendments require the convertible notes (presented as part of borrowings on the statement of financial position) and derivative liabilities, presented as non-current liabilities at December 31, 2023, to be presented as current liabilities. On December 31, 2023, the carrying amount of convertible notes and derivative liabilities were € 407.1 million and € 143.3 million, respectively. The consolidated financial statements are not expected to be affected by other new or amended standards. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Summary of Significant Accounting Policies [abstract] | |
Schedule of Asset's Expected Useful Life | Depreciation is calculated on a straight-line basis, based on an asset’s expected useful life, being within the following ranges: Process plant and machinery 5 - 10 years Other equipment 3 - 5 years Leasehold improvements 3 - 11 years Right-of-use assets 2 - 11 years |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue [abstract] | |
Schedule of Revenue Recognized in Consolidated Statement of Profit or Loss | Revenue has been recognized in the consolidated statements of profit or loss with the following amounts: 2023 2022 2021 (EUR’000) Revenue Sale of commercial products 178,663 35,659 943 Rendering of services 21,659 4,434 751 Sale of clinical supply 319 8,534 3,719 Licenses 66,077 2,547 2,365 Total revenue 266,718 51,174 7,778 Attributable to Commercial customers 178,663 35,659 943 Collaboration partners and license agreements 88,055 15,515 6,835 Total revenue 266,718 51,174 7,778 Specified by timing of recognition Recognized over time 21,659 4,434 751 Recognized at a point in time 245,059 46,740 7,027 Total revenue 266,718 51,174 7,778 Specified per geographical location Europe 869 552 — North America 191,677 44,156 6,856 Asia 74,172 6,466 922 Total revenue 266,718 51,174 7,778 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of operating segments [abstract] | |
Disclosure of intangible assets, and property, plant and equipment | The Company’s intangible assets and property, plant and equipment located by country or region are specified below, and defines the Company’s non-current segment assets: 2023 2022 (EUR’000) Non-current segment assets Denmark (domicile country) 32,893 30,336 North America 68,589 89,439 Europe 13,571 14,148 Total non-current segment assets 115,053 133,923 Investment in associate 5,686 22,932 Marketable securities — 7,492 Other receivables 2,127 1,920 Total non-current assets 122,866 166,267 |
Employee Costs (Tables)
Employee Costs (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of employee compensation costs [line items] | |
Summary of Employee Cost | 2023 2022 2021 (EUR’000) Employee costs Wages and salaries 170,278 140,420 104,583 Share-based payment 66,660 64,180 66,830 Pensions (defined contribution plans) 4,403 4,163 2,416 Social security costs 12,877 10,627 7,667 Other employee costs 4,238 4,411 1,740 Total employee costs (2) 258,456 223,801 183,236 Included in the profit or loss Cost of sales (1) 15,748 7,239 1,380 Research and development costs 127,002 122,581 108,434 Selling, general and administrative expenses 115,706 93,981 73,422 Total employee costs (2) 258,456 223,801 183,236 Average number of employees 851 719 573 (1) Cost of sales includes employee costs capitalized as part of inventories. (2) At December 31, 2023, “Employee costs” has been extended to also incl ude “Other employee costs”, which comprise other external costs associated with employment. In addition, “Social security costs” have been adjusted to also include various insurance programs. Comparative amounts have been reclassified to reflect the change in presentation. |
Key management personnel of entity or parent [member] | |
Disclosure of employee compensation costs [line items] | |
Summary of Employee Cost | Compensation to Key Management Personnel included within total employee costs is summarized below: Board of Directors (1) Executive Board (2) Non-executive Senior Management 2023 2022 2021 2023 2022 2021 2023 2022 2021 (EUR ‘000) Compensation Wages and salaries 543 403 296 4,375 3,809 2,699 4,673 6,087 5,547 Share-based payment 1,276 1,273 2,032 13,243 11,392 8,770 9,529 8,872 14,906 Pensions (defined — — — 54 46 23 122 118 120 Social security costs — — — 103 55 49 45 89 60 Other employee cost — — — 20 20 10 40 45 45 Total compensation 1,819 1,676 2,328 17,795 15,322 11,551 14,409 15,211 20,678 (1) The Board of Directors comprised six to seven persons in 2023, 2022 and 2021. (2) The Executive Board comprised four persons in 2023 and 2022. In 2021, the Executive Board comprised two to four persons. |
Share-based Payment (Tables)
Share-based Payment (Tables) | 12 Months Ended |
Dec. 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: Restricted Stock Units Performance Stock Units Total (Number) Outstanding at January 1, 2021 — — — Granted during the period (1) 148,148 — 148,148 Outstanding at December 31, 2021 148,148 — 148,148 Transferred during the period ( 41,685 ) — ( 41,685 ) Forfeited during the period ( 23,971 ) — ( 23,971 ) Outstanding at December 31, 2022 82,492 — 82,492 Granted during the period (1) 609,860 112,268 722,128 Settled during the period ( 18,132 ) — ( 18,132 ) Transferred during the period ( 20,098 ) — ( 20,098 ) Forfeited during the period ( 77,497 ) ( 7,245 ) ( 84,742 ) Outstanding at December 31, 2023 576,625 105,023 681,648 Specified by vesting date 2024 217,615 35,007 252,622 2025 179,482 35,008 214,490 2026 179,528 35,008 214,536 Outstanding at December 31, 2023 576,625 105,023 681,648 (1) The fair value of one RSU at the date of grant was € 123.46 and € 105.96 for the year ended December 31, 2021 and December 31, 2023, respectively. PSUs were granted for the first time in 2023. The fair value of one PSU at the date of grant was € 105.96 . |
Summary of Weighted Average Exercise Prices and Movements in Warrants | The following table specifies the number and weighted average exercise prices of, and movements, in warrants: Warrants (number) Weighted Outstanding at January 1, 2021 6,148,004 69.97 Granted during the year 1,445,981 122.03 Exercised during the year (1) ( 312,296 ) 38.43 Forfeited during the year ( 196,616 ) 119.58 Outstanding at December 31, 2021 7,085,073 80.30 Vested at the reporting date 4,022,011 52.63 Granted during the year 357,092 100.40 Exercised during the year (1) ( 214,613 ) 21.83 Forfeited during the year ( 363,541 ) 123.62 Outstanding at December 31, 2022 6,864,011 81.30 Vested at the reporting date 4,972,026 66.34 Granted during the year 395,275 91.07 Exercised during the year (1) ( 555,144 ) 17.76 Forfeited during the year ( 180,358 ) 115.79 Outstanding at December 31, 2023 6,523,784 86.38 Vested at the reporting date 5,273,056 80.02 (1) The weighted average share price (listed in $) at the date of exercise was € 98.10 , € 113.60 and € 124.62 for the years ended December 31, 2023, 2022 and 2021, respectively. At |
Schedule of Weighted Average Exercise Price and Weighted Remaining Contractual Life for Outstanding Warrants | The following table specifies the weighted average exercise prices and weighted average remaining contractual life for outstanding warrants at December 31, 2023 per grant year. Outstanding ) Weighted Weighted Granted before January 1, 2021 4,717,462 75.54 60 Granted in 2021 1,135,647 121.77 94 Granted in 2022 296,480 100.28 102 Granted in 2023 374,195 90.73 113 Outstanding at December 31, 2023 6,523,784 86.38 71 |
Summary of Fair Values for Warrant Grants | The following table summarizes the input to the Black-Scholes Option Pricing model and the calculated fair values for warrant grants in 2023, 2022 and 2021: 2023 2022 2021 Expected volatility 49 - 51 % 48 - 49 % 48 – 49 % Risk-free interest rate 2.40 - 2.97 % ( 0.08 ) - 2.54 % ( 0.54 )–( 0.27 ) % Expected life of warrants (years) 6.0 6.0 6.0 Weighted average exercise price € 91.07 € 100.40 € 122.03 Fair value of warrants granted in the year € 37.34 - 52.03 € 36.55 - 60.85 € 45.91 – 64.28 |
Principal Accountant Fees and_2
Principal Accountant Fees and Services (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Auditor's remuneration [abstract] | |
Summary of Principal Accountant Fees and Services | The following table sets forth, for each of the years indicated, the fees billed by the Company’s independent public accountants and the proportion of each of the fees out of the total amount billed by the accountants. 2023 2022 2021 (EUR’000) Principal accountant fees and services Audit fees 739 814 771 Tax fees 122 138 87 All other fees — — 13 Total principal accountant fees and services 861 952 871 |
Tax on Profit_(Loss) for the _2
Tax on Profit/(Loss) for the Year and Deferred Tax (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Deferred tax expense (income) [abstract] | |
Summary of Tax on Profit/Loss and Deferred Tax | 2023 2022 2021 (EUR’000) Tax on profit/(loss) for the year: Current tax (expense)/income ( 5,377 ) ( 3,723 ) 367 Current tax, adjustments to prior years 3,904 ( 1,654 ) — Deferred tax, movement for the year ( 1,044 ) — — Deferred tax, adjustments to prior years ( 4,786 ) — — ( 7,303 ) ( 5,377 ) 367 Tax for the year can be explained as follows: Profit/(loss) before tax ( 474,144 ) ( 577,817 ) ( 383,944 ) Tax at the Danish corporation tax rate of 22 % 104,312 127,120 84,468 Tax effect of: Non-deductible costs ( 8,494 ) ( 17,094 ) ( 14,800 ) Additional tax deductions 9,077 13,720 17,117 Impact from associate ( 4,047 ) ( 3,893 ) 3,169 Prior year adjustments ( 1,294 ) — — Other effects including effect of different tax rates ( 882 ) ( 2,716 ) 305 Deferred tax asset, not recognized ( 105,975 ) ( 122,514 ) ( 89,892 ) Tax on profit/(loss) for the year ( 7,303 ) ( 5,377 ) 367 Effective tax rate 1.54 % 0.93 % ( 0.10 )% 2023 2022 2021 (EUR’000) Specification of Deferred Tax Assets/(Liabilities) Tax deductible losses 521,697 433,174 313,011 Other temporary differences, assets 16,256 19,961 12,856 Deferred tax asset, not recognized ( 537,953 ) ( 453,135 ) ( 325,867 ) Other temporary differences, liabilities ( 5,830 ) — — Total Deferred Tax Assets/(Liabilities) at December 31 ( 5,830 ) — — At December 31, 2023 , |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of detailed information about intangible assets [abstract] | |
Summary of Goodwill and Software | Goodwill Software Total (EUR’000) Cost January 1, 2022 3,495 2,222 5,717 December 31, 2022 3,495 2,222 5,717 Additions — 53 53 Transferred — 21 21 December 31, 2023 3,495 2,296 5,791 Amortization and impairment January 1, 2022 — ( 445 ) ( 445 ) Amortization charge — ( 444 ) ( 444 ) December 31, 2022 — ( 889 ) ( 889 ) Amortization charge — ( 483 ) ( 483 ) December 31, 2023 — ( 1,372 ) ( 1,372 ) Carrying amount December 31, 2022 3,495 1,333 4,828 December 31, 2023 3,495 924 4,419 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, plant and equipment [abstract] | |
Summary of Property, Plant and Equipment | Plant and Other Leasehold Right-of-Use Total (EUR’000) Cost January 1, 2022 16,946 8,822 18,067 116,135 159,970 Additions 7,787 2,487 1,284 3,245 14,803 Disposals ( 32 ) ( 395 ) — ( 5,480 ) ( 5,907 ) Foreign exchange translation 243 289 779 5,566 6,877 December 31, 2022 24,944 11,203 20,130 119,466 175,743 Additions 2,580 503 228 7,547 10,858 Disposals ( 383 ) ( 57 ) — — ( 440 ) Transferred 504 ( 21 ) ( 504 ) — ( 21 ) Foreign exchange translation ( 209 ) ( 208 ) ( 479 ) ( 3,093 ) ( 3,989 ) December 31, 2023 27,436 11,420 19,375 123,920 182,151 Depreciation and impairment January 1, 2022 ( 5,527 ) ( 3,547 ) ( 2,488 ) ( 22,359 ) ( 33,921 ) Depreciation charge ( 2,039 ) ( 1,793 ) ( 1,942 ) ( 11,740 ) ( 17,514 ) Disposals 25 380 — 5,480 5,885 Foreign exchange translation ( 43 ) ( 63 ) ( 67 ) ( 925 ) ( 1,098 ) December 31, 2022 ( 7,584 ) ( 5,023 ) ( 4,497 ) ( 29,544 ) ( 46,648 ) Depreciation charge ( 2,569 ) ( 1,899 ) ( 2,085 ) ( 11,875 ) ( 18,428 ) Impairment charge ( 2,869 ) ( 405 ) ( 4,560 ) — ( 7,834 ) Disposals 146 54 — — 200 Foreign exchange translation 92 98 196 807 1,193 December 31, 2023 ( 12,784 ) ( 7,175 ) ( 10,946 ) ( 40,612 ) ( 71,517 ) Carrying amount December 31, 2022 17,360 6,180 15,633 89,922 129,095 December 31, 2023 14,652 4,245 8,429 83,308 110,634 |
Summary of Depreciation Charges | Depreciation charges are specified below: 2023 2022 2021 (EUR’000) Depreciation charges Cost of sales (1) 2,509 1,245 252 Research and development costs 10,296 10,892 10,102 Selling, general and administrative expenses 5,623 5,377 4,592 Total depreciation charges 18,428 17,514 14,946 (1) Cost of sales includes depreciation charges capitalized as part of inventories. |
Investment in Associate (Tables
Investment in Associate (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
VISEN Pharmaceuticals [member] | |
Disclosure of associates [line items] | |
Schedule of Financial Information of Investment in VISEN | The following table illustrates the summarized relevant financial information of VISEN: VISEN Pharmaceuticals Principal place of business China 2023 2022 (EUR’000) Statement of profit or (loss) Profit/(loss) for the year from continuing operations ( 41,873 ) ( 40,283 ) Total comprehensive income ( 41,859 ) ( 40,273 ) Statement of financial position Non-current assets 9,596 21,410 Current assets 48,041 92,204 Total assets 57,637 113,614 Equity 51,078 100,062 Non-current liabilities 140 180 Current liabilities 6,419 13,372 Total equity and liabilities 57,637 113,614 Company’s share of equity before eliminations 22,438 43,957 Elimination of internal profit and other equity method adjustments ( 16,752 ) ( 21,025 ) Company’s share of equity 5,686 22,932 Investment in associate at December 31 5,686 22,932 Present ownership at December 31 43.93 % 43.93 % Transactions and outstanding balances as of December 31 Invoicing of goods and services to associate 15,026 22,327 Trade receivables from associate 991 3,554 Contract liabilities 7,133 14,213 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Inventories [Abstract] | |
Summary of Inventories Explanatory | 2023 2022 (EUR’000) Inventories Raw materials and consumables 18,566 9,616 Work in progress 171,030 112,885 Finished goods 19,335 8,172 Total inventories 208,931 130,673 |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Provisions [abstract] | |
Summary of Development in Provisions | Development in provisions is specified below: 2023 (EUR’000) Provisions At January 1 7,339 Net additions 28,293 Reversals and other adjustments ( 1,904 ) Foreign exchange translation ( 1,009 ) At December 31 32,719 |
Financial Assets and Liabilit_2
Financial Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Presentation of leases for lessee [abstract] | |
Schedule of Financial Assets and Financial Liabilities | Financial assets and liabilities comprise the following: 2023 2022 (EUR’000) Financial assets by category Trade receivables 35,874 11,910 Other receivables (excluding income tax and indirect tax receivables) 3,909 3,884 Marketable securities 7,275 298,180 Cash and cash equivalents 392,164 444,767 Financial assets measured at amortized cost 439,222 758,741 Total financial assets 439,222 758,741 Classified in the statement of financial position Non-current assets 2,127 9,412 Current assets 437,095 749,329 Total financial assets 439,222 758,741 Financial liabilities by category Borrowings Convertible senior notes 407,095 399,186 Royalty funding liabilities 138,377 — Lease liabilities 98,793 109,191 Trade payables and accrued expenses 94,566 101,032 Financial liabilities measured at amortized cost 738,831 609,409 Derivative liabilities 143,296 157,950 Financial liabilities measured at fair value through profit or loss 143,296 157,950 Total financial liabilities 882,127 767,359 Classified in the statement of financial position Non-current liabilities 762,161 640,907 Current liabilities 119,966 126,452 Total financial liabilities 882,127 767,359 |
Schedule of Finance Income and Finance Expenses | Finance income and expenses are specified below: 2023 2022 2021 (EUR’000) Finance income Interest income 16,857 7,426 692 Fair value gains, derivatives 14,654 — — Foreign exchange and other adjustments gain (net) 12,346 44,755 59,026 Total finance income 43,857 52,181 59,718 Finance expenses Interest expenses 44,065 30,682 3,911 Fair value loss, derivatives — 15,483 — Foreign exchange and other adjustments loss (net) — 4,322 — Total finance expenses 44,065 50,487 3,911 |
Summary of Expenses, Relating To Lease Activities In The Consolidated Statements | The following expenses relating to lease activities are recognized in the consolidated statements of profit or loss: 2023 2022 2021 (EUR’000) Lease expenses Depreciation 11,875 11,740 10,963 Short term leases and leases of low value assets 353 280 186 Lease interest 3,581 3,842 3,396 Total lease expenses 15,809 15,862 14,545 |
Summary of Development in Borrowings Related to Financing Activities | Development in borrowings related to financing activities is specified below: Cash payments Non-cash items Beginning Repay- Net proceeds Additions/ Separation of embedded derivative Accretion of Foreign End of (EUR’000) Financing activities December 31, 2023 Borrowings 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 Financing activities December 31, 2022 Borrowings — ( 6,710 ) 503,281 — ( 142,467 ) 30,216 14,866 399,186 Lease liabilities 104,961 ( 7,995 ) — 3,194 — 3,842 5,189 109,191 Total financing activities 104,961 ( 14,705 ) 503,281 3,194 ( 142,467 ) 34,058 20,055 508,377 |
Summary of Fair Value Hierarchy | Level 3 inputs are unobservable inputs for the asset or liability. 2023 2022 Carrying amount Fair value Carrying amount Fair value Fair value level (EUR’000) (1-3) Financial assets Marketable securities 7,275 7,266 298,180 295,843 1 Financial assets measured at amortized cost 7,275 7,266 298,180 295,843 Financial liabilities Borrowings Convertible senior notes 407,095 385,410 399,186 382,459 3 Royalty funding 138,377 143,975 — — 3 Financial liabilities measured at amortized cost 545,472 529,385 399,186 382,459 Derivative liabilities 143,296 143,296 157,950 157,950 3 Financial liabilities measured at fair value through profit or loss 143,296 143,296 157,950 157,950 |
Development in Level 3 Fair Value Remeasurements | Development in level 3 fair value remeasurements is specified below: 2023 2022 2021 (EUR’000) Derivative liabilities January 1 157,950 — — Additions — 142,467 — Remeasurement recognized in financial income or expense ( 14,654 ) 15,483 — December 31 143,296 157,950 — |
Financial Risk Management (Tabl
Financial Risk Management (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of detailed information about financial instruments [abstract] | |
Summary of Number of Shares | The number of outstanding shares of the Company are as follows: 2023 2022 2021 2020 2019 (Number) Changes in share capital At January 1 57,152,295 56,937,682 53,750,386 47,985,837 42,135,448 Increase through cash contributions 555,144 214,613 3,187,296 5,764,549 5,850,389 At December 31 57,707,439 57,152,295 56,937,682 53,750,386 47,985,837 |
Summary Of Holding Of Treasury Shares | The holding of treasury shares are as follows: Nominal Holding Holding in (EUR’000) (Number) Treasury shares At January 1, 2022 21 154,837 — Acquired from third parties 134 1,000,000 — Transferred under stock incentive programs ( 6 ) ( 41,685 ) — At December 31, 2022 149 1,113,152 2.0 % Transferred under stock incentive programs ( 3 ) ( 20,098 ) — At December 31, 2023 146 1,093,054 1.9 % |
Summary of Foreign Currency Sensitivity Analysis | Hypothetical impact on consolidated Nominal Increase in Profit/(loss) Equity before tax (EUR ‘000) USD/EUR December 31, 2023 ( 369,091 ) 10 % ( 36,909 ) ( 36,909 ) December 31, 2022 60,581 10 % 6,058 6,058 |
Summary Of Rate Structure Of Marketable Securities | Rate structure of marketable securities are specified below: 2023 2022 Carrying Fair value Carrying Fair value (EUR’000) Marketable securities specified by rate structure Fixed rate 7,275 7,266 205,825 203,543 Floating rate — — 11,787 11,773 Zero-coupon — — 80,568 80,527 Total marketable securities 7,275 7,266 298,180 295,843 |
Schedule Of Marketable Securities Specified By Investment Grade Credit Rating | Marketable securities specified by investment grade credit rating are specified below: 2023 2022 Carrying Fair value Carrying Fair value (EUR’000) Marketable securities specified by investment grade credit rating High grade 4,523 4,519 203,530 202,048 Upper medium grade 2,752 2,747 94,650 93,795 Total marketable securities 7,275 7,266 298,180 295,843 |
Summary of Marketable securities | 2023 2022 Carrying Fair value Carrying Fair value (EUR’000) Marketable securities specified by security type U.S. Treasury bills — — 79,086 79,043 U.S. Government bonds 4,523 4,519 99,337 98,075 Corporate bonds 2,752 2,747 104,236 103,301 Agency bonds — — 15,521 15,424 Total marketable securities 7,275 7,266 298,180 295,843 Classified based on maturity profiles Non-current assets — — 7,492 7,201 Current assets 7,275 7,266 290,688 288,642 Total marketable securities 7,275 7,266 298,180 295,843 At |
Summary of Contractual Cash Flows for Financial Liabilities | Contractual cash flows for non-derivative financial liabilities recognized in the consolidated statements of financial position are specified below. < 1 year 1-5 years >5 years Total Carrying (EUR’000) Financial liabilities December 31, 2023 Borrowings 11,708 742,925 42,397 797,030 545,472 Lease liabilities 14,385 51,426 49,056 114,867 98,793 Trade payables and accrued expenses 94,566 — — 94,566 94,566 Total financial liabilities 120,659 794,351 91,453 1,006,463 738,831 Financial liabilities December 31, 2022 Borrowings 12,130 48,519 545,161 605,810 399,186 Lease liabilities 13,996 53,821 60,946 128,763 109,191 Trade payables and accrued expenses 101,032 — — 101,032 101,032 Total financial liabilities 127,158 102,340 606,107 835,605 609,409 |
Investments in Group Enterpri_2
Investments in Group Enterprises (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investments accounted for using equity method [abstract] | |
Summary of Investments in Group Enterprises | Ascendis Pharma A/S’s (parent company) investments in group enterprises at December 31, 2023, comprise: Subsidiaries Domicile Ownership Ascendis Pharma GmbH Germany 100 % Ascendis Pharma Endocrinology GmbH Germany 100 % Ascendis Pharma, Inc. USA 100 % Ascendis Pharma Endocrinology, Inc. USA 100 % Ascendis Pharma Ophthalmology Division A/S Denmark 100 % Ascendis Pharma Endocrinology Division A/S Denmark 100 % Ascendis Pharma Bone Diseases A/S Denmark 100 % Ascendis Pharma Growth Disorders A/S Denmark 100 % Ascendis Pharma Oncology Division A/S Denmark 100 % Ascendis Pharma Nordics A/S Denmark 100 % Ascendis Pharma Europe A/S Denmark 100 % Ascendis Pharma UK Limited United Kingdom 100 % Ascendis Pharma Iberia S.L. Spain 100 % Associate Domicile Ownership VISEN Pharmaceuticals Cayman Island 43.93 % |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) € / shares in Units, € in Thousands | Dec. 31, 2023 EUR (€) € / shares | Dec. 31, 2023 kr / shares | Dec. 31, 2022 EUR (€) | Dec. 31, 2021 EUR (€) |
Disclosure of summary of significant accounting policies [line items] | ||||
Carrying amount of non-current lease liabilities | € 84,619 | € 95,400 | ||
Carrying amount of current lease liabilities | 14,174 | 13,791 | ||
Nominal amount of treasury shares | 146 | 149 | € 21 | |
Nominal value common shares | kr / shares | kr 1 | |||
Convertible Senior Notes | 407,100 | |||
Derivative liabilities | € 143,296 | € 157,950 | ||
Ordinary shares [member] | ||||
Disclosure of summary of significant accounting policies [line items] | ||||
Nominal value common shares | € / shares | € 0.13 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Asset's Expected Useful Life (Detail) | 12 Months Ended |
Dec. 31, 2023 | |
Bottom of range [member] | Process plant and machinery [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Asset's expected useful life | 5 years |
Bottom of range [member] | Other equipment [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Asset's expected useful life | 3 years |
Bottom of range [member] | Leasehold improvements [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Asset's expected useful life | 3 years |
Bottom of range [member] | Right-of-use assets [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Asset's expected useful life | 2 years |
Top of range [member] | Process plant and machinery [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Asset's expected useful life | 10 years |
Top of range [member] | Other equipment [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Asset's expected useful life | 5 years |
Top of range [member] | Leasehold improvements [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Asset's expected useful life | 11 years |
Top of range [member] | Right-of-use assets [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Asset's expected useful life | 11 years |
Significant Accounting Judgem_2
Significant Accounting Judgements and Estimates - Additional Information (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of changes in accounting estimates [line items] | |||
Provisions | € 32,719 | € 7,339 | |
Warrant compensation cost | 28,800 | 55,200 | € 66,100 |
Derivative liabilities | 143,296 | 157,950 | |
Carrying amount of royalty funding liabilities | 138,400 | ||
Sales rebates and product returns in U.S. market [member] | |||
Disclosure of changes in accounting estimates [line items] | |||
Provisions | € 32,700 | € 7,300 |
Revenue - Schedule of Revenue R
Revenue - Schedule of Revenue Recognized in Consolidated Statements of Profit or Loss (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue | |||
Sale of commercial products | € 178,663 | € 35,659 | € 943 |
Rendering of services | 21,659 | 4,434 | 751 |
Sale of clinical supply | 319 | 8,534 | 3,719 |
Licenses | 66,077 | 2,547 | 2,365 |
Total revenue | 266,718 | 51,174 | 7,778 |
Revenue (geographical) | |||
Total revenue | 266,718 | 51,174 | 7,778 |
Goods or services transferred over time [member] | |||
Revenue | |||
Total revenue | 21,659 | 4,434 | 751 |
Revenue (geographical) | |||
Total revenue | 21,659 | 4,434 | 751 |
Goods or services transferred at point in time [member] | |||
Revenue | |||
Total revenue | 245,059 | 46,740 | 7,027 |
Revenue (geographical) | |||
Total revenue | 245,059 | 46,740 | 7,027 |
Commercial customers [Member] | |||
Revenue | |||
Total revenue | 178,663 | 35,659 | 943 |
Revenue (geographical) | |||
Total revenue | 178,663 | 35,659 | 943 |
Collaboration partners and license agreements [Member] | |||
Revenue | |||
Total revenue | 88,055 | 15,515 | 6,835 |
Revenue (geographical) | |||
Total revenue | 88,055 | 15,515 | 6,835 |
Europe [member] | |||
Revenue | |||
Total revenue | 869 | 552 | |
Revenue (geographical) | |||
Total revenue | 869 | 552 | |
North America [member] | |||
Revenue | |||
Total revenue | 191,677 | 44,156 | 6,856 |
Revenue (geographical) | |||
Total revenue | 191,677 | 44,156 | 6,856 |
Asia [member] | |||
Revenue | |||
Total revenue | 74,172 | 6,466 | 922 |
Revenue (geographical) | |||
Total revenue | € 74,172 | € 6,466 | € 922 |
Revenue - Additional Informatio
Revenue - Additional Information (Detail) | 12 Months Ended | ||
Nov. 29, 2023 USD ($) | Dec. 31, 2023 USD ($) CommercialCustomer | Dec. 31, 2022 CommercialCustomer | |
Disclosure of performance obligations [line items] | |||
Number of commercial customers | CommercialCustomer | 4 | 4 | |
Upfront payment received | $ 70,000,000 | ||
Maximum additional development and regulatory milestones potentially to be received | $ 175,000,000 | $ 175,000,000 | |
Royalties and Milestones [Member] | |||
Disclosure of performance obligations [line items] | |||
Recognized as revenue | 0 | ||
Licenses [Member] | |||
Disclosure of performance obligations [line items] | |||
Upfront payment received | $ 70,000,000 | ||
Commercial Customers [Member] | Bottom of range [member] | |||
Disclosure of performance obligations [line items] | |||
Perentage of sale to commercial customers | 10% | 10% |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2023 Segment | |
Disclosure of operating segments [line items] | |
Number of reportable segment | 1 |
Segment Information - Summary o
Segment Information - Summary of Intangible Assets, and Property, Plant and Equipment (Detail) - EUR (€) € in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of operating segments [line items] | ||
Non-current segment assets | € 115,053 | € 133,923 |
Investment in associate | 5,686 | 22,932 |
Marketable securities | 0 | 7,492 |
Other receivables | 2,127 | 1,920 |
Total non-current assets | 122,866 | 166,267 |
Denmark [member] | ||
Disclosure of operating segments [line items] | ||
Non-current segment assets | 32,893 | 30,336 |
North America [member] | ||
Disclosure of operating segments [line items] | ||
Non-current segment assets | 68,589 | 89,439 |
Europe [Member] | ||
Disclosure of operating segments [line items] | ||
Non-current segment assets | € 13,571 | € 14,148 |
Employee Costs - Summary of Emp
Employee Costs - Summary of Employee Cost (Detail) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 EUR (€) Employee | Dec. 31, 2022 EUR (€) Employee | Dec. 31, 2021 EUR (€) Employee | |
Disclosure of employee compensation costs [line items] | |||
Wages and salaries | € 170,278 | € 140,420 | € 104,583 |
Share-based payment | 66,660 | 64,180 | 66,830 |
Pensions (defined contribution plans) | 4,403 | 4,163 | 2,416 |
Social security costs | 12,877 | 10,627 | 7,667 |
Other employee costs | 4,238 | 4,411 | 1,740 |
Total employee costs | € 258,456 | € 223,801 | € 183,236 |
Average number of employees | Employee | 851 | 719 | 573 |
Research and development expenses [member] | |||
Disclosure of employee compensation costs [line items] | |||
Total employee costs | € 127,002 | € 122,581 | € 108,434 |
Selling, general and administrative expenses [member] | |||
Disclosure of employee compensation costs [line items] | |||
Total employee costs | 115,706 | 93,981 | 73,422 |
Cost of sales [member] | |||
Disclosure of employee compensation costs [line items] | |||
Total employee costs | 15,748 | 7,239 | 1,380 |
Board of Directors [member] | |||
Disclosure of employee compensation costs [line items] | |||
Wages and salaries | 543 | 403 | 296 |
Share-based payment | 1,276 | 1,273 | 2,032 |
Total employee costs | 1,819 | 1,676 | 2,328 |
Executive Board [member] | |||
Disclosure of employee compensation costs [line items] | |||
Wages and salaries | 4,375 | 3,809 | 2,699 |
Share-based payment | 13,243 | 11,392 | 8,770 |
Pensions (defined contribution plans) | 54 | 46 | 23 |
Social security costs | 103 | 55 | 49 |
Other employee costs | 20 | 20 | 10 |
Total employee costs | 17,795 | 15,322 | 11,551 |
Nonexecutivesenior management [Member] | |||
Disclosure of employee compensation costs [line items] | |||
Wages and salaries | 4,673 | 6,087 | 5,547 |
Share-based payment | 9,529 | 8,872 | 14,906 |
Pensions (defined contribution plans) | 122 | 118 | 120 |
Social security costs | 45 | 89 | 60 |
Other employee costs | 40 | 45 | 45 |
Total employee costs | € 14,409 | € 15,211 | € 20,678 |
Employee Costs - Additional Inf
Employee Costs - Additional Information (Detail) - Employee | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Board of Directors [member] | Maximum [Member] | |||
Disclosure of employee compensation costs [line items] | |||
Number of persons | 7 | 7 | 7 |
Board of Directors [member] | Minimum [Member] | |||
Disclosure of employee compensation costs [line items] | |||
Number of persons | 6 | 6 | 6 |
Executive Board [member] | |||
Disclosure of employee compensation costs [line items] | |||
Number of persons | 4 | 4 | |
Executive Board [member] | Maximum [Member] | |||
Disclosure of employee compensation costs [line items] | |||
Number of persons | 4 | ||
Executive Board [member] | Minimum [Member] | |||
Disclosure of employee compensation costs [line items] | |||
Number of persons | 2 |
Share-Based Payment - Additiona
Share-Based Payment - Additional Information (Detail) | 12 Months Ended | |||
Dec. 31, 2023 kr / shares shares | Dec. 31, 2022 € / shares | Dec. 31, 2021 € / shares | Dec. 31, 2023 € / shares shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Share nominal value | kr / shares | kr 1 | |||
Weighted average remaining life for outstanding warrants | 71 months | |||
Restricted Stock Units [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Vesting period | 3 years | |||
Top of range [member] | Performance Stock Unit Program [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Percentage of each tranche directly attributable to accomplishment of financial results achieved in financial year prior to vesting date | 10% | |||
Warrants [member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Weighted average remaining life for outstanding warrants | 77 months | 87 months | ||
Warrants [member] | Bottom of range [member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise price | € 6.48 | € 6.48 | € 11.98 | |
Warrants [member] | Top of range [member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise price | € 145.50 | € 145.50 | € 145.50 | |
Warrants Granted 2012 Until November 2021 [member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Vesting period | 24 months | |||
Warrants Granted From December 2021 [member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Vesting period | 12 months | |||
Board members of group [member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Number of additional shares authorized to grant | shares | 1,564,221 | 1,564,221 | ||
Board members of group [member] | Warrants Granted From December 2021 [member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Percentage of warrants vested | 75% | |||
Employees and consultants [member] | Warrants Granted From December 2021 [member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Percentage of warrants vested | 75% | |||
Later than one year [member] | Warrants Granted 2012 Until November 2021 [member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Vesting period | 48 months | |||
Later than one year [member] | Warrants Granted From December 2021 [member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Vesting period | 36 months | |||
Later than one year [member] | Board members of group [member] | Warrants Granted From December 2021 [member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Percentage of warrants vested | 25% | |||
Later than one year [member] | Employees and consultants [member] | Warrants Granted From December 2021 [member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Percentage of warrants vested | 25% |
Share-Based Payment - Summary O
Share-Based Payment - Summary Of Share Based Payment (Detail) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items] | |||
Ending balance | 6,523,784 | ||
Restricted Stock Units [Member] | |||
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items] | |||
Beginning balance | 82,492 | 148,148 | 0 |
Granted during the period | 609,860 | 148,148 | |
Settled during the period | (18,132) | ||
Transferred during the period | (20,098) | (41,685) | |
Forfeited during the period | (77,497) | (23,971) | |
Ending balance | 576,625 | 82,492 | 148,148 |
Restricted Stock Units [Member] | 2024 | |||
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items] | |||
Vesting specified by date | 217,615 | ||
Restricted Stock Units [Member] | 2025 | |||
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items] | |||
Vesting specified by date | 179,482 | ||
Restricted Stock Units [Member] | 2026 | |||
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items] | |||
Vesting specified by date | 179,528 | ||
Performance Stock Units [Member] | |||
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items] | |||
Granted during the period | 112,268 | ||
Forfeited during the period | (7,245) | ||
Ending balance | 105,023 | ||
Performance Stock Units [Member] | 2024 | |||
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items] | |||
Vesting specified by date | 35,007 | ||
Performance Stock Units [Member] | 2025 | |||
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items] | |||
Vesting specified by date | 35,008 | ||
Performance Stock Units [Member] | 2026 | |||
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items] | |||
Vesting specified by date | 35,008 | ||
Restricted Stock Units and Performance Stock Unit [Member] | |||
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items] | |||
Beginning balance | 82,492 | 148,148 | 0 |
Granted during the period | 722,128 | 148,148 | |
Settled during the period | (18,132) | ||
Transferred during the period | (20,098) | (41,685) | |
Forfeited during the period | (84,742) | (23,971) | |
Ending balance | 681,648 | 82,492 | 148,148 |
Restricted Stock Units and Performance Stock Unit [Member] | 2024 | |||
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items] | |||
Vesting specified by date | 252,622 | ||
Restricted Stock Units and Performance Stock Unit [Member] | 2025 | |||
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items] | |||
Vesting specified by date | 214,490 | ||
Restricted Stock Units and Performance Stock Unit [Member] | 2026 | |||
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items] | |||
Vesting specified by date | 214,536 |
Share-Based Payment - Summary_2
Share-Based Payment - Summary Of Share Based Payment (Parenthetical) (Detail) - EUR (€) | Dec. 31, 2023 | Dec. 31, 2021 |
Restricted Stock Units [Member] | ||
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items] | ||
Fair Value of Other Equity Instruments Granted | € 105.96 | € 123.46 |
Performance Stock Units [Member] | ||
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items] | ||
Fair Value of Other Equity Instruments Granted | € 105.96 |
Share-based Payment - Schedule
Share-based Payment - Schedule of Warrant Activity (Detail) | 12 Months Ended | ||
Dec. 31, 2023 € / shares | Dec. 31, 2022 € / shares | Dec. 31, 2021 € / shares | |
Disclosure Of Warrant Activity [line items] | |||
Ending balance | 6,523,784 | ||
Ending balance | € 86.38 | ||
Warrants [member] | |||
Disclosure Of Warrant Activity [line items] | |||
Beginning balance | 6,864,011 | 7,085,073 | 6,148,004 |
Granted during the year | 395,275 | 357,092 | 1,445,981 |
Exercised during the year | (555,144) | (214,613) | (312,296) |
Forfeited during the year | (180,358) | (363,541) | (196,616) |
Ending balance | 6,523,784 | 6,864,011 | 7,085,073 |
Vested at the reporting date | 5,273,056 | 4,972,026 | 4,022,011 |
Beginning balance | € 81.30 | € 80.30 | € 69.97 |
Granted during the year | 91.07 | 100.40 | 122.03 |
Exercised during the year | 17.76 | 21.83 | 38.43 |
Forfeited during the year | 115.79 | 123.62 | 119.58 |
Ending balance | 86.38 | 81.30 | 80.30 |
Vested at the reporting date | € 80.02 | € 66.34 | € 52.63 |
Share-based Payment - Schedule
Share-based Payment - Schedule of Warrant Activity (Parenthetical) (Detail) - € / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
U.S. dollars [member] | |||
Disclosure Of Warrant Activity [line items] | |||
Weighted average share price | € 98.10 | € 113.60 | € 124.62 |
Share-based Payment - Schedul_2
Share-based Payment - Schedule of Weighted Average Exercise Price and Weighted Remaining Contractual Life for Outstanding Warrants (Detail) | 12 Months Ended |
Dec. 31, 2023 shares € / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Number of Warrants, Outstanding | 6,523,784 |
Weighted Average Exercise, Outstanding | € 86.38 |
Weighted Average Life, Granted | 71 months |
Granted before January 1, 2021 [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Year of grant | January 1, 2021 |
Number of Warrants, Granted | shares | 4,717,462 |
Weighted Average Exercise, Granted | € 75.54 |
Weighted Average Life, Granted | 60 months |
Granted In 2021 [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Year of grant | 2021 |
Number of Warrants, Granted | 1,135,647 |
Weighted Average Exercise, Granted | € 121.77 |
Weighted Average Life, Granted | 94 months |
Granted In 2022 [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Year of grant | 2022 |
Number of Warrants, Granted | 296,480 |
Weighted Average Exercise, Granted | € 100.28 |
Weighted Average Life, Granted | 102 months |
Granted in 2023 [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Year of grant | 2023 |
Number of Warrants, Granted | 374,195 |
Weighted Average Exercise, Granted | € 90.73 |
Weighted Average Life, Granted | 113 months |
Share-based Payment - Summary
Share-based Payment - Summary of Fair Values for Warrant Grants (Detail) - Warrants [member] | 12 Months Ended | ||
Dec. 31, 2023 yr € / shares | Dec. 31, 2022 yr € / shares | Dec. 31, 2021 yr € / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Expected life of warrants (years) | yr | 6 | 6 | 6 |
Weighted average exercise price | € 91.07 | € 100.40 | € 122.03 |
Bottom of range [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Expected volatility | 49% | 48% | 48% |
Risk-free interest rate | 2.40% | (0.08%) | (0.54%) |
Fair value of warrants granted in the year | € 37.34 | € 36.55 | € 45.91 |
Top of range [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Expected volatility | 51% | 49% | 49% |
Risk-free interest rate | 2.97% | 2.54% | (0.27%) |
Fair value of warrants granted in the year | € 52.03 | € 60.85 | € 64.28 |
Principal Accountant Fees and_3
Principal Accountant Fees and Services - Summary of Principal Accountant Fees and Services (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Auditor's remuneration [abstract] | |||
Audit fees | € 739 | € 814 | € 771 |
Tax fees | 122 | 138 | 87 |
All other fees | 13 | ||
Total principal accountant fees and services | € 861 | € 952 | € 871 |
Tax on Profit_(Loss) for the _3
Tax on Profit/(Loss) for the Year and Deferred Tax - Summary of Tax on Profit/Loss and Deferred Tax (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Tax on profit/(loss) for the year: | |||
Current tax (expense)/income | € (5,377) | € (3,723) | € 367 |
Current tax, adjustments to prior years | 3,904 | (1,654) | |
Deferred tax, movement for the year | (1,044) | ||
Deferred tax, adjustments to prior years | (4,786) | ||
Current tax expense (income) and adjustments for current tax of prior periods | (7,303) | (5,377) | 367 |
Tax for the year can be explained as follows: | |||
Profit/(loss) before tax | (474,144) | (577,817) | (383,944) |
Tax at the Danish corporation tax rate of 22% | 104,312 | 127,120 | 84,468 |
Tax effect of: | |||
Non-deductible costs | (8,494) | (17,094) | (14,800) |
Additional tax deductions | 9,077 | 13,720 | 17,117 |
Impact from associate | (4,047) | (3,893) | 3,169 |
Prior year adjustments | (1,294) | ||
Other effects including effect of different tax rates | (882) | (2,716) | 305 |
Deferred tax asset, not recognized | (105,975) | (122,514) | (89,892) |
Tax on profit/(loss) for the year | € (7,303) | € (5,377) | € 367 |
Effective tax rate | 1.54% | 0.93% | (0.10%) |
Tax deductible losses | € 521,697 | € 433,174 | € 313,011 |
Other temporary differences, assets | 16,256 | 19,961 | 12,856 |
Deferred tax asset, not recognized | (537,953) | € (453,135) | € (325,867) |
Other temporary differences, liabilities | (5,830) | ||
Total Deferred Tax Assets/(Liabilities) at December 31 | € (5,830) |
Tax on Profit_(Loss) for the _4
Tax on Profit/(Loss) for the Year and Deferred Tax - Summary of Tax on Profit/Loss and Deferred Tax (Parenthetical) (Detail) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Major components of tax expense (income) [abstract] | |||
Applicable tax rate | 22% | 22% | 22% |
Tax on Profit_(Loss) for the _5
Tax on Profit/(Loss) for the Year and Deferred Tax - Additional Information (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Major components of tax expense (income) [abstract] | |||
Income taxes refund | € 0.7 | € 0.7 | € 0.7 |
Tax losses carryforwards | 2,371.3 | 1,985 | |
Additional tax deductions, determined by annual warrants exercises by employees | € 10.6 | € 5.2 | € 4.8 |
Intangible Assets - Summary of
Intangible Assets - Summary of Goodwill (Detail) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets at beginning period | € 4,828 | |
Intangible assets at ending period | 4,419 | € 4,828 |
Goodwill [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets at beginning period | 3,495 | |
Intangible assets at ending period | 3,495 | 3,495 |
Computer software [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets at beginning period | 1,333 | |
Intangible assets at ending period | 924 | 1,333 |
Gross carrying amount [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets at beginning period | 5,717 | 5,717 |
Additions | 53 | |
Transferred | 21 | |
Intangible assets at ending period | 5,791 | 5,717 |
Gross carrying amount [member] | Goodwill [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets at beginning period | 3,495 | 3,495 |
Intangible assets at ending period | 3,495 | 3,495 |
Gross carrying amount [member] | Computer software [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets at beginning period | 2,222 | 2,222 |
Additions | 53 | |
Transferred | 21 | |
Intangible assets at ending period | 2,296 | 2,222 |
Amortization and impairment [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets at beginning period | (889) | (445) |
Amortization Charge | (483) | (444) |
Intangible assets at ending period | (1,372) | (889) |
Amortization and impairment [member] | Computer software [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets at beginning period | (889) | (445) |
Amortization Charge | (483) | (444) |
Intangible assets at ending period | € (1,372) | € (889) |
Property, Plant and Equipment -
Property, Plant and Equipment - Summary of Property, Plant and Equipment (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning period | € 129,095 | ||
Depreciation charge | (18,428) | € (17,514) | € (14,946) |
Property, plant and equipment at ending period | 110,634 | 129,095 | |
Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning period | 175,743 | 159,970 | |
Additions | 10,858 | 14,803 | |
Disposals | (440) | (5,907) | |
Transferred | (21) | ||
Foreign exchange translation | (3,989) | 6,877 | |
Property, plant and equipment at ending period | 182,151 | 175,743 | 159,970 |
Depreciation and impairment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning period | (46,648) | (33,921) | |
Depreciation charge | (18,428) | (17,514) | |
Impairment charge | (7,834) | ||
Disposals | 200 | 5,885 | |
Foreign exchange translation | 1,193 | (1,098) | |
Property, plant and equipment at ending period | (71,517) | (46,648) | (33,921) |
Plant and machinery [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning period | 17,360 | ||
Property, plant and equipment at ending period | 14,652 | 17,360 | |
Plant and machinery [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning period | 24,944 | 16,946 | |
Additions | 2,580 | 7,787 | |
Disposals | (383) | (32) | |
Transferred | 504 | ||
Foreign exchange translation | (209) | 243 | |
Property, plant and equipment at ending period | 27,436 | 24,944 | 16,946 |
Plant and machinery [member] | Depreciation and impairment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning period | (7,584) | (5,527) | |
Depreciation charge | (2,569) | (2,039) | |
Impairment charge | (2,869) | ||
Disposals | 146 | 25 | |
Foreign exchange translation | 92 | (43) | |
Property, plant and equipment at ending period | (12,784) | (7,584) | (5,527) |
Other equipment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning period | 6,180 | ||
Property, plant and equipment at ending period | 4,245 | 6,180 | |
Other equipment [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning period | 11,203 | 8,822 | |
Additions | 503 | 2,487 | |
Disposals | (57) | (395) | |
Transferred | (21) | ||
Foreign exchange translation | (208) | 289 | |
Property, plant and equipment at ending period | 11,420 | 11,203 | 8,822 |
Other equipment [member] | Depreciation and impairment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning period | (5,023) | (3,547) | |
Depreciation charge | (1,899) | (1,793) | |
Impairment charge | (405) | ||
Disposals | 54 | 380 | |
Foreign exchange translation | 98 | (63) | |
Property, plant and equipment at ending period | (7,175) | (5,023) | (3,547) |
Leasehold improvements [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning period | 15,633 | ||
Property, plant and equipment at ending period | 8,429 | 15,633 | |
Leasehold improvements [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning period | 20,130 | 18,067 | |
Additions | 228 | 1,284 | |
Transferred | (504) | ||
Foreign exchange translation | (479) | 779 | |
Property, plant and equipment at ending period | 19,375 | 20,130 | 18,067 |
Leasehold improvements [member] | Depreciation and impairment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning period | (4,497) | (2,488) | |
Depreciation charge | (2,085) | (1,942) | |
Impairment charge | (4,560) | ||
Foreign exchange translation | 196 | (67) | |
Property, plant and equipment at ending period | (10,946) | (4,497) | (2,488) |
Right-of-use assets [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning period | 89,922 | ||
Property, plant and equipment at ending period | 83,308 | 89,922 | |
Right-of-use assets [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning period | 119,466 | 116,135 | |
Additions | 7,547 | 3,245 | |
Disposals | (5,480) | ||
Foreign exchange translation | (3,093) | 5,566 | |
Property, plant and equipment at ending period | 123,920 | 119,466 | 116,135 |
Right-of-use assets [member] | Depreciation and impairment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning period | (29,544) | (22,359) | |
Depreciation charge | (11,875) | (11,740) | |
Disposals | 5,480 | ||
Foreign exchange translation | 807 | (925) | |
Property, plant and equipment at ending period | € (40,612) | € (29,544) | € (22,359) |
Property, Plant and Equipment_2
Property, Plant and Equipment - Summary of Depreciations Charges (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about depreciations charges [Line Items] | |||
Depreciations charges | € 18,428 | € 17,514 | € 14,946 |
Cost of sales [member] | |||
Disclosure of detailed information about depreciations charges [Line Items] | |||
Depreciations charges | 2,509 | 1,245 | 252 |
Research and development costs [member] | |||
Disclosure of detailed information about depreciations charges [Line Items] | |||
Depreciations charges | 10,296 | 10,892 | 10,102 |
Selling General And Administrative Expense [Member] | |||
Disclosure of detailed information about depreciations charges [Line Items] | |||
Depreciations charges | € 5,623 | € 5,377 | € 4,592 |
Investment in Associate - Addit
Investment in Associate - Additional Information (Detail) € in Thousands, $ in Millions | 12 Months Ended | |||||
Jan. 08, 2021 EUR (€) | Jan. 08, 2021 USD ($) | Dec. 31, 2023 EUR (€) | Dec. 31, 2022 EUR (€) | Dec. 31, 2021 EUR (€) | Dec. 31, 2020 | |
Disclosure of associates [line items] | ||||||
Share of profit/(loss) of associate | € | € (18,395) | € (17,697) | € 12,041 | |||
Major business combination [member] | ||||||
Disclosure of associates [line items] | ||||||
Consideration received | $ | $ 150 | |||||
VISEN | ||||||
Disclosure of associates [line items] | ||||||
Ownership | 43.93% | 43.93% | 50% | |||
Share of profit/(loss) of associate | € | € 42,300 | |||||
Proportion of voting rights held in associate | 43.93% | 43.93% | ||||
VISEN | Major business combination [member] | ||||||
Disclosure of associates [line items] | ||||||
Consideration received | $ | $ 12.5 |
Investment in Associate - Sched
Investment in Associate - Schedule of Financial Information of Investment in VISEN (Detail) - EUR (€) € in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of profit or (loss) | ||||
Total comprehensive income | € (484,178) | € (583,521) | € (379,722) | |
Statement of financial position | ||||
Non-current assets | 122,866 | 166,267 | ||
Current assets | 702,721 | 923,471 | ||
Total assets | 825,587 | 1,089,738 | ||
Equity | (145,697) | 263,348 | € 883,635 | € 838,711 |
Non-current liabilities | 773,940 | 655,119 | ||
Current liabilities | 197,344 | 171,271 | ||
Total equity and liabilities | € 825,587 | € 1,089,738 | ||
VISEN Pharmaceuticals [member] | ||||
VISEN Pharmaceuticals | ||||
Ownership | 43.93% | 43.93% | 50% | |
Statement of profit or (loss) | ||||
Profit / (loss) for the year from continuing operations | € (41,873) | € (40,283) | ||
Total comprehensive income | (41,859) | (40,273) | ||
Statement of financial position | ||||
Non-current assets | 9,596 | 21,410 | ||
Current assets | 48,041 | 92,204 | ||
Total assets | 57,637 | 113,614 | ||
Equity | 51,078 | 100,062 | ||
Non-current liabilities | 140 | 180 | ||
Current liabilities | 6,419 | 13,372 | ||
Total equity and liabilities | 57,637 | 113,614 | ||
Transactions and outstanding balances as of December 31 | ||||
Invoicing of goods and services to associate | 15,026 | 22,327 | ||
Trade receivables | 991 | 3,554 | ||
Contract liabilities | € 7,133 | € 14,213 |
Investment in Associate - Equit
Investment in Associate - Equity (Detail) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of associates and joint ventures [line items] | ||
Investment in associate | € 5,686 | € 22,932 |
VISEN Pharmaceuticals [member] | Associates [member] | ||
Disclosure of associates and joint ventures [line items] | ||
Company's share of equity before eliminations | 22,438 | 43,957 |
Elimination of internal profit recognized | (16,752) | (21,025) |
Company's share of equity after eliminations | 5,686 | 22,932 |
Investment in associate | € 5,686 | € 22,932 |
Inventories - Summary of Invent
Inventories - Summary of Inventories Explanatory (Detail) - EUR (€) € in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Summary of Inventory Disclosure [Line Items] | ||
Raw materials and consumables | € 18,566 | € 9,616 |
Work in progress | 171,030 | 112,885 |
Finished goods | 19,335 | 8,172 |
Total inventories | € 208,931 | € 130,673 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) € in Millions | 12 Months Ended |
Dec. 31, 2023 EUR (€) | |
Inventories [Abstract] | |
Inventory write-downs | € 22.9 |
Leases - Additional Information
Leases - Additional Information (Detail) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of maturity analysis of operating lease payments [line items] | ||
Lease liabilities | € 98,793 | € 109,191 |
Bottom of range [member] | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Optional Lease Extension Period | 6 months | |
Top of range [member] | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Optional Lease Extension Period | 5 years |
Leases - Summary of Development
Leases - Summary of Development In Lease Liabilities (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Lease liabilities [abstract] | |||
Beginning of period | € 109,191 | ||
Accretion of interest | 3,581 | € 3,842 | € 3,396 |
End of period | € 98,793 | € 109,191 |
Leases - Summary of Expenses, R
Leases - Summary of Expenses, Relating To Lease Activities In The Consolidated Statements (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of quantitative information about right-of-use assets [line items] | |||
Depreciation | € 11,875 | € 11,740 | € 10,963 |
Short term leases and leases of low value assets | 353 | 280 | 186 |
Lease interest | 3,581 | 3,842 | 3,396 |
Total lease expenses | € 15,809 | € 15,862 | € 14,545 |
Contract Liabilities - Addition
Contract Liabilities - Additional Information (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Contract Liabilities [Line Items] | |||
Revenue recognized from contract liabilities | € 13.3 | € 10.5 | € 0.4 |
Bottom of range [member] | |||
Contract Liabilities [Line Items] | |||
Expected revenue recognition period from non-current contract liabilities . | 1 year | ||
Top of range [member] | |||
Contract Liabilities [Line Items] | |||
Expected revenue recognition period from non-current contract liabilities . | 3 years |
Provisions - Summary of Develop
Provisions - Summary of Development in Provisions (Detail) € in Thousands | 12 Months Ended |
Dec. 31, 2023 EUR (€) | |
Provisions [abstract] | |
Beginning balance | € 7,339 |
Net additions | 28,293 |
Reversals and other adjustments | (1,904) |
Foreign exchange translation | (1,009) |
Ending balance | € 32,719 |
Financial Assets and Liabilit_3
Financial Assets and Liabilities - Additional Information (Detail) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | ||||||
Feb. 20, 2022 EUR (€) | Sep. 30, 2023 USD ($) XBB Multiple | Mar. 31, 2022 EUR (€) | Mar. 31, 2022 USD ($) | Dec. 31, 2023 EUR (€) Days | Dec. 31, 2023 USD ($) Days | Dec. 31, 2022 EUR (€) | Dec. 31, 2023 $ / shares | |
Disclosure of detailed information about financial instruments [line items] | ||||||||
Amount multiplied to purchase price minus revenue interest payments paid to purchaser on effective date of buy-out notice as buyout amount | XBB | 1.925 | |||||||
Amount multiplied to purchase price minus revenue interest payments paid to purchaser on effective date of buy-out notice provided on or prior to period as buyout amount | XBB | 1.65 | |||||||
Carrying amount of royalty funding liabilities | € 138,400,000 | |||||||
Fair value of royalty funding liabilities | 144,000,000 | |||||||
Derivative liabilities | 143,296,000 | € 157,950,000 | ||||||
Royalty Pharma [member] | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Funding received in exchange of royalty payments | $ | $ 150 | |||||||
Net proceeds after deduting offering expenses | € 136,300,000 | $ 146.3 | ||||||
Royalty payment ending period | Dec. 31, 2031 | |||||||
U.S. SKYTROFA [member] | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Funding received in exchange of royalty payments | $ | $ 150 | |||||||
Revenue interest payment in percentage in exchange for funding | 9.15% | |||||||
Royalty payment beginning period | Jan. 01, 2025 | |||||||
Derivatives [member] | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Expected volatility | 50.47% | 50.47% | 49.24% | |||||
Derivatives [member] | Historical volatility for shares, measurement input [member] | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Percentage of reasonably possible increase in unobservable input, liabilities | 10% | |||||||
Derivatives [member] | Share Price Measurement Input [Member] | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Percentage of reasonably possible increase in unobservable input, liabilities | 10% | |||||||
Increase decrease in derivative financial liabilities fair value | € 26,700,000 | |||||||
Foreign Currency Conversion Option [Member] | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Increase decrease in derivative financial liabilities fair value | € 14,800,000 | |||||||
Bottom of range [member] | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Optional Lease Extension Period | 6 months | 6 months | ||||||
Bottom of range [member] | Royalty Pharma [member] | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Multiple of the purchase price were royalty payment will cease | Multiple | 1.65 | |||||||
Top of range [member] | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Optional Lease Extension Period | 5 years | 5 years | ||||||
Top of range [member] | Royalty Pharma [member] | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Multiple of the purchase price were royalty payment will cease | Multiple | 1.925 | |||||||
American depository shares [member] | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Conversion price per share | $ / shares | $ 166.34 | |||||||
DENMARK | Office Facility [Member] | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Enforceable Lease Term | 15 years | |||||||
Expected Lease Commence Year | 2025 | |||||||
Total lease cash-outflows | € 68,100,000 | |||||||
Convertible Senior Notes [Member] | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Principal amount | $ | $ 575 | |||||||
Proceeds From Issuance Of Notes | € 503,300,000 | $ 557.9 | ||||||
Borrowings, maturity | April 1, 2028 | April 1, 2028 | ||||||
Borrowings in arrears default payment start date | Oct. 01, 2022 | Oct. 01, 2022 | ||||||
Conversion rate per note | $ / shares | $ 6.0118 | |||||||
Borrowings redemption period | April 7, 2025 | April 7, 2025 | ||||||
Borrowings condition for redemption | but only if the last reported sale price per ADS exceeds 130% of the conversion price on each of (i) 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. | but only if the last reported sale price per ADS exceeds 130% of the conversion price on each of (i) 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% | 130% | ||||||
Borrowings threshold trading days for redemption | Days | 20 | 20 | ||||||
Borrowings threshold consecutive trading days for redemption | Days | 30 | 30 | ||||||
Convertible Senior Notes [Member] | American depository shares [member] | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Principal amount | € 1,000 | |||||||
Convertible Senior Notes [Member] | Fixed interest rate [member] | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Borrowings, interest rate | 2.25% | 2.25% |
Financial Assets and Liabilit_4
Financial Assets and Liabilities - Schedule of Financial assets and Financial Liabilities (Detail) - EUR (€) € in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Financial assets by category | ||||
Cash and cash equivalents | € 392,164 | € 444,767 | € 446,267 | € 584,517 |
Total financial assets | 439,222 | 758,741 | ||
Classified in the statement of financial position | ||||
Non-current assets | 2,127 | 9,412 | ||
Current assets | 437,095 | 749,329 | ||
Financial liabilities by category | ||||
Convertible senior notes | 407,100 | |||
Lease liabilities | 98,793 | 109,191 | ||
Derivative liabilities | 143,296 | 157,950 | ||
Total financial liabilities | 882,127 | 767,359 | ||
Classified in the statement of financial position | ||||
Non-current liabilities | 762,161 | 640,907 | ||
Current liabilities | 119,966 | 126,452 | ||
Financial liabilities at amortised cost, class [member] | ||||
Financial liabilities by category | ||||
Convertible senior notes | 407,095 | 399,186 | ||
Royalty funding | 138,377 | |||
Lease liabilities | 98,793 | 109,191 | ||
Trade payables and accrued expenses | 94,566 | 101,032 | ||
Financial liabilities measured at amortized cost | 738,831 | 609,409 | ||
Financial liabilities at amortised cost, class [member] | Financial liabilities at fair value, class [member] | ||||
Financial liabilities by category | ||||
Financial liabilities measured at fair value through profit or loss | 143,296 | 157,950 | ||
Financial assets at amortised cost, class [member] | ||||
Financial assets by category | ||||
Trade receivables from associate | 35,874 | 11,910 | ||
Other receivables | 3,909 | 3,884 | ||
Marketable Securities | 7,275 | 298,180 | ||
Cash and cash equivalents | 392,164 | 444,767 | ||
Financial assets measured at amortized cost | € 439,222 | € 758,741 |
Financial Assets and Liabilit_5
Financial Assets and Liabilities - Schedule of Finance Income and Finance Expenses (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Finance income | |||
Interest income | € 16,857 | € 7,426 | € 692 |
Fair value gains, derivatives | 14,654 | ||
Foreign exchange and other adjustments gain (net) | 12,346 | 44,755 | 59,026 |
Total finance income | 43,857 | 52,181 | 59,718 |
Finance expenses | |||
Interest expenses | 44,065 | 30,682 | 3,911 |
Fair value loss, derivatives | 15,483 | ||
Foreign exchange and other adjustments loss (net) | 4,322 | ||
Total finance expenses | € 44,065 | € 50,487 | € 3,911 |
Financial Assets and Liabilit_6
Financial Assets and Liabilities - Summary of Expenses, Relating To Lease Activities In The Consolidated Statements (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of quantitative information about right-of-use assets [line items] | |||
Depreciation | € 11,875 | € 11,740 | € 10,963 |
Short term leases and leases of low value assets | 353 | 280 | 186 |
Lease interest | 3,581 | 3,842 | 3,396 |
Total lease expenses | € 15,809 | € 15,862 | € 14,545 |
Financial Assets and Liabilit_7
Financial Assets and Liabilities - Summary of Development in Borrowings Arising from Financing Activities (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Beginning of period | € 508,377 | € 104,961 |
Repayments | (26,060) | (14,705) |
Net proceeds | 136,256 | 503,281 |
Additions | 2,973 | 3,194 |
Separation of fair value | (142,467) | |
Accretion of interest | 43,967 | 34,058 |
Foreign exchange adjustment | (21,248) | 20,055 |
End of period | 644,265 | 508,377 |
Borrowings [member] | ||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Beginning of period | 399,186 | 0 |
Repayments | (12,054) | (6,710) |
Net proceeds | 136,256 | 503,281 |
Separation of fair value | (142,467) | |
Accretion of interest | 40,386 | 30,216 |
Foreign exchange adjustment | (18,302) | 14,866 |
End of period | 545,472 | 399,186 |
Lease liabilities [member] | ||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Beginning of period | 109,191 | 104,961 |
Repayments | (14,006) | (7,995) |
Additions | 2,973 | 3,194 |
Accretion of interest | 3,581 | 3,842 |
Foreign exchange adjustment | (2,946) | 5,189 |
End of period | € 98,793 | € 109,191 |
Financial Assets and Liabilit_8
Financial Assets and Liabilities - Summary of Fair Value Hierarchy (Details) - EUR (€) € in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Categories of financial assets [abstract] | |||
Total financial assets | € 439,222 | € 758,741 | |
Categories of financial liabilities [abstract] | |||
Convertible senior notes | 407,100 | ||
Derivative liabilities | 143,296 | 157,950 | |
Total financial liabilities | 882,127 | 767,359 | |
Carrying amount [member] | |||
Categories of financial assets [abstract] | |||
Financial assets at amortised cost | 7,275 | 298,180 | |
Categories of financial liabilities [abstract] | |||
Financial liabilities at amortised cost | 545,472 | 399,186 | |
Total financial liabilities at fair value through profit or loss | 143,296 | 157,950 | |
Fair value [member] | |||
Categories of financial assets [abstract] | |||
Financial assets at amortised cost | 7,266 | 295,843 | |
Categories of financial liabilities [abstract] | |||
Financial liabilities at amortised cost | 529,385 | 382,459 | |
Total financial liabilities at fair value through profit or loss | 143,296 | 157,950 | |
Level 1 [member] | Carrying amount [member] | |||
Categories of financial assets [abstract] | |||
Marketable Securities | 7,275 | 298,180 | |
Level 1 [member] | Fair value [member] | |||
Categories of financial assets [abstract] | |||
Marketable Securities | 7,266 | 295,843 | |
Level 3 [member] | |||
Categories of financial liabilities [abstract] | |||
Derivative liabilities | 143,296 | 157,950 | |
Level 3 [member] | Carrying amount [member] | |||
Categories of financial liabilities [abstract] | |||
Convertible senior notes | 407,095 | 399,186 | |
Royalty funding | 138,377 | 0 | |
Derivative liabilities | 143,296 | 157,950 | |
Level 3 [member] | Fair value [member] | |||
Categories of financial liabilities [abstract] | |||
Convertible senior notes | 385,410 | 382,459 | |
Royalty funding | 143,975 | 0 | |
Derivative liabilities | € 143,296 | € 157,950 |
Financial Assets and Liabilit_9
Financial Assets and Liabilities - Development in Level 3 Fair Value Remeasurements (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Reconciliation of changes in fair value measurement, liabilities [abstract] | ||
Beginning balance | € 157,950 | |
Ending balance | 143,296 | € 157,950 |
Level 3 [member] | ||
Reconciliation of changes in fair value measurement, liabilities [abstract] | ||
Beginning balance | 157,950 | |
Additions | 0 | 142,467 |
Remeasurement recognized in financial income or expense | (14,654) | 15,483 |
Ending balance | € 143,296 | € 157,950 |
Financial Risk Management - Sum
Financial Risk Management - Summary of Number of Shares (Detail) - shares | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of classes of share capital [abstract] | |||||
Share capital beginning of year | 57,152,295 | 56,937,682 | 53,750,386 | 47,985,837 | 42,135,448 |
Increase through cash contributions | 555,144 | 214,613 | 3,187,296 | 5,764,549 | 5,850,389 |
Share capital end of year | 57,707,439 | 57,152,295 | 56,937,682 | 53,750,386 | 47,985,837 |
Financial Risk Management - Add
Financial Risk Management - Additional Information (Detail) - shares | 12 Months Ended | |||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of detailed information about financial instruments [line items] | ||||||
Number of shares issued | 57,707,439 | 57,152,295 | 56,937,682 | 53,750,386 | 47,985,837 | 42,135,448 |
Interest rate risk [member] | Coupon fixed rate structure [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Outstanding convertible notes, coupon fixed rate | 2.25% | |||||
Liquidity risk [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Weighted average duration of marketable securities | 1 month | |||||
Financial Assets Duration Period | 12 months |
Financial Risk Management - S_2
Financial Risk Management - Summary of Holding of Treasury Shares (Detail) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure Of Holding Of Treasury Shares [Line Items] | ||
Beginning balance (Nominal value) | € 149 | € 21 |
Acquired from third-parties (Nominal value) | 134 | |
Transferred under stock incentive programs (Nominal Value) | (3) | (6) |
Ending balance (Nominal Value) | € 146 | € 149 |
Beginning balance (Holding) | 1,113,152 | 154,837 |
Acquired from third-parties (Holding) | 1,000,000 | |
Transferred under stock incentive programs (Holding) | (20,098) | (41,685) |
Ending balance (Holding) | 1,093,054 | 1,113,152 |
Beginning balance (Holding in % of total outstanding shares) | 2% | 0% |
Acquired from third-parties (Holding in 1% total outstanding shares) | 0% | |
Transferred under stock incentive programs (Holding in 1% total outstanding shares) | 0% | 0% |
Ending balance (Holding in % of total outstanding shares) | 1.90% | 2% |
Financial Risk Management - Sch
Financial Risk Management - Schedule of Foreign Currency Sensitivity Analysis (Detail) - US dollars to Euro [member] - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of detailed information about financial instruments [line items] | ||
Nominal positions (net) | € 369,091 | € 60,581 |
Increase in foreign currency exchange rate | 10% | 10% |
Profit/(loss) before tax | € (36,909) | € 6,058 |
Equity before tax | € (36,909) | € 6,058 |
Financial Risk Management - S_3
Financial Risk Management - Summary of Rate Structure of Marketable Securities (Detail) - EUR (€) € in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of financial instruments by type of interest rate [line items] | ||
Financial assets | € 439,222 | € 758,741 |
Financial assets at amortised cost, class [member] | ||
Disclosure of financial instruments by type of interest rate [line items] | ||
Financial marketable securities | 7,275 | 298,180 |
Financial assets at amortised cost, class [member] | Floating interest rate [member] | ||
Disclosure of financial instruments by type of interest rate [line items] | ||
Financial assets | 0 | 11,787 |
Financial assets at amortised cost, class [member] | Fixed interest rate [Member] | ||
Disclosure of financial instruments by type of interest rate [line items] | ||
Financial assets | 7,275 | 205,825 |
Financial assets at amortised cost, class [member] | Zero Coupon [Member] | ||
Disclosure of financial instruments by type of interest rate [line items] | ||
Financial assets | 0 | 80,568 |
Financial assets at fair value, class [member] | ||
Disclosure of financial instruments by type of interest rate [line items] | ||
Financial marketable securities | 7,266 | 295,843 |
Financial assets at fair value, class [member] | Floating interest rate [member] | ||
Disclosure of financial instruments by type of interest rate [line items] | ||
Financial assets | 0 | 11,773 |
Financial assets at fair value, class [member] | Fixed interest rate [Member] | ||
Disclosure of financial instruments by type of interest rate [line items] | ||
Financial assets | 7,266 | 203,543 |
Financial assets at fair value, class [member] | Zero Coupon [Member] | ||
Disclosure of financial instruments by type of interest rate [line items] | ||
Financial assets | € 0 | € 80,527 |
Financial Risk Management - S_4
Financial Risk Management - Schedule of Marketable Securities Specified By Investment Grade Credit Rating (Detail) - EUR (€) € in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure Of Marketable Securities Specified By Investment Grade Credit Rating [Line Items] | ||
Financial assets | € 439,222 | € 758,741 |
Financial assets at amortised cost, class [member] | ||
Disclosure Of Marketable Securities Specified By Investment Grade Credit Rating [Line Items] | ||
Financial marketable securities | 7,275 | 298,180 |
Financial assets at fair value, class [member] | ||
Disclosure Of Marketable Securities Specified By Investment Grade Credit Rating [Line Items] | ||
Financial marketable securities | 7,266 | 295,843 |
Credit risk [member] | Financial assets at amortised cost, class [member] | ||
Disclosure Of Marketable Securities Specified By Investment Grade Credit Rating [Line Items] | ||
Financial assets | 7,275 | |
Financial marketable securities | 298,180 | |
Credit risk [member] | Financial assets at fair value, class [member] | ||
Disclosure Of Marketable Securities Specified By Investment Grade Credit Rating [Line Items] | ||
Financial assets | 7,266 | |
Financial marketable securities | 295,843 | |
Credit risk [member] | High Grade [Member] | Financial assets at amortised cost, class [member] | ||
Disclosure Of Marketable Securities Specified By Investment Grade Credit Rating [Line Items] | ||
Financial assets | 4,523 | 203,530 |
Credit risk [member] | High Grade [Member] | Financial assets at fair value, class [member] | ||
Disclosure Of Marketable Securities Specified By Investment Grade Credit Rating [Line Items] | ||
Financial assets | 4,519 | 202,048 |
Credit risk [member] | Upper Medium Grade [Member] | Financial assets at amortised cost, class [member] | ||
Disclosure Of Marketable Securities Specified By Investment Grade Credit Rating [Line Items] | ||
Financial assets | 2,752 | 94,650 |
Credit risk [member] | Upper Medium Grade [Member] | Financial assets at fair value, class [member] | ||
Disclosure Of Marketable Securities Specified By Investment Grade Credit Rating [Line Items] | ||
Financial assets | € 2,747 | € 93,795 |
Financial Risk Management - S_5
Financial Risk Management - Summary of Marketable securities (Detail) - EUR (€) € in Thousands | Dec. 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 | 7,275 | 290,688 |
Financial assets at amortised cost, class [member] | ||
Disclosure Detailed Information About Marketable Securities [Line Items] | ||
Financial marketable securities | 7,275 | 298,180 |
Financial assets at amortised cost, class [member] | Liquidity risk [member] | ||
Disclosure Detailed Information About Marketable Securities [Line Items] | ||
Financial marketable securities | 7,275 | 298,180 |
Non-current financial marketable securities | 7,492 | |
Current financial marketable securities | 7,275 | 290,688 |
Financial assets at amortised cost, class [member] | US Treasury bills [Member] | Liquidity risk [member] | ||
Disclosure Detailed Information About Marketable Securities [Line Items] | ||
Financial marketable securities | 4,523 | 79,086 |
Financial assets at amortised cost, class [member] | US Government Bonds [Member] | Liquidity risk [member] | ||
Disclosure Detailed Information About Marketable Securities [Line Items] | ||
Financial marketable securities | 99,337 | |
Financial assets at amortised cost, class [member] | Corporate bonds [Member] | Liquidity risk [member] | ||
Disclosure Detailed Information About Marketable Securities [Line Items] | ||
Financial marketable securities | 2,752 | 104,236 |
Financial assets at amortised cost, class [member] | Agency bonds [Member] | Liquidity risk [member] | ||
Disclosure Detailed Information About Marketable Securities [Line Items] | ||
Financial marketable securities | 15,521 | |
Financial assets at fair value, class [member] | ||
Disclosure Detailed Information About Marketable Securities [Line Items] | ||
Financial marketable securities | 7,266 | 295,843 |
Financial assets at fair value, class [member] | Liquidity risk [member] | ||
Disclosure Detailed Information About Marketable Securities [Line Items] | ||
Financial marketable securities | 7,266 | 295,843 |
Non-current financial marketable securities | 7,201 | |
Current financial marketable securities | 7,266 | 288,642 |
Financial assets at fair value, class [member] | US Treasury bills [Member] | Liquidity risk [member] | ||
Disclosure Detailed Information About Marketable Securities [Line Items] | ||
Financial marketable securities | 4,519 | 79,043 |
Financial assets at fair value, class [member] | US Government Bonds [Member] | Liquidity risk [member] | ||
Disclosure Detailed Information About Marketable Securities [Line Items] | ||
Financial marketable securities | 98,075 | |
Financial assets at fair value, class [member] | Corporate bonds [Member] | Liquidity risk [member] | ||
Disclosure Detailed Information About Marketable Securities [Line Items] | ||
Financial marketable securities | € 2,747 | 103,301 |
Financial assets at fair value, class [member] | Agency bonds [Member] | Liquidity risk [member] | ||
Disclosure Detailed Information About Marketable Securities [Line Items] | ||
Financial marketable securities | € 15,424 |
Financial Risk Management - S_6
Financial Risk Management - Summary of Contractual Cash Flows for Financial Liabilities (Detail) - EUR (€) € in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Borrowings | € 545,472 | € 399,186 |
Lease liabilities | 98,793 | 109,191 |
Trade payables | 94,566 | 101,032 |
Total financial liabilities | 738,831 | 609,409 |
Total financial liabilities | 882,127 | 767,359 |
Borrowings | 797,030 | 605,810 |
Lease liabilities | 114,867 | 128,763 |
Trade payables | 94,566 | 101,032 |
Total financial liabilities | 1,006,463 | 835,605 |
Within 1 year [member] | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Borrowings | 11,708 | 12,130 |
Lease liabilities | 14,385 | 13,996 |
Trade payables | 94,566 | 101,032 |
Total financial liabilities | 120,659 | 127,158 |
Within 1 to 5 years [member] | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Borrowings | 742,925 | 48,519 |
Lease liabilities | 51,426 | 53,821 |
Total financial liabilities | 794,351 | 102,340 |
After 5 years [member] | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Borrowings | 42,397 | 545,161 |
Lease liabilities | 49,056 | 60,946 |
Total financial liabilities | € 91,453 | € 606,107 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - EUR (€) € in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Leasehold improvements [member] | ||
Disclosure of commitments and contingencies [line items] | ||
Contractual commitments | € 1.2 | € 4.4 |
Investments in Group Enterpri_3
Investments in Group Enterprises - Summary of Investments in Group Enterprises (Detail) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2020 | |
Ascendis Pharma GmbH [member] | |||
Disclosure of subsidiaries [line items] | |||
Company | Ascendis Pharma GmbH | ||
Domicile | Germany | ||
Ownership | 100% | ||
Ascendis Pharma Endocrinology GmbH [member] | |||
Disclosure of subsidiaries [line items] | |||
Company | Ascendis Pharma Endocrinology GmbH | ||
Domicile | Germany | ||
Ownership | 100% | ||
Ascendis Pharma, Inc [member] | |||
Disclosure of subsidiaries [line items] | |||
Company | Ascendis Pharma, Inc. | ||
Domicile | USA | ||
Ownership | 100% | ||
Ascendis Pharma Endocrinology, Inc. [member] | |||
Disclosure of subsidiaries [line items] | |||
Company | Ascendis Pharma Endocrinology, Inc. | ||
Domicile | USA | ||
Ownership | 100% | ||
Ascendis Pharma Ophthalmology Division A/S [member] | |||
Disclosure of subsidiaries [line items] | |||
Company | Ascendis Pharma Ophthalmology Division A/S | ||
Domicile | Denmark | ||
Ownership | 100% | ||
Ascendis Pharma Endocrinology Division A/S [member] | |||
Disclosure of subsidiaries [line items] | |||
Company | Ascendis Pharma Endocrinology Division A/S | ||
Domicile | Denmark | ||
Ownership | 100% | ||
Ascendis Pharma Bone Diseases A/S [member] | |||
Disclosure of subsidiaries [line items] | |||
Company | Ascendis Pharma Bone Diseases A/S | ||
Domicile | Denmark | ||
Ownership | 100% | ||
Ascendis Pharma Growth Disorders A/S [member] | |||
Disclosure of subsidiaries [line items] | |||
Company | Ascendis Pharma Growth Disorders A/S | ||
Domicile | Denmark | ||
Ownership | 100% | ||
Ascendis Pharma Oncology Division AS [member] | |||
Disclosure of subsidiaries [line items] | |||
Company | Ascendis Pharma Oncology Division A/S | ||
Domicile | Denmark | ||
Ownership | 100% | ||
Ascendis Pharma Nordics A/S [member] | |||
Disclosure of subsidiaries [line items] | |||
Company | Ascendis Pharma Nordics A/S | ||
Domicile | Denmark | ||
Ownership | 100% | ||
Ascendis Pharma Europe A/S [member] | |||
Disclosure of subsidiaries [line items] | |||
Company | Ascendis Pharma Europe A/S | ||
Domicile | Denmark | ||
Ownership | 100% | ||
Ascendis Pharma UK Limited [member] | |||
Disclosure of subsidiaries [line items] | |||
Company | Ascendis Pharma UK Limited | ||
Domicile | United Kingdom | ||
Ownership | 100% | ||
Ascendis Pharma Iberia S.L. [member] | |||
Disclosure of subsidiaries [line items] | |||
Company | Ascendis Pharma Iberia S.L. | ||
Domicile | Spain | ||
Ownership | 100% | ||
VISEN | |||
Disclosure of subsidiaries [line items] | |||
Company | VISEN Pharmaceuticals | ||
Domicile | Cayman Island | ||
Ownership | 43.93% | 43.93% | 50% |
Ownership - Additional Informat
Ownership - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of beneficial ownership [line items] | |
Minimum beneficial ownership percentage | 5% |
T Rowe Price Associates Inc [member] | USA [member] | |
Disclosure of beneficial ownership [line items] | |
Minimum beneficial ownership | T. Rowe Price Associates, Inc., USA |
Entities affiliated with RA capital management LLC [member] | USA [member] | |
Disclosure of beneficial ownership [line items] | |
Minimum beneficial ownership | Entities affiliated with RA Capital Management, LLC, USA |
Entities affiliated with Artisan Partners Limited Partnership [member] | USA [member] | |
Disclosure of beneficial ownership [line items] | |
Minimum beneficial ownership | Entities affiliated with Artisan Partners Limited Partnership, USA |
Entities affiliated with FMR LLC [member] | USA [member] | |
Disclosure of beneficial ownership [line items] | |
Minimum beneficial ownership | Entities affiliated with FMR LLC, USA |
Entities affiliated with Wellington Management Group LLP [Member] | USA [member] | |
Disclosure of beneficial ownership [line items] | |
Minimum beneficial ownership | Entities affiliated with Wellington Management Group LLP, USA |
Entities affiliated with Janus Henderson Group plc [member] | USA [member] | |
Disclosure of beneficial ownership [line items] | |
Minimum beneficial ownership | Entities affiliated with Janus Henderson Group plc, United Kingdom |
Avoro Capital Advisors LLC [member] | USA [member] | |
Disclosure of beneficial ownership [line items] | |
Minimum beneficial ownership | Avoro Capital Advisors LLC, USA |
Westfield Capital Management Company, L.P [member] | USA [member] | |
Disclosure of beneficial ownership [line items] | |
Minimum beneficial ownership | Westfield Capital Management Company, L.P., USA |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) $ in Millions | Jan. 29, 2024 USD ($) |
Frazier Life Sciences of Eyconis, Inc. [member] | Events After Reporting Period [member] | |
Disclosure of non-adjusting events after reporting period [line items] | |
Commitment from investors | $ 150 |