Ascendis Pharma A/S (ASND) 6-K 10 Aug 22 2022 Q2 Current report (foreign) Financial data

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
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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