Cover Page
Cover Page | 6 Months Ended |
Jun. 30, 2022 | |
Document Information [Line Items] | |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Jun. 30, 2022 |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | Q2 |
Entity Registrant Name | Ascendis Pharma A/S |
Entity Central Index Key | 0001612042 |
Current Fiscal Year End Date | --12-31 |
Consolidated Statements of Prof
Consolidated Statements of Profit or Loss and Other Comprehensive Income - EUR (€) € in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | ||
Profit or loss [abstract] | |||||
Revenue | € 6,160 | € 1,022 | € 12,988 | € 1,767 | |
Cost of sales | 1,086 | 0 | 5,332 | 0 | |
Gross profit / (loss) | 5,074 | 1,022 | 7,656 | 1,767 | |
Research and development costs | 90,383 | 83,306 | 173,576 | 171,455 | |
Selling, general and administrative expenses | 56,584 | 35,345 | 104,002 | 72,591 | |
Operating profit / (loss) | (141,893) | (117,629) | (269,922) | (242,279) | |
Share of profit / (loss) of associate | (1,166) | (4,817) | (6,039) | 23,289 | |
Finance income | 71,127 | 145 | 84,171 | 23,268 | |
Finance expenses | 9,434 | 12,141 | 14,833 | 1,703 | |
Profit/ (loss) before tax | (81,366) | (134,442) | (206,623) | (197,425) | |
Tax on profit / (loss) for the period | 47 | 68 | (195) | 259 | |
Net profit / (loss) for the period | (81,319) | (134,374) | (206,818) | (197,166) | |
Attributable to owners of the Company | € (81,319) | € (134,374) | € (206,818) | € (197,166) | |
Basic and diluted earnings / (loss) per share | € (1.46) | € (2.5) | € (3.68) | € (3.66) | |
Number of shares used for calculation (basic and diluted) | [1] | 55,805,486 | 53,848,166 | 56,260,248 | 53,804,300 |
Statement of comprehensive income [abstract] | |||||
Net profit / (loss) for the period | € (81,319) | € (134,374) | € (206,818) | € (197,166) | |
Items that may be reclassified subsequently to profit or loss: | |||||
Exchange differences on translating foreign operations | (757) | 77 | (332) | 1,765 | |
Other comprehensive income / (loss) for the period, net of tax | (757) | 77 | (332) | 1,765 | |
Total comprehensive income / (loss) | (82,076) | (134,297) | (207,150) | (195,401) | |
Attributable to owners of the Company | € (82,076) | € (134,297) | € (207,150) | € (195,401) | |
[1]As of June 30, 2022, a total of 7,033,103 warrants outstanding, 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. Similarly, a total of 6,065,823 warrants outstanding as of June 30, 2021, are also considered antidilutive for the periods presented and have not been included in the calculation. The weighted average number of shares takes into account the weighted average effect of changes in treasury shares during the period. |
Consolidated Statements of Pr_2
Consolidated Statements of Profit or Loss and Other Comprehensive Income (Parenthetical) - shares | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Convertible Senior Notes [Member] | ||
Statement [LineItems] | ||
Convertible notes | 575,000 | |
Ordinary shares [member] | ||
Statement [LineItems] | ||
Convertible notes | 3,456,785 | |
Warrants [member] | ||
Statement [LineItems] | ||
Convertible notes | 7,033,103 | 6,065,823 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - EUR (€) € in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Non-current assets [abstract] | ||
Intangible assets | € 5,050 | € 5,272 |
Property, plant and equipment | 133,224 | 126,049 |
Investment in associate | 34,905 | 38,345 |
Other receivables | 1,836 | 1,808 |
Marketable securities | 39,721 | 107,561 |
Total non-current assets | 214,736 | 279,035 |
Current assets | ||
Inventories | 101,322 | 75,405 |
Trade receivables | 4,369 | 2,200 |
Income tax receivables | 1,128 | 893 |
Other receivables | 15,055 | 20,093 |
Prepayments | 35,067 | 25,231 |
Marketable securities | 282,767 | 235,797 |
Cash and cash equivalents | 672,387 | 446,267 |
Total current assets | 1,112,095 | 805,886 |
Total assets | 1,326,831 | 1,084,921 |
Equity | ||
Share capital | 7,649 | 7,646 |
Distributable equity | 600,193 | 875,989 |
Total equity | 607,842 | 883,635 |
Non-current liabilities | ||
Borrowings | 498,130 | 97,966 |
Derivative liabilities | 102,031 | 0 |
Contract liabilities | 3,700 | 2,964 |
Total non-current liabilities | 603,861 | 100,930 |
Current liabilities | ||
Borrowings | 14,079 | 6,995 |
Contract liabilities | 0 | 2,601 |
Trade payables and accrued expenses | 74,984 | 59,417 |
Other liabilities | 20,957 | 29,952 |
Income taxes payable | 90 | 198 |
Provisions | 5,018 | 1,193 |
Total current liabilities | 115,128 | 100,356 |
Total liabilities | 718,989 | 201,286 |
Total equity and liabilities | € 1,326,831 | € 1,084,921 |
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] | Share-based Payment Reserve [member] | Accumulated Deficit [member] |
Equity at Dec. 31, 2020 | € 838,711 | € 7,217 | € 1,728,747 | € 0 | € (76) | € 133,101 | € (1,030,278) |
Statement [LineItems] | |||||||
Net profit / (loss) for the period | (197,166) | (197,166) | |||||
Other comprehensive income / (loss), net of tax | 1,765 | 1,765 | |||||
Total comprehensive income / (loss) | (195,401) | 0 | 1,765 | (197,166) | |||
Share-based payment (Note 7) | 39,396 | 39,396 | |||||
Capital increase | 4,781 | 20 | 4,761 | ||||
Equity at Jun. 30, 2021 | 687,487 | 7,237 | 1,733,508 | 0 | 1,689 | 172,497 | (1,227,444) |
Equity at Dec. 31, 2021 | 883,635 | 7,646 | 2,107,739 | (21,605) | 3,779 | 199,931 | (1,413,855) |
Statement [LineItems] | |||||||
Net profit / (loss) for the period | (206,818) | (206,818) | |||||
Other comprehensive income / (loss), net of tax | (332) | (332) | |||||
Total comprehensive income / (loss) | (207,150) | (332) | (206,818) | ||||
Share-based payment (Note 7) | 36,770 | 36,770 | |||||
Acquisition of treasury shares (Note 9) | (106,099) | (106,099) | |||||
Capital increase | 686 | 3 | 683 | ||||
Equity at Jun. 30, 2022 | € 607,842 | € 7,649 | € 2,108,422 | € (127,704) | € 3,447 | € 236,701 | € (1,620,673) |
Consolidated Cash Flow Statemen
Consolidated Cash Flow Statements - EUR (€) € in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Operating activities | ||
Net profit / (loss) for the period | € (206,818) | € (197,166) |
Reversal of finance income | (84,171) | (23,268) |
Reversal of finance expenses | 14,833 | 1,703 |
Reversal of gain and loss on disposal of property, plant and equipment | 14 | 0 |
Reversal of tax charge | 195 | (259) |
Increase / (decrease) in provisions | 3,529 | 0 |
Adjustments for non-cash items: | ||
Non-cash consideration regarding revenue | (1,275) | (1,155) |
Share of profit / (loss) of associate | 6,039 | (23,289) |
Share-based payment | 36,770 | 39,396 |
Depreciation | 8,584 | 7,112 |
Amortization | 222 | 222 |
Changes in working capital: | ||
Inventories | (25,917) | 0 |
Receivables | (5,698) | (4,035) |
Prepayments | (9,637) | (7,832) |
Contract liabilities (deferred income) | (1,865) | (218) |
Trade payables, accrued expenses and other payables | 7,960 | 10,902 |
Cash flows generated from / (used in) operations | (257,235) | (197,887) |
Finance income received | 3,828 | 1,915 |
Finance expenses paid | (1,242) | (699) |
Income taxes received / (paid) | (532) | (149) |
Cash flows from / (used in) operating activities | (255,181) | (196,820) |
Investing activities | ||
Investment in associate | 0 | (10,187) |
Acquisition of property, plant and equipment | (7,544) | (7,607) |
Reimbursement from acquisition of property, plant and equipment | 9,535 | 0 |
Development expenditures (software) | 0 | (530) |
Purchase of marketable securities | (89,700) | (76,358) |
Settlement of marketable securities | 136,139 | 75,600 |
Cash flows from / (used in) investing activities | 48,430 | (19,082) |
Financing activities | ||
Payment of principal portion of lease liabilities | (3,163) | (3,371) |
Net proceeds from convertible senior notes | 503,281 | 0 |
Proceeds from exercise of warrants | 686 | 4,782 |
Acquisition of treasury shares, net of transaction costs | (105,304) | 0 |
Cash flows from / (used in) financing activities | 395,500 | 1,411 |
Increase / (decrease) in cash and cash equivalents | 188,749 | (214,491) |
Cash and cash equivalents at January 1 | 446,267 | 584,517 |
Effect of exchange rate changes on balances held in foreign currencies | 37,371 | 14,513 |
Bank deposits | 670,244 | 383,073 |
Short-term marketable securities | 2,143 | 1,466 |
Cash and cash equivalents at June 30 | € 672,387 | € 384,539 |
General Information
General Information | 6 Months Ended |
Jun. 30, 2022 | |
Text block [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 biopharmaceutical 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, 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 approved these unaudited condensed consolidated interim financial statements on August 10, 2022. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2022 | |
Text block [abstract] | |
Summary of Significant Accounting Policies | Note 2—Summary of Significant Accounting Policies Basis of Preparation The unaudited condensed consolidated interim financial statements of the Company are prepared in accordance with International Accounting Standard 34, “Interim Financial Reporting.” Certain information and disclosures normally included in the annual consolidated financial statements prepared in accordance with International Financial Reporting Standards (“IFRS”) have been condensed or omitted. Accordingly, these unaudited condensed consolidated interim financial statements should be read in conjunction with the Company’s audited annual consolidated financial statements for the year ended December 31, 2021, 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 The preparation of financial statements in conformity with IFRS requires the use of certain significant accounting estimates and requires management to exercise its judgement in the process of applying the Company’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the unaudited condensed consolidated interim financial statements are disclosed in Note 3, “Significant Accounting Judgements and Estimates”. Convertible Senior Notes and 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 this 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 is therefore initially recognized and measured separately at fair value as a derivative liability based on the stated terms upon issuance of the convertible notes. The conversion option is classified as a foreign currency conversion option which is not convertible into a fixed number of shares for a fixed amount of cash. Accordingly, the conversion option is 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 financial 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 therefore is 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 allocated 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. New International Financial Reporting Standards Not Yet Effective The IASB has issued a number of new or amended standards, which have not yet become effective or have not yet been adopted by the EU. Therefore, these new standards have not been incorporated in these unaudited condensed consolidated interim financial statements. Amendments to IAS 1, “Classification of Liabilities as Current or Non-current” In January 2020, the IASB issued amendments to paragraphs 69 to 76 of IAS 1, “Presentation of Financial Statements”, to specify the requirements for classifying liabilities as current or non-current. • What is meant by a right to defer settlement; • That a right to defer must exist at the end of the reporting period; • That classification is unaffected by the likelihood that an entity will exercise its deferral right; and • That only if an embedded derivative in a convertible liability is itself an equity instrument would the terms of a liability not impact its classification. If approved by the EU, the amendments are effective for annual reporting periods beginning on or after January 1, 202 3 both non-current The consolidated financial statements are not expected to be affected by other new or amended standards. |
Significant Accounting Judgemen
Significant Accounting Judgements and Estimates | 6 Months Ended |
Jun. 30, 2022 | |
Text block [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, 2021. 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. Other than as set out below, there have been no other changes to the application of significant accounting judgements, or estimation uncertainties regarding accounting estimates compared to December 31, 2021. Valuation of Embedded Derivatives The foreign currency conversion option, embedded in the convertible notes, is accounted for separately as a derivative liability at fair value through profit or loss. 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. 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). These inputs include 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 option. Changes in assumptions relating to these factors could affect the reported fair value of derivative liabilities. |
Significant Events in the Repor
Significant Events in the Reporting Period | 6 Months Ended |
Jun. 30, 2022 | |
Text block [abstract] | |
Significant Events In the Reporting Period | Note 4—Significant Events in the Reporting Period COVID-19 The COVID-19 COVID-19 Conflict in the Region Surrounding Ukraine and Russia The ongoing conflict in the region surrounding Ukraine and Russia has impacted our ability to continue clinical trial activities in those countries. The conflict did not have a direct material impact on the unaudited condensed consolidated interim financial statements. Leases 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. Subject to changes in terms and conditions and development in interest rates, an initial lease liability and corresponding right-of-use Convertible Senior Notes Offering 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 were $557.9 million (€503.3 million), after deducting the initial purchasers’ discounts and commissions and offering expenses. Further details are disclosed in Note 10, “Financial Assets and Financial Liabilities”. Acquisition of Treasury Shares The Company used $116.7 million (€105.3 million) of the net proceeds from the offering of the convertible notes to repurchase 1,000,000 ADSs representing the Company’s ordinary shares. Total holding of treasury shares is disclosed in Note 9, “Treasury Shares”. |
Revenue
Revenue | 6 Months Ended |
Jun. 30, 2022 | |
Text block [abstract] | |
Revenue | Note 5—Revenue Revenue from commercial sale of products relates to sale of SKYTROFA ® Other revenue is generated primarily from three license agreements, which were entered into in 2018. The licenses grant VISEN Pharmaceuticals exclusive rights to develop and commercialize TransCon hGH, TransCon PTH and TransCon CNP in Greater China. Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (EUR’000) (EUR’000) Revenue from external customers Commercial sale of products 4,435 — 6,323 — Rendering of services 612 226 983 395 Sale of clinical supply 470 217 4,407 217 Licenses 643 579 1,275 1,155 Total revenue from external customers 6,160 1,022 12,988 1,767 Attributable to Commercial customers 4,435 913 6,323 1,550 Collaboration partners and license agreements (1) 1,725 109 6,665 217 Total revenue from external customers 6,160 1,022 12,988 1,767 Specified by timing of recognition Recognized over time 612 226 983 395 Recognized at a point in time 5,548 796 12,005 1,372 Total revenue from external customers 6,160 1,022 12,988 1,767 Revenue by geographical location Europe 140 — 275 — North America 5,078 688 11,535 1,373 China 942 334 1,178 394 Total revenue from external customers 6,160 1,022 12,988 1,767 (1) For the three months ended June 30, 2022 and 2021, and for the six month ended June 30, 2022 and 2021, “Total revenue” includes recognition of previously deferred revenue/internal profit from associate of €0.6 million and €0.6 million, and of €1.3 million and €1.2 million respectively. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2022 | |
Text block [abstract] | |
Segment Information | Note 6—Segment Information The Company is managed and operated as one |
Share-based Payment
Share-based Payment | 6 Months Ended |
Jun. 30, 2022 | |
Text block [abstract] | |
Share-based Payment | Note 7—Share-based Payment As an incentive to the Executive Board, employees, members of the Board of Directors and select consultants, Ascendis Pharma A/S has established warrant programs and, since December 2021, a Restricted Stock Unit program (“RSU program”), which are equity-settled share-based payment transactions. Share-based Compensation Costs Share-based compensation costs are determined using the grant date fair value of warrants and Restricted Stock Units (“RSUs”) granted and are recognized over the vesting period as research and development costs, selling, general and administrative expenses, or cost of sales. For the three and six months ended June 30, 2022 and 2021, share-based compensation costs recognized in the unaudited condensed consolidated interim statement of profit or loss were €16.8 million and €16.3 million, respectively, and €36.8 million and €39.4 million, respectively. Restricted Stock Unit Program RSUs are granted by the Board of Directors 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 of Directors (“RSU-holders”) RSU-holder All RSUs are hedged by treasury shares that have been repurchased in the market. Upon vesting, the Company may at its sole discretion choose to make a cash settlement instead of delivering ADSs. RSU Activity The following table specifies the number of RSUs granted, and outstanding RSUs at June 30, 2022: Total RSUs Outstanding at January 1, 2022 148,148 Granted during the period — Settled during the period — Transferred during the period — Forfeited during the period (15,386 ) Outstanding at June 30, 2022 132,762 Specified by vesting date December, 2022 44,254 December, 2023 44,254 December, 2024 44,254 Outstanding at June 30, 2022 132,762 The fair value of RSUs at the date of grant was €123.46 for the year ended December 31, 2021, which was the first date of granting RSUs. Warrant program Warrants are granted by the Board of Directors 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 fixed at 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. Warrant Activity The following table specifies the warrant activity during the six months ended June 30, 2022: Total Warrants Weighted Average Exercise Price EUR Outstanding at January 1, 2022 7,085,073 80.30 Granted during the period 170,815 92.54 Exercised during the period (27,376 ) 23.68 Forfeited during the period (195,409 ) 123.84 Outstanding at June 30, 2022 7,033,103 79.60 Vested at June 30, 2022 4,484,859 58.17 The exercise prices of outstanding warrants under the Company’s warrant programs range from €6.48 to €145.5 depending on the grant dates. |
Share Capital
Share Capital | 6 Months Ended |
Jun. 30, 2022 | |
Text block [abstract] | |
Share Capital | Note 8—Share Capital The share capital of Ascendis Pharma A/S consists of 56,965,058 fully paid shares at a nominal value of DKK 1, all in the same share class. |
Treasury Shares
Treasury Shares | 6 Months Ended |
Jun. 30, 2022 | |
Text block [abstract] | |
Treasury Shares | Note 9—Treasury Shares The holding of treasury shares is specified below: Nominal values Holding Holding in % of total outstanding shares (EUR’000) (Number) Treasury shares At January 1, 2022 21 154,837 0.27 % Acquired from third-parties 134 1,000,000 — At June 30, 2022 155 1,154,837 2.03 % |
Financial Assets and Financial
Financial Assets and Financial Liabilities | 6 Months Ended |
Jun. 30, 2022 | |
Text block [abstract] | |
Financial Assets and Financial Liabilities | Note 10—Financial Assets and Financial Liabilities Financial assets and liabilities comprise the following: June 30, 2022 December 31, 2021 (EUR’000) Financial assets by category Trade receivables 4,369 2,200 Other receivables (excluding VAT receivables) 3,309 12,276 Marketable securities 322,488 343,358 Cash and cash equivalents 672,387 446,267 Financial assets measured at amortized cost 1,002,553 804,101 Total financial assets 1,002,553 804,101 Classified in the statement of financial position Non-current 41,557 109,369 Current assets 960,996 694,732 Total financial assets 1,002,553 804,101 June 30, 2022 December 31, 2021 (EUR’000) Financial liabilities by category Borrowings Convertible senior notes 399,037 — Lease liabilities 113,172 104,961 Trade payables and accrued expenses 74,984 59,417 Financial liabilities measured at amortized cost 587,193 164,378 Derivative liabilities 102,031 — Financial liabilities measured at fair value through profit or loss 102,031 — Total financial liabilities 689,224 164,378 Classified in the statement of financial position Non-current 600,161 97,966 Current liabilities 89,063 66,412 Total financial liabilities 689,224 164,378 Marketable Securities Marketable securities are measured at amortized cost, and fair values are determined based on quoted market prices. (Level 1 in the fair value hierarchy). The composition of the portfolio is specified in the following table: June 30, 2022 December 31, 2021 Carrying amount Fair value Carrying amount Fair value (EUR’000) Marketable securities U.S. Government bonds 115,177 113,635 95,408 95,211 Commercial papers — — 2,207 2,207 Corporate bonds 186,617 184,648 226,771 226,379 Agency bonds 20,694 20,491 18,972 18,934 Total marketable securities 322,488 318,774 343,358 342,731 Classified based on maturity profiles Non-current 39,721 38,576 107,561 107,175 Current assets 282,767 280,198 235,797 235,556 Total marketable securities 322,488 318,774 343,358 342,731 Specified by rate structure Fixed rate 309,174 305,481 323,176 322,556 Floating rate 13,314 13,293 17,975 17,968 Zero-coupon — — 2,207 2,207 Total marketable securities 322,488 318,774 343,358 342,731 Specified by investment grade credit rating High grade 156,203 154,268 144,307 144,030 Upper medium grade 163,974 162,214 196,909 196,566 Lower medium grade 2,311 2,292 2,142 2,135 Total marketable securities 322,488 318,774 343,358 342,731 The Company’s marketable securities are all denominated in U.S. Dollars. At June 30, 2022 and December 31, 2021, the portfolio had a weighted average duration of 6.1 and 6.6 months for current positions, and 15.2 and 17.5 months for non-current All marketable securities have investment grade ratings and accordingly, the risk from probability of default is low. The risk of expected credit loss over marketable securities has been considered, including the hypothetical impact arising from the probability of default which is considered in conjunction with the expected loss given default from securities with similar credit ratings and attributes. This assessment did not reveal a material expected credit loss and accordingly, no provision for expected credit loss has been recognized. Convertible Senior Notes In March 2022, the Company issued an aggregate principal amount of $575.0 million of fixed rate 2.25% convertible notes. The net proceeds from the offering of the convertible notes were $557.9 million (€503.3 million), after deducting the initial purchasers’ discounts and commissions, and offering expenses. The convertible notes rank equally in right of payment with all future senior unsecured indebtedness. Unless earlier converted or redeemed, the convertible notes will mature on April 1, 2028. The convertible notes accrue interest at a rate of 2.25% per annum, payable semi-annually in arrears on April 1 and October 1 of each year, 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 (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 June 30, 2022, the carrying amount of the convertible notes was €399.0 million, and the fair value was approximately €400.8 million. Fair value cannot be measured based on quoted prices in active markets, or other observable input, and accordingly the fair value was estimated by using an estimated market rate for an equivalent non-convertible 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 option pricing option option Derivative liabilities were recognized in March, 2022, at the initial fair value of €142.5 million. For the three and six months ended June 30, 2022, remeasurement gains recognized in the unaudited condensed consolidated interim statement of profit or loss were €39.3 million and €40.4 million , Sensitivity Analysis On June 30, 2022, all other inputs and assumptions held constant, a 10% increase in volatility, will increase the fair value of derivative liabilities by approximately €13.8 million and indicates a decrease in profit or loss and equity before tax. Similarly, a 10% decrease in volatility indicates the opposite impact. Similarly, on June 30, 2022, all other inputs and assumptions held constant, a 10% increase in the share price, will increase the fair value of derivative liabilities by approximately €18.8 million and indicates a decrease in profit or loss and equity before tax. Similarly, a 10% decrease in the share price indicates the opposite impact. Maturity Analysis Maturity analysis (on an undiscounted basis) for non-derivative < 1 year 1-5 years >5 years Total contractual cash-flows Carrying amount (EUR’000) June 30, 2022 Borrowings Convertible senior notes 12,455 49,822 566,032 628,309 399,037 Lease liabilities 11,156 55,691 68,272 135,118 113,172 Trade payables and accrued expenses 74,984 — — 74,984 74,984 Total financial liabilities 98,595 105,513 634,304 838,411 587,193 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2022 | |
Text block [abstract] | |
Subsequent Events | Note 11—Subsequent Events No events have occurred after the reporting date that would influence the evaluation of these unaudited condensed consolidated interim financial statements. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Text block [abstract] | |
Basis of Preparation | Basis of Preparation The unaudited condensed consolidated interim financial statements of the Company are prepared in accordance with International Accounting Standard 34, “Interim Financial Reporting.” Certain information and disclosures normally included in the annual consolidated financial statements prepared in accordance with International Financial Reporting Standards (“IFRS”) have been condensed or omitted. Accordingly, these unaudited condensed consolidated interim financial statements should be read in conjunction with the Company’s audited annual consolidated financial statements for the year ended December 31, 2021, 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 The preparation of financial statements in conformity with IFRS requires the use of certain significant accounting estimates and requires management to exercise its judgement in the process of applying the Company’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the unaudited condensed consolidated interim financial statements are disclosed in Note 3, “Significant Accounting Judgements and Estimates”. |
Convertible Senior Notes and Derivative Liabilities | Convertible Senior Notes and 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 this 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 is therefore initially recognized and measured separately at fair value as a derivative liability based on the stated terms upon issuance of the convertible notes. The conversion option is classified as a foreign currency conversion option which is not convertible into a fixed number of shares for a fixed amount of cash. Accordingly, the conversion option is 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 financial 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 therefore is 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 allocated 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. |
New International Financial Reporting Standards Not Yet Effective | New International Financial Reporting Standards Not Yet Effective The IASB has issued a number of new or amended standards, which have not yet become effective or have not yet been adopted by the EU. Therefore, these new standards have not been incorporated in these unaudited condensed consolidated interim financial statements. Amendments to IAS 1, “Classification of Liabilities as Current or Non-current” In January 2020, the IASB issued amendments to paragraphs 69 to 76 of IAS 1, “Presentation of Financial Statements”, to specify the requirements for classifying liabilities as current or non-current. • What is meant by a right to defer settlement; • That a right to defer must exist at the end of the reporting period; • That classification is unaffected by the likelihood that an entity will exercise its deferral right; and • That only if an embedded derivative in a convertible liability is itself an equity instrument would the terms of a liability not impact its classification. If approved by the EU, the amendments are effective for annual reporting periods beginning on or after January 1, 202 3 both non-current The consolidated financial statements are not expected to be affected by other new or amended standards. |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Text block [abstract] | |
Schedule of Revenue Recognized in Consolidated Statement of Profit or Loss | Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (EUR’000) (EUR’000) Revenue from external customers Commercial sale of products 4,435 — 6,323 — Rendering of services 612 226 983 395 Sale of clinical supply 470 217 4,407 217 Licenses 643 579 1,275 1,155 Total revenue from external customers 6,160 1,022 12,988 1,767 Attributable to Commercial customers 4,435 913 6,323 1,550 Collaboration partners and license agreements (1) 1,725 109 6,665 217 Total revenue from external customers 6,160 1,022 12,988 1,767 Specified by timing of recognition Recognized over time 612 226 983 395 Recognized at a point in time 5,548 796 12,005 1,372 Total revenue from external customers 6,160 1,022 12,988 1,767 Revenue by geographical location Europe 140 — 275 — North America 5,078 688 11,535 1,373 China 942 334 1,178 394 Total revenue from external customers 6,160 1,022 12,988 1,767 (1) For the three months ended June 30, 2022 and 2021, and for the six month ended June 30, 2022 and 2021, “Total revenue” includes recognition of previously deferred revenue/internal profit from associate of €0.6 million and €0.6 million, and of €1.3 million and €1.2 million respectively. |
Share-based Payment (Tables)
Share-based Payment (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Text block [abstract] | |
Summary of Share Based Payment | The following table specifies the number of RSUs granted, and outstanding RSUs at June 30, 2022: Total RSUs Outstanding at January 1, 2022 148,148 Granted during the period — Settled during the period — Transferred during the period — Forfeited during the period (15,386 ) Outstanding at June 30, 2022 132,762 Specified by vesting date December, 2022 44,254 December, 2023 44,254 December, 2024 44,254 Outstanding at June 30, 2022 132,762 |
Summary of Warrant Activity | The following table specifies the warrant activity during the six months ended June 30, 2022: Total Warrants Weighted Average Exercise Price EUR Outstanding at January 1, 2022 7,085,073 80.30 Granted during the period 170,815 92.54 Exercised during the period (27,376 ) 23.68 Forfeited during the period (195,409 ) 123.84 Outstanding at June 30, 2022 7,033,103 79.60 Vested at June 30, 2022 4,484,859 58.17 |
Treasury Shares (Tables)
Treasury Shares (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Text block [abstract] | |
Summary of Holding of Treasury Shares | The holding of treasury shares is specified below: Nominal values Holding Holding in % of total outstanding shares (EUR’000) (Number) Treasury shares At January 1, 2022 21 154,837 0.27 % Acquired from third-parties 134 1,000,000 — At June 30, 2022 155 1,154,837 2.03 % |
Financial Assets and Financia_2
Financial Assets and Financial Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Text block [abstract] | |
Schedule of Financial Assets and Liabilities | Financial assets and liabilities comprise the following: June 30, 2022 December 31, 2021 (EUR’000) Financial assets by category Trade receivables 4,369 2,200 Other receivables (excluding VAT receivables) 3,309 12,276 Marketable securities 322,488 343,358 Cash and cash equivalents 672,387 446,267 Financial assets measured at amortized cost 1,002,553 804,101 Total financial assets 1,002,553 804,101 Classified in the statement of financial position Non-current 41,557 109,369 Current assets 960,996 694,732 Total financial assets 1,002,553 804,101 June 30, 2022 December 31, 2021 (EUR’000) Financial liabilities by category Borrowings Convertible senior notes 399,037 — Lease liabilities 113,172 104,961 Trade payables and accrued expenses 74,984 59,417 Financial liabilities measured at amortized cost 587,193 164,378 Derivative liabilities 102,031 — Financial liabilities measured at fair value through profit or loss 102,031 — Total financial liabilities 689,224 164,378 Classified in the statement of financial position Non-current 600,161 97,966 Current liabilities 89,063 66,412 Total financial liabilities 689,224 164,378 |
Summary of Marketable securities | The composition of the portfolio is specified in the following table: June 30, 2022 December 31, 2021 Carrying amount Fair value Carrying amount Fair value (EUR’000) Marketable securities U.S. Government bonds 115,177 113,635 95,408 95,211 Commercial papers — — 2,207 2,207 Corporate bonds 186,617 184,648 226,771 226,379 Agency bonds 20,694 20,491 18,972 18,934 Total marketable securities 322,488 318,774 343,358 342,731 Classified based on maturity profiles Non-current 39,721 38,576 107,561 107,175 Current assets 282,767 280,198 235,797 235,556 Total marketable securities 322,488 318,774 343,358 342,731 Specified by rate structure Fixed rate 309,174 305,481 323,176 322,556 Floating rate 13,314 13,293 17,975 17,968 Zero-coupon — — 2,207 2,207 Total marketable securities 322,488 318,774 343,358 342,731 Specified by investment grade credit rating High grade 156,203 154,268 144,307 144,030 Upper medium grade 163,974 162,214 196,909 196,566 Lower medium grade 2,311 2,292 2,142 2,135 Total marketable securities 322,488 318,774 343,358 342,731 |
Summary of Maturity Analysis For Financial Liabilities | Maturity analysis (on an undiscounted basis) for non-derivative < 1 year 1-5 years >5 years Total contractual cash-flows Carrying amount (EUR’000) June 30, 2022 Borrowings Convertible senior notes 12,455 49,822 566,032 628,309 399,037 Lease liabilities 11,156 55,691 68,272 135,118 113,172 Trade payables and accrued expenses 74,984 — — 74,984 74,984 Total financial liabilities 98,595 105,513 634,304 838,411 587,193 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) - EUR (€) € in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Disclosure of summary of significant accounting policies [line items] | ||
Convertible Senior Notes | € 399,000 | |
Derivative Liabilities | € 102,031 | € 0 |
Significant Events in the Rep_2
Significant Events in the Reporting Period - Additional Information (Detail) € in Thousands | 1 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
Mar. 29, 2022 EUR (€) | Mar. 29, 2022 USD ($) | Mar. 31, 2022 EUR (€) | Mar. 31, 2022 USD ($) | Feb. 28, 2022 EUR (€) | Jun. 30, 2022 EUR (€) | Jun. 30, 2021 EUR (€) | Dec. 31, 2021 USD ($) shares | Jun. 30, 2022 USD ($) | |
Disclosure Of Summary Of Significant Accounting Policies [line items] | |||||||||
Payments To Acquire Or Redeem Entitys Shares | € | € 105,304 | € 0 | |||||||
Office Facility [Member] | GERMANY | |||||||||
Disclosure Of Summary Of Significant Accounting Policies [line items] | |||||||||
Enforceable Lease Term | 15 years | ||||||||
Lease liabilities | € | € 55,200 | ||||||||
American depository shares [member] | |||||||||
Disclosure Of Summary Of Significant Accounting Policies [line items] | |||||||||
Treasury Stock Common Shares | shares | 1,000,000 | ||||||||
Convertible Senior Notes [Member] | |||||||||
Disclosure Of Summary Of Significant Accounting Policies [line items] | |||||||||
Principal amount | $ | $ 575,000,000 | $ 575,000,000 | |||||||
Proceeds From Issuance Of Notes | € 503,300 | $ 557,900,000 | € 503,300 | $ 557,900,000 | |||||
Convertible Senior Notes [Member] | American depository shares [member] | |||||||||
Disclosure Of Summary Of Significant Accounting Policies [line items] | |||||||||
Principal amount | $ | $ 1,000 | ||||||||
Payments To Acquire Or Redeem Entitys Shares | € 105,300 | $ 116,700,000 | |||||||
Convertible Senior Notes [Member] | Fixed interest rate [member] | |||||||||
Disclosure Of Summary Of Significant Accounting Policies [line items] | |||||||||
Borrowings Interest Rate | 2.25% | 2.25% | 2.25% |
Revenue - Additional Informatio
Revenue - Additional Information (Detail) | 1 Months Ended |
Aug. 31, 2021 | |
Disclosure of associates [line items] | |
Payment Term Of Customers | 30 days |
Revenue - Schedule of Revenue R
Revenue - Schedule of Revenue Recognized in Consolidated Statements of Profit or Loss (Detail) - EUR (€) € in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | ||
Revenue from external customers | |||||
Commercial sale of products | € 4,435 | € 0 | € 6,323 | € 0 | |
Rendering of services | 612 | 226 | 983 | 395 | |
Sale of clinical supply | 470 | 217 | 4,407 | 217 | |
"Right-to-use" licenses | 643 | 579 | 1,275 | 1,155 | |
Total revenue | 6,160 | 1,022 | 12,988 | 1,767 | |
Revenue from external customers (geographical) | |||||
Total revenue | 6,160 | 1,022 | 12,988 | 1,767 | |
Goods or services transferred over time [member] | |||||
Revenue from external customers | |||||
Total revenue | 612 | 226 | 983 | 395 | |
Revenue from external customers (geographical) | |||||
Total revenue | 612 | 226 | 983 | 395 | |
Goods or services transferred at point in time [member] | |||||
Revenue from external customers | |||||
Total revenue | 5,548 | 796 | 12,005 | 1,372 | |
Revenue from external customers (geographical) | |||||
Total revenue | 5,548 | 796 | 12,005 | 1,372 | |
Commercial customers [Member] | |||||
Revenue from external customers | |||||
Total revenue | 4,435 | 913 | 6,323 | 1,550 | |
Revenue from external customers (geographical) | |||||
Total revenue | 4,435 | 913 | 6,323 | 1,550 | |
Collaboration partners and license agreements [Member] | |||||
Revenue from external customers | |||||
Total revenue | [1] | 1,725 | 109 | 6,665 | 217 |
Revenue from external customers (geographical) | |||||
Total revenue | [1] | 1,725 | 109 | 6,665 | 217 |
Europe [Member] | |||||
Revenue from external customers | |||||
Total revenue | 140 | 0 | 275 | 0 | |
Revenue from external customers (geographical) | |||||
Total revenue | 140 | 0 | 275 | 0 | |
North America [member] | |||||
Revenue from external customers | |||||
Total revenue | 5,078 | 688 | 11,535 | 1,373 | |
Revenue from external customers (geographical) | |||||
Total revenue | 5,078 | 688 | 11,535 | 1,373 | |
China [member] | |||||
Revenue from external customers | |||||
Total revenue | 942 | 334 | 1,178 | 394 | |
Revenue from external customers (geographical) | |||||
Total revenue | € 942 | € 334 | € 1,178 | € 394 | |
[1](1) For the three months ended June 30, 2022 and 2021, and for the six month ended June 30, 2022 and 2021, “Total revenue” includes recognition of previously deferred revenue/internal profit from associate of €0.6 million and €0.6 million, and of €1.3 million and €1.2 million respectively. |
Revenue - Schedule of Revenue_2
Revenue - Schedule of Revenue Recognized in Consolidated Statements of Profit or Loss (Parenthetical) (Detail) - EUR (€) € in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Collaboration partners and license agreements [Member] | ||||
Disclosure of operating segments [line items] | ||||
Deferred revenue from associate | € 0.6 | € 0.6 | € 1.3 | € 1.2 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2022 Segment | |
Disclosure of operating segments [line items] | |
Number of reportable segment | 1 |
Share-based Payment - Schedule
Share-based Payment - Schedule of Warrant Activity (Detail) - Warrants [member] | 6 Months Ended |
Jun. 30, 2022 € / shares | |
Disclosure Of Warrant Activity [line items] | |
Beginning balance | 7,085,073 |
Granted during the period | 170,815 |
Exercised during the period | (27,376) |
Forfeited during the period | (195,409) |
Ending balance | 7,033,103 |
Vested at the balance sheet date | 4,484,859 |
Beginning balance | € 80.3 |
Granted during the period | 92.54 |
Exercised during the period | 23.68 |
Forfeited during the period | 123.84 |
Ending balance | 79.6 |
Vested at the balance sheet date | € 58.17 |
Share-Based Payment - Summary O
Share-Based Payment - Summary Of Share Based Payment (Detail) - Restricted Stock Units [Member] | 6 Months Ended |
Jun. 30, 2022 | |
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items] | |
Beginning balance | 148,148 |
Granted | 0 |
Settled during the period | 0 |
Transferred during the period | 0 |
Forfeited during the period | (15,386) |
Ending balance | 132,762 |
December 2022 [Member] | |
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items] | |
Vested at the reporting date | 44,254 |
December 2023 [Member] | |
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items] | |
Vested at the reporting date | 44,254 |
December 2024 [Member] | |
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items] | |
Vested at the reporting date | 44,254 |
Share-Based Payment - Additiona
Share-Based Payment - Additional Information (Details) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 EUR (€) € / shares | Jun. 30, 2021 EUR (€) | Jun. 30, 2022 EUR (€) € / shares | Jun. 30, 2021 EUR (€) | Jun. 30, 2022 kr / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Share Based Compensation Expense | € 36,770,000 | € 39,396,000 | |||
Share nominal value | kr / shares | kr 1 | ||||
Bottom of range [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Exercise price of outstanding share options | € / shares | € 6.48 | € 6.48 | |||
Top of range [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Exercise price of outstanding share options | € / shares | € 145.5 | € 145.5 | |||
Restricted Stock Units [Member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Fair Value of Other Equity Instruments Granted | € 123.46 | € 123.46 | |||
Profit Loss [Member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Share Based Compensation Expense | € 16,800,000 | € 16,300,000 | € 36,800,000 | € 39,400,000 |
Share Capital - Additional Info
Share Capital - Additional Information (Detail) | Jun. 30, 2022 kr / shares shares |
Disclosure of classes of share capital [abstract] | |
Number of shares issued | shares | 56,965,058 |
Share nominal value | kr / shares | kr 1 |
Treasury Shares - Summary of Ho
Treasury Shares - Summary of Holding of Treasury Shares (Detail) € in Thousands | 6 Months Ended |
Jun. 30, 2022 EUR (€) shares | |
Disclosure Of Holding Of Treasury Shares [Line Items] | |
At January 1, 2022 (Nominal values) | € | € 21 |
Acquired from third-parties (Nominal values) | € | 134 |
At June 30, 2022 (Nominal values) | € | € 155 |
At January 1, 2022 (Holding) | shares | 154,837 |
Acquired from third-parties (Holding) | shares | 1,000,000 |
At June 30, 2022 (Holding) | shares | 1,154,837 |
At January 1, 2022 (Holding in % of total outstanding shares) | 0.27% |
Acquired from third-parties (Holding in % of total outstanding shares) | 0% |
At June 30, 2022 (Holding in % of total outstanding shares) | 2.03% |
Financial Assets and Financia_3
Financial Assets and Financial Liabilities - Schedule of Financial assets and Liabilities (Detail) - EUR (€) € in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Financial assets by category | ||||
Cash and cash equivalents | € 672,387 | € 446,267 | € 384,539 | € 584,517 |
Total financial assets | 1,002,553 | 804,101 | ||
Classified in the statement of financial position | ||||
Non-current assets | 41,557 | 109,369 | ||
Current assets | 960,996 | 694,732 | ||
Total financial assets | 1,002,553 | 804,101 | ||
Borrowings | ||||
Convertible senior notes | 399,000 | |||
Derivative liabilities | 102,031 | 0 | ||
Total financial liabilities | 689,224 | 164,378 | ||
Classified in the statement of financial position | ||||
Non-current liabilities | 600,161 | 97,966 | ||
Current liabilities | 89,063 | 66,412 | ||
Total financial liabilities | 689,224 | 164,378 | ||
Financial liabilities at amortised cost, class [member] | ||||
Borrowings | ||||
Convertible senior notes | 399,037 | 0 | ||
Lease liabilities | 113,172 | 104,961 | ||
Trade payables and accrued expenses | 74,984 | 59,417 | ||
Financial liabilities measured at amortized cost | 587,193 | 164,378 | ||
Total financial liabilities | 587,193 | |||
Classified in the statement of financial position | ||||
Total financial liabilities | 587,193 | |||
Financial liabilities at amortised cost, class [member] | Financial liabilities at fair value, class [member] | ||||
Borrowings | ||||
Financial liabilities measured at fair value through profit or loss | 102,031 | 0 | ||
Financial assets at amortised cost, class [member] | ||||
Financial assets by category | ||||
Trade receivables | 4,369 | 2,200 | ||
Other receivables | 3,309 | 12,276 | ||
Marketable Securities | 322,488 | 343,358 | ||
Cash and cash equivalents | 672,387 | 446,267 | ||
Financial assets measured at amortized cost | € 1,002,553 | € 804,101 |
Financial Assets and Financia_4
Financial Assets and Financial Liabilities - Additional Information (Detail) $ / shares in Units, € in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
Mar. 29, 2022 EUR (€) | Mar. 29, 2022 USD ($) | Mar. 31, 2022 EUR (€) | Mar. 31, 2022 USD ($) | Jun. 30, 2022 EUR (€) | Mar. 31, 2022 EUR (€) | Jun. 30, 2022 EUR (€) Day Agreement | Dec. 31, 2021 EUR (€) | Jun. 30, 2022 USD ($) $ / shares | Mar. 25, 2022 EUR (€) | |
Disclosure of detailed information about financial instruments [line items] | ||||||||||
Derivative liabilities | € 102,031 | € 102,031 | € 0 | |||||||
Gains (losses) on change in fair value of derivatives | 39,300 | 40,400 | ||||||||
Convertible Senior Notes | 399,000 | 399,000 | ||||||||
Fair Value of Convertible Notes | € 400,800 | 400,800 | ||||||||
Share price | $ / shares | $ (49) | |||||||||
Historical volatility for shares, measurement input [member] | Derivatives [member] | ||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||
Percentage of reasonably possible increase in unobservable input, liabilities | 10% | |||||||||
Percentage of reasonably possible decrease in unobservable input, liabilities | 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 | € 18,800 | |||||||||
Percentage of reasonably possible increase in unobservable input, liabilities | 10% | 10% | 10% | |||||||
Percentage of reasonably possible decrease in unobservable input, liabilities | 10% | 10% | 10% | |||||||
Foreign Currency Conversion Option [Member] | ||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||
Derivative liabilities | € 142,500 | |||||||||
Increase decrease in derivative financial liabilities fair value | € 13,800 | |||||||||
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] | ||||||||||
Borrowings in arrears default payment start date | Oct. 01, 2022 | |||||||||
Conversion rate per note | $ / shares | $ 6.0118 | |||||||||
Principal amount | $ | $ 575,000,000 | $ 575,000,000 | ||||||||
Borrowings redemption period | April 7, 2025 | |||||||||
Borrowings condition for redemption | but only if the last reported sale price per ADS exceeds 130% of the conversion price on (i) each of at least 20 trading days, whether or not consecutive, during the 30 consecutive trading days ending on, and including, the trading day immediately before the date the Company sends the related optional redemption notice; and (ii) the trading day immediately before the date the Company sends such notice. | |||||||||
Borrowings threshold percentage of sale price per share for redemption | 130% | |||||||||
Borrowings threshold trading days for redemption | Day | 20 | |||||||||
Borrowings threshold consecutive trading days for redemption | Agreement | 30 | |||||||||
Proceeds from issue of bonds, notes and debentures | € 503,300 | $ 557,900,000 | € 503,300 | $ 557,900,000 | ||||||
Borrowings, maturity | April 1, 2028 | April 1, 2028 | ||||||||
Convertible Senior Notes [Member] | American depository shares [member] | ||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||
Principal amount | $ | $ 1,000 | |||||||||
Fixed interest rate [member] | Convertible Senior Notes [Member] | ||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||
Borrowings Interest Rate | 2.25% | 2.25% | 2.25% | 2.25% | 2.25% | |||||
Liquidity risk [member] | ||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||
Weighted Average Duration Of Marketable Securities Current | 6 months 3 days | 6 months 18 days | ||||||||
Weighted Average Duration Of Marketable Securities Noncurrent | 15 months 6 days | 17 months 15 days | ||||||||
Weighted Average Duration Of Marketable Securities | 7 months 6 days | 10 months 12 days |
Financial Assets and Financia_5
Financial Assets and Financial Liabilities - Summary of Marketable securities (Detail) - EUR (€) € in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Disclosure Detailed Information About Marketable Securities [Line Items] | ||
Non-current financial marketable securities | € 39,721 | € 107,561 |
Current financial marketable securities | 282,767 | 235,797 |
Financial assets | 1,002,553 | 804,101 |
Financial assets at amortised cost, class [member] | ||
Disclosure Detailed Information About Marketable Securities [Line Items] | ||
Financial marketable securities | 322,488 | 343,358 |
Non-current financial marketable securities | 39,721 | 107,561 |
Current financial marketable securities | 282,767 | 235,797 |
Financial assets | 322,488 | 343,358 |
Financial assets at amortised cost, class [member] | High Grade [Member] | ||
Disclosure Detailed Information About Marketable Securities [Line Items] | ||
Financial assets | 156,203 | 144,307 |
Financial assets at amortised cost, class [member] | Upper Medium Grade [Member] | ||
Disclosure Detailed Information About Marketable Securities [Line Items] | ||
Financial assets | 163,974 | 196,909 |
Financial assets at amortised cost, class [member] | Lower Medium Grade [Member] | ||
Disclosure Detailed Information About Marketable Securities [Line Items] | ||
Financial assets | 2,311 | 2,142 |
Financial assets at amortised cost, class [member] | Fixed interest rate [Member] | ||
Disclosure Detailed Information About Marketable Securities [Line Items] | ||
Financial assets | 309,174 | 323,176 |
Financial assets at amortised cost, class [member] | Floating interest rate [Member] | ||
Disclosure Detailed Information About Marketable Securities [Line Items] | ||
Financial assets | 13,314 | 17,975 |
Financial assets at amortised cost, class [member] | Zero Coupon [Member] | ||
Disclosure Detailed Information About Marketable Securities [Line Items] | ||
Financial assets | 0 | 2,207 |
Financial assets at amortised cost, class [member] | US Government Bonds [Member] | ||
Disclosure Detailed Information About Marketable Securities [Line Items] | ||
Financial marketable securities | 115,177 | 95,408 |
Financial assets at amortised cost, class [member] | Commercial papers [Member] | ||
Disclosure Detailed Information About Marketable Securities [Line Items] | ||
Financial marketable securities | 0 | 2,207 |
Financial assets at amortised cost, class [member] | Corporate bonds [Member] | ||
Disclosure Detailed Information About Marketable Securities [Line Items] | ||
Financial marketable securities | 186,617 | 226,771 |
Financial assets at amortised cost, class [member] | Agency bonds [Member] | ||
Disclosure Detailed Information About Marketable Securities [Line Items] | ||
Financial marketable securities | 20,694 | 18,972 |
Financial assets at fair value, class [member] | ||
Disclosure Detailed Information About Marketable Securities [Line Items] | ||
Financial marketable securities | 318,774 | 342,731 |
Non-current financial marketable securities | 38,576 | 107,175 |
Current financial marketable securities | 280,198 | 235,556 |
Financial assets | 318,774 | 342,731 |
Financial assets at fair value, class [member] | High Grade [Member] | ||
Disclosure Detailed Information About Marketable Securities [Line Items] | ||
Financial assets | 154,268 | 144,030 |
Financial assets at fair value, class [member] | Upper Medium Grade [Member] | ||
Disclosure Detailed Information About Marketable Securities [Line Items] | ||
Financial assets | 162,214 | 196,566 |
Financial assets at fair value, class [member] | Lower Medium Grade [Member] | ||
Disclosure Detailed Information About Marketable Securities [Line Items] | ||
Financial assets | 2,292 | 2,135 |
Financial assets at fair value, class [member] | Fixed interest rate [Member] | ||
Disclosure Detailed Information About Marketable Securities [Line Items] | ||
Financial assets | 305,481 | 322,556 |
Financial assets at fair value, class [member] | Floating interest rate [Member] | ||
Disclosure Detailed Information About Marketable Securities [Line Items] | ||
Financial assets | 13,293 | 17,968 |
Financial assets at fair value, class [member] | Zero Coupon [Member] | ||
Disclosure Detailed Information About Marketable Securities [Line Items] | ||
Financial assets | 0 | 2,207 |
Financial assets at fair value, class [member] | US Government Bonds [Member] | ||
Disclosure Detailed Information About Marketable Securities [Line Items] | ||
Financial marketable securities | 113,635 | 95,211 |
Financial assets at fair value, class [member] | Commercial papers [Member] | ||
Disclosure Detailed Information About Marketable Securities [Line Items] | ||
Financial marketable securities | 0 | 2,207 |
Financial assets at fair value, class [member] | Corporate bonds [Member] | ||
Disclosure Detailed Information About Marketable Securities [Line Items] | ||
Financial marketable securities | 184,648 | 226,379 |
Financial assets at fair value, class [member] | Agency bonds [Member] | ||
Disclosure Detailed Information About Marketable Securities [Line Items] | ||
Financial marketable securities | € 20,491 | € 18,934 |
Financial Assets and Financia_6
Financial Assets and Financial Liabilities - Liquidity Risk Management (Detail) - EUR (€) € in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Borrowings [abstract] | ||
Convertible senior notes | € 399,000 | |
Total financial liabilities | 689,224 | € 164,378 |
Convertible senior notes | 628,309 | |
Lease liabilities | 135,118 | |
Trade payables | 74,984 | |
Total financial liabilities | 838,411 | |
Financial liabilities at amortised cost, class [member] | ||
Borrowings [abstract] | ||
Convertible senior notes | 399,037 | 0 |
Lease liabilities | 113,172 | € 104,961 |
Trade payables | 74,984 | |
Total financial liabilities | 587,193 | |
Within 1 year [member] | ||
Borrowings [abstract] | ||
Convertible senior notes | 12,455 | |
Lease liabilities | 11,156 | |
Trade payables | 74,984 | |
Total financial liabilities | 98,595 | |
Within 1 to 5 years [member] | ||
Borrowings [abstract] | ||
Convertible senior notes | 49,822 | |
Lease liabilities | 55,691 | |
Trade payables | 0 | |
Total financial liabilities | 105,513 | |
After 5 years [member] | ||
Borrowings [abstract] | ||
Convertible senior notes | 566,032 | |
Lease liabilities | 68,272 | |
Trade payables | 0 | |
Total financial liabilities | € 634,304 |