Cover Page
Cover Page | 3 Months Ended |
Mar. 31, 2024 | |
Document Information [Line Items] | |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Mar. 31, 2024 |
Document Fiscal Year Focus | 2024 |
Document Fiscal Period Focus | Q1 |
Entity Registrant Name | Ascendis Pharma A/S |
Entity Central Index Key | 0001612042 |
Current Fiscal Year End Date | --12-31 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Profit or (Loss) and Other Comprehensive Income or (Loss) - EUR (€) € in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Profit or loss [abstract] | |||
Revenue | € 95,894 | € 33,589 | |
Cost of sales | 7,569 | 4,621 | |
Gross profit | 88,325 | 28,968 | |
Research and development costs | 70,687 | 106,114 | |
Selling, general and administrative expenses | 66,783 | 66,539 | |
Operating profit/(loss) | (49,145) | (143,685) | |
Share of profit/(loss) of associates | (5,796) | (1,227) | |
Finance income | 3,575 | 45,135 | |
Finance expenses | 77,161 | 9,840 | |
Profit/(loss) before tax | (128,527) | (109,617) | |
Income taxes/(expenses) | (2,508) | (1,297) | |
Net profit/(loss) for the period | (131,035) | (110,914) | |
Attributable to owners of the Company | € (131,035) | € (110,914) | |
Basic earnings/(loss) per share | € (2.3) | € (1.98) | |
Diluted earnings/(loss) per share | € (2.3) | € (1.98) | |
Number of shares used for calculation (basic and diluted) | [1] | 56,883,257 | 56,091,927 |
Statement of comprehensive income [abstract] | |||
Net profit/(loss) for the period | € (131,035) | € (110,914) | |
Items that may be reclassified subsequently to profit or loss: | |||
Exchange differences on translating foreign operations | 63 | (787) | |
Other comprehensive income/(loss) for the period, net of tax | 63 | (787) | |
Total comprehensive income/(loss) | (130,972) | (111,701) | |
Attributable to owners of the Company | € (130,972) | € (111,701) | |
[1] As of March 31, 2024 and March 31, 2023, a total of 6,031,498 and 6,761,296 warrants outstanding, respectively, each carrying the right to subscribe for one ordinary share, and 575,000 convertible senior notes which can potentially be converted into 3,456,785 ordinary shares, can potentially dilute earnings per share in the future but have not been included in the calculation of diluted earnings per share because they are antidilutive for the periods presented. |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Profit or (Loss) and Other Comprehensive Income or (Loss) (Parenthetical) - shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Warrants outstanding | 6,031,498 | 6,761,296 |
Convertible Senior Notes [Member] | ||
Convertible notes | 575,000 | |
Ordinary shares [member] | ||
Warrants outstanding | 3,456,785 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - EUR (€) € in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Non-current assets | ||
Intangible assets | € 4,301 | € 4,419 |
Property, plant and equipment | 107,164 | 110,634 |
Investment in associates | 24,797 | 5,686 |
Other receivables | 2,129 | 2,127 |
Total non-current assets | 138,391 | 122,866 |
Current assets | ||
Inventories | 232,681 | 208,931 |
Trade receivables | 41,092 | 35,874 |
Income tax receivables | 742 | 802 |
Other receivables | 26,857 | 19,097 |
Prepayments | 42,502 | 38,578 |
Marketable securities | 0 | 7,275 |
Cash and cash equivalents | 320,239 | 392,164 |
Total current assets | 664,113 | 702,721 |
Total assets | 802,504 | 825,587 |
Equity | ||
Share capital | 7,818 | 7,749 |
Distributable equity | (245,997) | (153,446) |
Total equity | (238,179) | (145,697) |
Non-current liabilities | ||
Borrowings | 229,627 | 222,996 |
Contract liabilities | 5,000 | 5,949 |
Deferred tax liabilities | 7,085 | 5,830 |
Total non-current liabilities | 241,712 | 234,775 |
Convertible notes, matures in April 2028 | ||
Borrowings | 424,984 | 407,095 |
Derivative liabilities | 197,291 | 143,296 |
Convertible notes current | 622,275 | 550,391 |
Other current liabilities | ||
Borrowings | 14,403 | 14,174 |
Contract liabilities | 1,183 | 1,184 |
Trade payables and accrued expenses | 94,526 | 94,566 |
Other liabilities | 22,698 | 41,176 |
Income tax payables | 3,336 | 2,299 |
Provisions | 40,550 | 32,719 |
Other current liabilities | 176,696 | 186,118 |
Total current liabilities | 798,971 | 736,509 |
Total liabilities | 1,040,683 | 971,284 |
Total equity and liabilities | € 802,504 | € 825,587 |
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, 2022 | € 263,348 | € 7,675 | € 2,112,863 | € (149) | € 3,452 | € (1,860,493) |
Net profit/(loss) for the period | (110,914) | (110,914) | ||||
Other comprehensive income/(loss), net of tax | (787) | (787) | ||||
Total comprehensive income/(loss) | (111,701) | (787) | (110,914) | |||
Share-based payment (Note 7) | 13,688 | 13,688 | ||||
Capital increase | 1,866 | 23 | 1,843 | |||
Equity at Mar. 31, 2023 | 167,201 | 7,698 | 2,114,706 | (149) | 2,665 | (1,957,719) |
Equity at Dec. 31, 2023 | (145,697) | 7,749 | 2,123,074 | (146) | 721 | (2,277,095) |
Net profit/(loss) for the period | (131,035) | (131,035) | ||||
Other comprehensive income/(loss), net of tax | 63 | 63 | ||||
Total comprehensive income/(loss) | (130,972) | 63 | (131,035) | |||
Share-based payment (Note 7) | 17,281 | 17,281 | ||||
Transfer under stock incentive programs | 28 | (28) | ||||
Capital increase | 21,209 | 69 | 21,140 | |||
Equity at Mar. 31, 2024 | € (238,179) | € 7,818 | € 2,144,214 | € (118) | € 784 | € (2,390,877) |
Consolidated Cash Flow Statemen
Consolidated Cash Flow Statements - EUR (€) € in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Operating activities | ||
Net profit/(loss) for the period | € (131,035) | € (110,914) |
Reversal of finance income | (3,575) | (45,135) |
Reversal of finance expenses | 77,161 | 9,840 |
Reversal of (gain)/loss on disposal of property, plant and equipment | (91) | 21 |
Reversal of income taxes (expenses) | 2,508 | 1,297 |
Adjustments for non-cash items: | ||
Non-cash consideration relating to revenue | (24,770) | (614) |
Share of profit/(loss) of associates | 5,796 | 1,227 |
Share-based payment | 17,281 | 13,688 |
Depreciation | 4,359 | 4,435 |
Amortization | 118 | 111 |
Changes in working capital: | ||
Inventories | (23,750) | (20,178) |
Receivables | (11,286) | (9,608) |
Prepayments | (3,904) | (10,176) |
Contract liabilities (deferred income) | (950) | (256) |
Trade payables, accrued expenses and other payables | (19,025) | 14,236 |
Increase/(decrease) in provisions | 7,076 | 1,983 |
Cash flows generated from/(used in) operations | (104,087) | (150,043) |
Finance income received | 3,588 | 3,879 |
Finance expenses paid | (877) | (906) |
Income taxes received/(paid) | (206) | 26 |
Cash flows from/(used in) operating activities | (101,582) | (147,044) |
Investing activities | ||
Acquisition of property, plant and equipment | (199) | (1,085) |
Settlement of marketable securities | 7,354 | 211,731 |
Cash flows from/(used in) investing activities | 7,155 | 210,646 |
Financing activities | ||
Repayment of borrowings | (2,786) | (2,568) |
Proceeds from exercise of warrants | 21,209 | 1,866 |
Cash flows from/(used in) financing activities | 18,423 | (702) |
Increase/(decrease) in cash and cash equivalents | (76,004) | 62,900 |
Cash and cash equivalents at January 1 | 392,164 | 444,767 |
Effect of exchange rate changes on balances held in foreign currencies | 4,079 | (6,386) |
Bank deposits | 320,239 | 501,281 |
Cash and cash equivalents at March 31 | € 320,239 | € 501,281 |
General Information
General Information | 3 Months Ended |
Mar. 31, 2024 | |
Disclosure of General Information [Abstract] | |
General Information | No te 1—General Information Ascendis Pharma A/S, together with its subsidiaries, is applying its innovative TransCon technology platform to build a leading, fully integrated, global biopharma company focused on making a meaningful difference in patients’ lives. Ascendis Pharma A/S was incorporated in 2006 and is headquartered in Hellerup, Denmark. Unless the context otherwise requires, references to the “Company,” “we,” “us,” and “our,” refer to Ascendis Pharma A/S and its subsidiaries. The address of the Company’s registered office is Tuborg Boulevard 12, DK-2900, Hellerup, Denmark. On February 2, 2015, the Company completed an initial public offering which resulted in the listing of American Depositary Shares (“ADSs”), representing the Company’s ordinary shares, under the symbol “ASND” in the United States on The Nasdaq Global Select Market. The Company’s Board of Directors (the “Board”) approved these unaudited condensed consolidated interim financial statements on May 2, 2024 . |
Summary of Material Accounting
Summary of Material Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
Disclosure of voluntary change in accounting policy [abstract] | |
Summary of Material Accounting Policies | Note 2—Summary of Material Accounting Policies Basis of Preparation The unaudited condensed consolidated interim financial statements of the Company are prepared in accordance with International Accounting Standard 34, “Interim Financial Reporting”. Certain information and disclosures normally included in the annual consolidated financial statements prepared in accordance with IFRS Accounting Standards (“IFRS”) have been condensed or omitted. Accordingly, these unaudited condensed consolidated interim financial statements should be read in conjunction with the Company’s audited annual consolidated financial statements for the year ended December 31, 2023, and accompanying notes, which have been prepared in accordance with IFRS as issued by the International Accounting Standards Board (the “IASB”) and as adopted by the European Union (the “EU”). The accounting policies applied are consistent with those of the previous financial year. A description of the accounting policies is provided in the Accounting Policies section of the audited consolidated financial statements as of and for the year ended December 31, 2023 . New and Amended Standards and Interpretations The Company has applied amendments to paragraphs 69 to 76 of IAS 1, “Presentation of Financial Statements,” which was effective for annual reporting periods beginning on or after January 1, 2024 and must be applied retrospectively. The amendments to IAS 1 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 convertible senior notes (“convertible notes”) include an embedded equity conversion option which is not deemed closely related to the financial liability and was 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. Since the embedded derivative is not an equity instrument under IFRS, the amendments require the convertible notes (presented as part of borrowings in the statement of financial position) and derivative liabilities, presented as non-current liabilities at December 31, 2023, to be presented as current liabilit ies. The amendments require presentation of the convertible notes as current liabilities even though: the initial conversion price of $ 166.34 per ADS is not met; the conversion would not require cash settlement; and, the convertible notes do not mature until April 1, 2028 . Further details, including (cash) maturity analysis are provided in Note 10, “Financial Assets and Liabilities.” On December 31, 2023, the carrying amount of convertible notes and derivative liabilities were € 407.1 million and € 143.3 million, respectively. Comparative amounts have been reclassified to reflect the change to presentation. On December 31, 2023, lease liabilities were presented separately in the consolidated statements of financial position. At December 31, 2023, carrying amount of lease liabilities was € 84.6 million and € 14.2 million, for non-current liabilities and current liabilities, respectively. Lease liabilities are from March 31, 2024, presented as part of borrowings in the consolidated statements of financial position. Comparative amounts have been reclassified to reflect the change in presentation. Accordingly, as of March 31, 2024 and December 31, 2023, borrowings comprise convertible notes, royalty funding liabilities, and lease liabilities. The change to presentation had no other impact on the unaudited condensed consolidated financial statements. The applied amendments had no other impact on the unaudited condensed consolidated interim financial statements. Other amendments apply for the first time in 2024, but do not have an impact on the unaudited condensed consolidated interim financial statements. New International Financial Reporting Standards Not Yet Effective The IASB has issued a number of new or amended standards, which have not yet become effective or have not yet been adopted by the EU. Therefore, these new standards have not been incorporated in these unaudited condensed consolidated interim financial statements. |
Significant Accounting Judgemen
Significant Accounting Judgements and Estimates | 3 Months Ended |
Mar. 31, 2024 | |
Disclosure of voluntary change in accounting policy [abstract] | |
Significant Accounting Judgements and Estimates | Note 3—Significant Accounting Judgements and Estimates In the application of the Company’s accounting policies, management is required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. Judgements, estimates and assumptions applied are based on historical experience and other factors that are relevant, and which are available at the reporting date. Uncertainty concerning estimates and assumptions could result in outcomes that require a material adjustment to assets and liabilities in future periods. The unaudited condensed consolidated interim financial statements do not include all disclosures for significant accounting judgements, estimates and assumptions, that are required in the annual consolidated financial statements, and therefore should be read in conjunction with the Company’s audited consolidated financial statements as of and for the year ended December 31, 2023. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized prospectively. While the application of critical accounting estimates is subject to material estimation uncertainties, management’s ongoing revisions of critical accounting estimates and underlying assumptions have not revealed any material impact in any of the periods presented in the unaudited condensed consolidated interim financial statements. There have been no changes to the application of significant accounting judgements, or estimation uncertainties regarding accounting estimates compared to December 31, 2023 . |
Significant Events in the Repor
Significant Events in the Reporting Period | 3 Months Ended |
Mar. 31, 2024 | |
Significant Events in the Reporting Period [Abstract] | |
Significant Events In the Reporting Period | Note 4—Significant Events in the Reporting Period Eyconis, Inc. On January 29, 2024, the Company announced the formation and launch with Frazier Life Sciences of Eyconis, Inc. (“Eyconis”), 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. A s consideration for the granting of such rights, the Company has received, as consideration, approximately 42 % ownership of Eyconis’ on a non-diluted basis. In addition, various development and administrative services were provided to Eyconis and invoiced during the three months ended March 31, 2024. Further details regarding Eyconis are provided in Note 5, “Revenue.” Equity Development As of March 31, 2024, the unaudited condensed consolidated interim statements of financial position presented a negative balance of equity of € 238.2 million. Under Danish corporate law, as Ascendis Pharma A/S, the parent company of the Company holds a positive balance of equity, the Company is currently not subject to legal or regulatory requirements to re-establish the balance of equity. There is no direct impact from the negative balance of equity to the liquidity and capital resources. Based on its current operating plan, the Company believes that the existing capital resources as of March 31, 2024 , will be sufficient to meet projected cash requirements for at least twelve months from the date of this report. However, the Company's operating plan may change as a result of many factors that are currently unknown, and the Company may need to seek additional funds sooner than planned. Further details regarding borrowings including maturity analysis are provided in Note 10, “Financial Assets and Liabilities.” |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2024 | |
Revenue [abstract] | |
Revenue | Note 5—Revenue Revenue has been recognized in the unaudited condensed consolidated interim statements of profit or loss in the following amounts: Three Months Ended 2024 2023 (EUR’000) Revenue Sale of commercial products 66,499 31,551 Rendering of services 4,624 1,170 Sale of clinical supply 1 254 Licenses 24,770 614 Total revenue 95,894 33,589 Attributable to Commercial customers 66,499 31,551 Collaboration partners and license agreements 29,395 2,038 Total revenue 95,894 33,589 Specified by timing of recognition Recognized over time 4,624 1,170 Recognized at a point in time 91,270 32,419 Total revenue 95,894 33,589 Specified per geographical location Europe 1,567 — North America 92,681 33,070 Asia 1,646 519 Total revenue 95,894 33,589 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 SKYTROFA to customers in Germany in September 2023. In November 2023, TransCon PTH received regulatory approval in the EU and European Economic Area countries and will be marketed in the EU as YORVIPATH ® . The Company began shipping YORVIPATH to customers in Germany and Austria in February 2024. For the three months ended March 31, 2024 and 2023, four and three commercial customers, respectively, each represented more than 10 % of sales to commercial customers. Collaboration Partners and License Agreements Revenue attributable to collaboration partners and license agreements relates to Eyconis, Teijin Limited and VISEN Pharmaceuticals. Under the collaboration agreements, we provide various research and development services which are invoiced to collaboration partners. Revenue for these activities is presented as part of “Rendering of services.” Employment costs related to these activities are presented as Research and Development Costs in the consolidated statement of profit or loss. Eyconis, Inc 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, as consideration, 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. The Company is expected to provide various research and development services, which are subject to separate remuneration, and which will be recognized as revenue over time as rendering of services or reimbursement revenue, as applicable. For the three months ended March 31, 2024 , revenue from “Licenses” of € 24.8 million relates to non-cash upfront payment through an equity position in Eyconis, which is allocated to transfer of the Company’s intellectual property (“IP”) adjusted for internal profit. Internal profit relates to the Company’s share of the non-cash upfront payment which is recognized as part of “Investment in associates” and recognized as revenue from “Licenses” as the IP is amortized in the associate. For the three months ended March 31, 2024 , no revenue from royalties or milestones has been recognized under the Eyconis agreement. Teijin Limited 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 March 31, 2024, none of the Licensed Products have received marketing authorization in Japan. 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. 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 three months ended March 31, 2024 , no revenue from royalties or milestones has been recognized under the Teijin Agreement. VISEN Pharmaceuticals 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 | 3 Months Ended |
Mar. 31, 2024 | |
Disclosure of operating segments [abstract] | |
Segment Information | Note 6—Segment Information The Company is managed and operated as one business unit. Accordingly, no additional information on business segments or geographical areas is disclosed apart from revenue on geographical areas as disclosed above. |
Share-based Payment
Share-based Payment | 3 Months Ended |
Mar. 31, 2024 | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | |
Share-based Payment | Note 7—Share-based Payment As an incentive to the senior management and the Executive Board, other employees, members of the Board of Directors (the “Board”) and select consultants, Ascendis Pharma A/S has established warrant programs, a Restricted Stock Unit (“RSU”) program adopted in December 2021, and a Performance Stock Unit (“PSU”) program adopted in February 2023, which are all classified as equity-settled share-based payment transactions. Share-based Compensation Costs Share-based compensation costs are determined using the grant date fair value and are recognized over the vesting period as research and development costs, selling, general and administrative expenses, or cost of sales. For the three months ended March 31, 2024 and 2023, share-based compensation costs recognized in the unaudited condensed consolidated interim statement of profit or loss were € 17.3 million and € 13.7 million, respectively. Restricted Stock Unit Program RSUs are granted by the Board to certain members of senior management and the Executive Board, certain other employees and certain members of the Board (the “RSU-holders”). In addition, RSUs may be granted to select consultants. One RSU represents a right for the RSU-holder to receive one ADS of Ascendis Pharma A/S upon vesting, if the vesting conditions are met. RSUs granted vest over three years with 1/3 of the RSUs vesting on each anniversary date from the date of grant, and require RSU-holders to be employed, appointed as member of the board, or retained as a consultant (the “service conditions”). Performance Stock Unit Program PSUs are granted by the Board to 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. One PSU represents a right for the PSU-holder to receive one ADS of Ascendis Pharma A/S upon vesting. PSUs vest in a manner similar to the service conditions of the RSUs. For the March 2023 grant, in addition to service conditions, vesting is also contingent upon achievement of performance targets 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. For the March 2024 PSU grants, in addition to service conditions, vesting is also contingent upon achievement of long-term strategic goals as evaluated by the Board no later than two weeks prior to each vesting date. Exceeding performance targets will not result in vesting of more PSUs than 100 %, nor will it result in additional grants. RSUs and PSUs generally cease to vest from the date of termination of employment or board membership, as applicable, whereas unvested RSUs or PSUs will forfeit. The Board may at its discretion and on an individual basis decide to deviate from the vesting conditions, including deciding to accelerate vesting in the event of termination of employment or board membership, as applicable. All RSUs and PSUs are expected to be settled at the time of vesting by treasury shares that are ADSs repurchased in the market. The Company may at its sole discretion choose to make a cash settlement instead of delivering ADSs. RSU and PSU Activity The following table specifies the number of RSUs and PSUs granted and outstanding at March 31, 2024: Restricted Stock Units Performance Stock Units Total Outstanding (Number) January 1, 2024 576,625 105,023 681,648 Granted during the period 694,908 92,655 787,563 Transferred during the period ( 176,317 ) ( 35,007 ) ( 211,324 ) Forfeited during the period ( 30,929 ) — ( 30,929 ) March 31, 2024 1,064,287 162,671 1,226,958 Specified by vesting year 2024 37,349 — 37,349 2025 398,411 65,893 464,304 2026 398,779 65,893 464,672 2027 229,748 30,885 260,633 March 31, 2024 1,064,287 162,671 1,226,958 Warrant Program Warrants are granted by the Board in accordance with authorizations given to it by the shareholders of Ascendis Pharma A/S to all employees, members of the Board and select consultants. Each warrant carries the right to subscribe for one ordinary share of a nominal value of DKK 1 . The exercise price is fixed at the fair market value of the Company’s ordinary shares at the time of grant as determined by the Board. Vested warrants may be exercised in two or four annual exercise periods. Warrant Activity The following table specifies the warrant activity for the three months ended March 31, 2024: Total Weighted (Number) (EUR) Outstanding January 1, 2024 6,523,784 86.38 Granted during the period 89,380 133.09 Exercised during the period ( 516,980 ) 39.72 Forfeited during the period ( 64,686 ) 107.73 March 31, 2024 6,031,498 90.52 Vested at March 31, 2024 4,921,235 85.39 The exercise prices of outstanding warrants under the Company’s warrant programs range from € 11.98 to € 145.50 depending on the grant dates. |
Share Capital
Share Capital | 3 Months Ended |
Mar. 31, 2024 | |
Disclosure of classes of share capital [abstract] | |
Share Capital | Note 8—Share Capital The share capital of Ascendis Pharma A/S consists of 58,224,419 fully paid shares at a nominal value of DKK 1 , all in the same share class. |
Treasury Shares
Treasury Shares | 3 Months Ended |
Mar. 31, 2024 | |
Disclosure of treasury shares [abstract] | |
Treasury Shares | Note 9—Treasury Shares The development in the holding of treasury shares is as follows: Nominal Holding Holding in (EUR’000) (Number) Treasury shares January 1, 2024 146 1,093,054 1.9 % Transferred under stock incentive programs ( 28 ) ( 211,324 ) — March 31, 2024 118 881,730 1.5 % |
Financial Assets and Liabilitie
Financial Assets and Liabilities | 3 Months Ended |
Mar. 31, 2024 | |
Disclosure of detailed information about financial instruments [abstract] | |
Financial Assets and Liabilities | Note 10—Financial Assets and Liabilities The following table specifies financial assets and liabilities: March 31, December 31, (EUR’000) Financial assets by category Trade receivables 41,092 35,874 Other receivables (excluding income tax and indirect tax receivables) 4,845 3,909 Marketable securities — 7,275 Cash and cash equivalents 320,239 392,164 Financial assets measured at amortized cost 366,176 439,222 Total financial assets 366,176 439,222 Classified in the statement of financial position Non-current assets 2,129 2,127 Current assets 364,047 437,095 Total financial assets 366,176 439,222 Financial liabilities by category Borrowings Convertible senior notes 424,984 407,095 Royalty funding liabilities 146,233 138,377 Lease liabilities 97,797 98,793 Trade payables and accrued expenses 94,526 94,566 Other liabilities (excluding income tax, indirect tax, and employee related payables) 299 — Financial liabilities measured at amortized cost 763,839 738,831 Derivative liabilities 197,291 143,296 Financial liabilities measured at fair value through profit or loss 197,291 143,296 Total financial liabilities 961,130 882,127 Classified in the statement of financial position Non-current liabilities 229,627 222,996 Current liabilities 731,503 659,131 Total financial liabilities 961,130 882,127 Convertible Senior Notes In March 2022, the Company issued an aggregate principal amount of $ 575.0 million of fixed rate 2.25 % convertible notes. The net proceeds from the offering of the convertible notes were $ 557.9 million (€ 503.3 million) after deducting the initial purchasers’ discounts and commissions and offering expenses. The convertible notes rank equally in right of payment with all future senior unsecured indebtedness. Unless earlier converted or redeemed, the convertible notes will mature on April 1, 2028 . The convertible notes accrue interest at a rate of 2.25 % per annum, payable semi-annually in arrears on April 1 and October 1 of each year. At any time before the close of business on the second scheduled trading day immediately before the maturity date, noteholders may convert their convertible notes at their option into the Company’s ordinary shares represented by ADSs, together, if applicable, with cash in lieu of any fractional ADS, at the then-applicable conversion rate. The initial conversion rate is 6.0118 ADSs per $ 1,000 principal amount of convertible notes, which represents an initial conversion price of $ 166.34 per ADS. The conversion rate and conversion price will be subject to customary adjustments upon the occurrence of certain events. The convertible notes will be optionally redeemable, in whole or in part (subject to certain limitations), at the Company’s option at any time, and from time to time, on or after April 7, 2025 , but only if the last reported sale price per ADS exceeds 130 % of the conversion price on (i) each of at least 20 trading days, whether or not consecutive, during the 30 consecutive trading days ending on, and including, the trading day immediately before the date the Company sends the related optional redemption notice; and (ii) the trading day immediately before the date the Company sends such notice. On March 31, 2024, the carrying amount of the convertible notes was € 425.0 million, and the fair value was approximately € 387.3 million. Fair value cannot be measured based on quoted prices in active markets or other observable input, and accordingly the fair value was measured by using an estimated market rate for an equivalent non-convertible instrument. 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 (the “Purchaser”). 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 a 9.15 % royalty on net U.S. SKYTROFA revenue, beginning on January 1, 2025 (the “Revenue Interest Payments”). The Revenue Interest Payments to the Purchaser will cease upon reaching a multiple of the Purchase Price of 1.925 x, or 1.65 x if the Purchaser 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 the Purchaser 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 the Purchaser as of the effective date of the buy-out notice. On March 31, 2024, the carrying amount of the royalty funding liabilities was € 146.2 million, and the fair value was approximately € 150.2 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. Derivative Liabilities Derivative liabilities relate to the foreign currency conversion option embedded in the convertible notes. Fair value cannot be measured based on quoted prices in active markets or other observable inputs, and accordingly, derivative liabilities are measured by using the Black-Scholes option pricing model. Fair value of the option is calculated, applying the following assumptions: (1) conversion price; (2) the Company’s share price; (3) maturity of the option; (4) a risk-free interest rate equaling the effective interest rate on a U.S. government bond with the same lifetime as the maturity of the option; (5) no payment of dividends; and (6) an expected volatility using the Company’s share price ( 50.20 % and 50.47 % as of March 31, 2024 and December 31, 2023, respectively). For additional description of fair values, refer to the following section “Fair Value Measurement.” Sensitivity Analysis On March 31, 2024 , all other inputs and assumptions held constant, a 10 % relative increase in volatility, will increase the fair value of derivative liabilities by approximately € 16.2 million and indicates a decrease in profit or loss and equity before tax. Similarly, a 10 % relative decrease in volatility indicates the opposite impact. Similarly, on March 31, 2024 , all other inputs and assumptions held constant, a 10 % increase in the share price, will increase the fair value of derivative liabilities by approximately € 35.5 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 Because of the short-term maturity for cash and cash equivalents, receivables and trade payables, their fair value approximate carrying amount. Fair value of lease liabilities are not disclosed. Fair value compared to carrying amount of marketable securities, convertible notes, royalty funding liabilities and derivative liabilities, and their level in the fair value hierarchy is summarized in the following table, where: Level 1 is quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date; Level 2 is based on valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable; Level 3 is based on valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable. March 31, 2024 December 31, 2023 Carrying Fair value Carrying Fair value Fair value level (EUR’000) (1-3) Financial assets Marketable securities — — 7,275 7,266 1 Financial assets measured at amortized cost — — 7,275 7,266 Financial liabilities Convertible senior notes 424,984 387,321 407,095 385,410 3 Royalty funding liabilities 146,233 150,151 138,377 143,975 3 Financial liabilities measured at amortized cost 571,217 537,472 545,472 529,385 Derivative liabilities 197,291 197,291 143,296 143,296 3 Financial liabilities measured at fair value through profit or loss 197,291 197,291 143,296 143,296 The following table specifies movements in level 3 fair value measurements: 2024 2023 (EUR’000) Derivative liabilities January 1 143,296 157,950 Remeasurement recognized in finance (income) or expense 53,995 ( 41,182 ) March 31 197,291 116,768 Maturity Analysis The following table summarizes maturity analysis (on an undiscounted basis) for non-derivative financial liabilities recognized in the unaudited condensed consolidated statements of financial position at March 31, 2024 . Further details regarding classification of convertible notes as current liabilities in the consolidated statement of financial position, are provided in Note 2, “Summary of Material Accounting Policies,” section “New and Amended Standards and Interpretations:” < 1 year 1-5 years >5 years Total Carrying (EUR’000) Financial liabilities March 31, 2024 Borrowings (excluding lease liabilities) 11,967 773,386 29,298 814,651 571,217 Lease liabilities 14,621 51,729 46,983 113,333 97,797 Trade payables, accrued expenses and other liabilities 94,825 — — 94,825 94,825 Total financial liabilities 121,413 825,115 76,281 1,022,809 763,839 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2024 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
Subsequent Events | Note 11—Subsequent Events No events have occurred after the balance sheet date that would influence the evaluation of these unaudited condensed consolidated interim financial statements . |
Summary of Material Accountin_2
Summary of Material Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Summary of Significant Accounting Policies [abstract] | |
Basis of Preparation | Basis of Preparation The unaudited condensed consolidated interim financial statements of the Company are prepared in accordance with International Accounting Standard 34, “Interim Financial Reporting”. Certain information and disclosures normally included in the annual consolidated financial statements prepared in accordance with IFRS Accounting Standards (“IFRS”) have been condensed or omitted. Accordingly, these unaudited condensed consolidated interim financial statements should be read in conjunction with the Company’s audited annual consolidated financial statements for the year ended December 31, 2023, and accompanying notes, which have been prepared in accordance with IFRS as issued by the International Accounting Standards Board (the “IASB”) and as adopted by the European Union (the “EU”). The accounting policies applied are consistent with those of the previous financial year. A description of the accounting policies is provided in the Accounting Policies section of the audited consolidated financial statements as of and for the year ended December 31, 2023 . |
New and Amended Standards and Interpretations | New and Amended Standards and Interpretations The Company has applied amendments to paragraphs 69 to 76 of IAS 1, “Presentation of Financial Statements,” which was effective for annual reporting periods beginning on or after January 1, 2024 and must be applied retrospectively. The amendments to IAS 1 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 convertible senior notes (“convertible notes”) include an embedded equity conversion option which is not deemed closely related to the financial liability and was 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. Since the embedded derivative is not an equity instrument under IFRS, the amendments require the convertible notes (presented as part of borrowings in the statement of financial position) and derivative liabilities, presented as non-current liabilities at December 31, 2023, to be presented as current liabilit ies. The amendments require presentation of the convertible notes as current liabilities even though: the initial conversion price of $ 166.34 per ADS is not met; the conversion would not require cash settlement; and, the convertible notes do not mature until April 1, 2028 . Further details, including (cash) maturity analysis are provided in Note 10, “Financial Assets and Liabilities.” On December 31, 2023, the carrying amount of convertible notes and derivative liabilities were € 407.1 million and € 143.3 million, respectively. Comparative amounts have been reclassified to reflect the change to presentation. On December 31, 2023, lease liabilities were presented separately in the consolidated statements of financial position. At December 31, 2023, carrying amount of lease liabilities was € 84.6 million and € 14.2 million, for non-current liabilities and current liabilities, respectively. Lease liabilities are from March 31, 2024, presented as part of borrowings in the consolidated statements of financial position. Comparative amounts have been reclassified to reflect the change in presentation. Accordingly, as of March 31, 2024 and December 31, 2023, borrowings comprise convertible notes, royalty funding liabilities, and lease liabilities. The change to presentation had no other impact on the unaudited condensed consolidated financial statements. The applied amendments had no other impact on the unaudited condensed consolidated interim financial statements. Other amendments apply for the first time in 2024, but do not have an impact on the unaudited condensed consolidated interim financial statements. New International Financial Reporting Standards Not Yet Effective The IASB has issued a number of new or amended standards, which have not yet become effective or have not yet been adopted by the EU. Therefore, these new standards have not been incorporated in these unaudited condensed consolidated interim financial statements. |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Revenue [abstract] | |
Schedule of Revenue Recognized in Unaudited Condensed Consolidated Interim Statements of Profit or Loss | Revenue has been recognized in the unaudited condensed consolidated interim statements of profit or loss in the following amounts: Three Months Ended 2024 2023 (EUR’000) Revenue Sale of commercial products 66,499 31,551 Rendering of services 4,624 1,170 Sale of clinical supply 1 254 Licenses 24,770 614 Total revenue 95,894 33,589 Attributable to Commercial customers 66,499 31,551 Collaboration partners and license agreements 29,395 2,038 Total revenue 95,894 33,589 Specified by timing of recognition Recognized over time 4,624 1,170 Recognized at a point in time 91,270 32,419 Total revenue 95,894 33,589 Specified per geographical location Europe 1,567 — North America 92,681 33,070 Asia 1,646 519 Total revenue 95,894 33,589 |
Share-based Payment (Tables)
Share-based Payment (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | |
Summary of Share Based Payment | The following table specifies the number of RSUs and PSUs granted and outstanding at March 31, 2024: Restricted Stock Units Performance Stock Units Total Outstanding (Number) January 1, 2024 576,625 105,023 681,648 Granted during the period 694,908 92,655 787,563 Transferred during the period ( 176,317 ) ( 35,007 ) ( 211,324 ) Forfeited during the period ( 30,929 ) — ( 30,929 ) March 31, 2024 1,064,287 162,671 1,226,958 Specified by vesting year 2024 37,349 — 37,349 2025 398,411 65,893 464,304 2026 398,779 65,893 464,672 2027 229,748 30,885 260,633 March 31, 2024 1,064,287 162,671 1,226,958 |
Summary of Warrant Activity | The following table specifies the warrant activity for the three months ended March 31, 2024: Total Weighted (Number) (EUR) Outstanding January 1, 2024 6,523,784 86.38 Granted during the period 89,380 133.09 Exercised during the period ( 516,980 ) 39.72 Forfeited during the period ( 64,686 ) 107.73 March 31, 2024 6,031,498 90.52 Vested at March 31, 2024 4,921,235 85.39 |
Treasury Shares (Tables)
Treasury Shares (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Disclosure of treasury shares [abstract] | |
Summary of Holding of Treasury Shares | The development in the holding of treasury shares is as follows: Nominal Holding Holding in (EUR’000) (Number) Treasury shares January 1, 2024 146 1,093,054 1.9 % Transferred under stock incentive programs ( 28 ) ( 211,324 ) — March 31, 2024 118 881,730 1.5 % |
Financial Assets and Liabilit_2
Financial Assets and Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Disclosure of detailed information about financial instruments [abstract] | |
Schedule of Financial Assets and Financial Liabilities | The following table specifies financial assets and liabilities: March 31, December 31, (EUR’000) Financial assets by category Trade receivables 41,092 35,874 Other receivables (excluding income tax and indirect tax receivables) 4,845 3,909 Marketable securities — 7,275 Cash and cash equivalents 320,239 392,164 Financial assets measured at amortized cost 366,176 439,222 Total financial assets 366,176 439,222 Classified in the statement of financial position Non-current assets 2,129 2,127 Current assets 364,047 437,095 Total financial assets 366,176 439,222 Financial liabilities by category Borrowings Convertible senior notes 424,984 407,095 Royalty funding liabilities 146,233 138,377 Lease liabilities 97,797 98,793 Trade payables and accrued expenses 94,526 94,566 Other liabilities (excluding income tax, indirect tax, and employee related payables) 299 — Financial liabilities measured at amortized cost 763,839 738,831 Derivative liabilities 197,291 143,296 Financial liabilities measured at fair value through profit or loss 197,291 143,296 Total financial liabilities 961,130 882,127 Classified in the statement of financial position Non-current liabilities 229,627 222,996 Current liabilities 731,503 659,131 Total financial liabilities 961,130 882,127 |
Summary of Fair Value Hierarchy | March 31, 2024 December 31, 2023 Carrying Fair value Carrying Fair value Fair value level (EUR’000) (1-3) Financial assets Marketable securities — — 7,275 7,266 1 Financial assets measured at amortized cost — — 7,275 7,266 Financial liabilities Convertible senior notes 424,984 387,321 407,095 385,410 3 Royalty funding liabilities 146,233 150,151 138,377 143,975 3 Financial liabilities measured at amortized cost 571,217 537,472 545,472 529,385 Derivative liabilities 197,291 197,291 143,296 143,296 3 Financial liabilities measured at fair value through profit or loss 197,291 197,291 143,296 143,296 |
Movements in Level 3 Fair Value Measurements | The following table specifies movements in level 3 fair value measurements: 2024 2023 (EUR’000) Derivative liabilities January 1 143,296 157,950 Remeasurement recognized in finance (income) or expense 53,995 ( 41,182 ) March 31 197,291 116,768 |
Summary of Maturity Analysis For Financial Liabilities | The following table summarizes maturity analysis (on an undiscounted basis) for non-derivative financial liabilities recognized in the unaudited condensed consolidated statements of financial position at March 31, 2024 . < 1 year 1-5 years >5 years Total Carrying (EUR’000) Financial liabilities March 31, 2024 Borrowings (excluding lease liabilities) 11,967 773,386 29,298 814,651 571,217 Lease liabilities 14,621 51,729 46,983 113,333 97,797 Trade payables, accrued expenses and other liabilities 94,825 — — 94,825 94,825 Total financial liabilities 121,413 825,115 76,281 1,022,809 763,839 |
Summary of Material Accountin_3
Summary of Material Accounting Policies - Additional Information (Detail) € in Millions | 3 Months Ended | |||
Mar. 29, 2022 | Mar. 31, 2024 $ / shares | Mar. 31, 2024 EUR (€) | Dec. 31, 2023 EUR (€) | |
Disclosure of summary of significant accounting policies [line items] | ||||
Convertible Senior Notes | € 425 | € 407.1 | ||
Derivative liabilities | 143.3 | |||
Non-current lease liabilities | 84.6 | |||
Current lease liabilities | € 14.2 | |||
Convertible Senior Notes [Member] | ||||
Disclosure of summary of significant accounting policies [line items] | ||||
Borrowings, maturity | April 1, 2028 | April 1, 2028 | ||
American depository shares [member] | ||||
Disclosure of summary of significant accounting policies [line items] | ||||
Conversion Price Per Share | $ / shares | $ 166.34 |
Significant Events in the Rep_2
Significant Events in the Reporting Period - Additional Information (Detail) € in Thousands, $ in Millions | Jan. 29, 2024 USD ($) | Mar. 31, 2024 EUR (€) | Dec. 31, 2023 EUR (€) | Mar. 31, 2023 EUR (€) | Dec. 31, 2022 EUR (€) |
Significant Events In The Reporting Period LineItems | |||||
Balance of equity | € | € 238,179 | € 145,697 | € (167,201) | € (263,348) | |
Third Party Investors [Member] | |||||
Significant Events In The Reporting Period LineItems | |||||
Commitment from investors | $ | $ 150 | ||||
Ownership percentage | 42% |
Revenue - Schedule of Revenue R
Revenue - Schedule of Revenue Recognized in Unaudited Condensed Consolidated Interim Statements of Profit or Loss (Detail) - EUR (€) € in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenue from external customers | ||
Sale of commercial products | € 66,499 | € 31,551 |
Rendering of services | 4,624 | 1,170 |
Sale of clinical supply | 1 | 254 |
Licenses | 24,770 | 614 |
Total revenue | 95,894 | 33,589 |
Revenue from external customers (geographical) | ||
Total revenue | 95,894 | 33,589 |
Goods or services transferred over time [member] | ||
Revenue from external customers | ||
Total revenue | 4,624 | 1,170 |
Revenue from external customers (geographical) | ||
Total revenue | 4,624 | 1,170 |
Goods or services transferred at point in time [member] | ||
Revenue from external customers | ||
Total revenue | 91,270 | 32,419 |
Revenue from external customers (geographical) | ||
Total revenue | 91,270 | 32,419 |
Commercial customers [Member] | ||
Revenue from external customers | ||
Total revenue | 66,499 | 31,551 |
Revenue from external customers (geographical) | ||
Total revenue | 66,499 | 31,551 |
Collaboration partners and license agreements [Member] | ||
Revenue from external customers | ||
Total revenue | 29,395 | 2,038 |
Revenue from external customers (geographical) | ||
Total revenue | 29,395 | 2,038 |
Europe [Member] | ||
Revenue from external customers | ||
Total revenue | 1,567 | |
Revenue from external customers (geographical) | ||
Total revenue | 1,567 | |
North America [member] | ||
Revenue from external customers | ||
Total revenue | 92,681 | 33,070 |
Revenue from external customers (geographical) | ||
Total revenue | 92,681 | 33,070 |
Asia [Member] | ||
Revenue from external customers | ||
Total revenue | 1,646 | 519 |
Revenue from external customers (geographical) | ||
Total revenue | € 1,646 | € 519 |
Revenue - Additional Informatio
Revenue - Additional Information (Detail) € in Millions | 3 Months Ended | ||||
Jan. 29, 2024 USD ($) | Nov. 29, 2023 USD ($) | Mar. 31, 2024 USD ($) CommercialCustomer | Mar. 31, 2024 EUR (€) CommercialCustomer | Mar. 31, 2023 CommercialCustomer | |
Third Party Investors [Member] | |||||
Disclosure of associates [line items] | |||||
Commitment from investors | $ 150,000,000 | ||||
Teijin Limited [Member] | |||||
Disclosure of associates [line items] | |||||
Upfront payment received | $ 70,000,000 | ||||
Maximum additional development and regulatory milestones potentially to be received | $ 175,000,000 | $ 175,000 | |||
Royalties And Milestones [Member] | Third Party Investors [Member] | |||||
Disclosure of associates [line items] | |||||
Recognized as revenue | 0 | ||||
Royalties And Milestones [Member] | Teijin Limited [Member] | |||||
Disclosure of associates [line items] | |||||
Recognized as revenue | $ 0 | ||||
Commercial customers [Member] | |||||
Disclosure of associates [line items] | |||||
Number of commercial customers | CommercialCustomer | 4 | 4 | 3 | ||
Commercial customers [Member] | Bottom of range [member] | |||||
Disclosure of associates [line items] | |||||
Perentage of sale to commercial customers | 10% | 10% | 10% | ||
Collaboration partners and license agreements [Member] | Third Party Investors [Member] | |||||
Disclosure of associates [line items] | |||||
Recognized as revenue | € | € 24.8 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2024 Segment | |
Disclosure of operating segments [line items] | |
Number of reportable segment | 1 |
Share-Based Payment - Additiona
Share-Based Payment - Additional Information (Details) € / shares in Units, € in Millions | 3 Months Ended | |||
Mar. 31, 2024 EUR (€) | Mar. 31, 2023 EUR (€) | Mar. 31, 2024 kr / shares | Mar. 31, 2024 € / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Share nominal value | kr / shares | kr 1 | |||
Bottom of range [member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise price of outstanding share options | € 11.98 | |||
Top of range [member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise price of outstanding share options | € 145.5 | |||
Performance Stock Unit Program [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Description of vesting | For the March 2024 PSU grants, in addition to service conditions, vesting is also contingent upon achievement of long-term strategic goals as evaluated by the Board no later than two weeks prior to each vesting date. Exceeding performance targets will not result in vesting of more PSUs than 100%, nor will it result in additional grants. | |||
Performance Stock Unit Program [Member] | Top of range [member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Percentage of vesting rights | 100% | 100% | ||
Profit Loss [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Share based compensation costs | € | € 17.3 | € 13.7 |
Share-based Payment - Schedule
Share-based Payment - Schedule of Warrant Activity (Detail) | 3 Months Ended |
Mar. 31, 2024 € / shares | |
Disclosure Of Warrant Activity [line items] | |
Ending balance | 1,226,958 |
Warrants [member] | |
Disclosure Of Warrant Activity [line items] | |
Beginning balance | 6,523,784 |
Granted during the period | 89,380 |
Exercised during the period | (516,980) |
Forfeited during the period | (64,686) |
Ending balance | 6,031,498 |
Vested at the balance sheet date | 4,921,235 |
Beginning balance | € 86.38 |
Granted during the period | 133.09 |
Exercised during the period | 39.72 |
Forfeited during the period | 107.73 |
Ending balance | 90.52 |
Vested at the balance sheet date | € 85.39 |
Share-Based Payment - Summary O
Share-Based Payment - Summary Of Share Based Payment (Detail) | 3 Months Ended |
Mar. 31, 2024 | |
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items] | |
Ending balance | 1,226,958 |
Restricted Stock Units [Member] | |
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items] | |
Beginning balance | 576,625 |
Granted | 694,908 |
Transferred during the period | (176,317) |
Forfeited during the period | (30,929) |
Ending balance | 1,064,287 |
Restricted Stock Units [Member] | 2024 | |
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items] | |
Vested at the reporting date | 37,349 |
Restricted Stock Units [Member] | 2025 | |
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items] | |
Vested at the reporting date | 398,411 |
Restricted Stock Units [Member] | 2026 | |
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items] | |
Vested at the reporting date | 398,779 |
Restricted Stock Units [Member] | 2027 | |
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items] | |
Vested at the reporting date | 229,748 |
Performance Stock Units [Member] | |
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items] | |
Beginning balance | 105,023 |
Granted | 92,655 |
Transferred during the period | (35,007) |
Forfeited during the period | 0 |
Ending balance | 162,671 |
Performance Stock Units [Member] | 2024 | |
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items] | |
Vested at the reporting date | 0 |
Performance Stock Units [Member] | 2025 | |
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items] | |
Vested at the reporting date | 65,893 |
Performance Stock Units [Member] | 2026 | |
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items] | |
Vested at the reporting date | 65,893 |
Performance Stock Units [Member] | 2027 | |
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items] | |
Vested at the reporting date | 30,885 |
Restricted Stock Units and Performance Stock Unit [Member] | |
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items] | |
Beginning balance | 681,648 |
Granted | 787,563 |
Transferred during the period | (211,324) |
Forfeited during the period | (30,929) |
Ending balance | 1,226,958 |
Restricted Stock Units and Performance Stock Unit [Member] | 2024 | |
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items] | |
Vested at the reporting date | 37,349 |
Restricted Stock Units and Performance Stock Unit [Member] | 2025 | |
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items] | |
Vested at the reporting date | 464,304 |
Restricted Stock Units and Performance Stock Unit [Member] | 2026 | |
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items] | |
Vested at the reporting date | 464,672 |
Restricted Stock Units and Performance Stock Unit [Member] | 2027 | |
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items] | |
Vested at the reporting date | 260,633 |
Share Capital - Additional Info
Share Capital - Additional Information (Detail) | Mar. 31, 2024 kr / shares shares |
Disclosure of classes of share capital [abstract] | |
Number of shares issued | shares | 58,224,419 |
Share nominal value | kr / shares | kr 1 |
Treasury Shares - Summary of Ho
Treasury Shares - Summary of Holding of Treasury Shares (Detail) € in Thousands | 3 Months Ended |
Mar. 31, 2024 EUR (€) shares | |
Disclosure Of Holding Of Treasury Shares [Line Items] | |
January 1, 2024 (Nominal values) | € | € 146 |
Transferred under stock incentive programs (Nominal values) | € | (28) |
March 31, 2024 (Nominal values) | € | € 118 |
January 1, 2024 (Holding) | shares | 1,093,054 |
Transferred under stock incentive programs (Holding) | shares | (211,324) |
March 31, 2024 (Holding) | shares | 881,730 |
January 1, 2024 (Holding in % of total outstanding shares) | 1.90% |
Transferred under stock incentive programs (Holding in 1% total outstanding shares) | 0% |
March 31, 2024 (Holding in % of total outstanding shares) | 1.50% |
Financial Assets and Liabilit_3
Financial Assets and Liabilities - Schedule of Financial Assets and Financial Liabilities (Details) - EUR (€) € in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Financial assets by category | ||||
Cash and cash equivalents | € 320,239 | € 392,164 | € 501,281 | € 444,767 |
Total financial assets | 366,176 | 439,222 | ||
Classified in the statement of financial position | ||||
Non-current assets | 2,129 | 2,127 | ||
Current assets | 364,047 | 437,095 | ||
Financial liabilities by category | ||||
Convertible senior notes | 425,000 | 407,100 | ||
Lease liabilities | 113,333 | |||
Derivative liabilities | 197,291 | 143,296 | ||
Total financial liabilities | 961,130 | 882,127 | ||
Classified in the statement of financial position | ||||
Non-current liabilities | 229,627 | 222,996 | ||
Current liabilities | 731,503 | 659,131 | ||
Financial liabilities at amortised cost, class [member] | ||||
Financial liabilities by category | ||||
Convertible senior notes | 424,984 | 407,095 | ||
Royalty funding liabilities | 146,233 | 138,377 | ||
Lease liabilities | 97,797 | 98,793 | ||
Trade payables and accrued expenses | 94,526 | 94,566 | ||
Other liabilities (excluding income tax, indirect tax, and employee related payables) | 299 | |||
Financial liabilities measured at amortized cost | 763,839 | 738,831 | ||
Total financial liabilities | 763,839 | |||
Financial liabilities measured at fair value through profit or loss [member] | ||||
Financial liabilities by category | ||||
Financial liabilities measured at fair value through profit or loss | 197,291 | 143,296 | ||
Financial assets at amortised cost, class [member] | ||||
Financial assets by category | ||||
Trade receivables | 41,092 | 35,874 | ||
Other receivables (excluding income tax and indirect tax receivables) | 4,845 | 3,909 | ||
Marketable securities | 7,275 | |||
Cash and cash equivalents | 320,239 | 392,164 | ||
Financial assets measured at amortized cost | € 366,176 | € 439,222 |
Financial Assets and Liabilit_4
Financial Assets and Liabilities - Additional Information (Detail) € / shares in Units, $ / shares in Units, € in Thousands | 1 Months Ended | 3 Months Ended | |||||
Mar. 29, 2022 EUR (€) | Mar. 29, 2022 USD ($) | Sep. 30, 2023 USD ($) Multiple XBB | Mar. 31, 2024 EUR (€) Days Agreement € / shares | Mar. 31, 2024 USD ($) Days Agreement | Mar. 31, 2024 USD ($) $ / shares | Dec. 31, 2023 EUR (€) € / shares | |
Disclosure of detailed information about financial instruments [line items] | |||||||
Derivative liabilities | € 197,291 | € 143,296 | |||||
Convertible Senior Notes | 425,000 | € 407,100 | |||||
Fair Value of Convertible Notes | € 387,300 | ||||||
Share price | € / shares | € 50.2 | € 50.47 | |||||
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 | € 146,200 | ||||||
Fair value of royalty funding liabilities | 150,200 | ||||||
Royalty Pharma [member] | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Funding received in exchange of royalty payments | $ | $ 150,000,000 | ||||||
Net proceeds after deduting offering expenses | € 136,300 | $ 146,300,000 | |||||
Royalty payment ending period | Dec. 31, 2031 | ||||||
Royalty Pharma [member] | Bottom of range [member] | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Multiple of the purchase price were royalty payment will cease | Multiple | 1.65 | ||||||
Royalty Pharma [member] | Top of range [member] | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Multiple of the purchase price were royalty payment will cease | Multiple | 1.925 | ||||||
U.S. SKYTROFA [member] | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Funding received in exchange | $ | $ 150,000,000 | ||||||
Revenue interest payment in percentage in exchange for funding | 9.15% | ||||||
Royalty payment beginning period | Jan. 01, 2025 | ||||||
Historical volatility for shares, measurement input [member] | Derivatives [member] | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Percentage of reasonably possible increase in unobservable input, liabilities | 10% | 10% | |||||
Percentage of reasonably possible decrease in unobservable input, liabilities | 10% | 10% | |||||
Share Price Measurement Input [Member] | Derivatives [member] | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Increase decrease in derivative financial liabilities fair value | € 35,500 | ||||||
Percentage of reasonably possible increase in unobservable input, liabilities | 10% | 10% | |||||
Percentage of reasonably possible decrease in unobservable input, liabilities | 10% | 10% | |||||
Foreign Currency Conversion Option [Member] | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Increase decrease in derivative financial liabilities fair value | € 16,200 | ||||||
American depository shares [member] | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Conversion price per share | $ / shares | $ 166.34 | ||||||
Convertible Senior Notes [Member] | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Conversion rate per note | $ / shares | $ 6.0118 | ||||||
Principal amount | $ | $ 575,000,000 | ||||||
Borrowings redemption period | April 7, 2025 | April 7, 2025 | |||||
Borrowings condition for redemption | but only if the last reported sale price per ADS exceeds 130% of the conversion price on (i) each of at least 20 trading days, whether or not consecutive, during the 30 consecutive trading days ending on, and including, the trading day immediately before the date the Company sends the related optional redemption notice; and (ii) the trading day immediately before the date the Company sends such notice. | but only if the last reported sale price per ADS exceeds 130% of the conversion price on (i) each of at least 20 trading days, whether or not consecutive, during the 30 consecutive trading days ending on, and including, the trading day immediately before the date the Company sends the related optional redemption notice; and (ii) the trading day immediately before the date the Company sends such notice. | |||||
Borrowings threshold percentage of sale price per share for redemption | 130% | 130% | |||||
Borrowings threshold trading days for redemption | Days | 20 | 20 | |||||
Borrowings threshold consecutive trading days for redemption | Agreement | 30 | 30 | |||||
Proceeds from issue of bonds, notes and debentures | € 503,300 | $ 557,900,000 | |||||
Borrowings, maturity | April 1, 2028 | April 1, 2028 | April 1, 2028 | April 1, 2028 | |||
Convertible Senior Notes [Member] | American depository shares [member] | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Principal amount | $ | $ 1,000 | ||||||
Fixed interest rate [member] | Convertible Senior Notes [Member] | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Borrowings Interest Rate | 2.25% | 2.25% | 2.25% |
Financial Assets and Liabilit_5
Financial Assets and Liabilities - Summary of Fair Value Hierarchy (Details) - EUR (€) € in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Disclosure of fair value measurement of assets and liabilities [line items] | ||||
Convertible senior notes | € 425,000 | € 407,100 | ||
Derivative liabilities | 197,291 | 143,296 | ||
Level 3 [member] | ||||
Disclosure of fair value measurement of assets and liabilities [line items] | ||||
Derivative liabilities | 197,291 | 143,296 | € 116,768 | € 157,950 |
Carrying amount [member] | ||||
Disclosure of fair value measurement of assets and liabilities [line items] | ||||
Financial assets measured at amortized cost | 7,275 | |||
Financial liabilities measured at amortized cost | 571,217 | 545,472 | ||
Financial liabilities measured at fair value through profit or loss | 197,291 | 143,296 | ||
Carrying amount [member] | Level 1 [member] | ||||
Disclosure of fair value measurement of assets and liabilities [line items] | ||||
Marketable securities | 7,275 | |||
Carrying amount [member] | Level 3 [member] | ||||
Disclosure of fair value measurement of assets and liabilities [line items] | ||||
Convertible senior notes | 424,984 | 407,095 | ||
Royalty funding liabilities | 146,233 | 138,377 | ||
Derivative liabilities | 197,291 | 143,296 | ||
Fair value [member] | ||||
Disclosure of fair value measurement of assets and liabilities [line items] | ||||
Financial assets measured at amortized cost | 7,266 | |||
Financial liabilities measured at amortized cost | 537,472 | 529,385 | ||
Financial liabilities measured at fair value through profit or loss | 197,291 | 143,296 | ||
Fair value [member] | Level 1 [member] | ||||
Disclosure of fair value measurement of assets and liabilities [line items] | ||||
Marketable securities | 7,266 | |||
Fair value [member] | Level 3 [member] | ||||
Disclosure of fair value measurement of assets and liabilities [line items] | ||||
Convertible senior notes | 387,321 | 385,410 | ||
Royalty funding liabilities | 150,151 | 143,975 | ||
Derivative liabilities | € 197,291 | € 143,296 |
Financial Assets and Liabilit_6
Financial Assets and Liabilities - Movements in Level 3 Fair Value Measurements (Details) - EUR (€) € in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Reconciliation of changes in fair value measurement, liabilities [abstract] | ||
Beginning balance | € 143,296 | |
Ending balance | 197,291 | |
Level 3 [member] | ||
Reconciliation of changes in fair value measurement, liabilities [abstract] | ||
Beginning balance | 143,296 | € 157,950 |
Remeasurement recognized in finance (income) or expense | 53,995 | (41,182) |
Ending balance | € 197,291 | € 116,768 |
Financial Assets and Liabilit_7
Financial Assets and Liabilities - Liquidity Risk Management (Detail) - EUR (€) € in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Borrowings [abstract] | ||
Convertible senior notes | € 425,000 | € 407,100 |
Borrowings (excluding lease liabilities) | 814,651 | |
Lease liabilities | 113,333 | |
Trade payables, accrued expenses and other liabilities | 94,825 | |
Total financial liabilities | 961,130 | 882,127 |
Total financial liabilities | 1,022,809 | |
Financial liabilities at amortised cost, class [member] | ||
Borrowings [abstract] | ||
Convertible senior notes | 424,984 | 407,095 |
Royalty funding liabilities | 146,233 | 138,377 |
Borrowings (excluding lease liabilities) | 571,217 | |
Lease liabilities | 97,797 | € 98,793 |
Trade payables, accrued expenses and other liabilities | 94,825 | |
Other liabilities (excluding income tax, indirect tax, and employee related payables) | 299 | |
Total financial liabilities | 763,839 | |
Within 1 year [member] | ||
Borrowings [abstract] | ||
Borrowings (excluding lease liabilities) | 11,967 | |
Lease liabilities | 14,621 | |
Trade payables, accrued expenses and other liabilities | 94,825 | |
Total financial liabilities | 121,413 | |
Within 1 to 5 years [member] | ||
Borrowings [abstract] | ||
Borrowings (excluding lease liabilities) | 773,386 | |
Lease liabilities | 51,729 | |
Trade payables, accrued expenses and other liabilities | 0 | |
Total financial liabilities | 825,115 | |
After 5 years [member] | ||
Borrowings [abstract] | ||
Borrowings (excluding lease liabilities) | 29,298 | |
Lease liabilities | 46,983 | |
Trade payables, accrued expenses and other liabilities | 0 | |
Total financial liabilities | € 76,281 |