Cover
Cover | 12 Months Ended |
Dec. 31, 2020shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Document Registration Statement | false |
Document Annual Report | true |
Document Period End Date | Dec. 31, 2020 |
Entity File Number | 001-39822 |
Current Fiscal Year End Date | --12-31 |
Document Transition Report | false |
Document Shell Company Report | false |
Entity Registrant Name | Pharming Group N.V. |
Entity Incorporation, State or Country Code | P7 |
Entity Address, Address Line One | Darwinweg 24 |
Entity Address, Postal Zip Code | 2333 CR |
Entity Address, City or Town | Leiden |
Entity Address, Country | NL |
Entity Common Stock, Shares Outstanding | 638,821,619 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Emerging Growth Company | true |
ICFR Auditor Attestation Flag | false |
Entity Ex Transition Period | true |
Document Accounting Standard | International Financial Reporting Standards |
Entity Shell Company | false |
Entity Central Index Key | 0001828316 |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | FY |
Amendment Flag | false |
American depositary shares | |
Document Information [Line Items] | |
Title of 12(b) Security | American Depositary Shares, each representing ten ordinary shares, nominal value EUR 0.01 per share |
Trading Symbol | PHAR |
Security Exchange Name | NASDAQ |
Ordinary shares | |
Document Information [Line Items] | |
Title of 12(b) Security | Ordinary shares, nominal value EUR 0.01 per share |
Trading Symbol | PHAR |
Security Exchange Name | NASDAQ |
Business contact | |
Document Information [Line Items] | |
Entity Address, Address Line One | 10 Independence Blvd, 4th Floor |
Entity Address, Postal Zip Code | 7059 |
Entity Address, City or Town | Warren |
City Area Code | 908 |
Local Phone Number | 524 0888 |
Entity Address, State or Province | NJ |
Contact Personnel Name | Pharming Healthcare Inc. |
CONSOLIDATED STATEMENT OF INCOM
CONSOLIDATED STATEMENT OF INCOME - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Profit or loss [abstract] | |||
Revenues | € 185,694 | € 169,022 | € 135,130 |
Costs of sales | (20,601) | (21,355) | (22,180) |
Gross profit | 165,093 | 147,667 | 112,950 |
Other income | 1,601 | 435 | 684 |
Research and development | (33,712) | (28,368) | (28,882) |
General and administrative | (21,079) | (18,913) | (12,221) |
Marketing and sales | (45,164) | (39,914) | (34,539) |
Other Operating Costs | (99,955) | (87,195) | (75,642) |
Operating profit | 66,739 | 60,907 | 37,992 |
Fair value gain (loss) on revaluation derivatives | 60 | (209) | (495) |
Other finance income | 626 | 1,011 | 18 |
Other finance expenses | (29,151) | (15,259) | (36,658) |
Finance cost, net | (28,465) | (14,457) | (37,135) |
Share of net profits in associates using the equity method | 317 | 229 | 0 |
Profit before tax | 38,591 | 46,679 | 857 |
Tax income (expense) | (5,556) | (10,484) | 24,136 |
Profit for the year | € 33,035 | € 36,195 | € 24,993 |
Basic earnings per share (in euro per share) | € 0.051 | € 0.058 | € 0.041 |
Diluted earnings per share (in euro per share) | € 0.048 | € 0.054 | € 0.038 |
CONSOLIDATED STATEMENT OF COMPR
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Profit or loss [abstract] | |||
Profit for the year | € 33,035 | € 36,195 | € 24,993 |
Currency translation differences | (17) | (39) | 348 |
Items that may be subsequently reclassified to profit or loss | (17) | (39) | 348 |
Other comprehensive income (loss), net of tax | (17) | (39) | 348 |
Total comprehensive income for the year | € 33,018 | € 36,156 | € 25,341 |
CONSOLIDATED BALANCE SHEET
CONSOLIDATED BALANCE SHEET - EUR (€) € in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Non-current assets | ||
Intangible assets | € 76,615 | € 70,809 |
Property, plant and equipment | 9,956 | 8,553 |
Right-of-use assets | 7,676 | 5,979 |
Deferred tax asset | 25,957 | 28,590 |
Investment accounted for using the equity method | 5,796 | 5,508 |
Restricted cash (non-current) | 415 | 2,268 |
Total non-current assets | 126,415 | 121,707 |
Current assets | ||
Inventories | 17,229 | 14,467 |
Trade and other receivables | 29,236 | 25,737 |
Restricted cash | 810 | 0 |
Cash and cash equivalents | 167,068 | 66,299 |
Total current assets | 214,343 | 106,503 |
Total assets | 340,758 | 228,210 |
Equity | ||
Share capital | 6,388 | 6,313 |
Share premium | 396,799 | 392,266 |
Legal reserves | 4,341 | 3,718 |
Accumulated deficit | (258,151) | (297,618) |
Shareholders’ equity | 149,377 | 104,679 |
Non-current liabilities | ||
Convertible bonds | 121,927 | 0 |
Lease liabilities | 6,702 | 4,363 |
Other financial liabilities | 173 | 17,282 |
Total non-current liabilities | 128,802 | 21,645 |
Current liabilities | ||
Convertible bonds | 1,661 | 0 |
Loans and borrowings | 0 | 45,590 |
Derivative financial liabilities | 147 | 268 |
Trade and other payables | 38,816 | 36,247 |
Lease liabilities | 1,598 | 1,946 |
Other financial liabilities | 20,357 | 17,835 |
Total current liabilities | 62,579 | 101,886 |
Total equity and liabilities | € 340,758 | € 228,210 |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - EUR (€) € in Thousands | Total | Share capital | Share premium | Reserve participating interest | Capitalized development cost | Translation reserve | Accumulated deficit |
Number of shares outstanding at beginning of period (in shares) at Dec. 31, 2017 | 579,015,000 | ||||||
Equity at beginning of period at Dec. 31, 2017 | € 16,110 | € 5,790 | € 363,818 | € 0 | € 0 | € (938) | € (352,560) |
Profit for the year | 24,993 | 24,993 | |||||
Other comprehensive income (loss) for the year | 348 | 348 | |||||
Total comprehensive income for the year | 25,341 | 0 | 24,993 | ||||
Legal reserves | 0 | 2,237 | (2,237) | ||||
Share-based compensation | 3,889 | 3,889 | |||||
Bonuses settled in shares | (664) | (1,964) | |||||
Shares issued for cash/ conversion of bonds | € 3,145 | ||||||
Number of warrants exercised or issued (in shares) | 14,802,056 | ||||||
Warrants exercised | € 6,142 | ||||||
Options exercised / LTIP shares issued | 7,788 | (5,757) | |||||
Total transactions with owners, recognized directly in equity | € 20,300 | 2,237 | (6,069) | ||||
Number of shares outstanding at end of period (in shares) at Dec. 31, 2018 | 621,501,000 | ||||||
Equity at ending of period at Dec. 31, 2018 | € 61,751 | 6,215 | 387,525 | 0 | 2,237 | (590) | (333,636) |
Profit for the year | 36,195 | 36,195 | |||||
Other comprehensive income (loss) for the year | (39) | (39) | |||||
Total comprehensive income for the year | 36,156 | (39) | 36,195 | ||||
Legal reserves | 0 | 2,110 | (2,110) | ||||
Share-based compensation | € 3,825 | 3,825 | |||||
Bonuses settled in shares (in shares) | 6,000 | ||||||
Bonuses settled in shares | € 6 | 0 | 6 | ||||
Shares issued for cash/ conversion of bonds (in shares) | 1,662,000 | ||||||
Shares issued for cash/ conversion of bonds | € 0 | 17 | 228 | (245) | |||
Number of warrants exercised or issued (in shares) | 240,000 | ||||||
Warrants exercised | € 236 | 2 | 234 | ||||
Options exercised (in shares) | 7,914,000 | ||||||
Options exercised / LTIP shares issued | € 2,705 | 79 | 4,273 | (1,647) | |||
Transactions with owners, equity, number of shares (in shares) | 9,822,000 | ||||||
Total transactions with owners, recognized directly in equity | € 6,772 | 98 | 4,741 | 2,110 | 0 | (177) | |
Number of shares outstanding at end of period (in shares) at Dec. 31, 2019 | 631,323,000 | ||||||
Equity at ending of period at Dec. 31, 2019 | € 104,679 | 6,313 | 392,266 | 0 | 4,347 | (629) | (297,618) |
Number of shares outstanding at beginning of period (in shares) at Dec. 31, 2018 | 621,501,000 | ||||||
Equity at beginning of period at Dec. 31, 2018 | € 61,751 | 6,215 | 387,525 | 0 | 2,237 | (590) | (333,636) |
Number of shares outstanding at end of period (in shares) at Dec. 31, 2020 | 638,821,000 | ||||||
Equity at ending of period at Dec. 31, 2020 | € 149,377 | 6,388 | 396,799 | 544 | 4,443 | (646) | (258,151) |
Number of shares outstanding at beginning of period (in shares) at Dec. 31, 2019 | 631,323,000 | ||||||
Equity at beginning of period at Dec. 31, 2019 | € 104,679 | 6,313 | 392,266 | 0 | 4,347 | (629) | (297,618) |
Profit for the year | 33,035 | 33,035 | |||||
Other comprehensive income (loss) for the year | (17) | (17) | 0 | ||||
Total comprehensive income for the year | 33,018 | (17) | 33,035 | ||||
Legal reserves | 0 | 544 | 96 | (640) | |||
Income tax credit from excess tax deductions related to share-based payments | 2,066 | 2,066 | |||||
Share-based compensation | € 5,721 | 5,721 | |||||
Bonuses settled in shares (in shares) | 34,000 | ||||||
Bonuses settled in shares | € 45 | 0 | 45 | ||||
Value conversion rights of convertible bonds | € 1,405 | 1,405 | |||||
Number of warrants exercised or issued (in shares) | 60,000 | ||||||
Warrants exercised | € 79 | 1 | 78 | ||||
Options exercised (in shares) | 7,404,000 | ||||||
Options exercised / LTIP shares issued | € 2,364 | 74 | 4,410 | (2,120) | |||
Transactions with owners, equity, number of shares (in shares) | 7,498,000 | ||||||
Total transactions with owners, recognized directly in equity | € 11,680 | 75 | 4,533 | 544 | 96 | 0 | 6,432 |
Number of shares outstanding at end of period (in shares) at Dec. 31, 2020 | 638,821,000 | ||||||
Equity at ending of period at Dec. 31, 2020 | € 149,377 | € 6,388 | € 396,799 | € 544 | € 4,443 | € (646) | € (258,151) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS € in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020EUR (€) | Dec. 31, 2019EUR (€) | Dec. 31, 2018EUR (€) | |
Statement of cash flows [abstract] | |||
Profit before tax | € 38,591 | € 46,679 | € 857 |
Non-cash adjustments: | |||
Depreciation, amortization, impairment | 7,276 | 5,177 | 6,559 |
Equity settled share based payments | 5,721 | 3,825 | 3,270 |
Non-current assets | 0 | 0 | 1,315 |
Fair value gain (loss) on revaluation of derivatives | (60) | 209 | 495 |
Other finance income | (624) | (1,011) | (18) |
Other finance expenses | 29,151 | 15,259 | 36,658 |
Share of net profits in associates using the equity method | (317) | (229) | 0 |
Other | (1,421) | (39) | (2,413) |
Operating cash flows before changes in working capital | 78,317 | 69,870 | 46,723 |
Changes in working capital: | |||
Inventories | (2,762) | 3,067 | 1,019 |
Trade and other receivables | (3,499) | (8,492) | (6,554) |
Payables and other current liabilities | 2,569 | 8,677 | 1,391 |
Restricted cash | 1,043 | (1,064) | 132 |
Release contract liabilities | 0 | (1,467) | (804) |
Total changes in working capital | (2,649) | 721 | (4,816) |
Interest received | 626 | 1,011 | 18 |
Income taxes paid | (2,326) | (5,098) | (1,417) |
Net cash flows generated from (used in) operating activities | 73,968 | 66,504 | 40,508 |
Capital expenditure for property, plant and equipment | (4,076) | (2,362) | (2,496) |
Investment intangible assets | (7,929) | (1,650) | (1,273) |
Investment associate | (288) | (2,503) | 0 |
Acquisition of license | (1,385) | (18,702) | 0 |
Net cash flows used in investing activities | (13,678) | (25,217) | (3,769) |
Repayment on loans and borrowings | (50,088) | (31,406) | (15,137) |
Payment on contingent consideration | (18,136) | (17,634) | 0 |
Payment of lease liabilities | (1,913) | (1,967) | 0 |
Repayments of bonds, notes and debentures | 0 | 0 | (2,257) |
Proceeds of issued convertible bond | 125,000 | 0 | 0 |
Transaction costs related to issued convertible bond | (2,318) | 0 | 0 |
Interests on loans | (1,875) | (8,418) | (11,063) |
Proceeds of equity and warrants | 2,443 | 2,778 | 10,496 |
Net cash flows generated from (used in) financing activities | 53,113 | (56,647) | (17,961) |
Increase (decrease) of cash | 113,403 | (15,360) | 18,778 |
Exchange rate effects | (12,634) | 1,348 | 2,876 |
Cash and cash equivalents at January 1, | 66,299 | 80,311 | 58,657 |
Total cash and cash equivalents at 31 December | € 167,068 | € 66,299 | € 80,311 |
CORPORATE INFORMATION
CORPORATE INFORMATION | 12 Months Ended |
Dec. 31, 2020 | |
Corporate Information [Abstract] | |
CORPORATE INFORMATION | CORPORATE INFORMATION Pharming Group N.V. (hereafter "the Company", "the Group" or "Pharming") is a specialty pharmaceutical company developing innovative products for the safe, effective treatment of rare diseases and unmet medical needs. Pharming’s lead product, RUCONEST® (conestat alfa) is a recombinant human C1 esterase inhibitor approved for the treatment of acute Hereditary Angioedema (“HAE”) attacks in patients in Europe, the US, Israel and South Korea. The product is available on a named-patient basis in other territories where it has not yet obtained marketing authorization. The consolidated financial statements of Pharming for the year ended December 31, 2020 were authorized for issue in accordance with a resolution of the Board of Directors on April 6, 2021. The financial statements are subject to adoption by the Annual General Meeting of shareholders, which has been scheduled for May 19, 2021. The headquarters and registered office of Pharming Group N.V. are located at: Darwinweg 24 2333 CR Leiden The Netherlands |
ACCOUNTING PRINCIPLES AND POLIC
ACCOUNTING PRINCIPLES AND POLICIES | 12 Months Ended |
Dec. 31, 2020 | |
ACCOUNTING PRINCIPLES AND POLICIES [Abstract] | |
ACCOUNTING PRINCIPLES AND POLICIES | ACCOUNTING PRINCIPLES AND POLICIESBASIS OF PREPARATION AND GOING CONCERN ASSUMPTION The consolidated financial statements are prepared in accordance with the International Financial Reporting Standards (IFRS), issued by the International Accounting Standards Board (IASB) and the interpretations issued by the IASB’s International Financial Reporting Interpretation Committee. The consolidated financial statements provide a general overview of our activities and the results achieved and have been prepared on a going concern basis. It also 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 consolidated financial statements are disclosed in note 2.5. These financial statements are presented in euros (€) and rounded to the nearest thousand euro (€’000), unless otherwise stated. Going Concern Looking forward, we see continuing uncertainties following the COVID-19 outbreak and market volatility. In the preparation of the financial statements, the future impact of the global pandemic COVID-19 outbreak has been considered as part of the adoption of the going concern. In particular, the Board of Directors have assessed the likelihood of the current COVID-19 outbreak affecting the Company’s revenues, costs or other activity to such a degree that the likelihood of the Company being unable to meet all of its obligations as they fall due is reduced, and has concluded that there is no significant probability that this will occur during the next 12 months. It is possible future actions and other uncertainties remain, and it is currently not possible to reliably estimate the future impact thereof for the Company. As such the impact of COVID-19 has been assessed and not expected to be significant. We do not believe that the impact of the COVID-19 virus would have a material adverse effect on our financial condition or liquidity, and we expect to be able to meet our financial obligations. Based on the assessment, the Board of Directors have, at the time of approving the financial statements, a reasonable expectation that the Company have adequate resources to continue in operational existence for the foreseeable future. Accordingly these financial statements are based on the expectation that the Company will be able to continue as a going concern. The Company applied for the first-time certain amendments, which are effective for annual periods beginning on or after January 1, 2020. Their adoption has not had any material impact on the disclosures or on the amounts reported in these financial statements. The Company has not early adopted any other standard, interpretation or amendment that has been issued but not yet effective. • Amendments to IFRS 3: Definition of a business. • Amendments to IFRS 7, IFRS 9 and IAS 39: Interest rate benchmark reform. • Amendments to IAS 1 and IAS 8: Definition of material. • Conceptual framework for financial reporting issued on March 29, 2018. The new and amended standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Group’s financial statements, which the Group intends to adopt, if applicable, when they become effective, are disclosed below. • IFRS 17: Insurance contracts. • Amendments to IAS 1: Classification of Liabilities as Current or Non-current. • Reference to the Conceptual Framework – Amendments to IFRS 3. • Property, Plant and Equipment: Proceeds before Intended Use Amendments to IAS 16. • Onerous Contracts – Costs of Fulfilling a Contract – Amendments to IAS 37. • IFRS 1 First – time Adoption of International Financial Reporting Standards – Subsidiary as a first – time adopter. • IFRS 9 Financial instruments – Fees in the ’10 per cent’ test for derecognition of financial liabilities. • IAS 41 – Agriculture – Taxation in fair value measurements. Management does not expect that the adoption of the Standards listed above will have a material impact on the financial statements of the Company in future periods. The consolidated financial statements include Pharming Group N.V. and its effectively controlled subsidiaries, after the elimination of all intercompany transactions and balances. Subsidiaries are consolidated from the date the acquirer obtains effective control until control ceases. An entity is considered effectively controlled if the Company, directly or indirectly, has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Acquisitions of subsidiaries are accounted for using the acquisition method of accounting. The financial statements of the subsidiaries are prepared for the same reporting year as Pharming Group N.V., using the same accounting policies. Intercompany transactions, balances and unrealized gains and losses on transactions between group companies are eliminated. Profit or loss and each component of other comprehensive income are attributed to the owners of the parent and to the non-controlling interests. Total comprehensive income is attributed to the owners of the parent and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance. Business combinations Business combinations are accounted for using the acquisition accounting method. Identifiable assets, liabilities and contingent liabilities acquired are measured at fair value at acquisition date. The consideration transferred is measured at fair value and includes the fair value of any contingent consideration. Where the consideration transferred exceeds the fair value of the net assets, liabilities and contingent liabilities acquired, the excess is recorded as goodwill. The costs of acquisition are recognized as an expense. Foreign currency translation Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (‘the functional currency’). The consolidated financial statements are presented in euros, which is the Company’s functional and presentation currency. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates as at the dates of the initial transactions. Monetary assets and liabilities denominated in foreign currencies are translated to the functional currency (generally euros) using exchange rates prevailing at the date of the transaction. Transactions executed in foreign currencies are translated at the exchange rate at the date of transaction. The resulting transaction gains or losses are recognized in the statement of income. Assets and liabilities of foreign entities are translated to euros using year-end spot foreign exchange rates. The statements of income of foreign entities are translated at weighted average exchange rates for the year. The effects of translating these operations are taken directly to other comprehensive income within equity. On disposal of a foreign entity, the accumulated exchange difference is recognized in the statement of income as a component of the gain or loss on disposal. The above-stated translation of foreign entities applies to the entities in the United States. The EUR/USD exchange rate applied at December 31, 2020 was 1.2280 ( December 31, 2019 : 1.1214). The average exchange rate applied in 2020 was 1.1426 (2019: 1.1205; 2018: 1.1439). Distinction between current and non-current An item is classified as current when it is expected to be realized (settled) within 12 months after the end of the reporting year. Liabilities are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the end of the reporting year. Intangible assets Intangible assets (''IFA'') acquired separately are measured at historical cost. The cost of intangible assets acquired in a business combination is recognized and measured at fair value as at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and any accumulated impairment losses. Intangible assets with finite lives are amortized over the useful life and assessed for impairment whenever there is an indication that the intangible assets may be impaired. Changes in the expected useful life, according the straight-line method, or the expected pattern of consumption of future economic benefits embodied in the asset is accounted for by changing the amortization period or method, as appropriate, and treated as changes in accounting estimates. The amortization expense on intangible assets with finite lives is recognized in the statement of income in the relevant expense category consistent with the function of the intangible asset. Intangible assets are also recognized through the capitalization of certain types of expenditure, including particularly pharmaceutical research and development expenses. These are discussed in more detail under the “Research and Development costs” section of this note. The remaining amortization periods for intangible assets at December 31, 2020 are: Amortization period Category Description Total Remaining Transgenic technology Patents and licenses 6 to 10 years Fully amortized RUCONEST® for HAE (EU) Development costs 10 years Fully amortized RUCONEST® for HAE (US) Re-acquired commercial rights 20 years 16 years RUCONEST® for HAE (EU) Re-acquired commercial rights 12 years 11 years Software expenses Development costs 10 years 8 years Development costs* Development costs Not yet in use Not yet in use * Regarding acquired assets for Pompe and Fabry's disease and internal generated assets for modifications of RUCONEST® The Company’s original transgenic technology has been fully amortized and now has a carrying value of €nil. The Company is developing new transgenic technology based on own technology that has been patented and is also using externally developed technology to produce certain founder transgenic animals. The new technology, if capitalised upon completion, will be amortized over its then useful life. Biological Assets Pharming’s production system is dependent on biological assets, but these do not qualify to be recognized under the relevant standard IAS 41 Agriculture and thus all relevant costs are expensed through the income statement. Property, plant and equipment Property, plant and equipment is stated at cost less accumulated depreciation charges and accumulated impairment charges. Generally, depreciation is calculated using a straight-line basis over the estimated useful life of the asset. The carrying values of property, plant and equipment are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable. An item of property, plant and equipment is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the statement of income in the year the asset is derecognized. Residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, at each financial year-end. All costs that are directly attributable to bringing an asset to the location and condition necessary for it to be capable of operating in the manner intended by management, will be capitalised. These costs include direct employee benefits, rent and testing costs. Capitalization will be done until the asset is capable of operating in the manner intended by management. The depreciation periods for property, plant and equipment are: Category Depreciation period Land Not depreciated Land improvements 20 years Operational facilities 10-20 years Leasehold improvements 5-10 years Manufacturing equipment* 5-10 years Other property, plant & equipment 5-10 years * Depreciation charges for manufacturing equipment are based on actual use of the equipment involved, which is expected to take place in a period before technical expiration Impairment of assets Assets that have an indefinite useful life and intangibles not yet available for use are not subject to amortization and are tested at least annually for impairment. Assets that are subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows. Non-financial assets for which an impairment loss is recorded, are reviewed for possible reversal of the impairment at each reporting date. Inventories Inventories are stated at the lower of cost and net realizable value. The Company has three inventory categories: • Finished goods: consists of batches of RUCONEST®. These batches comprise therapeutic product available for sales (both single vials and self-administration kit), clinical development and pre-clinical activities. Initial recognition is at cost and includes all production costs related to product sales, including production costs of the skimmed milk, external manufacturing costs, costs for product testing and other costs incurred in bringing the inventories to their present location and condition; • Work in progress: semi-finished goods consisting of drug substance; • Raw materials: consists of skimmed milk serving as a raw material for the batches of RUCONEST®. Valuation per unit skimmed milk is based on the total costs of the production facilities and the normal production levels. Costs are determined using the first-in, first-out (FIFO) method. Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale. In case Pharming provides vials of RUCONEST® for external clinical trial studies the net realizable value of the vials is expensed. The costs of inventories are included in costs of sales if related to the sale of products. If related to the use in a clinical trial the expenses are included in the operating costs. An impairment is recognized for inventories if no future use or sale is expected or likely before the expiration date or if product batches are expected not to be released due to quality issues. The cost model is applied requiring the asset to be carried at cost less any accumulated impairment losses, until this falls below net realizable value whereupon the inventory so affected is carried at net realizable value. Financial assets Financial assets are recognized when the Company becomes a party to the contractual provisions of a financial instrument. Financial assets are derecognized when the rights to receive cash flows from the financial assets expire, or if the Company transfers the financial asset to another party and does not retain control or substantially all risks and rewards of the asset. Purchases and sales of financial assets in the normal course of business are accounted for at settlement date (i.e., the date that the asset is delivered to or by the Company). At initial recognition, the Company measures its financial assets at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition or issue of the financial asset. After initial recognition, the Company classifies its financial assets as subsequently measured at either i) amortized cost, ii) fair value through other comprehensive income or iii) fair value through profit or loss on basis of both: • The Company’s business model for managing the financial assets; • The contractual cash flow characteristics of the financial asset. Subsequent to initial recognition, financial assets are measured as described below. At each balance sheet date, the Company assesses whether there is objective evidence that a financial asset or a group of financial assets is impaired and recognizes a loss allowance for expected credit losses for financial assets measured at either amortized costs or at fair value through other comprehensive income. If, at the reporting date, the credit risk on financial instrument has not increased significantly since initial recognition, the Company measures the loss allowance for that financial instrument at an amount equal to 12 months of expected credit losses. If, at the reporting date, the credit risk on a financial instrument has increased significantly since initial recognition, the Company measures the loss allowance for the financial instrument at an amount equal to the lifetime expected credit losses. Financial assets at amortized cost Financial assets are measured at amortized cost if both i) the financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows; and ii) the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest of on the principal amount outstanding. A financial asset measured at amortized cost is initially recognized at fair value plus transaction cost directly attributable to the asset. After initial recognition, the carrying amount of the financial asset measured at amortized cost is determined using the effective interest method, less any impairment losses. The Company’s financial assets measured at amortized cost comprise cash equivalents held in short term deposits. As these are US Treasury bonds only, there has been no difference to date between the fair value and the delivered value. Financial assets at fair value through other comprehensive income A financial asset is measured at fair value through other comprehensive income if both i) the financial asset is held within a business model whose objective is achieved by collecting contractual cash flows and selling financial assets; and ii) the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. The Company has no financial assets measured at fair value through other comprehensive income. Financial assets at fair value through profit or loss When any of the above-mentioned conditions for classification of financial assets are not met, a financial asset is classified as “at fair value through profit or loss” and measured at fair value with changes in fair value recognized in profit or loss. A financial asset measured at fair value through profit or loss is recognized initially at fair value and its transaction cost is recognized in profit or loss when incurred. A gain or loss on a financial asset measured at fair value through profit or loss is recognized in the consolidated statement of income for the reporting period in which it arises. The Company may, at initial recognition, irrevocably designate a financial asset as measured at fair value through profit or loss, if doing so eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise from measuring assets or liabilities or recognizing the gains and losses on them on different bases. The Company’s financial instruments measured at fair value through profit or loss comprise derivative financial assets. The Company has no financial assets of this kind. Trade and other receivables Trade and other receivables are recognized initially at fair value. Subsequent measurement is at amortized cost using the effective interest method, less the expected credit loss. Trade receivables are amounts due from customers for goods sold in the ordinary course of business. They are generally due for settlement within 30 days and therefore are all classified as current. For trade receivables and contract assets, the Company applies a simplified approach in calculating expected credit loss. The Company assesses the expected credit loss that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment." Due to the short-term nature of the current receivables, their carrying amount is considered to be the same as their fair value. Cash and cash equivalents Cash and cash equivalents are defined as cash on hand, demand deposits and short-term, highly liquid investments (maturity less than 3 months) readily convertible to known amounts of cash and subject to insignificant risk of changes in value. Bank overdrafts are shown within borrowings in current liabilities on the statement of financial position. For the purpose of the statement of cash flow, cash and cash equivalents are net of outstanding bank overdrafts and do not include restricted cash. Restricted cash is cash held on short term deposits with certain banks as security mainly for credit card and is not considered cash and cash equivalents. Equity The Company only has ordinary shares, and these are classified within equity upon issue. Shares transferred in relation to settlement of convertible debt and derivative financial liabilities are measured at fair value with fair value based on the closing price of the shares on the trading day prior to the settlement date. Equity is recognized upon the issue of fixed warrants with a fixed exercise price as well as upon the recognition of share-based payment expenses; shares issued upon exercise of such warrants or options are measured at their exercise price. Transaction costs associated with an equity transaction are accounted for as a deduction from equity to the extent they are incremental costs directly attributable to the equity transaction that otherwise would have been avoided. Transaction costs related to the issue of a compound financial instrument are allocated to the liability and equity components of the instruments in proportion to the allocation of proceeds. Financial liabilities and borrowings Financial liabilities are classified as either financial liabilities at fair value through profit or loss (derivative financial liabilities) or financial liabilities at amortized cost (borrowings and trade and other payables). All loans and borrowings are initially recognized at the fair value of the consideration received less directly attributable transaction costs; transaction costs related to the issue of a compound financial instrument are allocated to the liability and equity components of the instruments in proportion to the allocation of proceeds. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized cost using the effective interest method. Gains and losses are recognized in the statement of income when the liabilities are paid off or otherwise eliminated as well as through the amortization process. Purchases and sales of financial liabilities are recognized at settlement date. A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expired. Where an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, and the difference in the respective carrying amounts is recognized in the statement of income. Convertible bonds The Company has issued convertible bonds. At the time of the issue of bonds itself the split between equity and liability portion has been accounted for. The liability portion of the convertible bonds is the present value of the future cash flows, calculated by discounting the future cash flows of the bonds (interest and principal) at the market rate of interest with the assumption that no conversion option is available. The value of the equity portion will be the difference between the total proceeds received from the bonds and the present value (liability portion). The equity component is not remeasured after initial recognition. In the case the Company extinguishes the convertible bonds before maturity through an early redemption or repurchase in which the original conversion privileges are unchanged, the entity allocates the consideration paid and any transaction costs for the repurchase or redemption to the liability and equity components of the convertible bond at the date of the transaction. The method used in allocating the consideration paid and transaction costs to the separate components is consistent with that used in the original allocation to the separate components of the proceeds received by the Company when the convertible instrument was issued. Once the allocation of the consideration is made, any resulting gain or loss is treated as follows: • the amount of gain or loss relating to the liability component is recognized in profit or loss; and • the amount of consideration relating to the equity component is recognized in equity If the convertible bonds are converted before maturity, the amount recognized in equity in respect of the shares issued should be the amount at which the liability for the debt is stated as at the date of conversion On conversion of the convertible bonds at maturity, the Company recognizes the liability component and recognizes it as equity. The original equity component remains as equity (although it may be transferred from one line item within equity to another). There is no gain or loss on conversion at maturity date. The transaction costs that are directly attributable to the convertible bonds are deducted from the initial fair value of the convertible bonds. The transaction costs are allocated between the liability and the equity components in proportion to the allocation of the proceeds. The transaction costs of the liability component are recognized as part of interest costs. Provisions Provisions are recognized when there is a present obligation (legal or constructive) as a result of a past event. It is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate of the obligation can be made. The expense relating to any provision is presented in the statement of income net of any reimbursement. Derivative financial liabilities Derivative financial liabilities are initially recognized at fair value and subsequently measured at fair value through profit or loss with changes in the fair value recognized in the statement of income as they arise. Trade and other payables Trade and other payables are initially recognized at fair value. Subsequent measurement is at amortized cost using the effective interest method. Revenue recognition The standard IFRS 15 Revenues from contracts with customers has been applied by the Company since January 1, 2018. IFRS introduced a five-step model to determine when to recognize revenue and at what amount, based on transfer of control over goods or services to the customer: 1. Identify the contract(s) with a customer; 2. Identify the performance obligations in the contract. Performance obligations are promises in a contract to transfer to a customer goods or services that are distinct; 3. Determine the transaction price. The transaction price is the amount of consideration to which an entity expects to be entitled in exchange for transferring promised goods or services to a customer. If the consideration promised in a contract includes a variable amount, an entity must estimate the amount of consideration to which it expects to be entitled in exchange for transferring the promised goods or services to a customer; 4. Allocate the transaction price to each performance obligation on the basis of the relative stand-alone selling prices of each distinct good or service promised in the contract; 5. Recognize revenue when a performance obligation is satisfied by transferring a promised good or service to a customer (which is when the customer obtains control of that good or service). A performance obligation may be satisfied at a point in time (typically for promises to transfer goods to a customer) or over time (typically for promises to transfer services to a customer). For a performance obligation satisfied over time, an entity would select an appropriate measure of progress to determine how much revenue should be recognized as the performance obligation is satisfied. All of the Group’s revenue from contracts with customers is derived from delivery of goods, specifically vials of pharmaceutical products. The Group does not provide any additional services (including financing services) or equipment to its customers. In accordance with IFRS 15, revenue is recognized when the customer obtains control of the goods. For the Group’s contracts the customer usually obtains control immediately after shipment of the product, which arrives at the customer within a short time frame. The vast majority of the Group’s contracts for revenue with customers are subject to chargebacks, discounts and/or rebates relating directly to customers or to ultimate reimbursement claims from government or insurance payers. These are accounted for on an estimated net basis, with any actual discounts and rebates used to refine the estimates in due course. These variable elements are deducted from revenue in the same period as the related sales are recorded. The Group received upfront payments in the past from a variety of parties in exchange for licenses for European, US, and other sales and distribution rights. These upfront payments were each considered as a single performance obligation together with the subsequent delivery of goods. They were initially recognized as a deferred contract liability and were released to the statement of income over the effective life of the license, in line with the terms of agreement with each distributor. All amounts held over in this way have now been released to the income statement following termination or variation of the underlying agreements or completion of the performance obligation in question. No significant financing component exists in relation to these upfront payments. Costs of sales Costs of sales represent all production costs related to product sales, including production costs of the skimmed milk, external manufacturing costs, costs of vials used for product testing and other costs incurred in bringing the inventories to their present location and condition. The costs are measured at their actual costs based on FIFO and incurred to net realizable value if sales price is below actual costs. Research and development costs Research expenditure is recognized as an expense in the period in which it is incurred. An intangible asset arising from development expenditure on an individual project is recognized only when the following criteria are met: • The technical feasibility of completing the intangible asset so that it will be available for use or sale is not in doubt; • The Company has the clear intention and resources to complete the asset, and to use or sell it; • Its ability to use or sell the asset is not in doubt; • The probability of future economic benefits is clear at the time of making the decision; • The availability of resources to complete the development required is not expected to change during the development process; • It is possible to measure the expenditure reliably during the development. Technical feasibility and ability to use or sell the asset are, in general, considered probable when the Company estimates that obtaining marketing approval is deemed likely. In practice this is only the case when we have either (i) completed a similar program before on the same therapeutic molecule or combination, or (ii) completed an identical program before on a similar molecule or combination. In other situations, the likelihood of success at each remaining level of clinical development and regulatory approval is assessed and, unless the collective probability is considered high, the criteria is difficult to meet in these circumstances. Following the initial recognition of the development expenditure, the cost model is applied requiring the asset to be carried at cost less any |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Entity's Operating Segments [Abstract] | |
SEGMENT INFORMATION | SEGMENT INFORMATION The Executive Members of the Board of Directors, who replaced the Board of Management per December 11, 2020, are the chief operating decision-makers. The Executive Members of the Board of Directors consider the business from both a geographic and product perspective. From a product perspective, the Company’s business is exclusively related to the recombinant human C1 esterase inhibitor business. From a geographic perspective, the Company is operating in the US, Europe and the Rest of the World. The Executive Members of the Board of Directors primarily measure revenues and gross profit to assess the performance of the geographic areas. Operating costs as well as non-current assets are not sub-allocated to the geographic areas. Total external revenues and gross profit per geographic segment for the financial year 2020, 2019 and 2018 are: Amounts in € ‘000 2020 2019 2018 Revenues: US 177,388 162,690 126,636 Europe 7,205 5,041 7,166 RoW 1,101 1,291 1,328 Total revenues 185,694 169,022 135,130 Gross profit: US 161,057 144,780 111,581 Europe 3,093 1,911 290 RoW 943 976 1,079 Total gross profit 165,093 147,667 112,950 |
REVENUE
REVENUE | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Revenue From Contracts With Customers [Abstract] | |
REVENUE | REVENUEThe revenue fully relates to the transfer of goods and is recognized at a point in time when the goods have been delivered to the customer. During 2020, Pharming no longer received license fee payments given the license agreement with Sobi ended upon re-acquiring commercialization rights to RUCONEST® for all remaining countries in Europe in December 2019, with the effective date of this transaction being January 2020. In 2019, the Group released €1.5 million (2018: €0.8 million) from a contract liability to the revenue.Two U.S. customers represented approximately €141.5 million (76%) of our revenues in 2020. For 2019 and 2018, the two US customers represented approximately € €130.8 million (77%) and €100.3 million (74%) of our revenues. These customers are large specialty wholesale companies that are specialized in distribution of pharmaceuticals in our and our competitors’ disease area and that distribute our product. |
OTHER INCOME
OTHER INCOME | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Government Grants [Abstract] | |
OTHER INCOME | OTHER INCOMEOther income related to grants and amounted to €1.6 million in 2020 (2019: €0.4 million; 2018: €0.7 million). The grants are annual payroll-tax reimbursement granted by the Dutch and French governments for research and development activities actually conducted by the Company in those countries. |
EXPENSES BY NATURE
EXPENSES BY NATURE | 12 Months Ended |
Dec. 31, 2020 | |
Expenses by nature [abstract] | |
EXPENSES BY NATURE | EXPENSES BY NATURE Costs of sales Costs of sales in 2020, 2019 and 2018 were as follows: Amounts in € ‘000 2020 2019 2018 Costs of sales (20,601) (20,587) (20,576) Obsolescence inventory impairments — (768) (1,604) Total (20,601) (21,355) (22,180) Costs of sales in 2020 amounted to €20.6 million (2019: €21.4 million; 2018: €22.2 million) and relate to actual product sales. Costs of research and development Research and development costs in 2020, 2019 and 2018 were as follows: Amounts in € ‘000 2020 2019 2018 Employee costs (18,365) (15,676) (15,734) Amortization costs IFA (677) (55) (45) Impairment losses IFA — 732 — Depreciation PPE and right of use assets (1,805) (1,772) (1,546) Direct Operating Expenses (11,206) (9,667) (9,599) Other indirect research and development costs (1,659) (1,930) (1,958) Total research and development costs (33,712) (28,368) (28,882) Costs of general and administrative activities General and administrative costs for 2020, 2019 and 2018 were as follows: Amounts in € ‘000 2020 2019 2018 Employee costs (9,817) (7,657) (5,225) Amortization costs IFA — (5) (2) Depreciation PPE and right of use assets (1,001) (977) (614) Direct Operating Expenses (8,355) (7,973) (5,198) Other indirect general and administrative costs (1,906) (2,301) (1,181) Total general and administrative costs (21,079) (18,913) (12,221) Costs of marketing and sales activities Marketing and sales costs for 2020, 2019 and 2018 were as follows: Amounts in € ‘000 2020 2019 2018 Employee costs (20,212) (16,615) (14,933) Amortization costs IFA (2,834) (2,824) (28) Impairment losses IFA — — (2,793) Depreciation PPE and right of use assets (757) (277) (410) Direct Operating Expenses (20,446) (17,481) (14,848) Other indirect marketing and sales costs (915) (2,717) (1,527) Total marketing and sales costs (45,164) (39,914) (34,539) Employee benefits Employee benefit costs for 2020, 2019 and 2018 were as follows: Amounts in € ‘000 2020 2019 2018 Salaries (32,217) (26,363) (22,887) Social security costs (3,765) (3,364) (2,251) Pension costs (1,614) (1,577) (1,034) Share-based compensation (7,356) (4,449) (3,889) Total (44,952) (35,753) (30,061) Salaries include holiday allowances and cash bonuses for staff not on the former Board of Management. Depreciation and amortization charges Depreciation and amortization charges are included in: Amounts in € ‘000 2020 2019 2018 Property, plant and equipment (1,789) (1,573) (1,090) Intangible assets (3,508) (2,884) (2,845) Total (5,297) (4,457) (3,935) Right of use assets Buildings (1,471) (1,125) — Cars (303) (328) — Total (1,774) (1,453) — |
FAIR VALUE GAIN (LOSS) ON REVAL
FAIR VALUE GAIN (LOSS) ON REVALUATION DERIVATIVES | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Fair Value Measurement [Abstract] | |
FAIR VALUE GAIN (LOSS) ON REVALUATION DERIVATIVES | FAIR VALUE GAIN (LOSS) ON REVALUATION DERIVATIVES The following tables summarizes fair value gain (losses) on revaluation derivatives: Amounts in € ‘000 2020 2019 2018 Revaluation warrants 60 (209) (302) Revaluation conversion rights — — (193) Total 60 (209) (495) |
OTHER FINANCIAL INCOME AND EXPE
OTHER FINANCIAL INCOME AND EXPENSES | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Other Financial Income And Cost [Abstract] | |
OTHER FINANCIAL INCOME AND EXPENSES | OTHER FINANCIAL INCOME AND EXPENSES Amounts in € ‘000 2020 2019 2018 Interest income 626 1,011 18 Other financial income 626 1,011 18 Interest expenses — (10) Loan settlement (3,775) — — Foreign currency results (16,832) (460) (1,147) Interest loans and borrowings (4,532) (11,255) (14,301) Interest leases (670) (662) — Contingent consideration (3,277) (2,882) (21,200) Other financial expenses (65) — Other financial expenses (29,151) (15,259) (36,658) Total other financial income and expenses (28,525) (14,248) (36,640) Loan settlement In 2020 settlement fees and expenses were paid for an amount of €3.8 million as the Company paid back and extinguished the loan from Orbimed Advisors completely. In 2019 and 2018, no settlement fees were paid. Foreign currency results These results primarily follow from the revaluation of bank balances and the loan which are denominated in foreign currencies, mainly US dollars, and the timing of foreign currency payments against the actual exchange rate as compared to the original exchange rate applied upon the charge of fees or expenses. The losses in 2020 are mainly a result of the revaluation of the bank balances in US dollars, both incorporated in our Dutch entities. The US dollar weakened over the course of 2020. The losses in 2019 and 2018 are a result of the effective revaluation of the loan in US dollars, partly set off against the revaluation of the bank balances in US dollars, both incorporated in our Dutch entities. Interest loans and borrowings Interest on loans and borrowings in 2020, 2019 and 2018 relate to the amortized costs from loans and borrowings, calculated under IFRS at the effective rate of interest, which takes account of any equity component on recognition such as warrants or early repayment options. In 2020 the amortized costs on loans and borrowings related to the convertible bond issued in January 2020 and the current term loan from Orbimed Advisors, which was fully repaid in January 2020. In 2019 and 2018 the amortized costs on loans and borrowings principally related to the current term loan from Orbimed Advisors. Contingent consideration The expense for the contingent consideration is related to the present value of the estimated likelihood of meeting all or some of the balance of US$25 million (€20.4 million) remaining out of the US$65 million potential sales milestones which formed part of the re-acquisition transaction for North American commercial rights for RUCONEST®. The first milestone, of US$20 million was triggered in 2019 and paid in March 2019. The second milestone, also of US$20 million, was triggered in the last quarter of 2019, and was paid in February 2020. The last milestone, of US$25 million, was triggered in the last quarter of 2020, and will be paid in the second quarter of 2021. |
INCOME TAX
INCOME TAX | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Income Tax [Abstract] | |
INCOME TAX | INCOME TAX Income taxes on ordinary activities The following table specifies the current and deferred tax components of income taxes in the income statement: Amounts in € ‘000 2020 2019 2018 Income tax credit (expense) Current tax Current tax on profit for the year (2,367) (4,315) (413) Adjustments for current tax of prior periods 1,310 242 (919) Total current tax expense (1,057) (4,073) (1,332) Deferred income tax Deferred tax on profit for the year (7,535) (6,784) (5,697) Adjustments for deferred tax of prior periods 3,036 373 31,165 Total deferred tax expense (4,499) (6,411) 25,468 Income tax credit (expense) (5,556) (10,484) 24,136 Effective income tax rate Pharming Group’s effective rate in its consolidated income statement differed from the Netherlands’ statutory tax rate of 25%. The following table reconciles the statutory income tax rate with the effective income tax rate in the consolidated income statement: Amounts in € ‘000 2020 2019 2018 Reconciliation of tax charge Profit/(loss) on ordinary activities before taxation 38,591 46,679 857 Profit/(loss) on ordinary activities multiplied by standard rate of tax in The Netherlands (9,647) (11,670) (214) Effects of: Tax rate in other jurisdictions 233 9 263 Non-taxable income (expense) 256 (628) (793) Adjustments of prior periods 1,857 373 31,165 Change in statutory applicable tax rate 2,489 2,877 (5,367) Other (744) (1,445) (918) Income tax credit (expense) for the year (5,556) (10,484) 24,136 Factors affecting current and future tax charges The main difference between the nominal tax and the effective tax for the year 2020 can be explained by the effects of non-taxable expenses, the effect of the enacted future increase in the Dutch statutory rate, US State taxes and the effect of taxable income generated and taxed in jurisdictions where tax rates differ from the statutory rate in The Netherlands. The main difference between the theoretical tax and the effective tax for the year 2019 can be explained by the effects of non-taxable expenses, the effect of the increase in the 2020 Dutch statutory rate, US State taxes and the effect of taxable income generated and taxed in jurisdictions where tax rates differ from the statutory rate in The Netherlands. The 2018 rate differential is primarily explained by the recognized deferred tax assets created by taking the taxable effect of the Company’s remaining outstanding net operating (tax) losses at that time to the balance sheet. Deferred tax The balance of the net deferred tax assets/(liabilities) is therefore shown below: Amounts in € ‘000 2020 2019 Total deferred tax assets 27,471 30,933 Total deferred tax liabilities (1,514) (2,343) Total net deferred tax assets /( liabilities) 25,957 28,590 The deferred tax assets and liabilities are offset since there is a legally enforceable right to set off current tax assets against current tax liabilities and since the deferred tax income taxes relate to the same tax jurisdiction. The significant components and annual movements of deferred income tax assets as of December 31, 2020 and January 1, 2020 are as follows: Amounts in € ‘000 2020 2019 Intangible fixed assets 14,417 12,514 Short term assets — — Other financial assets — 8,186 Accruals 4,172 3,217 Other 4,182 1,102 Tax losses 4,700 5,914 Total deferred tax assets 27,471 30,933 Amounts in € ‘000 Intangible fixed assets Short term assets / liabilities Other financial liabilities Accruals Other Tax losses Total At January 1, 2019 11,822 907 10,941 786 — 10,626 35,082 (Charged)/credited - to profit or loss 692 (907) (2,755) 2,426 1,102 (4,712) (4,154) - to other comprehensive income — — — 5 — — 5 At December 31, 2019 12,514 — 8,186 3,217 1,102 5,914 30,933 (Charged)/credited - to profit or loss 1,903 — (8,186) 1,185 1,019 (1,214) (5,293) - to other comprehensive income — — — (230) (5) — (235) - to accumulated deficit — — — — 2,066 — 2,066 At December 31, 2020 14,417 — — 4,172 4,182 4,700 27,471 Based upon the Company’s latest budget for 2021 and its long-range forecasts for the three years thereafter, it is considered more likely than not that there will be sufficient taxable profits in the future to realize the deferred tax assets, and therefore these assets should continue to be recognized in these financial statements. Deferred taxes relating to intangible fixed assets represent the tax effect on temporary difference between the tax base and the carrying amount of research and development intangibles, which were transferred within the Group. These deferred taxes will be realized through the amortization of the intangible assets once in use within the fiscal unity. In prior year, the deferred tax relating to the other financial liabilities primarily related to the tax effect on the temporary difference for the contingent consideration. As the final milestone became due as per December 31, 2020, no residual difference between tax base and the carrying amount remain as per balance sheet date. Accruals represent deferred tax assets recognized for temporary differences between the carrying amount and tax bases of accrued liabilities. The increase in the deferred tax for other is primarily due to recognition of the DTA for future tax reductions related to share-based payments, of which an excess is recorded in equity. The calculation of the deferred tax asset is as shown below: Amounts in € ‘000 2020 2019 Net Operating Losses - Netherlands Net Operating Losses at year-end 18,801 21,926 Portion selected for deferred tax asset 18,801 21,926 Tax rates used: 2020 : 25% (25%) — 5,482 2021 and later: 25% (21,7%) 4,700 — Total tax effect Netherlands 4,700 5,482 Net Operating Losses - France Net Operating Losses at year-end — 1,394 Portion selected for deferred tax asset — 1,394 Tax rate used: 2019 and later: 31% — 432 Total tax effect France — 432 Tax effect Netherlands - losses deferred 4,700 5,482 Tax effect France - losses deferred — 432 Total deferred tax asset 4,700 5,914 The losses carried forward mainly expire in the period 2024 – 2025. The current part of the net deferred tax assets is €8.9 million (2019: €18.4 million). At the end of 2018, the Company entered into a tax loss refreshment program by selling a small part of its rights to its own Pompe & Fabry programs to a subsidiary outside the fiscal group in exchange for the services of that subsidiary, which will produce the source material for the protein replacement drugs in those programs. This transaction generated an arm’s-length taxable profit against which the oldest net operating losses were utilized in the 2018 income tax calculation. The rights generated an intangible asset which will be depreciated over the life of those programs, reducing taxable profits in the future by approximately the same amount. The component and annual movement of deferred income tax liabilities as of December 31, 2020 and December 31, 2019 are as follows: Amounts in € ‘000 2020 2019 Tangible fixed assets (1,343) (1,135) Other liabilities (171) (1,208) Total deferred tax liabilities (1,514) (2,343) Amounts in € ‘000 Tangible fixed assets Other liabilities Total At January 1, 2019 — (87) (87) (Charged)/credited - to profit or loss (1,135) (1,122) (2,257) - to other comprehensive income — 1 1 At December 31, 2019 (1,135) (1,208) (2,343) (Charged)/credited - to profit or loss (230) 1,023 793 - to other comprehensive income 22 14 36 At December 31, 2020 (1,343) (171) (1,514) |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2020 | |
Intangible Assets [Abstract] | |
INTANGIBLE ASSETS | INTANGIBLE ASSETS Amounts in € ‘000 Transgenic technology RUCONEST® for HAE (EU) Development costs Re-acquired Novartis License Software Total At cost 2,651 528 4,861 55,860 — — 63,900 Accumulated: Amortization charges (2,616) (431) — (5,759) — — (8,806) Impairment charges (35) — (2,624) — — — (2,659) Carrying value at January 1, 2019 — 97 2,237 50,101 — — 52,435 Amortization charges — (53) — (2,793) — (38) (2,884) Impairment charges — — 732 — — — 732 Capitalized development costs — — 1,335 — — — 1,335 Assets acquired — — — — 18,702 489 19,191 Movement 2019 — (53) 2,067 (2,793) 18,702 451 18,374 At cost 2,651 528 6,196 55,860 18,702 489 84,426 Accumulated: Amortization charges (2,616) (484) — (8,552) — (38) (11,690) Impairment charges (35) — (1,892) — — — (1,927) Carrying value at December 31, 2019 — 44 4,304 47,308 18,702 451 70,809 Amortization charges — (44) — (3,418) — (46) (3,508) Impairment charges — — — — — — — Capitalized development costs — — 139 — — — 139 Assets acquired — — — 7,500 1,385 290 9,175 Movement 2020 — (44) 139 4,082 1,385 244 5,806 At cost 2,651 528 6,335 63,360 20,087 779 93,740 Accumulated: Amortization charges (2,616) (528) — (11,970) — (84) (15,198) Impairment charges (35) — (1,892) — — — (1,927) Carrying value at December 31, 2020 — — 4,443 51,390 20,087 695 76,615 RUCONEST® for HAE (EU) In 2020, the Company has capitalized development costs in the carrying amount of €nil (2019: €0.044 million) in relation to RUCONEST® for HAE in the European Union. Following market launch of the product in 2010 the amortization of the asset started, and no further development costs have been capitalized in respect to this item since then. Development costs In 2020 the Company incurred €0.1 million development costs compared to €1.3 million in 2019. In 2018, the Company started to modify the current product RUCONEST® for more convenient forms of administration by the patient. This will result in better variants of the existing product. One of these variants has been down-prioritized, as a result of better opportunities with another version. As a result, the Company had to eliminate the capitalised costs related to the previous variant by impairing of the amount held. This has led to an impairment charge of €0.7 million in 2019 which was set off against €2.6 million due to a reversal of impaired costs on the new variant project, reflected in the operating costs under research & development. A total amount of €1.3 million for the new variant prioritized version has been capitalised during 2019 and has been recognized as an internally generated intangible asset as at December 31, 2019. Amortization will start after completion and launch, which is expected to occur between two Re-acquired rights and Licenses The re-acquired rights relate to the acquisition of all North American commercialization rights from Bausch Health (formerly Valeant Pharmaceuticals) in 2016. The re-acquired rights for 2020 relate to Pharming and Swedish Orphan Biovitrum International AB ("Sobi"). On December 29, 2019 Pharming and Sobi mutually agreed and terminated the distribution agreement by means of the termination, settlement and services agreement (together: ‘The agreement’). In 2020, Sobi has provided transitional services for a period of 6 months. The transitional service was a continuation of the service based on the original agreement by Sobi until Pharming was able to take over the distribution. The Company paid €7.5 million to Sobi as a compensation for the early termination of the agreement. The commercial right is classified as an intangible asset. The estimated useful life of the acquired intangible asset is 12 years and will be amortized over the useful life on a straight-line basis. Novartis license In August 2019, Pharming entered into a development collaboration and license agreement with Novartis to develop and commercialize Leniolisib, a small molecule phosphoinositide 3-kinase delta (P13Kδ) inhibitor being developed by Novartis to treat patients with Activated Phosphoinositide 3-kinase Delta Syndrome (“APDS”). Under the agreement, the Company paid Novartis an upfront amount of €17.9 million ($20 million) for the program, with other smaller commitments to fund the remaining clinical development. The total amount paid in 2019 of €18.7 million has been capitalised. The balance of the committed development funding will also be capitalised, whereafter the program will be assessed according to Pharming’s normal criteria for capitalization of development expenses for internally generated programs. In 2020, the Company paid €1.4 million to Novartis for additional development. Intangible assets not yet in use Intangible assets that are not yet in use are tested annually, or more frequently if there are indications that a particular asset might be impaired. The fair value is determined using discounted cash flow projections for revenue to be expected from such assets based on financial plans approved by management. The period of calculation covers the period from the start of the year until expiration of the relevant patent. |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2020 | |
Property, plant and equipment [abstract] | |
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT Amounts in € ‘000 Land and land improvements Operational facilities Leasehold Improvement Manufacturing equipment Other Asset under construction Total At cost 27 5,726 1,981 5,270 5,398 119 18,521 Accumulated depreciation — (2,442) (1,971) (3,126) (2,580) — (10,119) Carrying value at January 1, 2019 27 3,284 10 2,144 2,818 119 8,402 Investments — 182 1 (6) 1,880 306 2,363 Internal transfer — — — — (54) (119) (173) Divestment — (740) — — (511) — (1,251) Depreciation charges — (515) (1) (465) (1,057) — (2,038) Depreciation of disinvestment — 739 — — 510 — 1,249 Currency translation — — — — 2 (1) 1 Movement 2019 — (334) — (471) 770 186 151 At cost 27 5,168 1,982 5,264 6,715 305 19,461 Accumulated depreciation — (2,218) (1,972) (3,591) (3,127) — (10,908) Carrying value at December 31, 2019 27 2,950 10 1,673 3,588 305 8,553 Investments — 102 35 104 1,332 2,502 4,075 Internal transfer — (197) 407 — 234 (444) — Divestment — (49) (407) — (384) — (840) Depreciation charges — (298) (207) (786) (1,265) — (2,556) Depreciation of disinvestment — 48 407 — 372 — 827 Currency translation — 1 (1) (1) (77) (25) (103) Movement 2020 — (393) 234 (683) 212 2,033 1,403 At cost 27 5,025 2,016 5,367 7,820 2,338 22,593 Accumulated depreciation — (2,468) (1,772) (4,377) (4,020) — (12,637) Carrying value at December 31, 2020 27 2,557 244 990 3,800 2,338 9,956 Depreciation charges on manufacturing equipment of €0.8 million in 2020 (2019: €0.5 million; 2018: €1.3 million) have been charged to the value of inventories and an amount of €1.8 million of the total 2020 depreciation costs has been charged to the statement of income (2019: €1.6 million; 2018: €1.1 million). In 2020 the Company invested €4.1 million, mainly in operational facilities, research and development facilities and laboratory equipment (2019:€2.4 million) |
RIGHT-OF-USE ASSETS
RIGHT-OF-USE ASSETS | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Leases [Abstract] | |
RIGHT-OF-USE ASSETS | RIGHT-OF-USE ASSETS This note provides information for leases where the Group is a lessee. i. Amounts recognized in the balance sheet The balance sheet shows the following amounts relating to leases: Amounts in € ‘000 Buildings Cars Total Carrying value at January 1, 2019 4,228 563 4,791 Investments 2,338 303 2,641 Depreciation charges (1,125) (328) (1,453) Movement 2019 1,213 (25) 1,188 At cost 6,566 866 7,432 Accumulated depreciation (1,125) (328) (1,453) Carrying value at December 31, 2019 5,441 538 5,979 Investments 3,261 1,260 4,521 Divestments (559) (236) (795) Investment in a sublease (363) — (363) Depreciation charges (1,471) (303) (1,774) Depreciation of disinvestment 70 115 185 Currency translation (49) (28) (77) Movement 2020 889 808 1,697 At cost 8,856 1,862 10,718 Accumulated depreciation (2,526) (516) (3,042) Carrying value at December 31, 2020 6,330 1,346 7,676 Investments in buildings in 2020 primarily relate to the office building in Warren, NJ, the United States of America. On April 1, 2020, the company subleased the office building in Bridgewater, NJ, the United States of America. In 2020 the company received rent from the sublease of €0.07 million. The loss on the total duration of the sublease amounts to €0.02 million. The Company applies for the exemption of disclosing short term leases and leases under €5,000 since the amounts involved are immaterial to the financial statements. ii. Amounts recognized in the statement of income The statement of income shows the following amounts relating to leases: Amounts in € ‘000 2020 2019 Depreciation rights of use assets Buildings (1,471) (1,125) Cars (303) (328) Total depreciation rights of use assets (1,774) (1,453) Interest expense (670) (662) Total expense right of use assets (2,444) (2,115) iii. Lease charges For the year 2020, the Company charged €2.4 million (2019: €2.1 million) to the statement of income with regard to lease commitments for office rent, equipment, facilities and lease cars. The non-cancellable leases at December 31, 2020 have remaining terms of between one Allocations of the lease charges to costs or general and administrative expenses have been based on the nature of the asset in use. iv. Deferred Taxes Lease liabilities can be specified as follows: Amounts in € ‘000 2020 2019 Balance at January 1 6,309 5,218 New Leases 3,308 2,641 Interest expense accrued 596 663 Payments of lease liabilities (1,913) (2,213) Balance at December 31 8,300 6,309 - Current portion 1,598 1,946 - Non-current portion 6,702 4,363 Future minimum lease payments as at December 31, 2020 and 2019 are as follows: 2020 2019 Amounts in € ‘000 Minimum payments Present value of payments Minimum payments Present value of payments Within one year 2,109 1,598 1,946 1,946 After one year but not more than five years 5,833 4,693 3,149 3,149 More than five years 2,615 2,009 1,214 1,214 Balance at December 31 10,557 8,300 6,309 6,309 |
INVESTMENT ACCOUNTED FOR USING
INVESTMENT ACCOUNTED FOR USING THE EQUITY METHOD | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Interest In Other Entities [Abstract] | |
INVESTMENT ACCOUNTED FOR USING THE EQUITY METHOD | INVESTMENT ACCOUNTED FOR USING THE EQUITY METHOD As the investment in BioConnection BV (BioConnection) provides the Company with significant influence over BioConnection, it has been treated as an associate of the Group as at December 31, 2020. BioConnection has a share capital consisting solely of ordinary shares, which are held directly by a small group of shareholders. The proportion of ownership interest is the same as the proportion of voting rights held. On April 7, 2019 Pharming Group, through its 100% subsidiary Pharming Technologies B.V., has acquired a 43.9% stake in BioConnection B.V. through conversion of €2.6 million of existing credits (“prepayments”) and €2.5 million of cash payment for a total of €5.1 million. Name of entity Place of business % of ownership interest Nature of relationship Measurement method Carrying amount 2020 2019 2020 2019 BioConnection B.V. Oss, NL 44 44 Associate Equity Balance at January 1 5,508 — Movement during the year Initial recognition — 5,078 Share in net profit 316 229 Recognition of financial guarantee — 221 Amortization of financial guarantee (28) (20) Balance at December 31 5,796 5,508 |
RESTRICTED CASH, CASH AND CASH
RESTRICTED CASH, CASH AND CASH EQUIVALENTS | 12 Months Ended |
Dec. 31, 2020 | |
Subclassifications of assets, liabilities and equities [abstract] | |
RESTRICTED CASH, CASH AND CASH EQUIVALENTS | RESTRICTED CASH, CASH AND CASH EQUIVALENTS Amounts in € ‘000 2020 2019 Restricted cash (non-current) 415 2,268 Restricted cash (current) 810 — Cash and cash equivalents 167,068 66,299 Cash is free at disposal of the Company, except for restricted cash, which amounts to €1.2 million in 2020. Restricted cash (current) includes the value of banker’s guarantees issued with respect to (potential) commitments towards third parties which is considered to be of a short-term nature. Furthermore, restricted cash (non-current) includes a deposit for rent which is considered long-term. In 2019 restricted cash (non-current) included a deposit issued in respect of lease cars of total US$1.1 million, which has been released in 2020. |
INVENTORIES
INVENTORIES | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Inventories [Abstract] | |
INVENTORIES | INVENTORIESInventories include batches RUCONEST®, work in progress and skimmed milk available for production of RUCONEST®. Amounts in € ‘000 2020 2019 Finished goods 10,376 10,320 Work in progress 4,616 1,843 Raw materials 2,237 2,304 Balance at December 31 17,229 14,467 Changes in the adjustment to net realizable value: Amounts in € ‘000 2020 2019 Balance at January 1 (830) (927) Addition to impairment (1,269) (1,010) Release of impairment 1,043 328 Usage of impairment 530 779 Balance at December 31 (526) (830) The inventory valuation at December 31, 2020 of €17.2 million is stated net of an impairment of €0.5 million (2019: €0.8 million). The impairment includes an impairment for obsolescence and an impairment to write inventories down to their net realizable value. At December 31, 2020 the impairment for obsolescence is €0.0 million (2019: €0.3 million). At December 31, 2020 the impairment to write inventories down to their net realizable value amount to €0.5 million (2019: €0.4 million). Inventories are available for use in commercial, pre-clinical and clinical activities. Estimates have been made with respect to the ultimate use or sale of product, taking into account current and expected sales as well as pre-clinical and clinical programs. These estimates are reflected in the additions to the impairment. The releases to the impairment relate to amendments to the estimates as a result of the fact that actual sales can differ from forecasted sales and the fact that vials allocated to pre-clinical and clinical programs can be returned to inventory. Cost of inventories included in the cost of sales in 2020 amounted €20.6 million (2019: €21.4 million; 2018: €22.2 million). The main portions of inventories at December 31, 2020 have expiration dates starting beyond 2022 and are all expected to be sold and/or used before expiration. |
TRADE AND OTHER RECEIVABLES
TRADE AND OTHER RECEIVABLES | 12 Months Ended |
Dec. 31, 2020 | |
Subclassifications of assets, liabilities and equities [abstract] | |
TRADE AND OTHER RECEIVABLES | TRADE AND OTHER RECEIVABLES Amounts in € ‘000 2020 2019 Trade receivables 19,149 21,427 Prepaid expenses 3,271 2,279 Value added tax 1,323 1,193 Other receivables 1,877 772 Taxes and social securities 3,616 66 Balance at December 31 29,236 25,737 The Company did not recognize any expected credit losses. The credit risk of the trade receivables, adjusted for forward looking factors specific to the debtors and the economic environment, does not increase since the initial recognition and therefore no loss allowance for expected credit losses is recognized. Pharming has a limited number of customers with long term relationships, without a history of shortfalls. Trade receivables are amounts due from customers for goods sold in the ordinary course of business. They are generally due for settlement within 30 days and therefore are all classified as current. The Company’s outstanding trade receivables are mainly related to the sales in the USA. Due to the short-term nature of the current receivables, their carrying amount is considered to be the same as their fair value. |
CONVERTIBLE BONDS
CONVERTIBLE BONDS | 12 Months Ended |
Dec. 31, 2020 | |
Detailed Information About Borrowings [Abstract] | |
CONVERTIBLE BONDS | CONVERTIBLE BONDS Recognition and movements of the convertible bonds were as follows: Amounts in € ‘000 2020 Balance at January 1 — Carrying value initial recognition 121,277 Interest paid (cash flow) (1,875) Amortization transaction cost 650 Accrued interest 3,536 Balance at December 31 123,588 - Current portion 1,661 - Non-current portion 121,927 On January 21, 2020, the company issued €125 million aggregate principal amount of 3.00% convertible bonds due 2025. The net proceeds of the issue of the bonds were used to redeem the balance of approximately US$51 million of the loan of Orbimed Advisors in full. The bonds were issued at par and bear interest at a rate of 3.00% per annum payable semi-annually in arrears in equal installments. Unless previously converted, redeemed or purchased and cancelled, the bonds will mature on January 21, 2025. The bonds are convertible into the Company’s ordinary shares at an initial conversion price of €2.0028. This initial conversion price is subject to customary adjustment provisions. The number of ordinary shares initially underlying the bonds is 62,412,622. Any adjustment to the conversion price resulting in an increase in the number of conversion shares may require the Company to obtain further authorization from the Company’s shareholders to issue shares, grant rights to subscribe for shares and exclude preemptive rights. The Company has the option to redeem all, but not some only, of the outstanding bonds in cash at par plus accrued interest at any time, (a) if, on or after February 13, 2023, the parity value on each of at least 20 trading days in a period of 30 consecutive trading days shall have exceeded 130% of the principal amount or (b) if, at any time, 85% or more of the aggregate principal amount of the bonds originally issued shall have been previously converted and / or repurchased and cancelled. The convertible bonds comprise of two components. The first component is a financial liability, which represents our contractual obligation to deliver cash or another financial asset for payment of interest and principal, if not converted. The second component is an equity instrument as it represents a written call option granting the holder the right, for a specified period of time, to convert it into a fixed number of the Company’s ordinary shares. The fair value of the consideration in respect of the liability components is measured at the fair value of a similar liability that does not have any associated equity conversion option (IFRS 9 paragraph 5.1.1). This is the liability component’s carrying amount at initial recognition. The equity component will be measured at the residual difference between the nominal value and the fair value of a similar liability that does not have any associated equity conversion option (IAS 32 paragraph 31). The original equity component as recorded at initial recognition amounts to €1.4 million. Movements of the Orbimed loan were as follows: Amounts in € ‘000 2020 2019 Carrying value at January 1 45,590 72,502 Amortized costs (financial income and expenses) 449 11,254 Interest paid (cash flow) (346) (8,418) Repayment (46,140) (31,406) Revaluation loan 447 1,658 Carrying value at December 31 — 45,590 - Current portion — 45,590 - Non-current portion — — In 2017, the Company entered into a debt facility with Orbimed Royalty Opportunities II, LP to raise US$100 million (€91.3 million at 2017 exchange rate). Under the terms and conditions of this debt facility, the Lenders provided an amount of US$100 million secured senior debt funding against 48 months promissory notes with interest of the sum of (i) the Applicable Margin of 11% plus (ii) the greater of (x) One-Month LIBOR and (y) 1.00%. Quarterly repayment of the loan has been started in September 2018. The Company has the option to prepay the loan before its maturity date. As further consideration for the facility, the Lenders received a 4% warrant coverage (9,174,372 warrants) with a strike price of €0.455 representing the closing price of Pharming shares immediately prior to the closing date, plus a 2.5% commitment fee of the principal sum and an assignment fee on the maturity date of US$3.7 million. The Company, and its subsidiaries, have pledged all tangible fixed assets, receivables, movable assets and intellectual property rights as security to the lenders. This security was released completely following the repayment of the loan. |
LOANS AND BORROWINGS
LOANS AND BORROWINGS | 12 Months Ended |
Dec. 31, 2020 | |
Detailed Information About Borrowings [Abstract] | |
LOANS AND BORROWINGS | CONVERTIBLE BONDS Recognition and movements of the convertible bonds were as follows: Amounts in € ‘000 2020 Balance at January 1 — Carrying value initial recognition 121,277 Interest paid (cash flow) (1,875) Amortization transaction cost 650 Accrued interest 3,536 Balance at December 31 123,588 - Current portion 1,661 - Non-current portion 121,927 On January 21, 2020, the company issued €125 million aggregate principal amount of 3.00% convertible bonds due 2025. The net proceeds of the issue of the bonds were used to redeem the balance of approximately US$51 million of the loan of Orbimed Advisors in full. The bonds were issued at par and bear interest at a rate of 3.00% per annum payable semi-annually in arrears in equal installments. Unless previously converted, redeemed or purchased and cancelled, the bonds will mature on January 21, 2025. The bonds are convertible into the Company’s ordinary shares at an initial conversion price of €2.0028. This initial conversion price is subject to customary adjustment provisions. The number of ordinary shares initially underlying the bonds is 62,412,622. Any adjustment to the conversion price resulting in an increase in the number of conversion shares may require the Company to obtain further authorization from the Company’s shareholders to issue shares, grant rights to subscribe for shares and exclude preemptive rights. The Company has the option to redeem all, but not some only, of the outstanding bonds in cash at par plus accrued interest at any time, (a) if, on or after February 13, 2023, the parity value on each of at least 20 trading days in a period of 30 consecutive trading days shall have exceeded 130% of the principal amount or (b) if, at any time, 85% or more of the aggregate principal amount of the bonds originally issued shall have been previously converted and / or repurchased and cancelled. The convertible bonds comprise of two components. The first component is a financial liability, which represents our contractual obligation to deliver cash or another financial asset for payment of interest and principal, if not converted. The second component is an equity instrument as it represents a written call option granting the holder the right, for a specified period of time, to convert it into a fixed number of the Company’s ordinary shares. The fair value of the consideration in respect of the liability components is measured at the fair value of a similar liability that does not have any associated equity conversion option (IFRS 9 paragraph 5.1.1). This is the liability component’s carrying amount at initial recognition. The equity component will be measured at the residual difference between the nominal value and the fair value of a similar liability that does not have any associated equity conversion option (IAS 32 paragraph 31). The original equity component as recorded at initial recognition amounts to €1.4 million. Movements of the Orbimed loan were as follows: Amounts in € ‘000 2020 2019 Carrying value at January 1 45,590 72,502 Amortized costs (financial income and expenses) 449 11,254 Interest paid (cash flow) (346) (8,418) Repayment (46,140) (31,406) Revaluation loan 447 1,658 Carrying value at December 31 — 45,590 - Current portion — 45,590 - Non-current portion — — In 2017, the Company entered into a debt facility with Orbimed Royalty Opportunities II, LP to raise US$100 million (€91.3 million at 2017 exchange rate). Under the terms and conditions of this debt facility, the Lenders provided an amount of US$100 million secured senior debt funding against 48 months promissory notes with interest of the sum of (i) the Applicable Margin of 11% plus (ii) the greater of (x) One-Month LIBOR and (y) 1.00%. Quarterly repayment of the loan has been started in September 2018. The Company has the option to prepay the loan before its maturity date. As further consideration for the facility, the Lenders received a 4% warrant coverage (9,174,372 warrants) with a strike price of €0.455 representing the closing price of Pharming shares immediately prior to the closing date, plus a 2.5% commitment fee of the principal sum and an assignment fee on the maturity date of US$3.7 million. The Company, and its subsidiaries, have pledged all tangible fixed assets, receivables, movable assets and intellectual property rights as security to the lenders. This security was released completely following the repayment of the loan. |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Leases [Abstract] | |
LEASES | RIGHT-OF-USE ASSETS This note provides information for leases where the Group is a lessee. i. Amounts recognized in the balance sheet The balance sheet shows the following amounts relating to leases: Amounts in € ‘000 Buildings Cars Total Carrying value at January 1, 2019 4,228 563 4,791 Investments 2,338 303 2,641 Depreciation charges (1,125) (328) (1,453) Movement 2019 1,213 (25) 1,188 At cost 6,566 866 7,432 Accumulated depreciation (1,125) (328) (1,453) Carrying value at December 31, 2019 5,441 538 5,979 Investments 3,261 1,260 4,521 Divestments (559) (236) (795) Investment in a sublease (363) — (363) Depreciation charges (1,471) (303) (1,774) Depreciation of disinvestment 70 115 185 Currency translation (49) (28) (77) Movement 2020 889 808 1,697 At cost 8,856 1,862 10,718 Accumulated depreciation (2,526) (516) (3,042) Carrying value at December 31, 2020 6,330 1,346 7,676 Investments in buildings in 2020 primarily relate to the office building in Warren, NJ, the United States of America. On April 1, 2020, the company subleased the office building in Bridgewater, NJ, the United States of America. In 2020 the company received rent from the sublease of €0.07 million. The loss on the total duration of the sublease amounts to €0.02 million. The Company applies for the exemption of disclosing short term leases and leases under €5,000 since the amounts involved are immaterial to the financial statements. ii. Amounts recognized in the statement of income The statement of income shows the following amounts relating to leases: Amounts in € ‘000 2020 2019 Depreciation rights of use assets Buildings (1,471) (1,125) Cars (303) (328) Total depreciation rights of use assets (1,774) (1,453) Interest expense (670) (662) Total expense right of use assets (2,444) (2,115) iii. Lease charges For the year 2020, the Company charged €2.4 million (2019: €2.1 million) to the statement of income with regard to lease commitments for office rent, equipment, facilities and lease cars. The non-cancellable leases at December 31, 2020 have remaining terms of between one Allocations of the lease charges to costs or general and administrative expenses have been based on the nature of the asset in use. iv. Deferred Taxes Lease liabilities can be specified as follows: Amounts in € ‘000 2020 2019 Balance at January 1 6,309 5,218 New Leases 3,308 2,641 Interest expense accrued 596 663 Payments of lease liabilities (1,913) (2,213) Balance at December 31 8,300 6,309 - Current portion 1,598 1,946 - Non-current portion 6,702 4,363 Future minimum lease payments as at December 31, 2020 and 2019 are as follows: 2020 2019 Amounts in € ‘000 Minimum payments Present value of payments Minimum payments Present value of payments Within one year 2,109 1,598 1,946 1,946 After one year but not more than five years 5,833 4,693 3,149 3,149 More than five years 2,615 2,009 1,214 1,214 Balance at December 31 10,557 8,300 6,309 6,309 |
DERIVATIVE FINANCIAL LIABILITIE
DERIVATIVE FINANCIAL LIABILITIES | 12 Months Ended |
Dec. 31, 2020 | |
Financial Instruments [Abstract] | |
DERIVATIVE FINANCIAL LIABILITIES | DERIVATIVE FINANCIAL LIABILITIES Derivative financial liabilities include conversion options embedded in warrants issued in relation to the issues of equity in 2013 and the taking out of loans in 2015 and 2016. In 2020, in total 60,000 warrants were exercised, compared to the exercise of 240,000 warrants in total in 2019. In 2019, in total 240,000 warrants were exercised, compared to the exercise of 14,802,056 warrants in total in 2018. Movement of derivative financial liabilities for 2020, 2019 and 2018 can be summarized as follows: Amounts in € ‘000 2020 2019 2018 Balance at January 1, 268 228 10,080 Fair value losses (gains) derivatives (60) 209 495 Redemption cash settlement — — (1,779) Conversions into shares (61) (169) (8,568) Balance at December 31, 147 268 228 |
TRADE AND OTHER PAYABLES
TRADE AND OTHER PAYABLES | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Trade And Other Payables [Abstract] | |
TRADE AND OTHER PAYABLES | TRADE AND OTHER PAYABLES Trade and other payables as at December 31, 2020 and 2019 are as follows: Amounts in € ‘000 2020 2019 Accounts payable 10,969 5,351 Taxes and social security 502 (209) Other payables 143 254 Accruals for employees 6,607 5,581 Accruals for rebates and discounts 12,158 14,258 Accrual for production 3,353 3,101 Other accruals 5,084 7,911 Balance at December 31 38,816 36,247 |
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Share-Based Payment Arrangements [Abstract] | |
SHARE-BASED COMPENSATION | SHARE-BASED COMPENSATION The Company has a Long-Term Incentive Plan and two option plans in place: one option plan for the former Board of Management (per December 11, 2020 the Chief Executive Officer (''CEO'') was integrated into the Board of Directors, see note 22) and one option plan for the Company’s senior management and members of former Board of Management, not being a member of the Board of Directors (‘the option plans’). The existing Long-Term Incentive Plan (‘LTIP’) and the two option plans remain in place after December 11, 2020 for the employees. For the CEO, as the only executive member of the new Board of Directors, a new long-term incentive plan has been designed. On December 11, 2020, the General Meeting of Shareholders of the Company approved (i) the new Long-Term Incentive Program for executive members of the Board of Directors of Pharming Group N.V. (the “LTI program’), and (ii) the one-off transition arrangement agreed with the CEO, for the implementation of the new LTI Program. All these plans or arrangements are equity settled. Pursuant to the one-off transition arrangement, the CEO has waived all his rights for the grant of restricted shares and option rights, respectively, under the LTIP and the existing option plans for the financial year 2020. The Remuneration Policy as adopted by our shareholders on December 11, 2020 no longer permits the grant of share options to the members of the Board of Directors. On December 22, 2020, a total number of 4,200,000 (restricted) shares was granted to the CEO in accordance with the terms of the one-off transition arrangement. Reference is made to the section Remuneration Report 2020 in the Annual Report. Following the above, the information as provided below under Board of Management, also include the information of the Board of Directors from December 11, 2020 up to December 31, 2020, unless indicated otherwise. The total expense recognized in 2020 for share-based payment plans amounts to €7.4 million (2019: €4.4 million), of which €1.6 million relates to taxes (2019: €0.6 million). The total expense recognized in 2018 for share-based payment plans amounts to €3.9 million. The total expenses for share based payment plans in 2020, 2019 and 2018 is specified as follows: Share-based compensation 2020 2019 2018 Board of Management options 75 557 395 Employee options 2,594 2,157 1,285 Long term incentive plan 4,642 1,735 1,501 Bonus shares 45 — 708 Balance at December 31 7,356 4,449 3,889 Board of management and employee option plans The costs of option plans are measured by reference to the fair value of the options at the grant date of the option. A Black-Scholes option-pricing model is used to determine the fair value of the options granted. The following assumptions were used in the model 2020 2019 Expected time to maturity (employees) 1-4 years 1-4 years Expected time to maturity (Board of Management) not applicable 0.7 years Volatility (employees) 53% - 60% 54% - 58% Volatility (Board of Management) not applicable 56 % Risk-free interest rate (employees) (0.52)% - (0.27)% (0.36)% - (0.30)% Risk-free interest rate (Board of Management) not applicable 0.25 % Long Term Incentive Plan Under the LTIP, restricted shares are granted conditionally each year with shares vesting based on the market condition in which the total shareholder return performance of the Pharming share is compared to the total shareholder return of a peer group of other European biotech companies. The Company used a Monte-Carlo simulation model to determine the fair value of the awards at grant date. The range of assumptions used are: 2020 2019 2018 Volatilities 54 % 56 % 56 % Risk-free interest rates (0.24) % (0.21) % (0.41) % Dividend yields 0.00% 0.00% 0.00% An overview of the number of LTIP shares granted in 2018-2020 and in total as well as the fair value per share award is as follows: Participant category 2020 2019 2018 Total Non Executive members of the Board of Directors — 205,000 100,000 305,000 Executive Members of the Board of Directors — 201,050 130,131 331,181 Executive Committee 105,000 326,807 186,220 618,027 Senior managers 930,000 1,830,000 965,000 3,725,000 Total 1,035,000 2,562,857 1,381,351 4,979,208 Fair value per share award (€) 0.752 0.345 0.671 The following table provides an overview of LTIP shares granted, forfeited or issued in 2018-2020 as well as the number of LTIP shares reserved at December 31, 2020: Participant category Granted Forfeited Not vested Reserved at December 31, 2020 Non Executive members of the Board of Directors 305,000 (20,000) (46,187) 238,813 Executive Members of the Board of Directors 331,181 0 (97,273) 233,908 Executive Committee 618,027 (85,005) (76,432) 456,590 Senior managers 3,725,000 (81,210) (619,969) 3,023,821 Total 4,979,208 (186,215) (839,861) 3,953,132 The 2018 shares did vest at the end of the vesting period (December 31, 2020) and a total of 50% of the granted LTIP shares were issued. LTIP shares reserved at December 31, 2020 relate to the 2019 shares available for participants still in service at the end of 2019. The Company expensed amounts of €0.9 million in 2020 (2019: €1.1 million, €0.9 million in 2018). Long-term incentive plan expenses decreased due to exclusion of former Board of Management and former Board of Supervisory Directors. Transition arrangement for the Chief Executive Officer On December 22, 2020, a total number of 4,200,000 (restricted) shares was granted to the CEO in accordance with the terms of the one-off transition arrangement. These shares will vest in three equal annual tranches in Q1 2021, Q1 2022 and Q1 2023, subject to the pro-rata achievement of the long-term targets under the new LTI program. Option plans An overview of activity in the number of options for the years 2020, 2019 and 2018 is as follows: 2020 2019 2018 Number Weighted Average Exercise Price (€) Number Weighted Average Exercise Price (€) Number Weighted Average Exercise Price (€) Balance at January 1 40,327,537 0.923 34,320,956 0.532 54,901,629 0.408 Expired (3,281) 0.294 (4,430,757) 1.022 (76,702) 0.071 Granted pre 2018 525,453 0.335 Exercised (5,343,268) 0.443 (7,913,912) 0.344 (26,993,174) 0.291 Granted under plan for: Board of Management — — 4,400,000 0.805 — — Employees 15,536,750 0.974 14,085,000 0.734 6,320,000 0.770 Forfeited under plan for: Board of Management — — — — — — Employees (411,250) 0.521 (133,750) 0.712 (356,250) 0.320 Balance at December 31 50,106,488 0.740 40,327,537 0.923 34,320,956 0.532 - Vested 19,675,875 0.583 12,797,424 0.401 16,614,702 0.302 - Unvested 30,430,613 0.842 27,530,113 0.719 17,706,254 0.757 Exercised options 2020 In 2020 a total of 5,343,268 options have been exercised with an average exercise price of €0.443. In 2019 a total of 7,913,912 options have been exercised with an average exercise price of €0.344. All options outstanding at December 31, 2020 are exercisable with the exception of the unvested options granted to the employees still in service. The 2020 share options for the employees vest after one year under the condition the employees are still in service at vesting date. Exercise prices of options outstanding at December 31, 2020, December 31, 2019 and December 31, 2018 and the exercise values are in the following ranges: 2020 2019 2018 Exercise prices in € Number Exercise value Number Exercise value Number Exercise value 0.063 - 0.25 3,225,000 674 4,737,500 990 6,578,837 1,375 0.25 - 0.50 6,742,863 2,259 9,187,537 3,100 14,757,996 4,994 0.50 – 0.75 12,974,375 9,458 13,202,500 9,625 824,121 416 0.75 – 2.50 27,164,250 24,686 13,200,000 11,324 12,160,002 11,466 Balance at December 31 50,106,488 37,077 40,327,537 25,039 34,320,956 18,251 Granted options to employees In 2020, the Company granted 15,536,750 options to employees with a weighted average exercise price of €0.974; fair values for options granted in 2020 were in the range of €0.201 - €0.612. In 2019, the Company granted 14,085,000 options to employees with a weighted average exercise price of €0.734; fair values for options granted in 2019 were in the range of €0.170 - €0.307. In 2018, the Company granted 6,320,000 options to employees with a weighted average exercise price of €0.770; fair values for options granted in 2018 were in the range of €0.274 - €0.418. Granted options to former Board of Management In 2020 no options were granted to former Board of Directors. |
BOARD OF MANAGEMENT
BOARD OF MANAGEMENT | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Related Party [Abstract] | |
BOARD OF MANAGEMENT | BOARD OF MANAGEMENT Mr. S de Vries (Chief Executive Officer), Mr. B.M Giannetti have been members of the Board of Management up to December 11, 2020. Mr. R. Wright resigned from the Board of Management on May 20, 2020. On December 11, 2020 in the Extraordinary General Meeting of Shareholders (EGM) the proposal to switch to a one-tier board was approved. As a result, as of December 11, 2020, The Board of Management, was integrated into the Board of Directors (Mr. S. de Vries) and into Executive Committee (Mr. B.M. Giannetti). Remuneration Compensation of the members of the former Board of Management for 2020, 2019 and 2018 was as follows: Amounts in € ‘000 Year Base salary Bonus (i) Share-based payment (ii) Post-employment benefits (iii) Other (iv) Total S. de Vries 2020 538 377 1,522 94 32 2,563 2019 507 310 487 72 32 1,408 2018 490 428 325 81 32 1,356 B.M. Giannetti 2020 352 176 620 74 24 1,246 2019 331 170 289 70 8 868 2018 320 233 201 77 8 839 R. Wright 2020 136 12 94 13 306 561 2019 317 149 114 23 0 603 2018 306 148 167 34 0 655 Total 2020 1,026 565 2,236 181 362 4,370 2019 1,155 629 890 165 40 2,879 2018 1,116 809 693 192 40 2,850 (i) Bonuses are related to the achievement of the corporate and personal objectives. Refer to the report of the Remuneration Committee for the review of the performance and the extent the goals have been met. (ii) Share-based payments are long term benefits and for 2020 relate to options of €0.07 million (2019:€0.6 million) and long-term incentive plan of €2.2 million (2019 €0.3 million). (iii) Post-employment benefits were in line with previous year. (iv) Includes car allowances and a termination payment of €0.306 million for Mr. R. Wright Shares At December 31, 2020 the members of the former Board of Management held the following numbers of shares: Shares held As at December 31, 2020 S. de Vries 6,638,869 B.M. Giannetti 1,707,714 Total 8,346,583 All shares held by members of the former Board of Management are unrestricted. Options The following table gives an overview of movements in number of option holdings of the individual members of the former Board of Management in 2020, the exercise prices and expiration dates up to December 31, 2020: Amounts in € ‘000 January 1, 2019 Granted 2019-2020 Exercised 2019-2020 Forfeited/ Expired 2019-2020 December 31, 2020 Exercise Price (€) Expiration date S. de Vries 2,400 (2,400) — 1.130 17 June 2019 2,800 2,800 0.805 20 Sept 2023 Total 2,400 2,800 — (2,400) 2,800 B.M. Giannetti 1,440 (1,440) — 1.130 17 June 2019 1,600 1,600 0.805 20 Sept 2023 Total 1,440 1,600 — (1,440) 1,600 R. Wright 1,000 (1,000) — — 28 Oct 2020 4,000 (1,000) 3,000 0.209 - 1.130 25 May 2021 Total 5,000 — (2,000) — 3,000 In service: December 31 8,840 4,400 (2,000) (3,840) 7,400 Upon termination, the Company agreed with Mr. R. Wright that all granted options of Mr. R. Wright remain exercisable until their expiry. Long Term Incentive Plan Year Granted Settled Forfeited Not vested Reserved at December 31, 2020 S. de Vries 2020 — — — — — 2019 201,050 — — — 201,050 2018 130,131 — — — 130,131 B.M. Giannetti 2020 — — — — — 2019 131,331 — — — 131,331 2018 85,005 — — — 85,005 R. Wright 2020 — — — — — 2019 125,476 — — — 125,476 2018 81,215 — — — 81,215 Total 2020 — — — — — 2019 457,857 — — — 457,857 2018 296,351 — — — 296,351 Upon termination, the Company agreed that Mr. R. Wright will continue to participate in each Long-Term Incentive Plan for which he has already been granted shares, but not in the 2020 plan or beyond regardless of grant date. Loans or guarantees Non-Executive members Board of Directors Remuneration Compensation of the Non-Executive members of the Board of Directors and / or of former members of the Supervisory Board of Directors for 2020, 2019, and 2018 was as follows: Amounts in € ‘000 Year BOSD / BOD AC RC GC Share-Based Payment Total P. Sekhri 2020 65 — — — 52 117 2019 50 — — — 33 83 2018 50 — — — 30 80 Ms D. Jorn * 2020 45 3 6 — 35 89 2019 20 2 4 — 5 31 2018 — — — — — — J. Blaak ****** 2020 — — — — — — 2019 — — — — — — 2018 18 — 2 — 18 38 J.H.L. Ernst *** 2020 41 3 3 3 37 87 2019 36 3 3 — 26 68 2018 36 3 3 — 26 68 J.B. Ward 2020 45 — 3 6 40 94 2019 36 — 3 — 27 66 2018 36 — 6 — 26 68 A. de Winter 2020 45 9 — 3 40 97 2019 36 9 — — 28 73 2018 36 9 — — 26 71 J. Egberts ** 2020 — — — — 4 4 2019 15 — 1 — — 16 2018 36 3 — — 20 59 B. Yanni **** 2020 31 — — — 21 52 2019 — — — — — — 2018 — — — — — — M. Pykett ***** 2020 31 — — — 21 52 2019 — — — — — — 2018 — — — — — — Total 2020 303 15 12 12 250 592 2019 193 14 11 — 119 337 2018 212 15 11 — 146 384 * Ms D. Jorn was appointed on May 22, 2019 ** Mr. J. Egberts retired from the BOSD at May 22, 2019 *** Mr.J.H.L Ernst retired from the BOSD at November 23, 2020 **** Mrs. B. Yanni was appointed on December 11, 2020 *****Mr. M. Pykett was appointed on December 11, 2020 ****** Mr Blaak retired from the board on May 23, 2018 Shares, options and warrants Members of the former Board of Supervisory Directors did not participate in an option plan. In 2020 no LTIP shares were granted. In 2019, a total of 205,000 LTIP shares were granted at the Annual General Meeting held on May 22, 2019. The following table gives an overview of movements in number of LTIP shares of the Non-Executive members of the Board of Directors and / or of the former Board of Supervisory Directors: Amounts in € ‘000 Year Granted Settled Forfeited Not vested Reserved at December 31, 2020 J.H.L. Ernst 2020 — — — — — 2019 40 — (40) — — 2018 25 — (25) — — J.Blaak 2020 — — — — — 2019 — — — — — 2018 — — — — — J.B. Ward 2020 — — — — — 2019 35 — — — 35 2018 25 — — — 25 A. de Winter 2020 — — — — — 2019 40 — — — 40 2018 25 — — — 25 P. Sekhri 2020 — — — — — 2019 50 — — — 50 2018 30 — — — 30 D. Jorn 2020 — — — — — 2019 40 — — — 40 J. Egberts 2020 — — — — — 2019 — — — — — 2018 20 — (20) — — B. Yanni 2020 — — — — — M. Pykett 2020 — — — — — Total 2020 — — — — — 2019 205 — (40) — 165 2018 125 — (45) — 80 Shares At December 31, 2020, the Non-Executive members of the Board of Directors held the following numbers of shares: As at December 31, 2020 Ordinary shares Certificates of shares P. Sekhri 110,000 230,000 A. de Winter 213,125 — J.B. Ward 328,313 — Ms. D. Jorn — — Ms. B. Yanni — — M. Pykett — — Total 651,438 230,000 All shares held by the Non-Executive members of the Board of Directors are unrestricted. Loans or guarantees During the year 2020, the Company has not granted loans or guarantees to any member of the Non- Executive members of the Board of Directors or former members of the Board of Supervisory Directors. No loans or guarantees to Non- Executive members of the Board of Directors or former members of the Board of Supervisory Directors were outstanding at December 31, 2020. Related parties’ disclosure relates mainly to key management compensation and to transactions with the associated company Bioconnection B.V. On December 11, 2020, the Company has changed its governance structure from a two-tier model to a one tier board model. The key management compensation is as follows: Amounts in € ‘000 2020 2019 2018 Salaries and other short-term employee benefits 2,359 2,132 2,250 Post-employment benefits 181 165 193 Share-based compensation 2,486 1,009 839 Total 5,026 3,306 3,282 All direct transactions with members of the Board of Directors and the former Board of Management and the former Board of Supervisory Directors have been disclosed in notes 23 and 24 of these financial statements. At December 31, 2020, the Company had a payable balance of a total amount of €nil (2019: €nil) to members of the Board of Management and Board of Supervisory Directors. Related party transactions with Bioconnection B.V. are in the ordinary course of that company’s fill & finish business and amounted to €2.6 million (2019: €2.2 million since the effective date of the investment of April 9, 2019). At December 31, 2020, the Company owed a balance of €0.1 million (2019: €0.1 million) to Bioconnection for fill & finish services supplied. In addition, accrued expenses at the balance sheet date included €nil (2019: €0.3 million) in respect of batches of finished vials produced in 2020. |
BOARD OF DIRECTORS
BOARD OF DIRECTORS | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Related Party [Abstract] | |
BOARD OF DIRECTORS | BOARD OF MANAGEMENT Mr. S de Vries (Chief Executive Officer), Mr. B.M Giannetti have been members of the Board of Management up to December 11, 2020. Mr. R. Wright resigned from the Board of Management on May 20, 2020. On December 11, 2020 in the Extraordinary General Meeting of Shareholders (EGM) the proposal to switch to a one-tier board was approved. As a result, as of December 11, 2020, The Board of Management, was integrated into the Board of Directors (Mr. S. de Vries) and into Executive Committee (Mr. B.M. Giannetti). Remuneration Compensation of the members of the former Board of Management for 2020, 2019 and 2018 was as follows: Amounts in € ‘000 Year Base salary Bonus (i) Share-based payment (ii) Post-employment benefits (iii) Other (iv) Total S. de Vries 2020 538 377 1,522 94 32 2,563 2019 507 310 487 72 32 1,408 2018 490 428 325 81 32 1,356 B.M. Giannetti 2020 352 176 620 74 24 1,246 2019 331 170 289 70 8 868 2018 320 233 201 77 8 839 R. Wright 2020 136 12 94 13 306 561 2019 317 149 114 23 0 603 2018 306 148 167 34 0 655 Total 2020 1,026 565 2,236 181 362 4,370 2019 1,155 629 890 165 40 2,879 2018 1,116 809 693 192 40 2,850 (i) Bonuses are related to the achievement of the corporate and personal objectives. Refer to the report of the Remuneration Committee for the review of the performance and the extent the goals have been met. (ii) Share-based payments are long term benefits and for 2020 relate to options of €0.07 million (2019:€0.6 million) and long-term incentive plan of €2.2 million (2019 €0.3 million). (iii) Post-employment benefits were in line with previous year. (iv) Includes car allowances and a termination payment of €0.306 million for Mr. R. Wright Shares At December 31, 2020 the members of the former Board of Management held the following numbers of shares: Shares held As at December 31, 2020 S. de Vries 6,638,869 B.M. Giannetti 1,707,714 Total 8,346,583 All shares held by members of the former Board of Management are unrestricted. Options The following table gives an overview of movements in number of option holdings of the individual members of the former Board of Management in 2020, the exercise prices and expiration dates up to December 31, 2020: Amounts in € ‘000 January 1, 2019 Granted 2019-2020 Exercised 2019-2020 Forfeited/ Expired 2019-2020 December 31, 2020 Exercise Price (€) Expiration date S. de Vries 2,400 (2,400) — 1.130 17 June 2019 2,800 2,800 0.805 20 Sept 2023 Total 2,400 2,800 — (2,400) 2,800 B.M. Giannetti 1,440 (1,440) — 1.130 17 June 2019 1,600 1,600 0.805 20 Sept 2023 Total 1,440 1,600 — (1,440) 1,600 R. Wright 1,000 (1,000) — — 28 Oct 2020 4,000 (1,000) 3,000 0.209 - 1.130 25 May 2021 Total 5,000 — (2,000) — 3,000 In service: December 31 8,840 4,400 (2,000) (3,840) 7,400 Upon termination, the Company agreed with Mr. R. Wright that all granted options of Mr. R. Wright remain exercisable until their expiry. Long Term Incentive Plan Year Granted Settled Forfeited Not vested Reserved at December 31, 2020 S. de Vries 2020 — — — — — 2019 201,050 — — — 201,050 2018 130,131 — — — 130,131 B.M. Giannetti 2020 — — — — — 2019 131,331 — — — 131,331 2018 85,005 — — — 85,005 R. Wright 2020 — — — — — 2019 125,476 — — — 125,476 2018 81,215 — — — 81,215 Total 2020 — — — — — 2019 457,857 — — — 457,857 2018 296,351 — — — 296,351 Upon termination, the Company agreed that Mr. R. Wright will continue to participate in each Long-Term Incentive Plan for which he has already been granted shares, but not in the 2020 plan or beyond regardless of grant date. Loans or guarantees Non-Executive members Board of Directors Remuneration Compensation of the Non-Executive members of the Board of Directors and / or of former members of the Supervisory Board of Directors for 2020, 2019, and 2018 was as follows: Amounts in € ‘000 Year BOSD / BOD AC RC GC Share-Based Payment Total P. Sekhri 2020 65 — — — 52 117 2019 50 — — — 33 83 2018 50 — — — 30 80 Ms D. Jorn * 2020 45 3 6 — 35 89 2019 20 2 4 — 5 31 2018 — — — — — — J. Blaak ****** 2020 — — — — — — 2019 — — — — — — 2018 18 — 2 — 18 38 J.H.L. Ernst *** 2020 41 3 3 3 37 87 2019 36 3 3 — 26 68 2018 36 3 3 — 26 68 J.B. Ward 2020 45 — 3 6 40 94 2019 36 — 3 — 27 66 2018 36 — 6 — 26 68 A. de Winter 2020 45 9 — 3 40 97 2019 36 9 — — 28 73 2018 36 9 — — 26 71 J. Egberts ** 2020 — — — — 4 4 2019 15 — 1 — — 16 2018 36 3 — — 20 59 B. Yanni **** 2020 31 — — — 21 52 2019 — — — — — — 2018 — — — — — — M. Pykett ***** 2020 31 — — — 21 52 2019 — — — — — — 2018 — — — — — — Total 2020 303 15 12 12 250 592 2019 193 14 11 — 119 337 2018 212 15 11 — 146 384 * Ms D. Jorn was appointed on May 22, 2019 ** Mr. J. Egberts retired from the BOSD at May 22, 2019 *** Mr.J.H.L Ernst retired from the BOSD at November 23, 2020 **** Mrs. B. Yanni was appointed on December 11, 2020 *****Mr. M. Pykett was appointed on December 11, 2020 ****** Mr Blaak retired from the board on May 23, 2018 Shares, options and warrants Members of the former Board of Supervisory Directors did not participate in an option plan. In 2020 no LTIP shares were granted. In 2019, a total of 205,000 LTIP shares were granted at the Annual General Meeting held on May 22, 2019. The following table gives an overview of movements in number of LTIP shares of the Non-Executive members of the Board of Directors and / or of the former Board of Supervisory Directors: Amounts in € ‘000 Year Granted Settled Forfeited Not vested Reserved at December 31, 2020 J.H.L. Ernst 2020 — — — — — 2019 40 — (40) — — 2018 25 — (25) — — J.Blaak 2020 — — — — — 2019 — — — — — 2018 — — — — — J.B. Ward 2020 — — — — — 2019 35 — — — 35 2018 25 — — — 25 A. de Winter 2020 — — — — — 2019 40 — — — 40 2018 25 — — — 25 P. Sekhri 2020 — — — — — 2019 50 — — — 50 2018 30 — — — 30 D. Jorn 2020 — — — — — 2019 40 — — — 40 J. Egberts 2020 — — — — — 2019 — — — — — 2018 20 — (20) — — B. Yanni 2020 — — — — — M. Pykett 2020 — — — — — Total 2020 — — — — — 2019 205 — (40) — 165 2018 125 — (45) — 80 Shares At December 31, 2020, the Non-Executive members of the Board of Directors held the following numbers of shares: As at December 31, 2020 Ordinary shares Certificates of shares P. Sekhri 110,000 230,000 A. de Winter 213,125 — J.B. Ward 328,313 — Ms. D. Jorn — — Ms. B. Yanni — — M. Pykett — — Total 651,438 230,000 All shares held by the Non-Executive members of the Board of Directors are unrestricted. Loans or guarantees During the year 2020, the Company has not granted loans or guarantees to any member of the Non- Executive members of the Board of Directors or former members of the Board of Supervisory Directors. No loans or guarantees to Non- Executive members of the Board of Directors or former members of the Board of Supervisory Directors were outstanding at December 31, 2020. Related parties’ disclosure relates mainly to key management compensation and to transactions with the associated company Bioconnection B.V. On December 11, 2020, the Company has changed its governance structure from a two-tier model to a one tier board model. The key management compensation is as follows: Amounts in € ‘000 2020 2019 2018 Salaries and other short-term employee benefits 2,359 2,132 2,250 Post-employment benefits 181 165 193 Share-based compensation 2,486 1,009 839 Total 5,026 3,306 3,282 All direct transactions with members of the Board of Directors and the former Board of Management and the former Board of Supervisory Directors have been disclosed in notes 23 and 24 of these financial statements. At December 31, 2020, the Company had a payable balance of a total amount of €nil (2019: €nil) to members of the Board of Management and Board of Supervisory Directors. Related party transactions with Bioconnection B.V. are in the ordinary course of that company’s fill & finish business and amounted to €2.6 million (2019: €2.2 million since the effective date of the investment of April 9, 2019). At December 31, 2020, the Company owed a balance of €0.1 million (2019: €0.1 million) to Bioconnection for fill & finish services supplied. In addition, accrued expenses at the balance sheet date included €nil (2019: €0.3 million) in respect of batches of finished vials produced in 2020. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Related Party [Abstract] | |
RELATED PARTY TRANSACTIONS | BOARD OF MANAGEMENT Mr. S de Vries (Chief Executive Officer), Mr. B.M Giannetti have been members of the Board of Management up to December 11, 2020. Mr. R. Wright resigned from the Board of Management on May 20, 2020. On December 11, 2020 in the Extraordinary General Meeting of Shareholders (EGM) the proposal to switch to a one-tier board was approved. As a result, as of December 11, 2020, The Board of Management, was integrated into the Board of Directors (Mr. S. de Vries) and into Executive Committee (Mr. B.M. Giannetti). Remuneration Compensation of the members of the former Board of Management for 2020, 2019 and 2018 was as follows: Amounts in € ‘000 Year Base salary Bonus (i) Share-based payment (ii) Post-employment benefits (iii) Other (iv) Total S. de Vries 2020 538 377 1,522 94 32 2,563 2019 507 310 487 72 32 1,408 2018 490 428 325 81 32 1,356 B.M. Giannetti 2020 352 176 620 74 24 1,246 2019 331 170 289 70 8 868 2018 320 233 201 77 8 839 R. Wright 2020 136 12 94 13 306 561 2019 317 149 114 23 0 603 2018 306 148 167 34 0 655 Total 2020 1,026 565 2,236 181 362 4,370 2019 1,155 629 890 165 40 2,879 2018 1,116 809 693 192 40 2,850 (i) Bonuses are related to the achievement of the corporate and personal objectives. Refer to the report of the Remuneration Committee for the review of the performance and the extent the goals have been met. (ii) Share-based payments are long term benefits and for 2020 relate to options of €0.07 million (2019:€0.6 million) and long-term incentive plan of €2.2 million (2019 €0.3 million). (iii) Post-employment benefits were in line with previous year. (iv) Includes car allowances and a termination payment of €0.306 million for Mr. R. Wright Shares At December 31, 2020 the members of the former Board of Management held the following numbers of shares: Shares held As at December 31, 2020 S. de Vries 6,638,869 B.M. Giannetti 1,707,714 Total 8,346,583 All shares held by members of the former Board of Management are unrestricted. Options The following table gives an overview of movements in number of option holdings of the individual members of the former Board of Management in 2020, the exercise prices and expiration dates up to December 31, 2020: Amounts in € ‘000 January 1, 2019 Granted 2019-2020 Exercised 2019-2020 Forfeited/ Expired 2019-2020 December 31, 2020 Exercise Price (€) Expiration date S. de Vries 2,400 (2,400) — 1.130 17 June 2019 2,800 2,800 0.805 20 Sept 2023 Total 2,400 2,800 — (2,400) 2,800 B.M. Giannetti 1,440 (1,440) — 1.130 17 June 2019 1,600 1,600 0.805 20 Sept 2023 Total 1,440 1,600 — (1,440) 1,600 R. Wright 1,000 (1,000) — — 28 Oct 2020 4,000 (1,000) 3,000 0.209 - 1.130 25 May 2021 Total 5,000 — (2,000) — 3,000 In service: December 31 8,840 4,400 (2,000) (3,840) 7,400 Upon termination, the Company agreed with Mr. R. Wright that all granted options of Mr. R. Wright remain exercisable until their expiry. Long Term Incentive Plan Year Granted Settled Forfeited Not vested Reserved at December 31, 2020 S. de Vries 2020 — — — — — 2019 201,050 — — — 201,050 2018 130,131 — — — 130,131 B.M. Giannetti 2020 — — — — — 2019 131,331 — — — 131,331 2018 85,005 — — — 85,005 R. Wright 2020 — — — — — 2019 125,476 — — — 125,476 2018 81,215 — — — 81,215 Total 2020 — — — — — 2019 457,857 — — — 457,857 2018 296,351 — — — 296,351 Upon termination, the Company agreed that Mr. R. Wright will continue to participate in each Long-Term Incentive Plan for which he has already been granted shares, but not in the 2020 plan or beyond regardless of grant date. Loans or guarantees Non-Executive members Board of Directors Remuneration Compensation of the Non-Executive members of the Board of Directors and / or of former members of the Supervisory Board of Directors for 2020, 2019, and 2018 was as follows: Amounts in € ‘000 Year BOSD / BOD AC RC GC Share-Based Payment Total P. Sekhri 2020 65 — — — 52 117 2019 50 — — — 33 83 2018 50 — — — 30 80 Ms D. Jorn * 2020 45 3 6 — 35 89 2019 20 2 4 — 5 31 2018 — — — — — — J. Blaak ****** 2020 — — — — — — 2019 — — — — — — 2018 18 — 2 — 18 38 J.H.L. Ernst *** 2020 41 3 3 3 37 87 2019 36 3 3 — 26 68 2018 36 3 3 — 26 68 J.B. Ward 2020 45 — 3 6 40 94 2019 36 — 3 — 27 66 2018 36 — 6 — 26 68 A. de Winter 2020 45 9 — 3 40 97 2019 36 9 — — 28 73 2018 36 9 — — 26 71 J. Egberts ** 2020 — — — — 4 4 2019 15 — 1 — — 16 2018 36 3 — — 20 59 B. Yanni **** 2020 31 — — — 21 52 2019 — — — — — — 2018 — — — — — — M. Pykett ***** 2020 31 — — — 21 52 2019 — — — — — — 2018 — — — — — — Total 2020 303 15 12 12 250 592 2019 193 14 11 — 119 337 2018 212 15 11 — 146 384 * Ms D. Jorn was appointed on May 22, 2019 ** Mr. J. Egberts retired from the BOSD at May 22, 2019 *** Mr.J.H.L Ernst retired from the BOSD at November 23, 2020 **** Mrs. B. Yanni was appointed on December 11, 2020 *****Mr. M. Pykett was appointed on December 11, 2020 ****** Mr Blaak retired from the board on May 23, 2018 Shares, options and warrants Members of the former Board of Supervisory Directors did not participate in an option plan. In 2020 no LTIP shares were granted. In 2019, a total of 205,000 LTIP shares were granted at the Annual General Meeting held on May 22, 2019. The following table gives an overview of movements in number of LTIP shares of the Non-Executive members of the Board of Directors and / or of the former Board of Supervisory Directors: Amounts in € ‘000 Year Granted Settled Forfeited Not vested Reserved at December 31, 2020 J.H.L. Ernst 2020 — — — — — 2019 40 — (40) — — 2018 25 — (25) — — J.Blaak 2020 — — — — — 2019 — — — — — 2018 — — — — — J.B. Ward 2020 — — — — — 2019 35 — — — 35 2018 25 — — — 25 A. de Winter 2020 — — — — — 2019 40 — — — 40 2018 25 — — — 25 P. Sekhri 2020 — — — — — 2019 50 — — — 50 2018 30 — — — 30 D. Jorn 2020 — — — — — 2019 40 — — — 40 J. Egberts 2020 — — — — — 2019 — — — — — 2018 20 — (20) — — B. Yanni 2020 — — — — — M. Pykett 2020 — — — — — Total 2020 — — — — — 2019 205 — (40) — 165 2018 125 — (45) — 80 Shares At December 31, 2020, the Non-Executive members of the Board of Directors held the following numbers of shares: As at December 31, 2020 Ordinary shares Certificates of shares P. Sekhri 110,000 230,000 A. de Winter 213,125 — J.B. Ward 328,313 — Ms. D. Jorn — — Ms. B. Yanni — — M. Pykett — — Total 651,438 230,000 All shares held by the Non-Executive members of the Board of Directors are unrestricted. Loans or guarantees During the year 2020, the Company has not granted loans or guarantees to any member of the Non- Executive members of the Board of Directors or former members of the Board of Supervisory Directors. No loans or guarantees to Non- Executive members of the Board of Directors or former members of the Board of Supervisory Directors were outstanding at December 31, 2020. Related parties’ disclosure relates mainly to key management compensation and to transactions with the associated company Bioconnection B.V. On December 11, 2020, the Company has changed its governance structure from a two-tier model to a one tier board model. The key management compensation is as follows: Amounts in € ‘000 2020 2019 2018 Salaries and other short-term employee benefits 2,359 2,132 2,250 Post-employment benefits 181 165 193 Share-based compensation 2,486 1,009 839 Total 5,026 3,306 3,282 All direct transactions with members of the Board of Directors and the former Board of Management and the former Board of Supervisory Directors have been disclosed in notes 23 and 24 of these financial statements. At December 31, 2020, the Company had a payable balance of a total amount of €nil (2019: €nil) to members of the Board of Management and Board of Supervisory Directors. Related party transactions with Bioconnection B.V. are in the ordinary course of that company’s fill & finish business and amounted to €2.6 million (2019: €2.2 million since the effective date of the investment of April 9, 2019). At December 31, 2020, the Company owed a balance of €0.1 million (2019: €0.1 million) to Bioconnection for fill & finish services supplied. In addition, accrued expenses at the balance sheet date included €nil (2019: €0.3 million) in respect of batches of finished vials produced in 2020. |
OTHER FINANCIAL LIABILITIES, IN
OTHER FINANCIAL LIABILITIES, INCLUDING BUSINESS COMBINATIONS AND CONTINGENT CONSIDERATION | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Financial Risk Management [Abstract] | |
OTHER FINANCIAL LIABILITIES, INCLUDING BUSINESS COMBINATIONS AND CONTINGENT CONSIDERATION | OTHER FINANCIAL LIABILITIES, INCLUDING BUSINESS COMBINATIONS AND CONTINGENT CONSIDERATIONOther Financial Liabilities: Amounts in € ‘000 2020 2019 Current Contingent consideration 20,357 17,835 Total current 20,357 17,835 Non-current Contingent consideration — 17,081 Financial guarantee contracts 173 201 Total non-current 173 17,282 Total 20,530 35,117 In 2016 Pharming completed the acquisition of all North American commercialization rights for its own product RUCONEST® from Valeant. Pharming paid an upfront amount of US$60 million, and committed future payments up to a further US$65 million, based on achievement of certain sales milestones. After this acquisition, Pharming became responsible for selling RUCONEST® directly in the US. The fair value of the contingent consideration, which is reflected in Other financial liabilities, is based on becoming due within one year. Accordingly, the Company has decreased the fair value of the contingent consideration from €34.9 million at year-end 2019 to €20.4 million at year-end 2020, as a result of the payment of the second milestone of €18.1 million in first quarter of 2020 and by taking a charge to the income statement of €3.3 million (2019: €2.9 million). As result of the strong US sales performance in Q4 2020, the net sales level that triggers the payment of the final US$25 million milestone to Bausch Health Inc. has been achieved. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of Commitments And Contingencies [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Material agreements At the end of 2020 the Company had several agreements with third parties related to the manufacturing of RUCONEST and development of new products. In these agreements certain minimum volumes are committed. Total potential liabilities under these agreements are approximately €17.8 million (2019: €26 million), of which €15.3 million relates to 2021 and €2.5 million relates to 2022. All expenditures relate to the cost of goods. Under the Novartis license agreement for Leniolisib dated August 2019, the Company is committed to contribute additional funding for the remaining clinical development through the current registration-enabling study up to the amount of €2.1 million. This is expected to be paid during 2021, although a small portion may be paid in 2022 depending on the rate of completion of the study. The agreement also provides for future milestone payments upon future achievement of certain approvals and sales levels. |
FINANCIAL RISK MANAGEMENT
FINANCIAL RISK MANAGEMENT | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Financial Risk Management [Abstract] | |
FINANCIAL RISK MANAGEMENT | FINANCIAL RISK MANAGEMENTPharming is exposed to several financial risks: market risks (being currency risk and interest rate risk), credit risks and liquidity risks. Up to December 11, 2020, the former Board of Management was responsible for the management of currency, interest, credit and liquidity risks and as such ultimately responsible for decisions taken in this field. From December 11, 2020 onwards the Board of Directors is responsible for the management of currency, interest, credit and liquidity risks and as such ultimately responsible for decisions taken in this field. Capital risk management The Company manages its capital to ensure that it will be able to continue as a going concern. This includes a regular review of cash flow forecasts and, if deemed appropriate, subsequent raising of funds through execution of equity and/or debt transactions. Both the former Board of Management's and current Board of Directors' strategy is to achieve a capital structure which takes into account the best interests of all stakeholders. Pharming’s capital structure includes cash and cash equivalents, debt and equity. Compared to last year there have been no significant changes in risk management policies. Currency risk This is the risk that the fair value of assets, liabilities and especially the future cash flows of financial instruments will fluctuate because of changes in foreign exchange rates. Pharming’s policy for the management of foreign currency risks is aimed at protecting the operating profit and positions held or recorded in foreign currencies, in particular of the United States dollar (US dollar). Certain payments and sales of RUCONEST® in the US are being and will be received in US dollar. In 2020 repayments and interest payments of the loans were made in US dollar. Some direct payments of US activities are carried in US dollar through the Dutch entities. At December 31, 2020 the Group’s cash and cash equivalents, including restricted cash, amounted to €168.3 million. This balance consists of cash assets denominated in euros for a total amount of €10.1 million and cash assets in US dollars for a total amount of US$194.3 million or €158.2 million (applying an exchange rate EUR/US$ at December 31, 2020 of 1.2280). The US dollar cash balance will be used for the commercialization activities of the US organization and to cover the operating costs of the activities in the EU and RoW. The carrying value of the Orbimed loan at December 31, 2019 was US$51.1 million or €45.6 million, although this has since been fully repaid in 2020. At the end of 2020 the Group has a contingent consideration of US$25.0 million or €20.4 million (2019: €34.9 million) as a liability on the balance sheet. Cash and cash equivalents (including restricted cash) , accounts receivables and inventories denominated in US$ amounted in total US$216.5 million (€176.3 million), respectively US$27.1 million (€22.1 million) for the contingent consideration and accounts payables denominated in US$. Pharming performed a sensitivity analysis by applying an adjustment to the spot rate at year-end. As the balance of the cash and cash equivalents (including restricted cash) accounts receivables, inventories, contingent consideration and accounts payables, denominated in US dollars, at year-end is US$189.4 million, a 10% strengthening or weakening of the euro versus US dollar would have an impact of €15.4 million on the Group’s gain (weakening of the euro) or loss (strengthening of the euro). In 2019 there was a natural hedge between receipts from US sales denominated in USD and the repayment of the Orbimed loan in USD. The fact that US sales are increasing in 2020, and the fact that the repayment of the Orbimed loan, denominated in USD, has been done in 2020, means that there is no natural hedge anymore between those amounts. The Company is making plans for the introduction of an integrated treasury policy involving non-speculative hedging instruments such as forward currency purchases and sales to enable this risk to be managed and contained. Interest rate risk Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market interest rates. Pharming’s interest rate risk policy is aimed at minimizing the interest rate risks associated with the financing of the Company and thus at the same time optimizing the net interest costs. This policy translates into a certain desired profile of fixed-interest and floating interest positions, including those generated by cash and cash equivalents and those paid on finance lease liabilities. As the Orbimed loan has been fully paid back, and the interest rate on the convertible bond is a fixed percentage, Pharming concluded that the total risk on interest is not material. The issue of the Convertible Bonds due 2025 at a fixed interest rate of 3.00% p.a. replacing the Company’s previous debt facility has rendered this concern obsolescent. The interest on the vast majority of the Company’s financial instruments is now not variable with market interest rates. More information on the Convertible Bonds due 2025 can be found in note 17. Credit risk Credit risk is defined as the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge obligations. Pharming manages credit risk exposure through the selection of financial institutions having a high credit rating, using credit rating reports issued by institutions such as Standard & Poor’s and Moody’s. The exposure to credit risk at December 31, 2020 is represented by the carrying amounts of cash and cash equivalents and trade and other receivables. The carrying amounts of the cash and cash equivalents (including restricted cash) as at December 31, 2020 amounted to €168.3 million and was held through financial institutions with a BB+ to A rating or better from Standard & Poor’s, Baa3 to A1 ratings from Moody’s and BBB+ to A ratings from Fitch. Trade and other receivables at December 31, 2020 amounted to €29.2 million. As at the date of these financial statements, these amounts have largely been settled, including receipts in cash and receipt of goods and services in exchange of prepaid expense items. Based on the credit ratings of cash and cash equivalents (including restricted cash) as well as the position taken with respect to trade and other receivables, the Company considers that this risk is adequately managed. Liquidity risk The liquidity risk refers to the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities. Pharming’s objective is to maintain a minimum level and certain ratio of cash and cash equivalents. The strategy of the Company is to repay its obligations through generation of cash income from operating activities such as product sales and licensing agreements. In case such cash flows are insufficient, the Company relies on financing cash flows as provided through the issuance of shares or incurring financial liabilities. The following table presents the financial liabilities at year-end 2020, showing the remaining undiscounted contractual amounts due including nominal interest: Amounts in €’000 2021 2022 2023 2024 2025 and onwards Total Prior year total Trade and other payables 38,816 — — — — 38,816 36,247 Derivative financial liabilities 147 — — — — 147 268 Loans and borrowings — — — — — — 49,601 Other financial liabilities 20,530 — — — — 20,530 40,269 Lease Liabilities 2,109 1,865 1,593 1,231 3,799 10,597 10,215 Convertible Bonds 3,750 3,750 3,750 3,750 126,875 141,875 — Total 65,352 5,615 5,343 4,981 130,674 211,965 136,600 Fair value estimation The Company uses the following hierarchy for determining the fair value of financial instruments measured at fair value: • Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities; • Level 2: Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices); • Level 3: Inputs for the asset or liability that are not based on observable market data or which are based on the probability of future events occurring (that is, unobservable inputs). The following table presents the liabilities that are measured at fair value at year-end 2020 and 2019: 2020 2019 Amounts in € ‘000 Level 3 Total Level 3 Total Derivative financial liabilities 147 147 268 268 Other financial liabilities 173 173 35,117 35,117 Balance at December 31 320 320 35,385 35,385 The derivative financial liabilities measured at fair value through profit or loss include warrants not publicly traded and for which no other observable inputs are available. Accordingly, the fair value of the warrants has been determined through the Black-Scholes model, applying the following parameters as at December 31 in each year: 2020 2019 Expected time to maturity of warrants in issue 0.9 years 1.9 years Volatility 53 % 58 % Risk-free interest rate -0.53 % -0.30 % As described in note 2.5 Significant accounting judgments and estimates, the Company has performed a sensitivity analysis which demonstrates the potential possible effects in the event that derivative financial liabilities are settled for shares at a fair value price different from the exercise value. The following table includes carrying values and the estimated fair values of financial instruments: Amounts in € ‘000 2020 2019 Carrying value Fair value Carrying value Fair value Assets: Cash and cash equivalents, including restricted cash 168,293 168,293 68,567 68,567 Trade and other receivables 29,236 29,236 25,737 25,737 Liabilities: Loans and borrowings — — 45,590 45,590 Convertible Bond 123,588 123,588 — — Lease Liabilities 8,300 8,300 6,309 6,309 Other financial liabilities 20,530 20,530 35,117 35,117 Trade and other payables 38,816 38,816 36,247 36,247 Derivative financial liabilities 147 147 268 268 The above fair values of financial instruments are based on internal calculations with the exception of the warrant and conversion option in the derivative financial liabilities as calculated by an independent valuator. Cash and cash equivalents, trade and other receivables as well as trade and other payables are stated at carrying amount, which approximates the fair value in view of the short maturity of these instruments. The fair values of finance lease liabilities and loans and borrowings (both non-current and current portion) are based on arm’s length transactions. The table sets out an analysis for each of the period presented of the net position of Loans and borrowings, and Cash and cash equivalents, showing the remaining undiscounted contractual amounts due including nominal interest. Amounts in € ‘000 2020 2019 Cash and cash equivalents 167,068 66,299 Loans and borrowings - repayable within one year — (49,601) Convertible bond - repayable within one year (1,661) Convertible bond - repayable after one year (121,927) — Net debt 43,480 16,698 Cash and cash equivalents 167,068 66,299 Gross debt - fixed interest rates (123,588) (49,601) Gross debt - variable interest rates — — Net debt 43,480 16,698 Reconciliation of liabilities arising from financing activities: 2019 Cashflows Non - Cash changes 2020 Amounts in €’000 Acquisition Interest Expense Accrued Amortized costs Fair Value Changes Other Loans and borrowings 45,590 (50,088) — 346 449 — 3,703 * — Convertible Bond — 120,807 — 3,536 650 — (1,405) ** 123,588 Other financial liabilities 35,117 (18,136) — — — 3,249 300 *** 20,530 Lease Liabilities 6,309 (1,913) 3,308 596 — — — 8,300 Derivative financial liabilities 268 — — — — (121) — 147 Total liabilities from financing activities 87,284 50,670 3,308 4,478 1,099 3,128 2,598 152,565 * Represents for the majority exit fees paid. ** Represents value conversion rights of convertible bonds as reflected in the consolidated Shareholders' Equity. *** Represents foreign exchange result on the milestone payment. |
EARNINGS PER SHARE AND FULLY-DI
EARNINGS PER SHARE AND FULLY-DILUTED SHARES | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Earnings Per Share [Abstract] | |
EARNINGS PER SHARE AND FULLY-DILUTED SHARES | EARNINGS PER SHARE AND FULLY-DILUTED SHARES Basic earnings per share is calculated based on the weighted average number of ordinary shares outstanding during the year. Diluted earnings per share is computed based on the weighted average number of ordinary shares outstanding including the dilutive effect of shares to be issued in the future under certain arrangements such as option plans and warrants issued. For 2020, 2019 and 2018, the basic and diluted profit (loss) per share is: 2020 2019 2018 Net profit attributable to equity owners of the parent (in €’000) 33,035 36,195 24,993 Weighted average shares outstanding 636,268,929 626,315,013 606,618,117 Basic earnings per share (in €) 0.051 0.058 0.041 Weighted average diluted shares outstanding 682,737,280 673,519,995 653,527,702 Diluted earnings per share (in €) 0.048 0.054 0.038 For 2020 the diluted net profit used in the calculation of dilutive profit per share amounts to €33.0 million. Difference between the weighted average shares outstanding and the weighted average diluted shares outstanding used for basic profits calculations per share relates to options, warrants and LTIP. The 60,702,687 average shares related to the convertible bonds are anti-dilutive and are therefore excluded from the weighted average number of ordinary shares for the purpose of diluted earnings per share. Diluted shares The composition of the number of shares and share rights outstanding as well as authorized share capital as per December 31, 2020 and the date of these financial statements is provided in the following table. Movements of shares and other instruments between December 31, 2020 and April 7, 2021 are shown in the table below: December 31, 2020 Shares issued Shares reserved April 7, 2021 Shares 638,821,619 2,300,290 168,105 641,290,014 Warrants 148,944 (60,915) — 88,029 Options 50,106,488 (1,217,500) (300,363) 48,588,625 Convertible bonds 62,412,622 — — 62,412,622 LTIP 9,979,208 (1,021,875) (2,837,452) 6,119,881 Issued 761,468,881 — (2,969,710) 758,499,171 Available for issue 118,531,119 — 2,969,710 121,500,829 Authorized share capital 880,000,000 — — 880,000,000 |
SHAREHOLDER's EQUITY
SHAREHOLDER's EQUITY | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Share Capital, Reserves And Other Equity Interest [Abstract] | |
SHAREHOLDER's EQUITY | SHAREHOLDER's EQUITYThe Company’s authorized share capital amounts to €8.8 million and is divided into 880,000,000 ordinary shares with a nominal value of €0.01 each. At December 31, 2020 all 638,821,619 (2019: 631,323,225) shares outstanding have been fully paid-up. Other reserves include those reserves related to currency translation, share-based compensation expenses and other equity-settled transactions. Please refer to the consolidated statement of changes in equity |
ACCOUNTING PRINCIPLES AND POL_2
ACCOUNTING PRINCIPLES AND POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
ACCOUNTING PRINCIPLES AND POLICIES [Abstract] | |
Basis of preparation and going concern assumption | BASIS OF PREPARATION AND GOING CONCERN ASSUMPTION The consolidated financial statements are prepared in accordance with the International Financial Reporting Standards (IFRS), issued by the International Accounting Standards Board (IASB) and the interpretations issued by the IASB’s International Financial Reporting Interpretation Committee. The consolidated financial statements provide a general overview of our activities and the results achieved and have been prepared on a going concern basis. It also 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 consolidated financial statements are disclosed in note 2.5. These financial statements are presented in euros (€) and rounded to the nearest thousand euro (€’000), unless otherwise stated. Going Concern Looking forward, we see continuing uncertainties following the COVID-19 outbreak and market volatility. In the preparation of the financial statements, the future impact of the global pandemic COVID-19 outbreak has been considered as part of the adoption of the going concern. In particular, the Board of Directors have assessed the likelihood of the current COVID-19 outbreak affecting the Company’s revenues, costs or other activity to such a degree that the likelihood of the Company being unable to meet all of its obligations as they fall due is reduced, and has concluded that there is no significant probability that this will occur during the next 12 months. It is possible future actions and other uncertainties remain, and it is currently not possible to reliably estimate the future impact thereof for the Company. As such the impact of COVID-19 has been assessed and not expected to be significant. We do not believe that the impact of the COVID-19 virus would have a material adverse effect on our financial condition or liquidity, and we expect to be able to meet our financial obligations. Based on the assessment, the Board of Directors have, at the time of approving the financial statements, a reasonable expectation that the Company have adequate resources to continue in operational existence for the foreseeable future. Accordingly these financial statements are based on the expectation that the Company will be able to continue as a going concern. |
New and revised IFRS standards | The Company applied for the first-time certain amendments, which are effective for annual periods beginning on or after January 1, 2020. Their adoption has not had any material impact on the disclosures or on the amounts reported in these financial statements. The Company has not early adopted any other standard, interpretation or amendment that has been issued but not yet effective. • Amendments to IFRS 3: Definition of a business. • Amendments to IFRS 7, IFRS 9 and IAS 39: Interest rate benchmark reform. • Amendments to IAS 1 and IAS 8: Definition of material. • Conceptual framework for financial reporting issued on March 29, 2018. The new and amended standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Group’s financial statements, which the Group intends to adopt, if applicable, when they become effective, are disclosed below. • IFRS 17: Insurance contracts. • Amendments to IAS 1: Classification of Liabilities as Current or Non-current. • Reference to the Conceptual Framework – Amendments to IFRS 3. • Property, Plant and Equipment: Proceeds before Intended Use Amendments to IAS 16. • Onerous Contracts – Costs of Fulfilling a Contract – Amendments to IAS 37. • IFRS 1 First – time Adoption of International Financial Reporting Standards – Subsidiary as a first – time adopter. • IFRS 9 Financial instruments – Fees in the ’10 per cent’ test for derecognition of financial liabilities. • IAS 41 – Agriculture – Taxation in fair value measurements. Management does not expect that the adoption of the Standards listed above will have a material impact on the financial statements of the Company in future periods. IFRS 16 Leases (adopted in 2019) The IASB has issued a new standard IFRS 16 Leases. IFRS 16 Leases is a new standard effective for annual period beginning after January 1, 2019 of which earlier application is permitted; however, the Group has chosen not to early adopt the new IFRS 16 in preparing these consolidated financial statements. The Group adopted IFRS 16 Leases from January 1, 2019. IFRS 16 introduces a single, on-balance sheet lease accounting model for lessees. A lessee recognizes a right-of-use asset representing its right to use the underlying asset and a lease liability representing its obligation to make lease payments. The Group has applied the recognition exemptions for short-term leases and leases of low-value items. The Group has also elected not to reassess whether a contract is or contains a lease at the date of initial application. Instead, for contracts entered into before the transition date the Group relied on its assessment made applying IAS 17 and Interpretation 4 Determining whether an Arrangement contains a lease. The Group has applied IFRS 16 using the modified retrospective approach, it does not restate any comparative information. In the modified retrospective approach the lease liability is measured at the present value of remaining lease payments using the incremental borrowing rate on January 1, 2019, the date of initial application. The Group has chosen to measure the right-of-use assets at an amount equal to the lease liability. i. Leases in which the Group is a lessee The Group has recognized new assets and liabilities for its leases for the rent of offices and laboratory facilities, as well as lease cars for employees. The nature of expenses related to those leases changed because the Group recognized a depreciation charge for right-of-use assets and interest expense on lease liabilities. Previously, the Group recognized lease expense on straight-line basis over the term of the lease, and recognized assets and liabilities only to the extent that there was a timing difference between actual lease payments and the expense recognized. ii. Measurement of lease liabilities Amounts in € ‘000 January 1, 2019 Operating lease commitments disclosed under IAS 17 at December 31, 2018 8,457 Short-term and low value lease commitments straight-line expensed under IFRS 16 (2,033) Effect of discounting (1,633) Lease liabilities recognized at January 1, 2019 4,791 Of which the breakdown between current and non-current lease liabilities is as follows: Amounts in € ‘000 January 1, 2019 Current lease liabilities 1,441 Non-current lease liabilities 3,350 Lease liabilities recognized at January 1, 2019 4,791 iii. Measurement of right-of-use assets Right-of-use assets for property and car leases were measured at the amount equal to the lease liability. Amounts in € ‘000 January 1, 2019 Buildings 4,228 Cars 563 Lease liabilities recognized at January 1, 2019 4,791 iv. Adjustments recognized in the balance sheet on January 1, 2019 The change in accounting policy affected the following items in the balance sheet on January 1, 2019: Amounts in € ‘000 January 1, 2019 Right-of-use assets - increase by 4,791 Lease liabilities - increase by 4,791 v. Weighted average IBR The weighted average incremental borrowing rate (‘IBR’) used at January 1, 2019 is 10.8%. Interest Rate Benchmark Reform The IASB has issued a new reform proposal for Interest Rate Benchmarking, applicable for annual reporting periods beginning on or after January 1, 2020, and which affects all companies with hedging relationships affecting interest costs. These are hedging instruments designed to remove the future uncertainties of cost changes due to movements in interest rates which are tied to a variable index such as the London Interbank Offering Rate (LIBOR). Companies often match such uncertainties by acquiring derivative instruments designed to pay out if the rate moves disadvantageously for the Company. As until January 2020 the interest rate on Pharming’s debt was tied to LIBOR, Pharming could have benefited from such instruments if they had been taken out and LIBOR also risen (i.e. the debt had started to cost more). In fact, LIBOR was very steady throughout the duration of all Pharming loans which were linked to it, and so no meaningful loss was incurred even without such derivative instruments. Pharming has no such hedging relationships at present and so does not use any hedging accounting affected by the reform, but has adopted the reform nonetheless. |
Basis of consolidation | The consolidated financial statements include Pharming Group N.V. and its effectively controlled subsidiaries, after the elimination of all intercompany transactions and balances. Subsidiaries are consolidated from the date the acquirer obtains effective control until control ceases. An entity is considered effectively controlled if the Company, directly or indirectly, has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Acquisitions of subsidiaries are accounted for using the acquisition method of accounting. The financial statements of the subsidiaries are prepared for the same reporting year as Pharming Group N.V., using the same accounting policies. Intercompany transactions, balances and unrealized gains and losses on transactions between group companies are eliminated. Profit or loss and each component of other comprehensive income are attributed to the owners of the parent and to the non-controlling interests. |
Business combinations | Business combinations are accounted for using the acquisition accounting method. Identifiable assets, liabilities and contingent liabilities acquired are measured at fair value at acquisition date. The consideration transferred is measured at fair value and includes the fair value of any contingent consideration. Where the consideration transferred exceeds the fair value of the net assets, liabilities and contingent liabilities acquired, the excess is recorded as goodwill. The costs of acquisition are recognized as an expense. |
Foreign currency translation | Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (‘the functional currency’). The consolidated financial statements are presented in euros, which is the Company’s functional and presentation currency. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates as at the dates of the initial transactions. Monetary assets and liabilities denominated in foreign currencies are translated to the functional currency (generally euros) using exchange rates prevailing at the date of the transaction. Transactions executed in foreign currencies are translated at the exchange rate at the date of transaction. The resulting transaction gains or losses are recognized in the statement of income. Assets and liabilities of foreign entities are translated to euros using year-end spot foreign exchange rates. The statements of income of foreign entities are translated at weighted average exchange rates for the year. The effects of translating these operations are taken directly to other comprehensive income within equity. On disposal of a foreign entity, the accumulated exchange difference is recognized in the statement of income as a component of the gain or loss on disposal. The above-stated translation of foreign entities applies to the entities in the United States. The EUR/USD exchange rate applied at December 31, 2020 was 1.2280 ( December 31, 2019 : 1.1214). The average exchange rate applied in 2020 was 1.1426 (2019: 1.1205; 2018: 1.1439). |
Distinction between current and non-current | An item is classified as current when it is expected to be realized (settled) within 12 months after the end of the reporting year. Liabilities are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the end of the reporting year. |
Intangible assets | Intangible assets (''IFA'') acquired separately are measured at historical cost. The cost of intangible assets acquired in a business combination is recognized and measured at fair value as at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and any accumulated impairment losses. Intangible assets with finite lives are amortized over the useful life and assessed for impairment whenever there is an indication that the intangible assets may be impaired. Changes in the expected useful life, according the straight-line method, or the expected pattern of consumption of future economic benefits embodied in the asset is accounted for by changing the amortization period or method, as appropriate, and treated as changes in accounting estimates. The amortization expense on intangible assets with finite lives is recognized in the statement of income in the relevant expense category consistent with the function of the intangible asset. Intangible assets are also recognized through the capitalization of certain types of expenditure, including particularly pharmaceutical research and development expenses. These are discussed in more detail under the “Research and Development costs” section of this note. The remaining amortization periods for intangible assets at December 31, 2020 are: Amortization period Category Description Total Remaining Transgenic technology Patents and licenses 6 to 10 years Fully amortized RUCONEST® for HAE (EU) Development costs 10 years Fully amortized RUCONEST® for HAE (US) Re-acquired commercial rights 20 years 16 years RUCONEST® for HAE (EU) Re-acquired commercial rights 12 years 11 years Software expenses Development costs 10 years 8 years Development costs* Development costs Not yet in use Not yet in use * Regarding acquired assets for Pompe and Fabry's disease and internal generated assets for modifications of RUCONEST® |
Biological assets | Pharming’s production system is dependent on biological assets, but these do not qualify to be recognized under the relevant standard IAS 41 Agriculture and thus all relevant costs are expensed through the income statement. |
Property, plant and equipment | Property, plant and equipment is stated at cost less accumulated depreciation charges and accumulated impairment charges. Generally, depreciation is calculated using a straight-line basis over the estimated useful life of the asset. The carrying values of property, plant and equipment are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable. An item of property, plant and equipment is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the statement of income in the year the asset is derecognized. Residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, at each financial year-end. All costs that are directly attributable to bringing an asset to the location and condition necessary for it to be capable of operating in the manner intended by management, will be capitalised. These costs include direct employee benefits, rent and testing costs. Capitalization will be done until the asset is capable of operating in the manner intended by management. The depreciation periods for property, plant and equipment are: Category Depreciation period Land Not depreciated Land improvements 20 years Operational facilities 10-20 years Leasehold improvements 5-10 years Manufacturing equipment* 5-10 years Other property, plant & equipment 5-10 years * Depreciation charges for manufacturing equipment are based on actual use of the equipment involved, which is expected to take place in a period before technical expiration |
Impairment of assets | Assets that have an indefinite useful life and intangibles not yet available for use are not subject to amortization and are tested at least annually for impairment. Assets that are subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows. Non-financial assets for which an impairment loss is recorded, are reviewed for possible reversal of the impairment at each reporting date. |
Inventories | Inventories are stated at the lower of cost and net realizable value. The Company has three inventory categories: • Finished goods: consists of batches of RUCONEST®. These batches comprise therapeutic product available for sales (both single vials and self-administration kit), clinical development and pre-clinical activities. Initial recognition is at cost and includes all production costs related to product sales, including production costs of the skimmed milk, external manufacturing costs, costs for product testing and other costs incurred in bringing the inventories to their present location and condition; • Work in progress: semi-finished goods consisting of drug substance; • Raw materials: consists of skimmed milk serving as a raw material for the batches of RUCONEST®. Valuation per unit skimmed milk is based on the total costs of the production facilities and the normal production levels. Costs are determined using the first-in, first-out (FIFO) method. Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale. In case Pharming provides vials of RUCONEST® for external clinical trial studies the net realizable value of the vials is expensed. The costs of inventories are included in costs of sales if related to the sale of products. If related to the use in a clinical trial the expenses are included in the operating costs. An impairment is recognized for inventories if no future use or sale is expected or likely before the expiration date or if product batches are expected not to be released due to quality issues. The cost model is applied requiring the asset to be carried at cost less any accumulated impairment losses, until this falls below net realizable value whereupon the inventory so affected is carried at net realizable value. |
Financial assets | Financial assets are recognized when the Company becomes a party to the contractual provisions of a financial instrument. Financial assets are derecognized when the rights to receive cash flows from the financial assets expire, or if the Company transfers the financial asset to another party and does not retain control or substantially all risks and rewards of the asset. Purchases and sales of financial assets in the normal course of business are accounted for at settlement date (i.e., the date that the asset is delivered to or by the Company). At initial recognition, the Company measures its financial assets at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition or issue of the financial asset. After initial recognition, the Company classifies its financial assets as subsequently measured at either i) amortized cost, ii) fair value through other comprehensive income or iii) fair value through profit or loss on basis of both: • The Company’s business model for managing the financial assets; • The contractual cash flow characteristics of the financial asset. Subsequent to initial recognition, financial assets are measured as described below. At each balance sheet date, the Company assesses whether there is objective evidence that a financial asset or a group of financial assets is impaired and recognizes a loss allowance for expected credit losses for financial assets measured at either amortized costs or at fair value through other comprehensive income. If, at the reporting date, the credit risk on financial instrument has not increased significantly since initial recognition, the Company measures the loss allowance for that financial instrument at an amount equal to 12 months of expected credit losses. If, at the reporting date, the credit risk on a financial instrument has increased significantly since initial recognition, the Company measures the loss allowance for the financial instrument at an amount equal to the lifetime expected credit losses. Financial assets at amortized cost Financial assets are measured at amortized cost if both i) the financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows; and ii) the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest of on the principal amount outstanding. A financial asset measured at amortized cost is initially recognized at fair value plus transaction cost directly attributable to the asset. After initial recognition, the carrying amount of the financial asset measured at amortized cost is determined using the effective interest method, less any impairment losses. The Company’s financial assets measured at amortized cost comprise cash equivalents held in short term deposits. As these are US Treasury bonds only, there has been no difference to date between the fair value and the delivered value. Financial assets at fair value through other comprehensive income A financial asset is measured at fair value through other comprehensive income if both i) the financial asset is held within a business model whose objective is achieved by collecting contractual cash flows and selling financial assets; and ii) the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. The Company has no financial assets measured at fair value through other comprehensive income. Financial assets at fair value through profit or loss When any of the above-mentioned conditions for classification of financial assets are not met, a financial asset is classified as “at fair value through profit or loss” and measured at fair value with changes in fair value recognized in profit or loss. A financial asset measured at fair value through profit or loss is recognized initially at fair value and its transaction cost is recognized in profit or loss when incurred. A gain or loss on a financial asset measured at fair value through profit or loss is recognized in the consolidated statement of income for the reporting period in which it arises. The Company may, at initial recognition, irrevocably designate a financial asset as measured at fair value through profit or loss, if doing so eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise from measuring assets or liabilities or recognizing the gains and losses on them on different bases. The Company’s financial instruments measured at fair value through profit or loss comprise derivative financial assets. The Company has no financial assets of this kind. |
Trade and other receivables | Trade and other receivables are recognized initially at fair value. Subsequent measurement is at amortized cost using the effective interest method, less the expected credit loss. Trade receivables are amounts due from customers for goods sold in the ordinary course of business. They are generally due for settlement within 30 days and therefore are all classified as current. For trade receivables and contract assets, the Company applies a simplified approach in calculating expected credit loss. The Company assesses the expected credit loss that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment." Due to the short-term nature of the current receivables, their carrying amount is considered to be the same as their fair value. |
Cash and cash equivalents | Cash and cash equivalents are defined as cash on hand, demand deposits and short-term, highly liquid investments (maturity less than 3 months) readily convertible to known amounts of cash and subject to insignificant risk of changes in value. Bank overdrafts are shown within borrowings in current liabilities on the statement of financial position. For the purpose of the statement of cash flow, cash and cash equivalents are net of outstanding bank overdrafts and do not include restricted cash. Restricted cash is cash held on short term deposits with certain banks as security mainly for credit card and is not considered cash and cash equivalents. |
Equity | The Company only has ordinary shares, and these are classified within equity upon issue. Shares transferred in relation to settlement of convertible debt and derivative financial liabilities are measured at fair value with fair value based on the closing price of the shares on the trading day prior to the settlement date. Equity is recognized upon the issue of fixed warrants with a fixed exercise price as well as upon the recognition of share-based payment expenses; shares issued upon exercise of such warrants or options are measured at their exercise price. Transaction costs associated with an equity transaction are accounted for as a deduction from equity to the extent they are incremental costs directly attributable to the equity transaction that otherwise would have been avoided. Transaction costs related to the issue of a compound financial instrument are allocated to the liability and equity components of the instruments in proportion to the allocation of proceeds. |
Borrowings | Financial liabilities are classified as either financial liabilities at fair value through profit or loss (derivative financial liabilities) or financial liabilities at amortized cost (borrowings and trade and other payables). All loans and borrowings are initially recognized at the fair value of the consideration received less directly attributable transaction costs; transaction costs related to the issue of a compound financial instrument are allocated to the liability and equity components of the instruments in proportion to the allocation of proceeds. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized cost using the effective interest method. Gains and losses are recognized in the statement of income when the liabilities are paid off or otherwise eliminated as well as through the amortization process. Purchases and sales of financial liabilities are recognized at settlement date. A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expired. Where an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, and the difference in the respective carrying amounts is recognized in the statement of income. |
Financial liabilities | Financial liabilities are classified as either financial liabilities at fair value through profit or loss (derivative financial liabilities) or financial liabilities at amortized cost (borrowings and trade and other payables). All loans and borrowings are initially recognized at the fair value of the consideration received less directly attributable transaction costs; transaction costs related to the issue of a compound financial instrument are allocated to the liability and equity components of the instruments in proportion to the allocation of proceeds. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized cost using the effective interest method. Gains and losses are recognized in the statement of income when the liabilities are paid off or otherwise eliminated as well as through the amortization process. Purchases and sales of financial liabilities are recognized at settlement date. A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expired. Where an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, and the difference in the respective carrying amounts is recognized in the statement of income. |
Convertibles bonds | The Company has issued convertible bonds. At the time of the issue of bonds itself the split between equity and liability portion has been accounted for. The liability portion of the convertible bonds is the present value of the future cash flows, calculated by discounting the future cash flows of the bonds (interest and principal) at the market rate of interest with the assumption that no conversion option is available. The value of the equity portion will be the difference between the total proceeds received from the bonds and the present value (liability portion). The equity component is not remeasured after initial recognition. In the case the Company extinguishes the convertible bonds before maturity through an early redemption or repurchase in which the original conversion privileges are unchanged, the entity allocates the consideration paid and any transaction costs for the repurchase or redemption to the liability and equity components of the convertible bond at the date of the transaction. The method used in allocating the consideration paid and transaction costs to the separate components is consistent with that used in the original allocation to the separate components of the proceeds received by the Company when the convertible instrument was issued. Once the allocation of the consideration is made, any resulting gain or loss is treated as follows: • the amount of gain or loss relating to the liability component is recognized in profit or loss; and • the amount of consideration relating to the equity component is recognized in equity If the convertible bonds are converted before maturity, the amount recognized in equity in respect of the shares issued should be the amount at which the liability for the debt is stated as at the date of conversion On conversion of the convertible bonds at maturity, the Company recognizes the liability component and recognizes it as equity. The original equity component remains as equity (although it may be transferred from one line item within equity to another). There is no gain or loss on conversion at maturity date. The transaction costs that are directly attributable to the convertible bonds are deducted from the initial fair value of the convertible bonds. The transaction costs are allocated between the liability and the equity components in proportion to the allocation of the proceeds. The transaction costs of the liability component are recognized as part of interest costs. |
Provisions | Provisions are recognized when there is a present obligation (legal or constructive) as a result of a past event. It is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate of the obligation can be made. The expense relating to any provision is presented in the statement of income net of any reimbursement. |
Derivative financial liabilities | Derivative financial liabilities are initially recognized at fair value and subsequently measured at fair value through profit or loss with changes in the fair value recognized in the statement of income as they arise. |
Trade and other payables | Trade and other payables are initially recognized at fair value. Subsequent measurement is at amortized cost using the effective interest method. |
Revenue recognition | The standard IFRS 15 Revenues from contracts with customers has been applied by the Company since January 1, 2018. IFRS introduced a five-step model to determine when to recognize revenue and at what amount, based on transfer of control over goods or services to the customer: 1. Identify the contract(s) with a customer; 2. Identify the performance obligations in the contract. Performance obligations are promises in a contract to transfer to a customer goods or services that are distinct; 3. Determine the transaction price. The transaction price is the amount of consideration to which an entity expects to be entitled in exchange for transferring promised goods or services to a customer. If the consideration promised in a contract includes a variable amount, an entity must estimate the amount of consideration to which it expects to be entitled in exchange for transferring the promised goods or services to a customer; 4. Allocate the transaction price to each performance obligation on the basis of the relative stand-alone selling prices of each distinct good or service promised in the contract; 5. Recognize revenue when a performance obligation is satisfied by transferring a promised good or service to a customer (which is when the customer obtains control of that good or service). A performance obligation may be satisfied at a point in time (typically for promises to transfer goods to a customer) or over time (typically for promises to transfer services to a customer). For a performance obligation satisfied over time, an entity would select an appropriate measure of progress to determine how much revenue should be recognized as the performance obligation is satisfied. All of the Group’s revenue from contracts with customers is derived from delivery of goods, specifically vials of pharmaceutical products. The Group does not provide any additional services (including financing services) or equipment to its customers. In accordance with IFRS 15, revenue is recognized when the customer obtains control of the goods. For the Group’s contracts the customer usually obtains control immediately after shipment of the product, which arrives at the customer within a short time frame. The vast majority of the Group’s contracts for revenue with customers are subject to chargebacks, discounts and/or rebates relating directly to customers or to ultimate reimbursement claims from government or insurance payers. These are accounted for on an estimated net basis, with any actual discounts and rebates used to refine the estimates in due course. These variable elements are deducted from revenue in the same period as the related sales are recorded. |
Costs of sales | Costs of sales represent all production costs related to product sales, including production costs of the skimmed milk, external manufacturing costs, costs of vials used for product testing and other costs incurred in bringing the inventories to their present location and condition. The costs are measured at their actual costs based on FIFO and incurred to net realizable value if sales price is below actual costs.Operating costs are expensed as incurred. Costs of research and development cover those activities that are carried out to gain new scientific or technical knowledge and understanding as well as the application of research findings or other knowledge to a plan or design for the production of new or substantially improved products. Costs of general and administrative nature apply to overhead expenses. Costs of marketing and sales relate to all expenses incurred to commercialize the product. |
Research and development costs | Research expenditure is recognized as an expense in the period in which it is incurred. An intangible asset arising from development expenditure on an individual project is recognized only when the following criteria are met: • The technical feasibility of completing the intangible asset so that it will be available for use or sale is not in doubt; • The Company has the clear intention and resources to complete the asset, and to use or sell it; • Its ability to use or sell the asset is not in doubt; • The probability of future economic benefits is clear at the time of making the decision; • The availability of resources to complete the development required is not expected to change during the development process; • It is possible to measure the expenditure reliably during the development. Technical feasibility and ability to use or sell the asset are, in general, considered probable when the Company estimates that obtaining marketing approval is deemed likely. In practice this is only the case when we have either (i) completed a similar program before on the same therapeutic molecule or combination, or (ii) completed an identical program before on a similar molecule or combination. In other situations, the likelihood of success at each remaining level of clinical development and regulatory approval is assessed and, unless the collective probability is considered high, the criteria is difficult to meet in these circumstances. Following the initial recognition of the development expenditure, the cost model is applied requiring the asset to be carried at cost less any accumulated amortization and accumulated impairment losses. Any expenditure capitalised is amortized over the period of expected useful life of the related patents. The carrying value of development costs is reviewed for impairment annually when the asset is not yet in use or more frequently when an indication of impairment arises during the reporting year. |
Other income | Pharming receives certain grants which support the Company’s research efforts in defined research and development projects. These subsidies generally provide for reimbursement of approved costs incurred as defined in various grants. Subsidies are recognized if the Company can demonstrate it has complied with all attached conditions and it is probable that the grant amount will be received.The Company includes income from grant under other income in the statement of income in order to enable comparison of its statement of income with companies in the life sciences sector. |
Interest income | Interest income is recognized as interest accrues, using the effective interest method. For the purpose of the consolidated statement of cash flows, interest income derived from cash and cash equivalents have been presented as operating cash flows. |
Operating costs | Costs of sales represent all production costs related to product sales, including production costs of the skimmed milk, external manufacturing costs, costs of vials used for product testing and other costs incurred in bringing the inventories to their present location and condition. The costs are measured at their actual costs based on FIFO and incurred to net realizable value if sales price is below actual costs.Operating costs are expensed as incurred. Costs of research and development cover those activities that are carried out to gain new scientific or technical knowledge and understanding as well as the application of research findings or other knowledge to a plan or design for the production of new or substantially improved products. Costs of general and administrative nature apply to overhead expenses. Costs of marketing and sales relate to all expenses incurred to commercialize the product. |
Short-term employee benefits | The Company does not provide any benefits based on financial measurement of the statement of income. Liabilities for wages and salaries, including non-monetary benefits and accumulating sick leave that are expected to be settled wholly within 12 months after the end of the period in which the employees render the related service are recognized in respect of employees’ services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled. The liabilities are presented under trade and other payables in the balance sheet. |
Pension plan | For all Dutch employees, the Company participates in defined contribution pension plans with an independent insurance company. Defined contributions are expensed in the year in which the related employee services are rendered.Employees in the United States are enabled to participate in a 401k plan, which also qualifies as a defined contribution plan. To become an eligible participant, an employee must complete 6 months of service and attain the age of 18 years. The employer matches 100% of the first 3% the employee contributes to their 401k plan and 50% of any amount over 3% up to 5%. Any employee contribution over 5% is not matched. Costs of the 401k plan are expensed in the year in which the related employee services are rendered. |
Share-based payment transactions | The costs of option plans are measured by reference to the fair value of the options on the date on which the options are granted. The fair value is determined using the Black-Scholes model. The costs of these options are recognized in the income statement (share-based compensation) during the vesting period, together with a corresponding increase in equity (other reserves). Share-based payment charges do not affect liabilities or cash flows in the year of expense since all transactions are equity-settled. Pharming’s employee option plan states that an employee is entitled to exercise the vested options within five years after the date of the grant. The period in which the options become unconditional is defined as the vesting period. |
Long term incentive plan | The costs of option plans are measured by reference to the fair value of the options on the date on which the options are granted. The fair value is determined using the Black-Scholes model. The costs of these options are recognized in the income statement (share-based compensation) during the vesting period, together with a corresponding increase in equity (other reserves). Share-based payment charges do not affect liabilities or cash flows in the year of expense since all transactions are equity-settled. Pharming’s employee option plan states that an employee is entitled to exercise the vested options within five years after the date of the grant. The period in which the options become unconditional is defined as the vesting period. the long-term incentive plan is still in service (continued employment condition), with actual shares to be transferred based on the relative achievement of Pharming’s share price compared to a peer group. The maximum number of shares immediately vests upon a change of control. The fair value is determined using Monte Carlo simulation. The costs of the LTIP are recognized in the income statement during the vesting period. The fair value at the grant date includes the market performance condition (relative total shareholder return performance) but excludes the three-year service condition. On December 11, 2020 the new LTIP for the Executive Director was implemented. The existing share option plans and the grant of restricted shares under LTIP, from December 11, 2020 onwards, will no longer be applied for the Executive Directors under the new Remuneration Policy. The newly designed LTIP is perfomance-related only. The performance includes Total Shareholder Return (40% weighing) and achievement of long-term strategy oriented objectives (60% weighing). The Total Shareholders Return is compared to a peer group. The shares granted to the Executive Director under the new LTIP, will vest in 3 years after the grant date, subject to the achievement of targets for a tree-year performance period, their relative weightings and the pay-out limits. All shares will be subject to a retention period of 5 years from the date of grant. In order to fully become entitled to the shares vesting under the LTI conditions the participant has to be a member of the Board of Directors as Executive Board Member at the vesting date. |
Leases | Accounting principle and policy as from January 1, 2019 (applying IFRS 16) The Company assesses whether a contract is or contains a lease at the inception of the contract. The Group recognizes a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is a lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets (such as tablets and personal computers, small items of office furniture and telephones). For these leases the Group recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which the economic benefits from the leased assets are consumed. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Company uses its incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise: • Fixed lease payments • Variable lease payments that depend on an index or rate, initially measured using the index or rate at the commencement date. The lease liability is presented as a separate line in the consolidated balance sheet. The lease liability is subsequently measured by increasing the carrying amount to reflect the interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. The Group remeasures the lease liability (and makes a corresponding adjustment to the related right-of-use asset) whenever: The lease term has changed or there is a significant event or change in circumstances resulting in a change in the assessment of exercise of a purchase option, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate. The lease payments change due to changes in an index or rate or a change in expected payment under a guaranteed residual value, in which case the lease liability is remeasured by discounting the revised lease payments using an unchanged discount rate (unless the lease payments change is due to a change in a floating interest rate, in which case a revised discount rate is used). A lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured based on the lease term of the modified lease by discounting the revised lease payments using a revised discount rate at the effective date of modification. The Group did not make any such adjustments during the periods presented. The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before commencement day, less any lease incentives received and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses. Whenever the Group incurs an obligation for costs to dismantle and remove a leased asset, restore the site on which it is located or restore the underlying asset to the condition required by the terms and conditions of the lease, a provision is recognized and measured under IAS 37. To the extent that the costs relate to a right-of-use asset, the costs are included in the related right-of-use, unless those costs are incurred to produce inventories. Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Group expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease. The right-of-use assets are presented as a separate line in the consolidated balance sheet. The Group applies IAS 36 to determine whether a right-of-use asset is impaired and accounts for any identified impairment loss as described in the ‘Property, Plant and Equipment’ policy. Variable rents that do not depend on an index or rate are not included in the measurement of the lease liability and the right-of-use asset. The related payments are recognized as an expense in the period in which the event or condition triggers those payments occur. As a practical expedient, IFRS 16 permits a lessee not to separate non-lease components, and instead account for any lease and associated non-lease components as a single arrangement. The Group has not used this practical expedient. For contracts that contain lease components and one or more additional lease or non-lease components, the Group allocates the consideration in the contract to each lease component on the basis of the relative stand-alone price of the lease component and the aggregate stand-alone price of the lease component and the aggregate stand-alone price of the non-lease components. The Group had no such lease arrangements in 2020 and has none at the date of this report. Accounting principle and policy 2018 (applying IAS 17) The determination of whether an arrangement is, or contains a lease is based on the substance of the arrangement and requires an assessment of whether the fulfillment of the arrangement is dependent on the use of a specific asset or assets and the arrangement conveys a right to use the asset. Finance leases, which transfer to the Company substantially all the risks and benefits incidental to ownership of the leased item, are capitalised at the inception of the lease at the fair value of the leased property or, if lower, at the present value of the minimum lease payments. Lease payments are apportioned between the finance charges and reduction of the lease liability so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are charged directly against the statement of income. Lease agreements in which the lessor effectively retains substantially all the risks and benefits of ownership of the leased item, are classified as operating leases. Operating lease payments are recognized as an expense in the statement of income on a straight-line basis over the lease term. |
Income taxes | The income tax expense or credit for the period is the tax payable on the current period’s taxable income based on the applicable income tax rate for each jurisdiction adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period in the countries where the Company and its subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate based on amounts expected to be paid to the tax authorities. Deferred income tax is provided in full, using the liability method on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred income tax is determined using tax rates that have been enacted or substantially enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is realized, or the deferred income tax liability is settled. Deferred tax assets are recognized only if it is probable that future taxable amounts will be available to use those temporary differences and losses. The Company has assessed all its income tax amounts and provisions in the light of IFRIC 23 Accounting for Uncertain Income Taxes, and has concluded that it is probable that its particular tax treatment will be accepted in all relevant jurisdictions and thus it has determined taxable profit (tax loss), tax bases, unused tax losses, unused tax credits or tax rates consistently with the tax treatment included in its income tax filings. Current and deferred tax is recognized in profit or loss, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. |
Cash flow statement | Operating cash flows in the statement of cash flows are reported using the indirect method. Under the indirect method the figure is produced by adjusting the profit and loss by removing the effects of non-cash items and changes in working capital. The Company has chosen the profit before tax as a starting point for the reconciliation as most of the other elements in the net result have a non-cash nature. Payments of the finance lease liabilities related to operating assets and equipment are included in the operating cash flows, whereas all other finance lease liabilities are included in financing cash flows. They are part of the manufacturing costs, thus part of the working capital. This way the statement properly reflects the cash flows. |
Earnings per share | Basic earnings per share are calculated based on the weighted average number of ordinary shares outstanding during the period. Diluted earnings per share are computed based on the weighted average number of ordinary shares outstanding including the dilutive effect of shares to be issued in the future under certain arrangements such as option plans, warrants issued and convertible loan agreements. |
Segment reporting | Operating segments are reported in a manner consistent with the internal reporting of segmental information provided to and used by the chief operating decision-maker function in managing that segment.As from December 11, 2020, the Executive Members of the Board of Directors, which makes the Company’s strategic decisions, have been identified as the chief operating decision-maker responsible for allocating resources and assessing performance of the operating segments. Up to December 11, 2020, the former Board of Management was the chief operating decision-maker. |
Significant accounting judgements and estimates | The preparation of financial statements requires judgments and estimates that affect the reported amounts of assets and liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities at the date of the financial statements. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below. Judgements: Investment in BioConnection BV In 2019, Pharming acquired a 43.85% stake in the equity of its fill & finish partner, BioConnection BV. In the Board of Directors’ judgement, the investment in BioConnection constitutes an investment in an associated company and is therefore not consolidated as Pharming has significant influence but does not have control of BioConnection. In particular, the shareholders of BioConnection are prohibited from influencing any activity between the two parties which is in any significant way different from relationship which existed between the two prior to the investment. Pharming does not control the voting rights or the economic benefits of the entity. Accordingly, Pharming accounts for its investment in BioConnection by the equity method and does not consolidate the entity as a subsidiary. Swedish Orphan Biovitrum International AB On December 29, 2019 Pharming and Swedish Orphan Biovitrum International AB (“Sobi”) mutually agreed and terminated the distribution agreement by means of the termination, settlement and services agreement (together: ‘The agreement’). By means of the agreement Pharming obtained the exclusive rights to import, sell, distribute, market and promote recombinant C1 inhibitor under the brand names RHUCIN® and RUCONEST® in Europe. These exclusive rights allowed Pharming in setting up its own commercial organization in Europe. After the distribution agreement was terminated and the commercial rights were transferred, Pharming introduced a complete new infrastructure, including distribution and additional services (Regulatory, Medical, Pharmacovigilance, Reimbursement, Commercial). The infrastructure itself was already in place before transferring the European countries from Sobi to Pharming and there was no transition of workforce. In order to assess whether the distribution agreement constitutes a business combination or intangible asset, judgement is applied. Our main considerations to conclude that this transaction is not a business combination under IFRS 3 is based on the fact that no workforce or substantive processes were transferred as part of the agreement. Consequently, the transaction should be accounted for under IAS 38 - Intangible assets, for which we also considered all recognition criteria were met. In order to assess whether the rights reacquired by the termination agreement represent intangible asset for Pharming financial reporting purposes, an assessment was performed on whether the assets are identifiable, whether Pharming obtained control over those assets and whether future economic benefits are expected to be obtained by means of those assets. The assets are separable from the entity and in a manner that it acquires them, Pharming could potentially sell those assets to any market participant together with the exclusive rights, meaning that assets are capable of being separated from the entity and transferred together with the related licensing agreement regardless of Pharming’s intention to do so. As such Pharming exercises control over the acquired assets in its determination to benefit from the future benefits or to sell the assets. In addition, Pharming acquires assets through termination agreement, meaning the assets are transferred through contractual rights. The agreement fulfills the criteria of IAS38, being separately identifiable, control and future economic benefits. Development costs Expenditures for development can be recognized as an intangible asset when the following criteria are being met as described in further detail in "Intangible Assets" paragraph 2.4 of this note: • Technical feasibility of completing the asset so that it will be available for use of sale is clear; • The Company’s intention to complete the asset and use or sell it is clear; • Its ability to use or sell it is clear; • The probability of future economic benefits is good (there is an existing market for the product which is likely to be available once the product is ready for launch); • The availability of resources to complete the development is not in question; • The ability to measure the expenditures on the project reliably is not in question. Development expenditures that meet these criteria are being capitalized. Expenditure which does not meet these criteria must be taken as expenses through the income statement. The Company has had to make some judgements to determine if the above criteria will be met. For most pharmaceutical products the capitalization of development expenditures is usually restricted because the release of a new drug is strictly controlled by legislation and has to pass a number of (pre) clinical trials. The Company is however working on modifications of its current product but since the active component in these modified products is exactly the same in structure and mode of action as in the existing approved product (“RUCONEST®”), management strongly believes that final approval for these modifications will be obtained. For this reason, the costs related to these developments are being capitalized. Biological Assets Pharming’s production system is dependent on biological assets, but these do not qualify to be recognized under the relevant standard IAS 41 Agriculture and thus all relevant costs are expensed through the income statement. Estimates: Revenue Revenue is recognized when control has been transferred to the customer. Revenue is reduced by chargebacks and rebates for government healthcare programs, discounts to specialty pharmacies and wholesalers, and product returns given or expected to be given, which vary by patient groups. Chargebacks and rebates for healthcare programs depend upon the submission of claims sometime after the initial recognition of the sale. The liability for this variable consideration is made, at the time of sale, for the estimated chargebacks and rebates, mainly US Medicaid, based on available market information and historical experience. Because the amounts are estimated they may not fully reflect the final outcome, and the amounts are subject to change dependent upon, amongst other things, the types of patient groups. The level of these liabilities is being reviewed and adjusted regularly in the light of contractual and legal obligations, historical charges and trends, past experience and projected mixtures of patient groups. The Group acquires this information from both internal resources as external parties. Future events could cause the assumptions on which the accruals are based to change, which could affect the future results of the Group. Business combinations and contingent consideration In 2016 Pharming completed the acquisition of all North American commercialization rights for its own product RUCONEST® from Valeant. Valeant Pharmaceuticals International changed its name in 2018 to Bausch Health Companies after it acquired Bausch & Lomb. The re-acquired rights are determined as an intangible, asset, as part of a business combination. Pharming has paid an upfront amount of US$60 million and agreed to pay future amounts up to a further US$65 million based on achievement of sales milestones. The future payments, based on achieving milestones, are considered to be contingent consideration. As the payments will be made in cash the contingent consideration is classified as a financial liability. It is recognized at its fair value at the acquisition-date, as part of the total consideration transferred, according IFRS 3 paragraph 39. Fair value at acquisition-date was based on the probability of achieving the milestones. These fair values are based on risk-adjusted future cash flows discounted using appropriate discount rates. The fair values are reviewed on a regular basis, at least annually, and any changes are reflected in the income statement. At December 31, 2019, the liability for contingent consideration amounted to €34.9 million. See note 26. Other financial liabilities including, business combinations and contingent consideration. The amount originally arose on the acquisition of the commercialization rights from Valeant Pharmaceuticals in 2016. In 2019, this represented the present value of the estimated amount probably payable by Pharming in the event of achieving sales milestones and was calculated by applying the milestone criteria to probabilities of forecast future revenues and cash flows. Sensitivity analysis is given in note 28 Financial risk management. The assumptions relating to future revenues and discount rates are based on business forecasts and are therefore inherently judgmental. Future events could cause the assumptions used in these projections to change with a consequent adverse effect on the future results of the Company. In 2020 the last sales milestone was achieved. Accordingly Pharming will pay the last milestone in 2021 of €20.4 million ($25 million) to reach the €65 million based on achievement of sales milestones. The last payment as such is no longer an estimate. Convertible bonds The Company has issued convertible bonds. At the time of the issue of bonds itself the split between equity and liability portion has been accounted for. The liability portion of the convertible bonds is the present value of the future cash flows, calculated by discounting the future cash flows of the bonds (interest and principal) at the market rate of interest with the assumption that no conversion option is available. The value of the equity portion will be the difference between the total proceeds received from the bonds and the present value (liability portion). The fair value of the liability component is measured first at the fair value of a similar liability that does not have any associated equity conversion option (IFRS 9 paragraph 5.1.1). This becomes the liability component’s carrying amount at initial recognition. The equity component will be measured at the residual difference between the nominal value and the fair value of a similar liability that does not have any associated equity conversion option [IAS 32 paragraph 31]. Fair value measurements that cannot be fully based on observable market parameters involve judgment that could affect estimated fair value. |
New and revised IFRS standards | The Company applied for the first-time certain amendments, which are effective for annual periods beginning on or after January 1, 2020. Their adoption has not had any material impact on the disclosures or on the amounts reported in these financial statements. The Company has not early adopted any other standard, interpretation or amendment that has been issued but not yet effective. • Amendments to IFRS 3: Definition of a business. • Amendments to IFRS 7, IFRS 9 and IAS 39: Interest rate benchmark reform. • Amendments to IAS 1 and IAS 8: Definition of material. • Conceptual framework for financial reporting issued on March 29, 2018. The new and amended standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Group’s financial statements, which the Group intends to adopt, if applicable, when they become effective, are disclosed below. • IFRS 17: Insurance contracts. • Amendments to IAS 1: Classification of Liabilities as Current or Non-current. • Reference to the Conceptual Framework – Amendments to IFRS 3. • Property, Plant and Equipment: Proceeds before Intended Use Amendments to IAS 16. • Onerous Contracts – Costs of Fulfilling a Contract – Amendments to IAS 37. • IFRS 1 First – time Adoption of International Financial Reporting Standards – Subsidiary as a first – time adopter. • IFRS 9 Financial instruments – Fees in the ’10 per cent’ test for derecognition of financial liabilities. • IAS 41 – Agriculture – Taxation in fair value measurements. Management does not expect that the adoption of the Standards listed above will have a material impact on the financial statements of the Company in future periods. IFRS 16 Leases (adopted in 2019) The IASB has issued a new standard IFRS 16 Leases. IFRS 16 Leases is a new standard effective for annual period beginning after January 1, 2019 of which earlier application is permitted; however, the Group has chosen not to early adopt the new IFRS 16 in preparing these consolidated financial statements. The Group adopted IFRS 16 Leases from January 1, 2019. IFRS 16 introduces a single, on-balance sheet lease accounting model for lessees. A lessee recognizes a right-of-use asset representing its right to use the underlying asset and a lease liability representing its obligation to make lease payments. The Group has applied the recognition exemptions for short-term leases and leases of low-value items. The Group has also elected not to reassess whether a contract is or contains a lease at the date of initial application. Instead, for contracts entered into before the transition date the Group relied on its assessment made applying IAS 17 and Interpretation 4 Determining whether an Arrangement contains a lease. The Group has applied IFRS 16 using the modified retrospective approach, it does not restate any comparative information. In the modified retrospective approach the lease liability is measured at the present value of remaining lease payments using the incremental borrowing rate on January 1, 2019, the date of initial application. The Group has chosen to measure the right-of-use assets at an amount equal to the lease liability. i. Leases in which the Group is a lessee The Group has recognized new assets and liabilities for its leases for the rent of offices and laboratory facilities, as well as lease cars for employees. The nature of expenses related to those leases changed because the Group recognized a depreciation charge for right-of-use assets and interest expense on lease liabilities. Previously, the Group recognized lease expense on straight-line basis over the term of the lease, and recognized assets and liabilities only to the extent that there was a timing difference between actual lease payments and the expense recognized. ii. Measurement of lease liabilities Amounts in € ‘000 January 1, 2019 Operating lease commitments disclosed under IAS 17 at December 31, 2018 8,457 Short-term and low value lease commitments straight-line expensed under IFRS 16 (2,033) Effect of discounting (1,633) Lease liabilities recognized at January 1, 2019 4,791 Of which the breakdown between current and non-current lease liabilities is as follows: Amounts in € ‘000 January 1, 2019 Current lease liabilities 1,441 Non-current lease liabilities 3,350 Lease liabilities recognized at January 1, 2019 4,791 iii. Measurement of right-of-use assets Right-of-use assets for property and car leases were measured at the amount equal to the lease liability. Amounts in € ‘000 January 1, 2019 Buildings 4,228 Cars 563 Lease liabilities recognized at January 1, 2019 4,791 iv. Adjustments recognized in the balance sheet on January 1, 2019 The change in accounting policy affected the following items in the balance sheet on January 1, 2019: Amounts in € ‘000 January 1, 2019 Right-of-use assets - increase by 4,791 Lease liabilities - increase by 4,791 v. Weighted average IBR The weighted average incremental borrowing rate (‘IBR’) used at January 1, 2019 is 10.8%. Interest Rate Benchmark Reform The IASB has issued a new reform proposal for Interest Rate Benchmarking, applicable for annual reporting periods beginning on or after January 1, 2020, and which affects all companies with hedging relationships affecting interest costs. These are hedging instruments designed to remove the future uncertainties of cost changes due to movements in interest rates which are tied to a variable index such as the London Interbank Offering Rate (LIBOR). Companies often match such uncertainties by acquiring derivative instruments designed to pay out if the rate moves disadvantageously for the Company. As until January 2020 the interest rate on Pharming’s debt was tied to LIBOR, Pharming could have benefited from such instruments if they had been taken out and LIBOR also risen (i.e. the debt had started to cost more). In fact, LIBOR was very steady throughout the duration of all Pharming loans which were linked to it, and so no meaningful loss was incurred even without such derivative instruments. Pharming has no such hedging relationships at present and so does not use any hedging accounting affected by the reform, but has adopted the reform nonetheless. |
ACCOUNTING PRINCIPLES AND POL_3
ACCOUNTING PRINCIPLES AND POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
ACCOUNTING PRINCIPLES AND POLICIES [Abstract] | |
Schedule of remaining amortisation periods for intangible assets | The remaining amortization periods for intangible assets at December 31, 2020 are: Amortization period Category Description Total Remaining Transgenic technology Patents and licenses 6 to 10 years Fully amortized RUCONEST® for HAE (EU) Development costs 10 years Fully amortized RUCONEST® for HAE (US) Re-acquired commercial rights 20 years 16 years RUCONEST® for HAE (EU) Re-acquired commercial rights 12 years 11 years Software expenses Development costs 10 years 8 years Development costs* Development costs Not yet in use Not yet in use * Regarding acquired assets for Pompe and Fabry's disease and internal generated assets for modifications of RUCONEST® |
Schedule of deprecation period for property, plant and equipment | The depreciation periods for property, plant and equipment are: Category Depreciation period Land Not depreciated Land improvements 20 years Operational facilities 10-20 years Leasehold improvements 5-10 years Manufacturing equipment* 5-10 years Other property, plant & equipment 5-10 years * Depreciation charges for manufacturing equipment are based on actual use of the equipment involved, which is expected to take place in a period before technical expiration Amounts in € ‘000 Land and land improvements Operational facilities Leasehold Improvement Manufacturing equipment Other Asset under construction Total At cost 27 5,726 1,981 5,270 5,398 119 18,521 Accumulated depreciation — (2,442) (1,971) (3,126) (2,580) — (10,119) Carrying value at January 1, 2019 27 3,284 10 2,144 2,818 119 8,402 Investments — 182 1 (6) 1,880 306 2,363 Internal transfer — — — — (54) (119) (173) Divestment — (740) — — (511) — (1,251) Depreciation charges — (515) (1) (465) (1,057) — (2,038) Depreciation of disinvestment — 739 — — 510 — 1,249 Currency translation — — — — 2 (1) 1 Movement 2019 — (334) — (471) 770 186 151 At cost 27 5,168 1,982 5,264 6,715 305 19,461 Accumulated depreciation — (2,218) (1,972) (3,591) (3,127) — (10,908) Carrying value at December 31, 2019 27 2,950 10 1,673 3,588 305 8,553 Investments — 102 35 104 1,332 2,502 4,075 Internal transfer — (197) 407 — 234 (444) — Divestment — (49) (407) — (384) — (840) Depreciation charges — (298) (207) (786) (1,265) — (2,556) Depreciation of disinvestment — 48 407 — 372 — 827 Currency translation — 1 (1) (1) (77) (25) (103) Movement 2020 — (393) 234 (683) 212 2,033 1,403 At cost 27 5,025 2,016 5,367 7,820 2,338 22,593 Accumulated depreciation — (2,468) (1,772) (4,377) (4,020) — (12,637) Carrying value at December 31, 2020 27 2,557 244 990 3,800 2,338 9,956 |
Schedule of lease liabilities and right-of-use assets | Measurement of lease liabilities Amounts in € ‘000 January 1, 2019 Operating lease commitments disclosed under IAS 17 at December 31, 2018 8,457 Short-term and low value lease commitments straight-line expensed under IFRS 16 (2,033) Effect of discounting (1,633) Lease liabilities recognized at January 1, 2019 4,791 Of which the breakdown between current and non-current lease liabilities is as follows: Amounts in € ‘000 January 1, 2019 Current lease liabilities 1,441 Non-current lease liabilities 3,350 Lease liabilities recognized at January 1, 2019 4,791 iii. Measurement of right-of-use assets Right-of-use assets for property and car leases were measured at the amount equal to the lease liability. Amounts in € ‘000 January 1, 2019 Buildings 4,228 Cars 563 Lease liabilities recognized at January 1, 2019 4,791 iv. Adjustments recognized in the balance sheet on January 1, 2019 The change in accounting policy affected the following items in the balance sheet on January 1, 2019: Amounts in € ‘000 January 1, 2019 Right-of-use assets - increase by 4,791 Lease liabilities - increase by 4,791 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Entity's Operating Segments [Abstract] | |
Schedule of external revenues and gross profit per geographic segment | Total external revenues and gross profit per geographic segment for the financial year 2020, 2019 and 2018 are: Amounts in € ‘000 2020 2019 2018 Revenues: US 177,388 162,690 126,636 Europe 7,205 5,041 7,166 RoW 1,101 1,291 1,328 Total revenues 185,694 169,022 135,130 Gross profit: US 161,057 144,780 111,581 Europe 3,093 1,911 290 RoW 943 976 1,079 Total gross profit 165,093 147,667 112,950 |
EXPENSES BY NATURE (Tables)
EXPENSES BY NATURE (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Expenses by nature [abstract] | |
Disclosure of Cost Of Sales | Costs of sales in 2020, 2019 and 2018 were as follows: Amounts in € ‘000 2020 2019 2018 Costs of sales (20,601) (20,587) (20,576) Obsolescence inventory impairments — (768) (1,604) Total (20,601) (21,355) (22,180) |
Disclosure of Research And Development Expense | Research and development costs in 2020, 2019 and 2018 were as follows: Amounts in € ‘000 2020 2019 2018 Employee costs (18,365) (15,676) (15,734) Amortization costs IFA (677) (55) (45) Impairment losses IFA — 732 — Depreciation PPE and right of use assets (1,805) (1,772) (1,546) Direct Operating Expenses (11,206) (9,667) (9,599) Other indirect research and development costs (1,659) (1,930) (1,958) Total research and development costs (33,712) (28,368) (28,882) |
Disclosure of General and Administrative Costs | General and administrative costs for 2020, 2019 and 2018 were as follows: Amounts in € ‘000 2020 2019 2018 Employee costs (9,817) (7,657) (5,225) Amortization costs IFA — (5) (2) Depreciation PPE and right of use assets (1,001) (977) (614) Direct Operating Expenses (8,355) (7,973) (5,198) Other indirect general and administrative costs (1,906) (2,301) (1,181) Total general and administrative costs (21,079) (18,913) (12,221) |
Disclosure of Marketing and Sales Costs | Marketing and sales costs for 2020, 2019 and 2018 were as follows: Amounts in € ‘000 2020 2019 2018 Employee costs (20,212) (16,615) (14,933) Amortization costs IFA (2,834) (2,824) (28) Impairment losses IFA — — (2,793) Depreciation PPE and right of use assets (757) (277) (410) Direct Operating Expenses (20,446) (17,481) (14,848) Other indirect marketing and sales costs (915) (2,717) (1,527) Total marketing and sales costs (45,164) (39,914) (34,539) |
Disclosure of Employee Benefits | Employee benefit costs for 2020, 2019 and 2018 were as follows: Amounts in € ‘000 2020 2019 2018 Salaries (32,217) (26,363) (22,887) Social security costs (3,765) (3,364) (2,251) Pension costs (1,614) (1,577) (1,034) Share-based compensation (7,356) (4,449) (3,889) Total (44,952) (35,753) (30,061) |
Disclosure of Depreciation and Amortization | Depreciation and amortization charges are included in: Amounts in € ‘000 2020 2019 2018 Property, plant and equipment (1,789) (1,573) (1,090) Intangible assets (3,508) (2,884) (2,845) Total (5,297) (4,457) (3,935) Right of use assets Buildings (1,471) (1,125) — Cars (303) (328) — Total (1,774) (1,453) — |
FAIR VALUE GAIN (LOSS) ON REV_2
FAIR VALUE GAIN (LOSS) ON REVALUATION DERIVATIVES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Fair Value Measurement [Abstract] | |
Disclosure of fair value gain (loss) on revaluation derivatives | The following tables summarizes fair value gain (losses) on revaluation derivatives: Amounts in € ‘000 2020 2019 2018 Revaluation warrants 60 (209) (302) Revaluation conversion rights — — (193) Total 60 (209) (495) 2020 2019 Amounts in € ‘000 Level 3 Total Level 3 Total Derivative financial liabilities 147 147 268 268 Other financial liabilities 173 173 35,117 35,117 Balance at December 31 320 320 35,385 35,385 |
OTHER FINANCIAL INCOME AND EX_2
OTHER FINANCIAL INCOME AND EXPENSES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Other Financial Income And Cost [Abstract] | |
Schedule of other financial income and expenses | Amounts in € ‘000 2020 2019 2018 Interest income 626 1,011 18 Other financial income 626 1,011 18 Interest expenses — (10) Loan settlement (3,775) — — Foreign currency results (16,832) (460) (1,147) Interest loans and borrowings (4,532) (11,255) (14,301) Interest leases (670) (662) — Contingent consideration (3,277) (2,882) (21,200) Other financial expenses (65) — Other financial expenses (29,151) (15,259) (36,658) Total other financial income and expenses (28,525) (14,248) (36,640) |
INCOME TAX (Tables)
INCOME TAX (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Income Tax [Abstract] | |
Schedule of components of current and deferred income tax expense (income) | The following table specifies the current and deferred tax components of income taxes in the income statement: Amounts in € ‘000 2020 2019 2018 Income tax credit (expense) Current tax Current tax on profit for the year (2,367) (4,315) (413) Adjustments for current tax of prior periods 1,310 242 (919) Total current tax expense (1,057) (4,073) (1,332) Deferred income tax Deferred tax on profit for the year (7,535) (6,784) (5,697) Adjustments for deferred tax of prior periods 3,036 373 31,165 Total deferred tax expense (4,499) (6,411) 25,468 Income tax credit (expense) (5,556) (10,484) 24,136 |
Schedule of reconciliation of statutory income tax rate with effective income tax rate | The following table reconciles the statutory income tax rate with the effective income tax rate in the consolidated income statement: Amounts in € ‘000 2020 2019 2018 Reconciliation of tax charge Profit/(loss) on ordinary activities before taxation 38,591 46,679 857 Profit/(loss) on ordinary activities multiplied by standard rate of tax in The Netherlands (9,647) (11,670) (214) Effects of: Tax rate in other jurisdictions 233 9 263 Non-taxable income (expense) 256 (628) (793) Adjustments of prior periods 1,857 373 31,165 Change in statutory applicable tax rate 2,489 2,877 (5,367) Other (744) (1,445) (918) Income tax credit (expense) for the year (5,556) (10,484) 24,136 |
Schdeule of balances of net deferred tax assets (liabilities) | The balance of the net deferred tax assets/(liabilities) is therefore shown below: Amounts in € ‘000 2020 2019 Total deferred tax assets 27,471 30,933 Total deferred tax liabilities (1,514) (2,343) Total net deferred tax assets /( liabilities) 25,957 28,590 |
Significant components and annual movements of deferred income tax assets and liabilities | The significant components and annual movements of deferred income tax assets as of December 31, 2020 and January 1, 2020 are as follows: Amounts in € ‘000 2020 2019 Intangible fixed assets 14,417 12,514 Short term assets — — Other financial assets — 8,186 Accruals 4,172 3,217 Other 4,182 1,102 Tax losses 4,700 5,914 Total deferred tax assets 27,471 30,933 Amounts in € ‘000 Intangible fixed assets Short term assets / liabilities Other financial liabilities Accruals Other Tax losses Total At January 1, 2019 11,822 907 10,941 786 — 10,626 35,082 (Charged)/credited - to profit or loss 692 (907) (2,755) 2,426 1,102 (4,712) (4,154) - to other comprehensive income — — — 5 — — 5 At December 31, 2019 12,514 — 8,186 3,217 1,102 5,914 30,933 (Charged)/credited - to profit or loss 1,903 — (8,186) 1,185 1,019 (1,214) (5,293) - to other comprehensive income — — — (230) (5) — (235) - to accumulated deficit — — — — 2,066 — 2,066 At December 31, 2020 14,417 — — 4,172 4,182 4,700 27,471 Amounts in € ‘000 2020 2019 Net Operating Losses - Netherlands Net Operating Losses at year-end 18,801 21,926 Portion selected for deferred tax asset 18,801 21,926 Tax rates used: 2020 : 25% (25%) — 5,482 2021 and later: 25% (21,7%) 4,700 — Total tax effect Netherlands 4,700 5,482 Net Operating Losses - France Net Operating Losses at year-end — 1,394 Portion selected for deferred tax asset — 1,394 Tax rate used: 2019 and later: 31% — 432 Total tax effect France — 432 Tax effect Netherlands - losses deferred 4,700 5,482 Tax effect France - losses deferred — 432 Total deferred tax asset 4,700 5,914 The component and annual movement of deferred income tax liabilities as of December 31, 2020 and December 31, 2019 are as follows: Amounts in € ‘000 2020 2019 Tangible fixed assets (1,343) (1,135) Other liabilities (171) (1,208) Total deferred tax liabilities (1,514) (2,343) Amounts in € ‘000 Tangible fixed assets Other liabilities Total At January 1, 2019 — (87) (87) (Charged)/credited - to profit or loss (1,135) (1,122) (2,257) - to other comprehensive income — 1 1 At December 31, 2019 (1,135) (1,208) (2,343) (Charged)/credited - to profit or loss (230) 1,023 793 - to other comprehensive income 22 14 36 At December 31, 2020 (1,343) (171) (1,514) |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Intangible Assets [Abstract] | |
Schedule of intangible assets | Amounts in € ‘000 Transgenic technology RUCONEST® for HAE (EU) Development costs Re-acquired Novartis License Software Total At cost 2,651 528 4,861 55,860 — — 63,900 Accumulated: Amortization charges (2,616) (431) — (5,759) — — (8,806) Impairment charges (35) — (2,624) — — — (2,659) Carrying value at January 1, 2019 — 97 2,237 50,101 — — 52,435 Amortization charges — (53) — (2,793) — (38) (2,884) Impairment charges — — 732 — — — 732 Capitalized development costs — — 1,335 — — — 1,335 Assets acquired — — — — 18,702 489 19,191 Movement 2019 — (53) 2,067 (2,793) 18,702 451 18,374 At cost 2,651 528 6,196 55,860 18,702 489 84,426 Accumulated: Amortization charges (2,616) (484) — (8,552) — (38) (11,690) Impairment charges (35) — (1,892) — — — (1,927) Carrying value at December 31, 2019 — 44 4,304 47,308 18,702 451 70,809 Amortization charges — (44) — (3,418) — (46) (3,508) Impairment charges — — — — — — — Capitalized development costs — — 139 — — — 139 Assets acquired — — — 7,500 1,385 290 9,175 Movement 2020 — (44) 139 4,082 1,385 244 5,806 At cost 2,651 528 6,335 63,360 20,087 779 93,740 Accumulated: Amortization charges (2,616) (528) — (11,970) — (84) (15,198) Impairment charges (35) — (1,892) — — — (1,927) Carrying value at December 31, 2020 — — 4,443 51,390 20,087 695 76,615 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property, plant and equipment [abstract] | |
Summary of the changes in property, plant and equipment and leases | The depreciation periods for property, plant and equipment are: Category Depreciation period Land Not depreciated Land improvements 20 years Operational facilities 10-20 years Leasehold improvements 5-10 years Manufacturing equipment* 5-10 years Other property, plant & equipment 5-10 years * Depreciation charges for manufacturing equipment are based on actual use of the equipment involved, which is expected to take place in a period before technical expiration Amounts in € ‘000 Land and land improvements Operational facilities Leasehold Improvement Manufacturing equipment Other Asset under construction Total At cost 27 5,726 1,981 5,270 5,398 119 18,521 Accumulated depreciation — (2,442) (1,971) (3,126) (2,580) — (10,119) Carrying value at January 1, 2019 27 3,284 10 2,144 2,818 119 8,402 Investments — 182 1 (6) 1,880 306 2,363 Internal transfer — — — — (54) (119) (173) Divestment — (740) — — (511) — (1,251) Depreciation charges — (515) (1) (465) (1,057) — (2,038) Depreciation of disinvestment — 739 — — 510 — 1,249 Currency translation — — — — 2 (1) 1 Movement 2019 — (334) — (471) 770 186 151 At cost 27 5,168 1,982 5,264 6,715 305 19,461 Accumulated depreciation — (2,218) (1,972) (3,591) (3,127) — (10,908) Carrying value at December 31, 2019 27 2,950 10 1,673 3,588 305 8,553 Investments — 102 35 104 1,332 2,502 4,075 Internal transfer — (197) 407 — 234 (444) — Divestment — (49) (407) — (384) — (840) Depreciation charges — (298) (207) (786) (1,265) — (2,556) Depreciation of disinvestment — 48 407 — 372 — 827 Currency translation — 1 (1) (1) (77) (25) (103) Movement 2020 — (393) 234 (683) 212 2,033 1,403 At cost 27 5,025 2,016 5,367 7,820 2,338 22,593 Accumulated depreciation — (2,468) (1,772) (4,377) (4,020) — (12,637) Carrying value at December 31, 2020 27 2,557 244 990 3,800 2,338 9,956 |
RIGHT-OF-USE ASSETS (Tables)
RIGHT-OF-USE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Leases [Abstract] | |
Schedule of lease amounts recognised in the balance sheet and income statement | The balance sheet shows the following amounts relating to leases: Amounts in € ‘000 Buildings Cars Total Carrying value at January 1, 2019 4,228 563 4,791 Investments 2,338 303 2,641 Depreciation charges (1,125) (328) (1,453) Movement 2019 1,213 (25) 1,188 At cost 6,566 866 7,432 Accumulated depreciation (1,125) (328) (1,453) Carrying value at December 31, 2019 5,441 538 5,979 Investments 3,261 1,260 4,521 Divestments (559) (236) (795) Investment in a sublease (363) — (363) Depreciation charges (1,471) (303) (1,774) Depreciation of disinvestment 70 115 185 Currency translation (49) (28) (77) Movement 2020 889 808 1,697 At cost 8,856 1,862 10,718 Accumulated depreciation (2,526) (516) (3,042) Carrying value at December 31, 2020 6,330 1,346 7,676 Investments in buildings in 2020 primarily relate to the office building in Warren, NJ, the United States of America. On April 1, 2020, the company subleased the office building in Bridgewater, NJ, the United States of America. In 2020 the company received rent from the sublease of €0.07 million. The loss on the total duration of the sublease amounts to €0.02 million. The Company applies for the exemption of disclosing short term leases and leases under €5,000 since the amounts involved are immaterial to the financial statements. The statement of income shows the following amounts relating to leases: Amounts in € ‘000 2020 2019 Depreciation rights of use assets Buildings (1,471) (1,125) Cars (303) (328) Total depreciation rights of use assets (1,774) (1,453) Interest expense (670) (662) Total expense right of use assets (2,444) (2,115) |
INVESTMENT ACCOUNTED FOR USIN_2
INVESTMENT ACCOUNTED FOR USING THE EQUITY METHOD (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Interest In Other Entities [Abstract] | |
Schedule of associates | Name of entity Place of business % of ownership interest Nature of relationship Measurement method Carrying amount 2020 2019 2020 2019 BioConnection B.V. Oss, NL 44 44 Associate Equity Balance at January 1 5,508 — Movement during the year Initial recognition — 5,078 Share in net profit 316 229 Recognition of financial guarantee — 221 Amortization of financial guarantee (28) (20) Balance at December 31 5,796 5,508 |
RESTRICTED CASH, CASH AND CAS_2
RESTRICTED CASH, CASH AND CASH EQUIVALENTS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Disclosure Of Restricted Cash And Cash Equivalents Explanatory | Amounts in € ‘000 2020 2019 Restricted cash (non-current) 415 2,268 Restricted cash (current) 810 — Cash and cash equivalents 167,068 66,299 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Inventories [Abstract] | |
Schedule of inventories | Amounts in € ‘000 2020 2019 Finished goods 10,376 10,320 Work in progress 4,616 1,843 Raw materials 2,237 2,304 Balance at December 31 17,229 14,467 |
Schedule of changes in the adjustment to net realisable value | Changes in the adjustment to net realizable value: Amounts in € ‘000 2020 2019 Balance at January 1 (830) (927) Addition to impairment (1,269) (1,010) Release of impairment 1,043 328 Usage of impairment 530 779 Balance at December 31 (526) (830) |
TRADE AND OTHER RECEIVABLES (Ta
TRADE AND OTHER RECEIVABLES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of Trade and Other Receivables | Amounts in € ‘000 2020 2019 Trade receivables 19,149 21,427 Prepaid expenses 3,271 2,279 Value added tax 1,323 1,193 Other receivables 1,877 772 Taxes and social securities 3,616 66 Balance at December 31 29,236 25,737 |
CONVERTIBLE BONDS (Tables)
CONVERTIBLE BONDS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Detailed Information About Borrowings [Abstract] | |
Schedule of recognition and movements of convertible bonds | Recognition and movements of the convertible bonds were as follows: Amounts in € ‘000 2020 Balance at January 1 — Carrying value initial recognition 121,277 Interest paid (cash flow) (1,875) Amortization transaction cost 650 Accrued interest 3,536 Balance at December 31 123,588 - Current portion 1,661 - Non-current portion 121,927 Movements of the Orbimed loan were as follows: Amounts in € ‘000 2020 2019 Carrying value at January 1 45,590 72,502 Amortized costs (financial income and expenses) 449 11,254 Interest paid (cash flow) (346) (8,418) Repayment (46,140) (31,406) Revaluation loan 447 1,658 Carrying value at December 31 — 45,590 - Current portion — 45,590 - Non-current portion — — |
LOANS AND BORROWINGS (Tables)
LOANS AND BORROWINGS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Detailed Information About Borrowings [Abstract] | |
Summary of movements in Orbimed loan | Recognition and movements of the convertible bonds were as follows: Amounts in € ‘000 2020 Balance at January 1 — Carrying value initial recognition 121,277 Interest paid (cash flow) (1,875) Amortization transaction cost 650 Accrued interest 3,536 Balance at December 31 123,588 - Current portion 1,661 - Non-current portion 121,927 Movements of the Orbimed loan were as follows: Amounts in € ‘000 2020 2019 Carrying value at January 1 45,590 72,502 Amortized costs (financial income and expenses) 449 11,254 Interest paid (cash flow) (346) (8,418) Repayment (46,140) (31,406) Revaluation loan 447 1,658 Carrying value at December 31 — 45,590 - Current portion — 45,590 - Non-current portion — — |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Leases [Abstract] | |
Lease Liabilities | Lease liabilities can be specified as follows: Amounts in € ‘000 2020 2019 Balance at January 1 6,309 5,218 New Leases 3,308 2,641 Interest expense accrued 596 663 Payments of lease liabilities (1,913) (2,213) Balance at December 31 8,300 6,309 - Current portion 1,598 1,946 - Non-current portion 6,702 4,363 |
Future minimum lease liabilities | Future minimum lease payments as at December 31, 2020 and 2019 are as follows: 2020 2019 Amounts in € ‘000 Minimum payments Present value of payments Minimum payments Present value of payments Within one year 2,109 1,598 1,946 1,946 After one year but not more than five years 5,833 4,693 3,149 3,149 More than five years 2,615 2,009 1,214 1,214 Balance at December 31 10,557 8,300 6,309 6,309 The following table presents the financial liabilities at year-end 2020, showing the remaining undiscounted contractual amounts due including nominal interest: Amounts in €’000 2021 2022 2023 2024 2025 and onwards Total Prior year total Trade and other payables 38,816 — — — — 38,816 36,247 Derivative financial liabilities 147 — — — — 147 268 Loans and borrowings — — — — — — 49,601 Other financial liabilities 20,530 — — — — 20,530 40,269 Lease Liabilities 2,109 1,865 1,593 1,231 3,799 10,597 10,215 Convertible Bonds 3,750 3,750 3,750 3,750 126,875 141,875 — Total 65,352 5,615 5,343 4,981 130,674 211,965 136,600 The table sets out an analysis for each of the period presented of the net position of Loans and borrowings, and Cash and cash equivalents, showing the remaining undiscounted contractual amounts due including nominal interest. Amounts in € ‘000 2020 2019 Cash and cash equivalents 167,068 66,299 Loans and borrowings - repayable within one year — (49,601) Convertible bond - repayable within one year (1,661) Convertible bond - repayable after one year (121,927) — Net debt 43,480 16,698 Cash and cash equivalents 167,068 66,299 Gross debt - fixed interest rates (123,588) (49,601) Gross debt - variable interest rates — — Net debt 43,480 16,698 |
DERIVATIVE FINANCIAL LIABILIT_2
DERIVATIVE FINANCIAL LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Financial Instruments [Abstract] | |
Schedule of derivative financial liabilities | Movement of derivative financial liabilities for 2020, 2019 and 2018 can be summarized as follows: Amounts in € ‘000 2020 2019 2018 Balance at January 1, 268 228 10,080 Fair value losses (gains) derivatives (60) 209 495 Redemption cash settlement — — (1,779) Conversions into shares (61) (169) (8,568) Balance at December 31, 147 268 228 Amounts in € ‘000 2020 2019 Current Contingent consideration 20,357 17,835 Total current 20,357 17,835 Non-current Contingent consideration — 17,081 Financial guarantee contracts 173 201 Total non-current 173 17,282 Total 20,530 35,117 The following table includes carrying values and the estimated fair values of financial instruments: Amounts in € ‘000 2020 2019 Carrying value Fair value Carrying value Fair value Assets: Cash and cash equivalents, including restricted cash 168,293 168,293 68,567 68,567 Trade and other receivables 29,236 29,236 25,737 25,737 Liabilities: Loans and borrowings — — 45,590 45,590 Convertible Bond 123,588 123,588 — — Lease Liabilities 8,300 8,300 6,309 6,309 Other financial liabilities 20,530 20,530 35,117 35,117 Trade and other payables 38,816 38,816 36,247 36,247 Derivative financial liabilities 147 147 268 268 |
TRADE AND OTHER PAYABLES (Table
TRADE AND OTHER PAYABLES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Trade And Other Payables [Abstract] | |
Schedule of trade and other payables | Trade and other payables as at December 31, 2020 and 2019 are as follows: Amounts in € ‘000 2020 2019 Accounts payable 10,969 5,351 Taxes and social security 502 (209) Other payables 143 254 Accruals for employees 6,607 5,581 Accruals for rebates and discounts 12,158 14,258 Accrual for production 3,353 3,101 Other accruals 5,084 7,911 Balance at December 31 38,816 36,247 |
SHARE-BASED COMPENSATION (Table
SHARE-BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Share-Based Payment Arrangements [Abstract] | |
Schedule of total expenses for share based payment plans | The total expenses for share based payment plans in 2020, 2019 and 2018 is specified as follows: Share-based compensation 2020 2019 2018 Board of Management options 75 557 395 Employee options 2,594 2,157 1,285 Long term incentive plan 4,642 1,735 1,501 Bonus shares 45 — 708 Balance at December 31 7,356 4,449 3,889 |
Schedule of assumptions used in the black-scholes model to determine the fair value of options at grant date | 2020 2019 Expected time to maturity (employees) 1-4 years 1-4 years Expected time to maturity (Board of Management) not applicable 0.7 years Volatility (employees) 53% - 60% 54% - 58% Volatility (Board of Management) not applicable 56 % Risk-free interest rate (employees) (0.52)% - (0.27)% (0.36)% - (0.30)% Risk-free interest rate (Board of Management) not applicable 0.25 % |
Schedule of range of assumptions used in the Monte Carlo simulation | 2020 2019 2018 Volatilities 54 % 56 % 56 % Risk-free interest rates (0.24) % (0.21) % (0.41) % Dividend yields 0.00% 0.00% 0.00% |
Overview of number of LTIP shares granted, fair value per share, forfeited or issued | An overview of the number of LTIP shares granted in 2018-2020 and in total as well as the fair value per share award is as follows: Participant category 2020 2019 2018 Total Non Executive members of the Board of Directors — 205,000 100,000 305,000 Executive Members of the Board of Directors — 201,050 130,131 331,181 Executive Committee 105,000 326,807 186,220 618,027 Senior managers 930,000 1,830,000 965,000 3,725,000 Total 1,035,000 2,562,857 1,381,351 4,979,208 Fair value per share award (€) 0.752 0.345 0.671 The following table provides an overview of LTIP shares granted, forfeited or issued in 2018-2020 as well as the number of LTIP shares reserved at December 31, 2020: Participant category Granted Forfeited Not vested Reserved at December 31, 2020 Non Executive members of the Board of Directors 305,000 (20,000) (46,187) 238,813 Executive Members of the Board of Directors 331,181 0 (97,273) 233,908 Executive Committee 618,027 (85,005) (76,432) 456,590 Senior managers 3,725,000 (81,210) (619,969) 3,023,821 Total 4,979,208 (186,215) (839,861) 3,953,132 The following table gives an overview of movements in number of LTIP shares of the Non-Executive members of the Board of Directors and / or of the former Board of Supervisory Directors: Amounts in € ‘000 Year Granted Settled Forfeited Not vested Reserved at December 31, 2020 J.H.L. Ernst 2020 — — — — — 2019 40 — (40) — — 2018 25 — (25) — — J.Blaak 2020 — — — — — 2019 — — — — — 2018 — — — — — J.B. Ward 2020 — — — — — 2019 35 — — — 35 2018 25 — — — 25 A. de Winter 2020 — — — — — 2019 40 — — — 40 2018 25 — — — 25 P. Sekhri 2020 — — — — — 2019 50 — — — 50 2018 30 — — — 30 D. Jorn 2020 — — — — — 2019 40 — — — 40 J. Egberts 2020 — — — — — 2019 — — — — — 2018 20 — (20) — — B. Yanni 2020 — — — — — M. Pykett 2020 — — — — — Total 2020 — — — — — 2019 205 — (40) — 165 2018 125 — (45) — 80 |
Schedule of range of exercise prices of outstanding share options | Exercise prices of options outstanding at December 31, 2020, December 31, 2019 and December 31, 2018 and the exercise values are in the following ranges: 2020 2019 2018 Exercise prices in € Number Exercise value Number Exercise value Number Exercise value 0.063 - 0.25 3,225,000 674 4,737,500 990 6,578,837 1,375 0.25 - 0.50 6,742,863 2,259 9,187,537 3,100 14,757,996 4,994 0.50 – 0.75 12,974,375 9,458 13,202,500 9,625 824,121 416 0.75 – 2.50 27,164,250 24,686 13,200,000 11,324 12,160,002 11,466 Balance at December 31 50,106,488 37,077 40,327,537 25,039 34,320,956 18,251 |
Schedule of number and weighted average exercise prices of share options | An overview of activity in the number of options for the years 2020, 2019 and 2018 is as follows: 2020 2019 2018 Number Weighted Average Exercise Price (€) Number Weighted Average Exercise Price (€) Number Weighted Average Exercise Price (€) Balance at January 1 40,327,537 0.923 34,320,956 0.532 54,901,629 0.408 Expired (3,281) 0.294 (4,430,757) 1.022 (76,702) 0.071 Granted pre 2018 525,453 0.335 Exercised (5,343,268) 0.443 (7,913,912) 0.344 (26,993,174) 0.291 Granted under plan for: Board of Management — — 4,400,000 0.805 — — Employees 15,536,750 0.974 14,085,000 0.734 6,320,000 0.770 Forfeited under plan for: Board of Management — — — — — — Employees (411,250) 0.521 (133,750) 0.712 (356,250) 0.320 Balance at December 31 50,106,488 0.740 40,327,537 0.923 34,320,956 0.532 - Vested 19,675,875 0.583 12,797,424 0.401 16,614,702 0.302 - Unvested 30,430,613 0.842 27,530,113 0.719 17,706,254 0.757 Exercise prices of options outstanding at December 31, 2020, December 31, 2019 and December 31, 2018 and the exercise values are in the following ranges: 2020 2019 2018 Exercise prices in € Number Exercise value Number Exercise value Number Exercise value 0.063 - 0.25 3,225,000 674 4,737,500 990 6,578,837 1,375 0.25 - 0.50 6,742,863 2,259 9,187,537 3,100 14,757,996 4,994 0.50 – 0.75 12,974,375 9,458 13,202,500 9,625 824,121 416 0.75 – 2.50 27,164,250 24,686 13,200,000 11,324 12,160,002 11,466 Balance at December 31 50,106,488 37,077 40,327,537 25,039 34,320,956 18,251 |
BOARD OF MANAGEMENT (Tables)
BOARD OF MANAGEMENT (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Related Party [Abstract] | |
Summary of related party transactions | Compensation of the members of the former Board of Management for 2020, 2019 and 2018 was as follows: Amounts in € ‘000 Year Base salary Bonus (i) Share-based payment (ii) Post-employment benefits (iii) Other (iv) Total S. de Vries 2020 538 377 1,522 94 32 2,563 2019 507 310 487 72 32 1,408 2018 490 428 325 81 32 1,356 B.M. Giannetti 2020 352 176 620 74 24 1,246 2019 331 170 289 70 8 868 2018 320 233 201 77 8 839 R. Wright 2020 136 12 94 13 306 561 2019 317 149 114 23 0 603 2018 306 148 167 34 0 655 Total 2020 1,026 565 2,236 181 362 4,370 2019 1,155 629 890 165 40 2,879 2018 1,116 809 693 192 40 2,850 (i) Bonuses are related to the achievement of the corporate and personal objectives. Refer to the report of the Remuneration Committee for the review of the performance and the extent the goals have been met. (ii) Share-based payments are long term benefits and for 2020 relate to options of €0.07 million (2019:€0.6 million) and long-term incentive plan of €2.2 million (2019 €0.3 million). (iii) Post-employment benefits were in line with previous year. (iv) Includes car allowances and a termination payment of €0.306 million for Mr. R. Wright Amounts in € ‘000 2020 2019 2018 Salaries and other short-term employee benefits 2,359 2,132 2,250 Post-employment benefits 181 165 193 Share-based compensation 2,486 1,009 839 Total 5,026 3,306 3,282 |
Schedule of shares held by former members of the board of management | At December 31, 2020 the members of the former Board of Management held the following numbers of shares: Shares held As at December 31, 2020 S. de Vries 6,638,869 B.M. Giannetti 1,707,714 Total 8,346,583 As at December 31, 2020 Ordinary shares Certificates of shares P. Sekhri 110,000 230,000 A. de Winter 213,125 — J.B. Ward 328,313 — Ms. D. Jorn — — Ms. B. Yanni — — M. Pykett — — Total 651,438 230,000 |
Schedule of movements of related parties share-based payment arrangements | The following table gives an overview of movements in number of option holdings of the individual members of the former Board of Management in 2020, the exercise prices and expiration dates up to December 31, 2020: Amounts in € ‘000 January 1, 2019 Granted 2019-2020 Exercised 2019-2020 Forfeited/ Expired 2019-2020 December 31, 2020 Exercise Price (€) Expiration date S. de Vries 2,400 (2,400) — 1.130 17 June 2019 2,800 2,800 0.805 20 Sept 2023 Total 2,400 2,800 — (2,400) 2,800 B.M. Giannetti 1,440 (1,440) — 1.130 17 June 2019 1,600 1,600 0.805 20 Sept 2023 Total 1,440 1,600 — (1,440) 1,600 R. Wright 1,000 (1,000) — — 28 Oct 2020 4,000 (1,000) 3,000 0.209 - 1.130 25 May 2021 Total 5,000 — (2,000) — 3,000 In service: December 31 8,840 4,400 (2,000) (3,840) 7,400 Long Term Incentive Plan Year Granted Settled Forfeited Not vested Reserved at December 31, 2020 S. de Vries 2020 — — — — — 2019 201,050 — — — 201,050 2018 130,131 — — — 130,131 B.M. Giannetti 2020 — — — — — 2019 131,331 — — — 131,331 2018 85,005 — — — 85,005 R. Wright 2020 — — — — — 2019 125,476 — — — 125,476 2018 81,215 — — — 81,215 Total 2020 — — — — — 2019 457,857 — — — 457,857 2018 296,351 — — — 296,351 |
BOARD OF DIRECTORS (Tables)
BOARD OF DIRECTORS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Related Party [Abstract] | |
Summary of annual compensation of the board of directors | Compensation of the Non-Executive members of the Board of Directors and / or of former members of the Supervisory Board of Directors for 2020, 2019, and 2018 was as follows: Amounts in € ‘000 Year BOSD / BOD AC RC GC Share-Based Payment Total P. Sekhri 2020 65 — — — 52 117 2019 50 — — — 33 83 2018 50 — — — 30 80 Ms D. Jorn * 2020 45 3 6 — 35 89 2019 20 2 4 — 5 31 2018 — — — — — — J. Blaak ****** 2020 — — — — — — 2019 — — — — — — 2018 18 — 2 — 18 38 J.H.L. Ernst *** 2020 41 3 3 3 37 87 2019 36 3 3 — 26 68 2018 36 3 3 — 26 68 J.B. Ward 2020 45 — 3 6 40 94 2019 36 — 3 — 27 66 2018 36 — 6 — 26 68 A. de Winter 2020 45 9 — 3 40 97 2019 36 9 — — 28 73 2018 36 9 — — 26 71 J. Egberts ** 2020 — — — — 4 4 2019 15 — 1 — — 16 2018 36 3 — — 20 59 B. Yanni **** 2020 31 — — — 21 52 2019 — — — — — — 2018 — — — — — — M. Pykett ***** 2020 31 — — — 21 52 2019 — — — — — — 2018 — — — — — — Total 2020 303 15 12 12 250 592 2019 193 14 11 — 119 337 2018 212 15 11 — 146 384 * Ms D. Jorn was appointed on May 22, 2019 ** Mr. J. Egberts retired from the BOSD at May 22, 2019 *** Mr.J.H.L Ernst retired from the BOSD at November 23, 2020 **** Mrs. B. Yanni was appointed on December 11, 2020 *****Mr. M. Pykett was appointed on December 11, 2020 ****** Mr Blaak retired from the board on May 23, 2018 |
Overview of number of LTIP shares granted, fair value per share, forfeited or issued | An overview of the number of LTIP shares granted in 2018-2020 and in total as well as the fair value per share award is as follows: Participant category 2020 2019 2018 Total Non Executive members of the Board of Directors — 205,000 100,000 305,000 Executive Members of the Board of Directors — 201,050 130,131 331,181 Executive Committee 105,000 326,807 186,220 618,027 Senior managers 930,000 1,830,000 965,000 3,725,000 Total 1,035,000 2,562,857 1,381,351 4,979,208 Fair value per share award (€) 0.752 0.345 0.671 The following table provides an overview of LTIP shares granted, forfeited or issued in 2018-2020 as well as the number of LTIP shares reserved at December 31, 2020: Participant category Granted Forfeited Not vested Reserved at December 31, 2020 Non Executive members of the Board of Directors 305,000 (20,000) (46,187) 238,813 Executive Members of the Board of Directors 331,181 0 (97,273) 233,908 Executive Committee 618,027 (85,005) (76,432) 456,590 Senior managers 3,725,000 (81,210) (619,969) 3,023,821 Total 4,979,208 (186,215) (839,861) 3,953,132 The following table gives an overview of movements in number of LTIP shares of the Non-Executive members of the Board of Directors and / or of the former Board of Supervisory Directors: Amounts in € ‘000 Year Granted Settled Forfeited Not vested Reserved at December 31, 2020 J.H.L. Ernst 2020 — — — — — 2019 40 — (40) — — 2018 25 — (25) — — J.Blaak 2020 — — — — — 2019 — — — — — 2018 — — — — — J.B. Ward 2020 — — — — — 2019 35 — — — 35 2018 25 — — — 25 A. de Winter 2020 — — — — — 2019 40 — — — 40 2018 25 — — — 25 P. Sekhri 2020 — — — — — 2019 50 — — — 50 2018 30 — — — 30 D. Jorn 2020 — — — — — 2019 40 — — — 40 J. Egberts 2020 — — — — — 2019 — — — — — 2018 20 — (20) — — B. Yanni 2020 — — — — — M. Pykett 2020 — — — — — Total 2020 — — — — — 2019 205 — (40) — 165 2018 125 — (45) — 80 |
Summary of shares held by members of the Board of Directors | At December 31, 2020 the members of the former Board of Management held the following numbers of shares: Shares held As at December 31, 2020 S. de Vries 6,638,869 B.M. Giannetti 1,707,714 Total 8,346,583 As at December 31, 2020 Ordinary shares Certificates of shares P. Sekhri 110,000 230,000 A. de Winter 213,125 — J.B. Ward 328,313 — Ms. D. Jorn — — Ms. B. Yanni — — M. Pykett — — Total 651,438 230,000 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Related Party [Abstract] | |
RELATED PARTY TRANSACTIONS | Compensation of the members of the former Board of Management for 2020, 2019 and 2018 was as follows: Amounts in € ‘000 Year Base salary Bonus (i) Share-based payment (ii) Post-employment benefits (iii) Other (iv) Total S. de Vries 2020 538 377 1,522 94 32 2,563 2019 507 310 487 72 32 1,408 2018 490 428 325 81 32 1,356 B.M. Giannetti 2020 352 176 620 74 24 1,246 2019 331 170 289 70 8 868 2018 320 233 201 77 8 839 R. Wright 2020 136 12 94 13 306 561 2019 317 149 114 23 0 603 2018 306 148 167 34 0 655 Total 2020 1,026 565 2,236 181 362 4,370 2019 1,155 629 890 165 40 2,879 2018 1,116 809 693 192 40 2,850 (i) Bonuses are related to the achievement of the corporate and personal objectives. Refer to the report of the Remuneration Committee for the review of the performance and the extent the goals have been met. (ii) Share-based payments are long term benefits and for 2020 relate to options of €0.07 million (2019:€0.6 million) and long-term incentive plan of €2.2 million (2019 €0.3 million). (iii) Post-employment benefits were in line with previous year. (iv) Includes car allowances and a termination payment of €0.306 million for Mr. R. Wright Amounts in € ‘000 2020 2019 2018 Salaries and other short-term employee benefits 2,359 2,132 2,250 Post-employment benefits 181 165 193 Share-based compensation 2,486 1,009 839 Total 5,026 3,306 3,282 |
OTHER FINANCIAL LIABILITIES, _2
OTHER FINANCIAL LIABILITIES, INCLUDING BUSINESS COMBINATIONS AND CONTINGENT CONSIDERATION (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of detailed information about financial instruments [abstract] | |
Schedule of other financial liabilities | Movement of derivative financial liabilities for 2020, 2019 and 2018 can be summarized as follows: Amounts in € ‘000 2020 2019 2018 Balance at January 1, 268 228 10,080 Fair value losses (gains) derivatives (60) 209 495 Redemption cash settlement — — (1,779) Conversions into shares (61) (169) (8,568) Balance at December 31, 147 268 228 Amounts in € ‘000 2020 2019 Current Contingent consideration 20,357 17,835 Total current 20,357 17,835 Non-current Contingent consideration — 17,081 Financial guarantee contracts 173 201 Total non-current 173 17,282 Total 20,530 35,117 The following table includes carrying values and the estimated fair values of financial instruments: Amounts in € ‘000 2020 2019 Carrying value Fair value Carrying value Fair value Assets: Cash and cash equivalents, including restricted cash 168,293 168,293 68,567 68,567 Trade and other receivables 29,236 29,236 25,737 25,737 Liabilities: Loans and borrowings — — 45,590 45,590 Convertible Bond 123,588 123,588 — — Lease Liabilities 8,300 8,300 6,309 6,309 Other financial liabilities 20,530 20,530 35,117 35,117 Trade and other payables 38,816 38,816 36,247 36,247 Derivative financial liabilities 147 147 268 268 |
FINANCIAL RISK MANAGEMENT (Tabl
FINANCIAL RISK MANAGEMENT (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Financial Risk Management [Abstract] | |
Disclosure of maturity analysis for non-derivative financial liabilities | Future minimum lease payments as at December 31, 2020 and 2019 are as follows: 2020 2019 Amounts in € ‘000 Minimum payments Present value of payments Minimum payments Present value of payments Within one year 2,109 1,598 1,946 1,946 After one year but not more than five years 5,833 4,693 3,149 3,149 More than five years 2,615 2,009 1,214 1,214 Balance at December 31 10,557 8,300 6,309 6,309 The following table presents the financial liabilities at year-end 2020, showing the remaining undiscounted contractual amounts due including nominal interest: Amounts in €’000 2021 2022 2023 2024 2025 and onwards Total Prior year total Trade and other payables 38,816 — — — — 38,816 36,247 Derivative financial liabilities 147 — — — — 147 268 Loans and borrowings — — — — — — 49,601 Other financial liabilities 20,530 — — — — 20,530 40,269 Lease Liabilities 2,109 1,865 1,593 1,231 3,799 10,597 10,215 Convertible Bonds 3,750 3,750 3,750 3,750 126,875 141,875 — Total 65,352 5,615 5,343 4,981 130,674 211,965 136,600 The table sets out an analysis for each of the period presented of the net position of Loans and borrowings, and Cash and cash equivalents, showing the remaining undiscounted contractual amounts due including nominal interest. Amounts in € ‘000 2020 2019 Cash and cash equivalents 167,068 66,299 Loans and borrowings - repayable within one year — (49,601) Convertible bond - repayable within one year (1,661) Convertible bond - repayable after one year (121,927) — Net debt 43,480 16,698 Cash and cash equivalents 167,068 66,299 Gross debt - fixed interest rates (123,588) (49,601) Gross debt - variable interest rates — — Net debt 43,480 16,698 |
Disclosure of maturity analysis for derivative financial liabilities | The following table presents the financial liabilities at year-end 2020, showing the remaining undiscounted contractual amounts due including nominal interest: Amounts in €’000 2021 2022 2023 2024 2025 and onwards Total Prior year total Trade and other payables 38,816 — — — — 38,816 36,247 Derivative financial liabilities 147 — — — — 147 268 Loans and borrowings — — — — — — 49,601 Other financial liabilities 20,530 — — — — 20,530 40,269 Lease Liabilities 2,109 1,865 1,593 1,231 3,799 10,597 10,215 Convertible Bonds 3,750 3,750 3,750 3,750 126,875 141,875 — Total 65,352 5,615 5,343 4,981 130,674 211,965 136,600 |
Disclosure of fair value gain (loss) on revaluation derivatives | The following tables summarizes fair value gain (losses) on revaluation derivatives: Amounts in € ‘000 2020 2019 2018 Revaluation warrants 60 (209) (302) Revaluation conversion rights — — (193) Total 60 (209) (495) 2020 2019 Amounts in € ‘000 Level 3 Total Level 3 Total Derivative financial liabilities 147 147 268 268 Other financial liabilities 173 173 35,117 35,117 Balance at December 31 320 320 35,385 35,385 |
Disclosure of significant unobservable inputs used in fair value measurement of liabilities | Accordingly, the fair value of the warrants has been determined through the Black-Scholes model, applying the following parameters as at December 31 in each year: 2020 2019 Expected time to maturity of warrants in issue 0.9 years 1.9 years Volatility 53 % 58 % Risk-free interest rate -0.53 % -0.30 % |
Disclosure of financial assets at carrying and fair value | The following table includes carrying values and the estimated fair values of financial instruments: Amounts in € ‘000 2020 2019 Carrying value Fair value Carrying value Fair value Assets: Cash and cash equivalents, including restricted cash 168,293 168,293 68,567 68,567 Trade and other receivables 29,236 29,236 25,737 25,737 Liabilities: Loans and borrowings — — 45,590 45,590 Convertible Bond 123,588 123,588 — — Lease Liabilities 8,300 8,300 6,309 6,309 Other financial liabilities 20,530 20,530 35,117 35,117 Trade and other payables 38,816 38,816 36,247 36,247 Derivative financial liabilities 147 147 268 268 |
Disclosure of financial liabilities at carrying and fair value | Movement of derivative financial liabilities for 2020, 2019 and 2018 can be summarized as follows: Amounts in € ‘000 2020 2019 2018 Balance at January 1, 268 228 10,080 Fair value losses (gains) derivatives (60) 209 495 Redemption cash settlement — — (1,779) Conversions into shares (61) (169) (8,568) Balance at December 31, 147 268 228 Amounts in € ‘000 2020 2019 Current Contingent consideration 20,357 17,835 Total current 20,357 17,835 Non-current Contingent consideration — 17,081 Financial guarantee contracts 173 201 Total non-current 173 17,282 Total 20,530 35,117 The following table includes carrying values and the estimated fair values of financial instruments: Amounts in € ‘000 2020 2019 Carrying value Fair value Carrying value Fair value Assets: Cash and cash equivalents, including restricted cash 168,293 168,293 68,567 68,567 Trade and other receivables 29,236 29,236 25,737 25,737 Liabilities: Loans and borrowings — — 45,590 45,590 Convertible Bond 123,588 123,588 — — Lease Liabilities 8,300 8,300 6,309 6,309 Other financial liabilities 20,530 20,530 35,117 35,117 Trade and other payables 38,816 38,816 36,247 36,247 Derivative financial liabilities 147 147 268 268 |
Disclosure of reconciliation of liabilities arising from financing activities | Reconciliation of liabilities arising from financing activities: 2019 Cashflows Non - Cash changes 2020 Amounts in €’000 Acquisition Interest Expense Accrued Amortized costs Fair Value Changes Other Loans and borrowings 45,590 (50,088) — 346 449 — 3,703 * — Convertible Bond — 120,807 — 3,536 650 — (1,405) ** 123,588 Other financial liabilities 35,117 (18,136) — — — 3,249 300 *** 20,530 Lease Liabilities 6,309 (1,913) 3,308 596 — — — 8,300 Derivative financial liabilities 268 — — — — (121) — 147 Total liabilities from financing activities 87,284 50,670 3,308 4,478 1,099 3,128 2,598 152,565 * Represents for the majority exit fees paid. ** Represents value conversion rights of convertible bonds as reflected in the consolidated Shareholders' Equity. *** Represents foreign exchange result on the milestone payment. |
EARNINGS PER SHARE AND FULLY-_2
EARNINGS PER SHARE AND FULLY-DILUTED SHARES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Earnings Per Share [Abstract] | |
Schedule of basic and diluted profit (loss) per share | For 2020, 2019 and 2018, the basic and diluted profit (loss) per share is: 2020 2019 2018 Net profit attributable to equity owners of the parent (in €’000) 33,035 36,195 24,993 Weighted average shares outstanding 636,268,929 626,315,013 606,618,117 Basic earnings per share (in €) 0.051 0.058 0.041 Weighted average diluted shares outstanding 682,737,280 673,519,995 653,527,702 Diluted earnings per share (in €) 0.048 0.054 0.038 |
Schedule of movements of shares and other instruments | Movements of shares and other instruments between December 31, 2020 and April 7, 2021 are shown in the table below: December 31, 2020 Shares issued Shares reserved April 7, 2021 Shares 638,821,619 2,300,290 168,105 641,290,014 Warrants 148,944 (60,915) — 88,029 Options 50,106,488 (1,217,500) (300,363) 48,588,625 Convertible bonds 62,412,622 — — 62,412,622 LTIP 9,979,208 (1,021,875) (2,837,452) 6,119,881 Issued 761,468,881 — (2,969,710) 758,499,171 Available for issue 118,531,119 — 2,969,710 121,500,829 Authorized share capital 880,000,000 — — 880,000,000 |
ACCOUNTING PRINCIPLES AND POL_4
ACCOUNTING PRINCIPLES AND POLICIES - Foreign currency translation (Details) | 12 Months Ended | ||
Dec. 31, 2020euroPerUSDEUR (€) | Dec. 31, 2019EUR (€)euroPerUSD | Dec. 31, 2018EUR (€) | |
ACCOUNTING PRINCIPLES AND POLICIES [Abstract] | |||
Closing foreign exchange rate | euroPerUSD | 1.2280 | 1.1214 | |
Average foreign exchange rate | € | 1.1426 | 1.1205 | 1.1439 |
ACCOUNTING PRINCIPLES AND POL_5
ACCOUNTING PRINCIPLES AND POLICIES - Intangible assets (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | € 76,615 | € 70,809 | € 52,435 |
Patents and licenses | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | € 0 | ||
Patents and licenses | Bottom of range | |||
Disclosure of detailed information about intangible assets [line items] | |||
Useful life | 6 years | ||
Patents and licenses | Top of range | |||
Disclosure of detailed information about intangible assets [line items] | |||
Useful life | 10 years | ||
Capitalised development expenditure, RUCONEST for HAE EU | |||
Disclosure of detailed information about intangible assets [line items] | |||
Useful life | 10 years | ||
Re-acquired commercial rights, RUCONEST for HAE US | |||
Disclosure of detailed information about intangible assets [line items] | |||
Useful life | 20 years | ||
Remaining amortisation period of intangible assets | 16 years | ||
Re-acquired commercial rights, RUCONEST for HAE EU | |||
Disclosure of detailed information about intangible assets [line items] | |||
Useful life | 12 years | ||
Remaining amortisation period of intangible assets | 11 years | ||
Development costs, software expenses | |||
Disclosure of detailed information about intangible assets [line items] | |||
Useful life | 10 years | ||
Remaining amortisation period of intangible assets | 8 years |
ACCOUNTING PRINCIPLES AND POL_6
ACCOUNTING PRINCIPLES AND POLICIES - Property, plant and equipment (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Land improvements | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Deprecation period for property, plant and equipment | 20 years |
Operational facilities | Bottom of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Deprecation period for property, plant and equipment | 10 years |
Operational facilities | Top of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Deprecation period for property, plant and equipment | 20 years |
Leasehold Improvement | Bottom of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Deprecation period for property, plant and equipment | 5 years |
Leasehold Improvement | Top of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Deprecation period for property, plant and equipment | 10 years |
Manufacturing equipment | Bottom of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Deprecation period for property, plant and equipment | 5 years |
Manufacturing equipment | Top of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Deprecation period for property, plant and equipment | 10 years |
Other | Bottom of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Deprecation period for property, plant and equipment | 5 years |
Other | Top of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Deprecation period for property, plant and equipment | 10 years |
ACCOUNTING PRINCIPLES AND POL_7
ACCOUNTING PRINCIPLES AND POLICIES - Pension plan (Details) - Pension defined benefit plans | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of defined benefit plans [line items] | |
Period of service by employee | 6 months |
Employee age | 18 years |
First range | |
Disclosure of defined benefit plans [line items] | |
Amount matched by employer in defined contribution pension (as percentage) | 1 |
Employee contribution in defined contribution pension (as percentage) | 0.03 |
Second range | |
Disclosure of defined benefit plans [line items] | |
Amount matched by employer in defined contribution pension (as percentage) | 0.50 |
Second range | Bottom of range | |
Disclosure of defined benefit plans [line items] | |
Employee contribution in defined contribution pension (as percentage) | 0.03 |
Second range | Top of range | |
Disclosure of defined benefit plans [line items] | |
Employee contribution in defined contribution pension (as percentage) | 0.05 |
Third range | |
Disclosure of defined benefit plans [line items] | |
Employee contribution in defined contribution pension (as percentage) | 0.05 |
ACCOUNTING PRINCIPLES AND POL_8
ACCOUNTING PRINCIPLES AND POLICIES - Share-based payment (Details) | 12 Months Ended |
Dec. 31, 2020 | |
ACCOUNTING PRINCIPLES AND POLICIES [Abstract] | |
Share options vesting period | 5 years |
ACCOUNTING PRINCIPLES AND POL_9
ACCOUNTING PRINCIPLES AND POLICIES - Long term incentive plan (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Share based compensation [Line Items] | |
Award vesting period | 3 years |
Service period | 3 years |
Executive Directors | New Long Term Incentive Plan | |
Share based compensation [Line Items] | |
Award vesting period | 3 years |
Total shareholder return performance objective, percent | 0.40 |
Strategy oriented performance objectives, percent | 0.60 |
Retainment period | 5 years |
ACCOUNTING PRINCIPLES AND PO_10
ACCOUNTING PRINCIPLES AND POLICIES - Significant accounting judgements and estimates (Details) € in Millions, $ in Millions | Apr. 07, 2019 | Dec. 31, 2020USD ($) | Dec. 31, 2019EUR (€) | Dec. 31, 2020EUR (€) | Dec. 31, 2016USD ($) | Dec. 31, 2016EUR (€) |
Disclosure of associates [line items] | ||||||
Upfront payment amount for the acquisition of RUCONEST | $ 60 | |||||
Contractual future payments commitments for acquisition of intangible assets | 65 | € 65 | ||||
Contingent consideration | ||||||
Disclosure of associates [line items] | ||||||
Liabilities | $ 25 | € 34.9 | € 20.4 | $ 65 | ||
Convertible Bond | Credit spread, measurement input | ||||||
Disclosure of associates [line items] | ||||||
Significant unobservable input, liabilities | 0.0325 | |||||
BioConnection BV | ||||||
Disclosure of associates [line items] | ||||||
Proportion of ownership interest in associates | 43.90% | 43.85% | 44.00% |
ACCOUNTING PRINCIPLES AND PO_11
ACCOUNTING PRINCIPLES AND POLICIES - Schedule of lease liabilities (Details) - EUR (€) € in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Disclosure of initial application of standards or interpretations [line items] | ||||
Operating lease commitments disclosed under IAS 17 at December 31, 2018 | € 8,457 | |||
Lease liabilities | € 8,300 | € 6,309 | € 4,791 | € 5,218 |
Current lease liabilities | 1,598 | 1,946 | 1,441 | |
Non-current lease liabilities | € 6,702 | € 4,363 | 3,350 | |
IFRS 16 | ||||
Disclosure of initial application of standards or interpretations [line items] | ||||
Lease commitments for short-term leases for which recognition exemption has been used | (2,033) | |||
Lessee, Lease Liability, Effect Of Discounting | € (1,633) |
ACCOUNTING PRINCIPLES AND PO_12
ACCOUNTING PRINCIPLES AND POLICIES - Schedule of right-of-use assets (Details) - EUR (€) € in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Disclosure of quantitative information about right-of-use assets [line items] | ||||
Right-of-use assets | € 7,676 | € 5,979 | € 4,791 | € 4,791 |
Lease liabilities | 8,300 | 6,309 | € 4,791 | 5,218 |
Weighted average lessee's incremental borrowing rate applied to lease liabilities recognised at date of initial application of IFRS 16 | 10.80% | |||
Buildings | ||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||
Right-of-use assets | 6,330 | 5,441 | € 4,228 | 4,228 |
Cars | ||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||
Right-of-use assets | € 1,346 | € 538 | € 563 | € 563 |
SEGMENT INFORMATION (Details)
SEGMENT INFORMATION (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenues | € 185,694 | € 169,022 | € 135,130 |
Gross profit | 165,093 | 147,667 | 112,950 |
US | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenues | 177,388 | 162,690 | 126,636 |
Gross profit | 161,057 | 144,780 | 111,581 |
Europe | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenues | 7,205 | 5,041 | 7,166 |
Gross profit | 3,093 | 1,911 | 290 |
RoW | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenues | 1,101 | 1,291 | 1,328 |
Gross profit | € 943 | € 976 | € 1,079 |
REVENUE (Details)
REVENUE (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenues included within deferred license revenue | € 1,500 | € 800 | |
Revenues | € 185,694 | 169,022 | 135,130 |
Revenue benchmark | Customer Concentration Risk | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenues | € 141,500 | € 130,800 | € 100,300 |
Percentage of entity's revenue | 76.00% | 77.00% | 74.00% |
OTHER INCOME - Narrative (Detai
OTHER INCOME - Narrative (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Of Government Grants [Abstract] | |||
Income from government grants | € 1,601 | € 435 | € 684 |
EXPENSES BY NATURE - Cost of sa
EXPENSES BY NATURE - Cost of sales (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Expenses by nature [abstract] | |||
Costs of sales | € 20,601 | € 20,587 | € 20,576 |
Changed related to the cost of sales | 0 | (768) | (1,604) |
Total | € (20,601) | € (21,355) | € (22,180) |
EXPENSES BY NATURE - Research a
EXPENSES BY NATURE - Research and development (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Expenses by nature [abstract] | |||
Employee costs | € (18,365) | € (15,676) | € (15,734) |
Amortization costs IFA | (677) | (55) | (45) |
Impairment losses IFA | 0 | 732 | 0 |
Depreciation PPE and right of use assets | 1,805 | 1,772 | 1,546 |
Direct Operating Expenses | (11,206) | (9,667) | (9,599) |
Other indirect research and development costs | (1,659) | (1,930) | (1,958) |
Total research and development costs | € (33,712) | € (28,368) | € (28,882) |
EXPENSES BY NATURE - General an
EXPENSES BY NATURE - General and administrative (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Expenses by nature [abstract] | |||
Employee costs | € (9,817) | € (7,657) | € (5,225) |
Amortization costs IFA | 0 | (5) | (2) |
Depreciation PPE and right of use assets | (1,001) | (977) | (614) |
Direct Operating Expenses | (8,355) | (7,973) | (5,198) |
Other indirect general and administrative costs | (1,906) | (2,301) | (1,181) |
Total general and administrative costs | € (21,079) | € (18,913) | € (12,221) |
EXPENSES BY NATURE - Marketing
EXPENSES BY NATURE - Marketing and Sales (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Expenses by nature [abstract] | |||
Employee costs | € (20,212) | € (16,615) | € (14,933) |
Amortization costs IFA | (2,834) | (2,824) | (28) |
Impairment losses IFA | 0 | 0 | (2,793) |
Depreciation PPE and right of use assets | (757) | (277) | (410) |
Direct Operating Expenses | (20,446) | (17,481) | (14,848) |
Other indirect marketing and sales costs | (915) | (2,717) | (1,527) |
Marketing and sales | € (45,164) | € (39,914) | € (34,539) |
EXPENSES BY NATURE - Employee b
EXPENSES BY NATURE - Employee benefits (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Expenses by nature [abstract] | |||
Salaries | € (32,217) | € (26,363) | € (22,887) |
Social security costs | (3,765) | (3,364) | (2,251) |
Pension costs | (1,614) | (1,577) | (1,034) |
Share-based compensation | (7,356) | (4,449) | (3,889) |
Total | € (44,952) | € (35,753) | € (30,061) |
EXPENSES BY NATURE - Depreciati
EXPENSES BY NATURE - Depreciation and amortization (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Depreciation and Amortization [Line Items] | |||
Depreciation and amortisation expense | € (5,297) | € (4,457) | € (3,935) |
Right of use assets | (1,774) | (1,453) | 0 |
Buildings | |||
Depreciation and Amortization [Line Items] | |||
Right of use assets | (1,471) | (1,125) | 0 |
Cars | |||
Depreciation and Amortization [Line Items] | |||
Right of use assets | (303) | (328) | 0 |
Property, plant and equipment | |||
Depreciation and Amortization [Line Items] | |||
Depreciation and amortisation expense | (1,789) | (1,573) | (1,090) |
Intangible fixed assets | |||
Depreciation and Amortization [Line Items] | |||
Depreciation and amortisation expense | € (3,508) | € (2,884) | € (2,845) |
FAIR VALUE GAIN (LOSS) ON REV_3
FAIR VALUE GAIN (LOSS) ON REVALUATION DERIVATIVES - Summary (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Warrants | |||
Disclosure of fair value measurement of liabilities [line items] | |||
Gains (losses) recognised in profit or loss including exchange differences, fair value measurement, liabilities | € 60 | € (209) | € (302) |
Conversion rights | |||
Disclosure of fair value measurement of liabilities [line items] | |||
Gains (losses) recognised in profit or loss including exchange differences, fair value measurement, liabilities | 0 | 0 | (193) |
Derivative financial liabilities | |||
Disclosure of fair value measurement of liabilities [line items] | |||
Gains (losses) recognised in profit or loss including exchange differences, fair value measurement, liabilities | € 60 | € (209) | € (495) |
OTHER FINANCIAL INCOME AND EX_3
OTHER FINANCIAL INCOME AND EXPENSES - Narrative (Details) € in Thousands, $ in Millions | 1 Months Ended | 12 Months Ended | |||||||
Feb. 29, 2020USD ($) | Jan. 31, 2020EUR (€) | Mar. 31, 2019USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020EUR (€) | Dec. 31, 2019EUR (€) | Dec. 31, 2018EUR (€) | Dec. 31, 2020USD ($) | Dec. 31, 2016USD ($) | |
Disclosure of fair value measurement of liabilities [line items] | |||||||||
Loan settlement | € | € 3,800 | € 3,775 | € 0 | € 0 | |||||
Contingent consideration | |||||||||
Disclosure of fair value measurement of liabilities [line items] | |||||||||
Liabilities | € 20,400 | € 34,900 | $ 25 | $ 65 | |||||
Settlements, fair value measurement, liabilities | $ 20 | $ 20 | |||||||
Contingent consideration | Forecast | |||||||||
Disclosure of fair value measurement of liabilities [line items] | |||||||||
Settlements, fair value measurement, liabilities | $ 25 |
INCOME TAX - Schedule of compon
INCOME TAX - Schedule of components of current and deferred income tax expense (income) (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Current tax | |||
Current tax on profit for the year | € (2,367) | € (4,315) | € (413) |
Adjustments for current tax of prior periods | 1,310 | 242 | (919) |
Total current tax expense | 1,057 | 4,073 | 1,332 |
Deferred income tax | |||
Deferred tax on profit for the year | (7,535) | (6,784) | (5,697) |
Adjustments for deferred tax of prior periods | 3,036 | 373 | 31,165 |
Total deferred tax expense | 4,499 | 6,411 | (25,468) |
Tax expense (income) | € (5,556) | € (10,484) | € 24,136 |
INCOME TAX - Schedule of reconc
INCOME TAX - Schedule of reconciliation of statutory income tax rate with effective income tax rate (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Reconciliation of tax charge | |||
Accounting profit | € 38,591 | € 46,679 | € 857 |
Profit (loss) on ordinary activities multiplied by standard rate of tax in The Netherlands | (9,647) | (11,670) | (214) |
Effects of: | |||
Tax rate in other jurisdictions | 233 | 9 | 263 |
Non-taxable income (expense) | 256 | (628) | (793) |
Adjustments of prior periods | 1,857 | 373 | 31,165 |
Change in statutory applicable tax rate | 2,489 | 2,877 | (5,367) |
Other | (744) | (1,445) | (918) |
Tax expense (income) | € (5,556) | € (10,484) | € 24,136 |
INCOME TAX - Schedule of balanc
INCOME TAX - Schedule of balance of the net deferred tax asset (liability) (Details) - EUR (€) € in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Net deferred tax assets and liabilities [abstract] | |||
Total deferred tax assets | € 27,471 | € 30,933 | € 35,082 |
Total deferred tax liabilities | (1,514) | (2,343) | € (87) |
Total net deferred tax assets /( liabilities) | € 25,957 | € 28,590 |
INCOME TAX - Schedule of the si
INCOME TAX - Schedule of the significant components of deferred income tax assets (Details) - EUR (€) € in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax assets [line items] | |||
Deferred tax assets | € 27,471 | € 30,933 | € 35,082 |
Intangible fixed assets | |||
Deferred tax assets [line items] | |||
Deferred tax assets | 14,417 | 12,514 | 11,822 |
Short term assets | |||
Deferred tax assets [line items] | |||
Deferred tax assets | 0 | 0 | |
Other financial assets | |||
Deferred tax assets [line items] | |||
Deferred tax assets | 0 | 8,186 | |
Accruals | |||
Deferred tax assets [line items] | |||
Deferred tax assets | 4,172 | 3,217 | 786 |
Other | |||
Deferred tax assets [line items] | |||
Deferred tax assets | 4,182 | 1,102 | 0 |
Tax losses | |||
Deferred tax assets [line items] | |||
Deferred tax assets | € 4,700 | € 5,914 | € 10,626 |
INCOME TAX - Summary of movemen
INCOME TAX - Summary of movement in deferred tax assets (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | € 30,933 | € 35,082 |
Deferred tax assets | € 27,471 | 30,933 |
Period of forecasts | 3 years | |
Intangible fixed assets | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | € 12,514 | 11,822 |
Deferred tax expense (income) recognised in profit or loss | (1,903) | (692) |
Income tax relating to components of other comprehensive income | 0 | 0 |
Deferred tax expense (income) recognised in accumulated loss (profit) | 0 | |
Deferred tax assets | 14,417 | 12,514 |
Short term assets (liabilities) | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 0 | 907 |
Deferred tax expense (income) recognised in profit or loss | 0 | 907 |
Income tax relating to components of other comprehensive income | 0 | 0 |
Deferred tax expense (income) recognised in accumulated loss (profit) | 0 | |
Deferred tax assets | 0 | 0 |
Other financial assets (liabilities) | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 8,186 | 10,941 |
Deferred tax expense (income) recognised in profit or loss | 8,186 | 2,755 |
Income tax relating to components of other comprehensive income | 0 | 0 |
Deferred tax expense (income) recognised in accumulated loss (profit) | 0 | |
Deferred tax assets | 0 | 8,186 |
Accruals | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 3,217 | 786 |
Deferred tax expense (income) recognised in profit or loss | (1,185) | (2,426) |
Income tax relating to components of other comprehensive income | (230) | 5 |
Deferred tax expense (income) recognised in accumulated loss (profit) | 0 | |
Deferred tax assets | 4,172 | 3,217 |
Other | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 1,102 | 0 |
Deferred tax expense (income) recognised in profit or loss | (1,019) | (1,102) |
Income tax relating to components of other comprehensive income | (5) | 0 |
Deferred tax expense (income) recognised in accumulated loss (profit) | 2,066 | |
Deferred tax assets | 4,182 | 1,102 |
Tax losses | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 5,914 | 10,626 |
Deferred tax expense (income) recognised in profit or loss | 1,214 | 4,712 |
Income tax relating to components of other comprehensive income | 0 | 0 |
Deferred tax expense (income) recognised in accumulated loss (profit) | 0 | |
Deferred tax assets | 4,700 | 5,914 |
Total Deferred Tax Assets | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax expense (income) recognised in profit or loss | 5,293 | 4,154 |
Income tax relating to components of other comprehensive income | (235) | € 5 |
Deferred tax expense (income) recognised in accumulated loss (profit) | € 2,066 |
INCOME TAX - Schedule of calcul
INCOME TAX - Schedule of calculation of the deferred tax assets (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Deferred tax assets [line items] | |||
Net Operating Losses at year-end | € (66,739) | € (60,907) | € (37,992) |
Profit (loss) on ordinary activities multiplied by standard rate of tax in The Netherlands | 9,647 | 11,670 | 214 |
Deferred tax assets | 27,471 | 30,933 | 35,082 |
Current net deferred tax assets | 8,900 | 18,400 | |
Tax losses | |||
Deferred tax assets [line items] | |||
Deferred tax assets | 4,700 | 5,914 | € 10,626 |
NETHERLANDS | |||
Deferred tax assets [line items] | |||
Net Operating Losses at year-end | 18,801 | 21,926 | |
Profit (loss) on ordinary activities multiplied by standard rate of tax in The Netherlands | (4,700) | (5,482) | |
Deferred tax assets | 160 | 40 | |
NETHERLANDS | 2020 | |||
Deferred tax assets [line items] | |||
Profit (loss) on ordinary activities multiplied by standard rate of tax in The Netherlands | 0 | (5,482) | |
NETHERLANDS | 2021 and after | |||
Deferred tax assets [line items] | |||
Profit (loss) on ordinary activities multiplied by standard rate of tax in The Netherlands | (4,700) | 0 | |
NETHERLANDS | Tax losses | |||
Deferred tax assets [line items] | |||
Deferred tax assets | 4,700 | 5,482 | |
FRANCE | |||
Deferred tax assets [line items] | |||
Net Operating Losses at year-end | 0 | 1,394 | |
Profit (loss) on ordinary activities multiplied by standard rate of tax in The Netherlands | 0 | 432 | |
FRANCE | Tax losses | |||
Deferred tax assets [line items] | |||
Deferred tax assets | € 0 | € 432 |
INCOME TAX - Schedule of comp_2
INCOME TAX - Schedule of components and annual movement of deferred income tax liabilities (Details) - EUR (€) € in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred Tax Liabilities [Line Items] | |||
Total deferred tax liabilities | € (1,514) | € (2,343) | € (87) |
Tangible fixed assets | |||
Deferred Tax Liabilities [Line Items] | |||
Total deferred tax liabilities | (1,343) | (1,135) | 0 |
Other liabilities | |||
Deferred Tax Liabilities [Line Items] | |||
Total deferred tax liabilities | € (171) | € (1,208) | € (87) |
INCOME TAX - Summary of movem_2
INCOME TAX - Summary of movement in deferred tax liabilities (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax liabilities | € (2,343) | € (87) |
Deferred tax liabilities | (1,514) | (2,343) |
Tangible fixed assets | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax liabilities | (1,135) | 0 |
Deferred tax expense (income) recognised in profit or loss | (230) | (1,135) |
Income tax relating to components of other comprehensive income | 22 | 0 |
Deferred tax liabilities | (1,343) | (1,135) |
Other liabilities | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax liabilities | (1,208) | (87) |
Deferred tax expense (income) recognised in profit or loss | 1,023 | (1,122) |
Income tax relating to components of other comprehensive income | 14 | 1 |
Deferred tax liabilities | (171) | (1,208) |
Total Deferred Tax Liabilities | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax expense (income) recognised in profit or loss | 793 | (2,257) |
Income tax relating to components of other comprehensive income | € 36 | € 1 |
INTANGIBLE ASSETS - Schedule of
INTANGIBLE ASSETS - Schedule of intangible assets (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets other than goodwill at beginning of period | € 70,809 | € 52,435 |
Amortization charges | (3,508) | (2,884) |
Impairment charges | 0 | 732 |
Capitalized development costs | 139 | 1,335 |
Assets acquired | 9,175 | 19,191 |
Movement | 5,806 | 18,374 |
Intangible assets other than goodwill at period end | 76,615 | 70,809 |
Transgenic technology | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets other than goodwill at beginning of period | 0 | 0 |
Amortization charges | 0 | 0 |
Impairment charges | 0 | 0 |
Capitalized development costs | 0 | 0 |
Assets acquired | 0 | 0 |
Movement | 0 | 0 |
Intangible assets other than goodwill at period end | 0 | 0 |
RUCONEST for HAE EU | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets other than goodwill at beginning of period | 44 | 97 |
Amortization charges | (44) | (53) |
Impairment charges | 0 | 0 |
Capitalized development costs | 0 | 0 |
Assets acquired | 0 | 0 |
Movement | (44) | (53) |
Intangible assets other than goodwill at period end | 0 | 44 |
Development costs | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets other than goodwill at beginning of period | 4,304 | 2,237 |
Amortization charges | 0 | 0 |
Impairment charges | 0 | 732 |
Capitalized development costs | 139 | 1,335 |
Assets acquired | 0 | 0 |
Movement | 139 | 2,067 |
Intangible assets other than goodwill at period end | 4,443 | 4,304 |
Re-acquired rights and Licenses | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets other than goodwill at beginning of period | 47,308 | 50,101 |
Amortization charges | (3,418) | (2,793) |
Impairment charges | 0 | 0 |
Capitalized development costs | 0 | 0 |
Assets acquired | 7,500 | 0 |
Movement | 4,082 | (2,793) |
Intangible assets other than goodwill at period end | 51,390 | 47,308 |
Novartis License | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets other than goodwill at beginning of period | 18,702 | 0 |
Amortization charges | 0 | 0 |
Impairment charges | 0 | 0 |
Capitalized development costs | 0 | 0 |
Assets acquired | 1,385 | 18,702 |
Movement | 1,385 | 18,702 |
Intangible assets other than goodwill at period end | 20,087 | 18,702 |
Software | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets other than goodwill at beginning of period | 451 | 0 |
Amortization charges | (46) | (38) |
Impairment charges | 0 | 0 |
Capitalized development costs | 0 | 0 |
Assets acquired | 290 | 489 |
Movement | 244 | 451 |
Intangible assets other than goodwill at period end | 695 | 451 |
Gross carrying amount | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets other than goodwill at beginning of period | 84,426 | 63,900 |
Intangible assets other than goodwill at period end | 93,740 | 84,426 |
Gross carrying amount | Transgenic technology | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets other than goodwill at beginning of period | 2,651 | 2,651 |
Intangible assets other than goodwill at period end | 2,651 | 2,651 |
Gross carrying amount | RUCONEST for HAE EU | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets other than goodwill at beginning of period | 528 | 528 |
Intangible assets other than goodwill at period end | 528 | 528 |
Gross carrying amount | Development costs | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets other than goodwill at beginning of period | 6,196 | 4,861 |
Intangible assets other than goodwill at period end | 6,335 | 6,196 |
Gross carrying amount | Re-acquired rights and Licenses | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets other than goodwill at beginning of period | 55,860 | 55,860 |
Intangible assets other than goodwill at period end | 63,360 | 55,860 |
Gross carrying amount | Novartis License | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets other than goodwill at beginning of period | 18,702 | 0 |
Intangible assets other than goodwill at period end | 20,087 | 18,702 |
Gross carrying amount | Software | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets other than goodwill at beginning of period | 489 | 0 |
Intangible assets other than goodwill at period end | 779 | 489 |
Accumulated amortisation | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets other than goodwill at beginning of period | (11,690) | (8,806) |
Intangible assets other than goodwill at period end | (15,198) | (11,690) |
Accumulated amortisation | Transgenic technology | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets other than goodwill at beginning of period | (2,616) | (2,616) |
Intangible assets other than goodwill at period end | (2,616) | (2,616) |
Accumulated amortisation | RUCONEST for HAE EU | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets other than goodwill at beginning of period | (484) | (431) |
Intangible assets other than goodwill at period end | (528) | (484) |
Accumulated amortisation | Development costs | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets other than goodwill at beginning of period | 0 | 0 |
Intangible assets other than goodwill at period end | 0 | 0 |
Accumulated amortisation | Re-acquired rights and Licenses | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets other than goodwill at beginning of period | (8,552) | (5,759) |
Intangible assets other than goodwill at period end | (11,970) | (8,552) |
Accumulated amortisation | Novartis License | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets other than goodwill at beginning of period | 0 | 0 |
Intangible assets other than goodwill at period end | 0 | 0 |
Accumulated amortisation | Software | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets other than goodwill at beginning of period | (38) | 0 |
Intangible assets other than goodwill at period end | (84) | (38) |
Accumulated impairment | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets other than goodwill at beginning of period | (1,927) | (2,659) |
Intangible assets other than goodwill at period end | (1,927) | (1,927) |
Accumulated impairment | Transgenic technology | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets other than goodwill at beginning of period | (35) | (35) |
Intangible assets other than goodwill at period end | (35) | (35) |
Accumulated impairment | RUCONEST for HAE EU | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets other than goodwill at beginning of period | 0 | 0 |
Intangible assets other than goodwill at period end | 0 | 0 |
Accumulated impairment | Development costs | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets other than goodwill at beginning of period | (1,892) | (2,624) |
Intangible assets other than goodwill at period end | (1,892) | (1,892) |
Accumulated impairment | Re-acquired rights and Licenses | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets other than goodwill at beginning of period | 0 | 0 |
Intangible assets other than goodwill at period end | 0 | 0 |
Accumulated impairment | Novartis License | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets other than goodwill at beginning of period | 0 | 0 |
Intangible assets other than goodwill at period end | 0 | 0 |
Accumulated impairment | Software | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets other than goodwill at beginning of period | 0 | 0 |
Intangible assets other than goodwill at period end | € 0 | € 0 |
INTANGIBLE ASSETS - Narrative (
INTANGIBLE ASSETS - Narrative (Details) € in Thousands, $ in Millions | 1 Months Ended | 12 Months Ended | |||
Aug. 30, 2019EUR (€) | Aug. 30, 2019USD ($) | Dec. 31, 2020EUR (€) | Dec. 31, 2019EUR (€) | Dec. 31, 2018EUR (€) | |
Disclosure of detailed information about intangible assets [line items] | |||||
Intangible assets other than goodwill | € 76,615 | € 70,809 | € 52,435 | ||
Capitalized development costs | 139 | 1,335 | |||
Impairment charges | 0 | 732 | |||
Assets acquired | € 9,175 | 19,191 | |||
Swedis Orphan Biovitrum International AB | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Period of transitional services | 6 months | ||||
Accumulated impairment | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Intangible assets other than goodwill | € (1,927) | (1,927) | (2,659) | ||
RUCONEST for HAE EU | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Intangible assets other than goodwill | 0 | 44 | 97 | ||
Capitalized development costs | 0 | 0 | |||
Impairment charges | 0 | 0 | |||
Assets acquired | € 0 | 0 | |||
RUCONEST for HAE EU | Bottom of range | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Useful life of the acquired intangible asset from Sobi | 2 years | ||||
RUCONEST for HAE EU | Top of range | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Useful life of the acquired intangible asset from Sobi | 4 years | ||||
RUCONEST for HAE EU | Accumulated impairment | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Intangible assets other than goodwill | € 0 | 0 | 0 | ||
Development costs | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Intangible assets other than goodwill | 4,443 | 4,304 | 2,237 | ||
Capitalized development costs | 139 | 1,335 | |||
Impairment charges | 0 | 732 | |||
Assets acquired | 0 | 0 | |||
Development costs | Accumulated impairment | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Intangible assets other than goodwill | (1,892) | (1,892) | (2,624) | ||
Reversal of impairment | (2,600) | ||||
Licence | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Intangible assets other than goodwill | 20,087 | 18,702 | 0 | ||
Capitalized development costs | 0 | 0 | |||
Impairment charges | 0 | 0 | |||
Assets acquired | € 1,385 | 18,702 | |||
Licence | Swedis Orphan Biovitrum International AB | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Useful life of the acquired intangible asset from Sobi | 12 years | ||||
Assets acquired | € 7,500 | ||||
Licence | Novartis | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Purchase of intangible assets | € 17,900 | $ 20 | 1,400 | 18,700 | |
Licence | Accumulated impairment | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Intangible assets other than goodwill | € 0 | € 0 | € 0 |
PROPERTY, PLANT AND EQUIPMENT -
PROPERTY, PLANT AND EQUIPMENT - Schedule of property, plant and equipment and leases (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning of period | € 8,553 | € 8,402 | |
Investments | 4,075 | 2,363 | |
Internal transfer | 0 | (173) | |
Divestment | (840) | (1,251) | |
Depreciation charges | (2,556) | (2,038) | |
Depreciation of disinvestment | 827 | 1,249 | |
Currency translation | (103) | 1 | |
Movement in property, plant and equipment | 1,403 | 151 | |
Property, plant and equipment at end of period | 9,956 | 8,553 | € 8,402 |
Gross carrying amount | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning of period | 19,461 | 18,521 | |
Property, plant and equipment at end of period | 22,593 | 19,461 | 18,521 |
Accumulated depreciation | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning of period | (10,908) | (10,119) | |
Property, plant and equipment at end of period | (12,637) | (10,908) | (10,119) |
Land and land improvements | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning of period | 27 | 27 | |
Investments | 0 | 0 | |
Internal transfer | 0 | 0 | |
Divestment | 0 | 0 | |
Depreciation charges | 0 | 0 | |
Depreciation of disinvestment | 0 | 0 | |
Currency translation | 0 | 0 | |
Movement in property, plant and equipment | 0 | 0 | |
Property, plant and equipment at end of period | 27 | 27 | 27 |
Land and land improvements | Gross carrying amount | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning of period | 27 | 27 | |
Property, plant and equipment at end of period | 27 | 27 | 27 |
Land and land improvements | Accumulated depreciation | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning of period | 0 | 0 | |
Property, plant and equipment at end of period | 0 | 0 | 0 |
Operational facilities | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning of period | 2,950 | 3,284 | |
Investments | 102 | 182 | |
Internal transfer | (197) | 0 | |
Divestment | (49) | (740) | |
Depreciation charges | (298) | (515) | |
Depreciation of disinvestment | 48 | 739 | |
Currency translation | 1 | 0 | |
Movement in property, plant and equipment | (393) | (334) | |
Property, plant and equipment at end of period | 2,557 | 2,950 | 3,284 |
Operational facilities | Gross carrying amount | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning of period | 5,168 | 5,726 | |
Property, plant and equipment at end of period | 5,025 | 5,168 | 5,726 |
Operational facilities | Accumulated depreciation | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning of period | (2,218) | (2,442) | |
Property, plant and equipment at end of period | (2,468) | (2,218) | (2,442) |
Leasehold Improvement | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning of period | 10 | 10 | |
Investments | 35 | 1 | |
Internal transfer | 407 | 0 | |
Divestment | (407) | 0 | |
Depreciation charges | (207) | (1) | |
Depreciation of disinvestment | 407 | 0 | |
Currency translation | (1) | 0 | |
Movement in property, plant and equipment | 234 | 0 | |
Property, plant and equipment at end of period | 244 | 10 | 10 |
Leasehold Improvement | Gross carrying amount | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning of period | 1,982 | 1,981 | |
Property, plant and equipment at end of period | 2,016 | 1,982 | 1,981 |
Leasehold Improvement | Accumulated depreciation | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning of period | (1,972) | (1,971) | |
Property, plant and equipment at end of period | (1,772) | (1,972) | (1,971) |
Manufacturing equipment | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning of period | 1,673 | 2,144 | |
Investments | 104 | (6) | |
Internal transfer | 0 | 0 | |
Divestment | 0 | 0 | |
Depreciation charges | (786) | (465) | (1,300) |
Depreciation of disinvestment | 0 | 0 | |
Currency translation | (1) | 0 | |
Movement in property, plant and equipment | (683) | (471) | |
Property, plant and equipment at end of period | 990 | 1,673 | 2,144 |
Manufacturing equipment | Gross carrying amount | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning of period | 5,264 | 5,270 | |
Property, plant and equipment at end of period | 5,367 | 5,264 | 5,270 |
Manufacturing equipment | Accumulated depreciation | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning of period | (3,591) | (3,126) | |
Property, plant and equipment at end of period | (4,377) | (3,591) | (3,126) |
Other | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning of period | 3,588 | 2,818 | |
Investments | 1,332 | 1,880 | |
Internal transfer | 234 | (54) | |
Divestment | (384) | (511) | |
Depreciation charges | (1,265) | (1,057) | |
Depreciation of disinvestment | 372 | 510 | |
Currency translation | (77) | 2 | |
Movement in property, plant and equipment | 212 | 770 | |
Property, plant and equipment at end of period | 3,800 | 3,588 | 2,818 |
Other | Gross carrying amount | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning of period | 6,715 | 5,398 | |
Property, plant and equipment at end of period | 7,820 | 6,715 | 5,398 |
Other | Accumulated depreciation | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning of period | (3,127) | (2,580) | |
Property, plant and equipment at end of period | (4,020) | (3,127) | (2,580) |
Asset under construction | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning of period | 305 | 119 | |
Investments | 2,502 | 306 | |
Internal transfer | (444) | (119) | |
Divestment | 0 | 0 | |
Depreciation charges | 0 | 0 | |
Depreciation of disinvestment | 0 | 0 | |
Currency translation | (25) | (1) | |
Movement in property, plant and equipment | 2,033 | 186 | |
Property, plant and equipment at end of period | 2,338 | 305 | 119 |
Asset under construction | Gross carrying amount | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning of period | 305 | 119 | |
Property, plant and equipment at end of period | 2,338 | 305 | 119 |
Asset under construction | Accumulated depreciation | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning of period | 0 | 0 | |
Property, plant and equipment at end of period | € 0 | € 0 | € 0 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT - Narrative (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Depreciation charges | € 2,556 | € 2,038 | |
Depreciation expense charged to the statement of income | 1,800 | 1,600 | € 1,100 |
Capital expenditure for property, plant and equipment | 4,076 | 2,362 | 2,496 |
Manufacturing equipment | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Depreciation charges | € 786 | € 465 | € 1,300 |
RIGHT-OF-USE ASSETS - Schedule
RIGHT-OF-USE ASSETS - Schedule of lease amounts recognised in the balance sheet (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of quantitative information about right-of-use assets [line items] | |||
Value of right-of-use assets at period start | € 5,979 | € 4,791 | |
Investments | 4,521 | 2,641 | |
Divestments | (795) | ||
Investment in a sublease | (363) | ||
Depreciation charges | (1,774) | (1,453) | € 0 |
Depreciation of disinvestment | 185 | ||
Currency translation | (77) | ||
Movement in right-of-use assets | 1,697 | 1,188 | |
Value of right-of-use assets at period end | 7,676 | 5,979 | 4,791 |
Gross carrying amount | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Value of right-of-use assets at period start | 7,432 | ||
Value of right-of-use assets at period end | 10,718 | 7,432 | |
Accumulated depreciation | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Value of right-of-use assets at period start | (1,453) | ||
Value of right-of-use assets at period end | (3,042) | (1,453) | |
Buildings | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Value of right-of-use assets at period start | 5,441 | 4,228 | |
Investments | 3,261 | 2,338 | |
Divestments | (559) | ||
Investment in a sublease | (363) | ||
Depreciation charges | (1,471) | (1,125) | 0 |
Depreciation of disinvestment | 70 | ||
Currency translation | (49) | ||
Movement in right-of-use assets | 889 | 1,213 | |
Value of right-of-use assets at period end | 6,330 | 5,441 | 4,228 |
Buildings | Gross carrying amount | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Value of right-of-use assets at period start | 6,566 | ||
Value of right-of-use assets at period end | 8,856 | 6,566 | |
Buildings | Accumulated depreciation | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Value of right-of-use assets at period start | (1,125) | ||
Value of right-of-use assets at period end | (2,526) | (1,125) | |
Cars | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Value of right-of-use assets at period start | 538 | 563 | |
Investments | 1,260 | 303 | |
Divestments | (236) | ||
Investment in a sublease | 0 | ||
Depreciation charges | (303) | (328) | |
Depreciation of disinvestment | 115 | ||
Currency translation | (28) | ||
Movement in right-of-use assets | 808 | (25) | |
Value of right-of-use assets at period end | 1,346 | 538 | € 563 |
Cars | Gross carrying amount | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Value of right-of-use assets at period start | 866 | ||
Value of right-of-use assets at period end | 1,862 | 866 | |
Cars | Accumulated depreciation | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Value of right-of-use assets at period start | (328) | ||
Value of right-of-use assets at period end | € (516) | € (328) |
RIGHT-OF-USE ASSETS - Narrative
RIGHT-OF-USE ASSETS - Narrative (Details) - EUR (€) € in Thousands | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of quantitative information about right-of-use assets [line items] | ||||
Rental expense | € 2,444 | € 2,115 | ||
Deferred tax assets | € 27,471 | € 27,471 | € 30,933 | € 35,082 |
Buildings | ||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||
Income from subleasing office building | 70 | |||
Gains (Losses) Arisings From Subleases | € 20 | |||
Bottom of range | ||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||
Remaining lease term | 1 year | |||
Top of range | ||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||
Remaining lease term | 10 years |
RIGHT-OF-USE ASSETS - Schedul_2
RIGHT-OF-USE ASSETS - Schedule of right-of-use assets in the statement of income (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Depreciation rights of use assets | € (1,774) | € (1,453) | € 0 |
Interest expense on lease liabilities | (670) | (662) | 0 |
Rental expense | (2,444) | (2,115) | |
Buildings | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Depreciation rights of use assets | (1,471) | (1,125) | € 0 |
Cars | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Depreciation rights of use assets | € (303) | € (328) |
INVESTMENT ACCOUNTED FOR USIN_3
INVESTMENT ACCOUNTED FOR USING THE EQUITY METHOD - Narrative (Details) - EUR (€) € in Thousands | Apr. 07, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of associates [line items] | ||||
Purchase of interests in investments accounted for using equity method | € 288 | € 2,503 | € 0 | |
Investment accounted for using the equity method | € 5,796 | € 5,508 | ||
BioConnection BV | ||||
Disclosure of associates [line items] | ||||
Proportion of ownership interest in associates | 43.90% | 43.85% | 44.00% | |
Investments acquired through conversion of existing credits (prepayments) | € 2,600 | |||
Purchase of interests in investments accounted for using equity method | 2,500 | |||
Investment accounted for using the equity method | € 5,100 | € 5,796 | € 5,508 | € 0 |
INVESTMENT ACCOUNTED FOR USIN_4
INVESTMENT ACCOUNTED FOR USING THE EQUITY METHOD - Disclosure of associates (Details) - EUR (€) € in Thousands | Apr. 07, 2019 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of associates [line items] | |||
Investments in associates accounted for using equity method | € 5,508 | ||
Investments in associates accounted for using equity method | € 5,796 | € 5,508 | |
BioConnection BV | |||
Disclosure of associates [line items] | |||
Proportion of ownership interest in associates | 43.90% | 43.85% | 44.00% |
Investments in associates accounted for using equity method | € 5,508 | € 0 | |
Initial recognition | 0 | 5,078 | |
Share in net profit | 316 | 229 | |
Recognition of financial guarantee | 0 | 221 | |
Amortization of financial guarantee | (28) | (20) | |
Investments in associates accounted for using equity method | € 5,100 | € 5,796 | € 5,508 |
RESTRICTED CASH, CASH AND CAS_3
RESTRICTED CASH, CASH AND CASH EQUIVALENTS (Details) - EUR (€) € in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Subclassifications of assets, liabilities and equities [abstract] | ||||
Restricted cash (current) | € 415 | € 2,268 | ||
Restricted cash (current) | 810 | 0 | ||
Cash and cash equivalents | € 167,068 | € 66,299 | € 80,311 | € 58,657 |
RESTRICTED CASH, CASH AND CAS_4
RESTRICTED CASH, CASH AND CASH EQUIVALENTS - Narrative (Details) - EUR (€) € in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Restricted Cash [Line Items] | ||
Restricted cash | € 1.2 | |
Deposit for Car Leases | ||
Restricted Cash [Line Items] | ||
Restricted cash | € 1.1 |
INVENTORIES - Schedule of inven
INVENTORIES - Schedule of inventories (Details) - EUR (€) € in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure Of Inventories [Abstract] | ||
Finished goods | € 10,376 | € 10,320 |
Work in progress | 4,616 | 1,843 |
Raw materials | 2,237 | 2,304 |
Balance at 31 December | € 17,229 | € 14,467 |
INVENTORIES - Schedule of chang
INVENTORIES - Schedule of changes in the adjustment to net realisable value (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Inventories [Line Items] | ||
Balance at 1 January | € 14,467 | |
Balance at 31 December | 17,229 | € 14,467 |
Adjustment for net realisable value | ||
Inventories [Line Items] | ||
Balance at 1 January | (830) | (927) |
Addition to impairment | (1,269) | (1,010) |
Release of impairment | 1,043 | 328 |
Usage of impairment | 530 | 779 |
Balance at 31 December | € (526) | € (830) |
INVENTORIES - Narrative (Detail
INVENTORIES - Narrative (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Inventories [Line Items] | |||
Inventories | € 17,229 | € 14,467 | |
Changed related to the cost of sales | 0 | 768 | € 1,604 |
Cost of sales | 20,601 | 21,355 | 22,180 |
Adjustment for net realisable value | |||
Inventories [Line Items] | |||
Inventories | (526) | (830) | € (927) |
Obsolescence inventory impairments | 1,269 | 1,010 | |
Adjustment for obsolescence | |||
Inventories [Line Items] | |||
Inventories | 0 | 300 | |
Adjustment for write down | |||
Inventories [Line Items] | |||
Inventories | € 500 | € 400 |
TRADE AND OTHER RECEIVABLES (De
TRADE AND OTHER RECEIVABLES (Details) - EUR (€) € in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Trade receivables | € 19,149 | € 21,427 |
Prepaid expenses | 3,271 | 2,279 |
Value added tax | 1,323 | 1,193 |
Other receivables | 1,877 | 772 |
Taxes and social securities | 3,616 | 66 |
Trade and other current receivables | € 29,236 | € 25,737 |
CONVERTIBLE BONDS - Schedule of
CONVERTIBLE BONDS - Schedule of recognition and movements of convertible bonds (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of detailed information about borrowings [line items] | |||
Interest paid (cash flow) | € (1,875) | € (8,418) | € (11,063) |
2025 Convertible Bonds | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings at the beginning of the period | 0 | ||
Carrying value initial recognition | 121,277 | ||
Interest paid (cash flow) | (1,875) | ||
Amortization transaction cost | 650 | ||
Accrued interest | 3,536 | ||
Borrowings at the end of the period | 123,588 | € 0 | |
- Current portion | 1,661 | ||
- Non-current portion | € 121,927 |
CONVERTIBLE BONDS - Narrative (
CONVERTIBLE BONDS - Narrative (Details) € / shares in Units, € in Thousands, $ in Millions | Feb. 13, 2023 | Jan. 21, 2020EUR (€)€ / sharesshares | Jan. 21, 2020USD ($) | Jan. 31, 2020EUR (€) | Jan. 31, 2020USD ($) | Dec. 31, 2020EUR (€) | Dec. 31, 2019EUR (€) | Dec. 31, 2018EUR (€) | Dec. 31, 2017 |
Convertible Bonds [Line Items] | |||||||||
Repayment on loans and borrowings | € (50,100) | $ (55.6) | € (50,088) | € (31,406) | € (15,137) | ||||
Conversion price of bonds into ordinary shares (in euro per share) | € / shares | € 2.0028 | ||||||||
Value conversion rights of convertible bonds | € 1,400 | € 1,405 | |||||||
2025 Convertible Bonds | |||||||||
Convertible Bonds [Line Items] | |||||||||
Notional amount | € 125,000 | ||||||||
Initial number of ordinary shares as underlying for convertible bonds | shares | 62,412,622 | ||||||||
Percentage of aggregate principal amount of bonds that have been converted and repurchased and cancelled (in percentage) | 0.85 | ||||||||
2025 Convertible Bonds | Forecast | |||||||||
Convertible Bonds [Line Items] | |||||||||
Number of trading days | 20 days | ||||||||
Number of consecutive trading days | 30 days | ||||||||
Percentage of principal amounts of bonds issued (in percentage) | 1.30 | ||||||||
2025 Convertible Bonds | Fixed interest rate | |||||||||
Convertible Bonds [Line Items] | |||||||||
Interest rate on bonds (in percentage) | 3.00% | ||||||||
Orbimed advisors loan | |||||||||
Convertible Bonds [Line Items] | |||||||||
Interest rate on bonds (in percentage) | 11.00% | ||||||||
Repayment on loans and borrowings | $ (51) | € (46,140) | € (31,406) |
LOANS AND BORROWINGS - Schedule
LOANS AND BORROWINGS - Schedule of movements of the Orbimed loan (Details) € in Thousands, $ in Millions | Jan. 21, 2020USD ($) | Jan. 31, 2020EUR (€) | Jan. 31, 2020USD ($) | Dec. 31, 2020EUR (€) | Dec. 31, 2019EUR (€) | Dec. 31, 2018EUR (€) |
Disclosure of detailed information about borrowings [line items] | ||||||
Interest paid (cash flow) | € (1,875) | € (8,418) | € (11,063) | |||
Repayment | € (50,100) | $ (55.6) | (50,088) | (31,406) | (15,137) | |
Orbimed advisors loan | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Borrowings at the beginning of the period | € 45,590 | $ 51.1 | 45,590 | 72,502 | ||
Amortized costs (financial income and expenses) | 449 | 11,254 | ||||
Interest paid (cash flow) | (346) | (8,418) | ||||
Repayment | $ (51) | (46,140) | (31,406) | |||
Revaluation loan | 447 | 1,658 | ||||
Borrowings at the end of the period | 0 | 45,590 | € 72,502 | |||
- Current portion | 0 | 45,590 | ||||
- Non-current portion | € 0 | € 0 |
LOANS AND BORROWINGS - Narrativ
LOANS AND BORROWINGS - Narrative (Details) € / shares in Units, € in Thousands, $ in Millions | Jan. 21, 2020USD ($) | Jan. 31, 2020EUR (€) | Jan. 31, 2020USD ($) | Dec. 31, 2020EUR (€)shares | Dec. 31, 2019EUR (€) | Dec. 31, 2018EUR (€) | Dec. 31, 2017EUR (€)€ / sharesshares | Apr. 07, 2021shares | Dec. 31, 2017USD ($)shares |
Disclosure of detailed information about borrowings [line items] | |||||||||
Number of warrants issued ( (in shares) | 148,944 | 88,029 | |||||||
Repayment on loans and borrowings | € 50,100 | $ 55.6 | € 50,088 | € 31,406 | € 15,137 | ||||
Exit fee percentage | 0.05 | 0.05 | |||||||
Exit fee on loan settlement | € | € 3,800 | 3,775 | 0 | € 0 | |||||
Orbimed advisors loan | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Debt instruments issued | € 91,300 | $ 100 | |||||||
Duration of promissory notes | 48 months | ||||||||
Interest rate on bonds | 11.00% | 11.00% | |||||||
Period of LIBOR | 1 month | ||||||||
Borrowings, adjustment to interest rate basis | 1.00% | 1.00% | |||||||
Warrant coverage (as percentage) | 0.04 | 0.04 | |||||||
Number of warrants issued ( (in shares) | 9,174,372 | 9,174,372 | |||||||
Strike price of warrants (in euro per share) | € / shares | € 0.455 | ||||||||
Commitment fee on debt instruments (as percentage) | 0.025 | 0.025 | |||||||
Assignment fee for debt instrument | $ | $ 3.7 | ||||||||
Repayment on loans and borrowings | $ 51 | € 46,140 | € 31,406 |
LEASES - Schedule of Lease liab
LEASES - Schedule of Lease liabilities (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Balance at 1 January | € 6,309 | € 5,218 | |
Interest expense accrued | 4,478 | ||
Increase (decrease) through financing cash flows, liabilities arising from financing activities | 50,670 | ||
Balance at 31 December | 8,300 | 6,309 | |
- Current portion | 1,598 | 1,946 | € 1,441 |
- Non-current portion | 6,702 | 4,363 | € 3,350 |
Lease Liabilities | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
New Leases | 3,308 | 2,641 | |
Interest expense accrued | 596 | 663 | |
Increase (decrease) through financing cash flows, liabilities arising from financing activities | € (1,913) | € (2,213) |
LEASES - Future minimum payment
LEASES - Future minimum payments (Details) - EUR (€) € in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Disclosure Of Maturity Analysis Of Lease Liabilities [Line Items] | ||||
Minimum payments | € 10,597 | € 10,215 | ||
Present value of payments | 8,300 | 6,309 | € 4,791 | € 5,218 |
Minimum payments | ||||
Disclosure Of Maturity Analysis Of Lease Liabilities [Line Items] | ||||
Minimum payments | 10,557 | 6,309 | ||
Present value of payments | ||||
Disclosure Of Maturity Analysis Of Lease Liabilities [Line Items] | ||||
Present value of payments | 8,300 | 6,309 | ||
2021 | ||||
Disclosure Of Maturity Analysis Of Lease Liabilities [Line Items] | ||||
Minimum payments | 2,109 | |||
2021 | Minimum payments | ||||
Disclosure Of Maturity Analysis Of Lease Liabilities [Line Items] | ||||
Minimum payments | 2,109 | 1,946 | ||
2021 | Present value of payments | ||||
Disclosure Of Maturity Analysis Of Lease Liabilities [Line Items] | ||||
Present value of payments | 1,598 | 1,946 | ||
After one year but not more than five years | Minimum payments | ||||
Disclosure Of Maturity Analysis Of Lease Liabilities [Line Items] | ||||
Minimum payments | 5,833 | 3,149 | ||
After one year but not more than five years | Present value of payments | ||||
Disclosure Of Maturity Analysis Of Lease Liabilities [Line Items] | ||||
Present value of payments | 4,693 | 3,149 | ||
More than five years | Minimum payments | ||||
Disclosure Of Maturity Analysis Of Lease Liabilities [Line Items] | ||||
Minimum payments | 2,615 | 1,214 | ||
More than five years | Present value of payments | ||||
Disclosure Of Maturity Analysis Of Lease Liabilities [Line Items] | ||||
Present value of payments | € 2,009 | € 1,214 |
DERIVATIVE FINANCIAL LIABILIT_3
DERIVATIVE FINANCIAL LIABILITIES (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Financial Instruments [Abstract] | |||
Balance at 1 January | € 268 | € 228 | € 10,080 |
Fair value losses (gains) derivatives | (60) | 209 | 495 |
Redemption cash settlement | 0 | 0 | (1,779) |
Conversions into shares | (61) | (169) | (8,568) |
Balance at 31 December | € 147 | € 268 | € 228 |
TRADE AND OTHER PAYABLES - Sche
TRADE AND OTHER PAYABLES - Schedule of trade and other payables (Details) - EUR (€) € in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure Of Trade And Other Payables [Abstract] | ||
Accounts payable | € 10,969 | € 5,351 |
Taxes and social security | 502 | (209) |
Other payables | 143 | 254 |
Accruals for employees | 6,607 | 5,581 |
Accruals for rebates and discounts | 12,158 | 14,258 |
Accrual for production | 3,353 | 3,101 |
Other accruals | 5,084 | 7,911 |
Balance of trade and other payables at end of period | € 38,816 | € 36,247 |
SHARE-BASED COMPENSATION - Gene
SHARE-BASED COMPENSATION - General information (Details) € in Thousands | Dec. 22, 2020shares | Dec. 31, 2020EUR (€)plan | Dec. 31, 2019EUR (€) | Dec. 31, 2018EUR (€) |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Share-based compensation | € 7,356 | € 4,449 | € 3,889 | |
Expense from share-based payment transactions with employees | 7,356 | 4,449 | 3,889 | |
Income Tax Expense | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Share-based compensation | € 1,600 | 600 | ||
CEO | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Number of other equity instruments granted in share-based payment arrangement (in shares) | shares | 4,200,000 | |||
Share Option Plans | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Number of share-based payment option plans | plan | 2 | |||
Former Board Of Management Share Option Plan | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Number of share-based payment option plans | plan | 1 | |||
Share-based compensation | € 75 | 557 | 395 | |
Senior Management And Former Members Of The Board Of Management, Non Directors Share Option Plan | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Number of share-based payment option plans | plan | 1 | |||
Share-based compensation | € 2,594 | 2,157 | 1,285 | |
Bonus shares | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Share-based compensation | € 45 | € 0 | € 708 |
SHARE-BASED COMPENSATION - Sche
SHARE-BASED COMPENSATION - Schedule of total expensed for share based payment plans (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Share-based compensation | € 7,356 | € 4,449 | € 3,889 |
Board of Management options | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Share-based compensation | 75 | 557 | 395 |
Employee options | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Share-based compensation | 2,594 | 2,157 | 1,285 |
Long term incentive plan | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Share-based compensation | 4,642 | 1,735 | 1,501 |
Bonus shares | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Share-based compensation | € 45 | € 0 | € 708 |
SHARE-BASED COMPENSATION - Sc_2
SHARE-BASED COMPENSATION - Schedule of assumptions used in the black-scholes model to determine the fair value of options at grant date (Details) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Employee options | Bottom of range | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Expected time to mautrity | 1 | 1 |
Volatilities | 53.00% | 54.00% |
Risk-free interest rates | (0.52%) | (0.36%) |
Employee options | Top of range | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Expected time to mautrity | 4 | 4 |
Volatilities | 60.00% | 58.00% |
Risk-free interest rates | (0.27%) | (0.30%) |
Board of Management options | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Expected time to mautrity | 0.7 | |
Volatilities | 56.00% | |
Risk-free interest rates | 0.25% |
SHARE-BASED COMPENSATION - Sc_3
SHARE-BASED COMPENSATION - Schedule of range of assumptions used in the Monte Carlo simulation, long term incentive plan (Details) - New Long Term Incentive Plan | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Volatilities | 54.00% | 56.00% | 56.00% |
Risk-free interest rates | (0.24%) | (0.21%) | (0.41%) |
Dividend yields | 0.00% | 0.00% | 0.00% |
SHARE-BASED COMPENSATION - Sc_4
SHARE-BASED COMPENSATION - Schedule of number of shares granted and fair value, long term incentive plan (Details) - LTIP | 12 Months Ended | 36 Months Ended | ||
Dec. 31, 2020shares€ / shares | Dec. 31, 2019shares€ / shares | Dec. 31, 2018shares€ / shares | Dec. 31, 2020shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Granted (in shares) | 1,035,000 | 2,562,857 | 1,381,351 | 4,979,208 |
Fair value per share award (in euro per share) | € / shares | € 0.752 | € 0.345 | € 0.671 | |
Non Executive members of the Board of Directors | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Granted (in shares) | 0 | 205,000 | 100,000 | 305,000 |
Executive Members of the Board of Directors | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Granted (in shares) | 0 | 201,050 | 130,131 | 331,181 |
Executive Committee | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Granted (in shares) | 105,000 | 326,807 | 186,220 | 618,027 |
Senior managers | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Granted (in shares) | 930,000 | 1,830,000 | 965,000 | 3,725,000 |
SHARE-BASED COMPENSATION -Sched
SHARE-BASED COMPENSATION -Schedule of shares granted, forfeited, issued and reserved, long term incentive plan (Details) - LTIP - shares | 12 Months Ended | 36 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Granted (in shares) | 1,035,000 | 2,562,857 | 1,381,351 | 4,979,208 |
Forfeited (in shares) | 186,215 | |||
Not vested (in shares) | (839,861) | |||
Reserved at 31 December 2020 (in shares) | 3,953,132 | 3,953,132 | ||
Non Executive members of the Board of Directors | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Granted (in shares) | 0 | 205,000 | 100,000 | 305,000 |
Forfeited (in shares) | 20,000 | |||
Not vested (in shares) | (46,187) | |||
Reserved at 31 December 2020 (in shares) | 238,813 | 238,813 | ||
Executive Members of the Board of Directors | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Granted (in shares) | 0 | 201,050 | 130,131 | 331,181 |
Forfeited (in shares) | 0 | |||
Not vested (in shares) | (97,273) | |||
Reserved at 31 December 2020 (in shares) | 233,908 | 233,908 | ||
Executive Committee | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Granted (in shares) | 105,000 | 326,807 | 186,220 | 618,027 |
Forfeited (in shares) | 85,005 | |||
Not vested (in shares) | (76,432) | |||
Reserved at 31 December 2020 (in shares) | 456,590 | 456,590 | ||
Senior managers | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Granted (in shares) | 930,000 | 1,830,000 | 965,000 | 3,725,000 |
Forfeited (in shares) | 81,210 | |||
Not vested (in shares) | (619,969) | |||
Reserved at 31 December 2020 (in shares) | 3,023,821 | 3,023,821 |
SHARE-BASED COMPENSATION - Long
SHARE-BASED COMPENSATION - Long Term Incentive Plan (Details) € in Thousands | 12 Months Ended | ||
Dec. 31, 2020EUR (€) | Dec. 31, 2019EUR (€) | Dec. 31, 2018EUR (€) | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Expense from share-based payment transactions with employees | € 7,356 | € 4,449 | € 3,889 |
Long Term Incentive Plan, 2019 Issuance | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Expense from share-based payment transactions with employees | € 900 | € 1,100 | € 900 |
Fourth | Long Term Incentive Plan, 2018 Issuance | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Percent of grant obtained, other equity instruments granted | 0.50 |
SHARE-BASED COMPENSATION - Tran
SHARE-BASED COMPENSATION - Transition agreement CEO (Details) | Dec. 22, 2020sharestranche |
CEO | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Number of other equity instruments granted in share-based payment arrangement (in shares) | 4,200,000 |
Restricted Shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Number of equal annual tranches | tranche | 3 |
Restricted Shares | CEO | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Number of other equity instruments granted in share-based payment arrangement (in shares) | 4,200,000 |
SHARE-BASED COMPENSATION - Sc_5
SHARE-BASED COMPENSATION - Schedule of number and weighted average exercise prices of share options (Details) | 12 Months Ended | 24 Months Ended | |||||||||||
Dec. 31, 2020shares€ / shares | Dec. 31, 2020shares€ / shares | Dec. 31, 2020sharesshares€ / shares | Dec. 31, 2019shares€ / shares | Dec. 31, 2019shares€ / shares | Dec. 31, 2019sharesshares€ / shares | Dec. 31, 2018shares€ / shares | Dec. 31, 2018shares€ / shares | Dec. 31, 2018sharesshares€ / shares | Dec. 31, 2017shares€ / shares | Dec. 31, 2020shares€ / shares | Dec. 31, 2020shares€ / shares | Dec. 31, 2020sharesshares€ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||
Exercised (in shares) | (7,404,000) | (7,914,000) | (26,993,000) | ||||||||||
Balance at 31 December (in shares) | 50,106,488 | 50,106,488 | |||||||||||
Option plan | |||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||
Balance at 1 January (in shares) | 40,327,537 | 40,327,537 | 34,320,956 | 34,320,956 | 54,901,629 | 34,320,956 | 34,320,956 | ||||||
Expired (in shares) | (3,281) | (4,430,757) | (76,702) | ||||||||||
Exercised (in shares) | (5,343,268) | (5,343,268) | (7,913,912) | (7,913,912) | (26,993,174) | ||||||||
Balance at 31 December (in shares) | 50,106,488 | 50,106,488 | 40,327,537 | 40,327,537 | 34,320,956 | 34,320,956 | 54,901,629 | 50,106,488 | 50,106,488 | ||||
- Vested (in shares) | 19,675,875 | 19,675,875 | 19,675,875 | 12,797,424 | 12,797,424 | 12,797,424 | 16,614,702 | 16,614,702 | 16,614,702 | 19,675,875 | 19,675,875 | 19,675,875 | |
- Unvested (in shares) | 30,430,613 | 30,430,613 | 30,430,613 | 27,530,113 | 27,530,113 | 27,530,113 | 17,706,254 | 17,706,254 | 17,706,254 | 30,430,613 | 30,430,613 | 30,430,613 | |
Weighted average exercise price at 1 January (in euro per share) | € / shares | € 0.923 | € 0.532 | € 0.408 | € 0.532 | |||||||||
Weighted average exercise price, expired (in euro per share) | € / shares | 0.294 | 1.022 | 0.071 | ||||||||||
Weighted average exercise price, exercised (in euro per share) | € / shares | 0.443 | 0.344 | 0.291 | ||||||||||
Weighted average exercise price at 31 December (in euro per share) | € / shares | 0.740 | 0.923 | 0.532 | € 0.408 | 0.740 | ||||||||
Weighted average exercise price, vested (in euro per share) | € / shares | € 0.583 | 0.583 | € 0.583 | € 0.401 | 0.401 | € 0.401 | € 0.302 | 0.302 | € 0.302 | € 0.583 | 0.583 | € 0.583 | |
Weighted average exercise price, unvested (in euro per share) | € / shares | € 0.842 | 0.842 | € 0.842 | € 0.719 | 0.719 | € 0.719 | € 0.757 | 0.757 | € 0.757 | € 0.842 | € 0.842 | € 0.842 | |
Option plan | Pre 2018 Grants | |||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||
Granted under the plan (in shares) | 525,453 | ||||||||||||
Weighted average exercise price, granted (in euro per share) | € / shares | 0.335 | ||||||||||||
Board of Management options | |||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||
Balance at 1 January (in shares) | 8,840,000 | 8,840,000 | |||||||||||
Exercised (in shares) | (2,000,000) | ||||||||||||
Granted under the plan (in shares) | 4,400,000 | 4,400,000 | |||||||||||
Forfeited under the plan (in shares) | 0 | 0 | (3,840,000) | ||||||||||
Balance at 31 December (in shares) | 7,400,000 | 8,840,000 | 7,400,000 | ||||||||||
Weighted average exercise price, granted (in euro per share) | € / shares | 0.805 | ||||||||||||
Employee options | |||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||
Exercised (in shares) | (15,536,750) | (6,320,000) | |||||||||||
Granted under the plan (in shares) | 15,536,750 | 14,085,000 | 14,085,000 | 6,320,000 | |||||||||
Forfeited under the plan (in shares) | (411,250) | (133,750) | (356,250) | ||||||||||
Weighted average exercise price, granted (in euro per share) | € / shares | 0.974 | 0.734 | 0.770 | ||||||||||
Weighted average exercise price of share options, forfeited (in euro per share) | € / shares | € 0.521 | € 0.712 | € 0.320 |
SHARE-BASED COMPENSATION - Exer
SHARE-BASED COMPENSATION - Exercised options in 2020 and Summary of exercise ranges (Details) € / shares in Units, € in Thousands | 12 Months Ended | ||||||||||||||||
Dec. 31, 2020shares | Dec. 31, 2020shares | Dec. 31, 2020shares€ / shares | Dec. 31, 2020sharesshares | Dec. 31, 2019shares | Dec. 31, 2019shares€ / shares | Dec. 31, 2019sharesshares | Dec. 31, 2018shares€ / shares | Dec. 31, 2017shares | Apr. 07, 2021shares | Dec. 31, 2020€ / shares | Dec. 31, 2020shares | Dec. 31, 2020EUR (€) | Dec. 31, 2019shares | Dec. 31, 2019EUR (€) | Dec. 31, 2018shares | Dec. 31, 2018EUR (€) | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||
Options exercised (in shares) | shares | 7,404,000 | 7,914,000 | 26,993,000 | ||||||||||||||
Award vesting period | 3 years | ||||||||||||||||
Number of share options outstanding in share-based payment arrangement (in shares) | 48,588,625 | 50,106,488 | |||||||||||||||
Option plan | |||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||
Options exercised (in shares) | 5,343,268 | 5,343,268 | 7,913,912 | 7,913,912 | 26,993,174 | ||||||||||||
Weighted average exercise price, exercised (in euro per share) | € 0.443 | € 0.344 | € 0.291 | ||||||||||||||
Award vesting period | 1 year | ||||||||||||||||
Number of share options outstanding in share-based payment arrangement (in shares) | 50,106,488 | 50,106,488 | 50,106,488 | 50,106,488 | 40,327,537 | 40,327,537 | 40,327,537 | 34,320,956 | 54,901,629 | 50,106,488 | 40,327,537 | 34,320,956 | |||||
Exercise value | € | € 37,077 | € 25,039 | € 18,251 | ||||||||||||||
Exercise price range one | Option plan | |||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||
Number of share options outstanding in share-based payment arrangement (in shares) | shares | 3,225,000 | 4,737,500 | 6,578,837 | ||||||||||||||
Exercise value | € | 674 | 990 | 1,375 | ||||||||||||||
Exercise price range one | Option plan | Bottom of range | |||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||
Exercise price of outstanding share options | € 0.063 | ||||||||||||||||
Exercise price range one | Option plan | Top of range | |||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||
Exercise price of outstanding share options | 0.25 | ||||||||||||||||
Exercise price range two | Option plan | |||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||
Number of share options outstanding in share-based payment arrangement (in shares) | shares | 6,742,863 | 9,187,537 | 14,757,996 | ||||||||||||||
Exercise value | € | 2,259 | 3,100 | 4,994 | ||||||||||||||
Exercise price range two | Option plan | Bottom of range | |||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||
Exercise price of outstanding share options | 0.25 | ||||||||||||||||
Exercise price range two | Option plan | Top of range | |||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||
Exercise price of outstanding share options | 0.50 | ||||||||||||||||
Exercise price range three | Option plan | |||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||
Number of share options outstanding in share-based payment arrangement (in shares) | shares | 12,974,375 | 13,202,500 | 824,121 | ||||||||||||||
Exercise value | € | 9,458 | 9,625 | 416 | ||||||||||||||
Exercise price range three | Option plan | Bottom of range | |||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||
Exercise price of outstanding share options | 0.50 | ||||||||||||||||
Exercise price range three | Option plan | Top of range | |||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||
Exercise price of outstanding share options | 0.75 | ||||||||||||||||
Exercise price range four | Option plan | |||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||
Number of share options outstanding in share-based payment arrangement (in shares) | shares | 27,164,250 | 13,200,000 | 12,160,002 | ||||||||||||||
Exercise value | € | € 24,686 | € 11,324 | € 11,466 | ||||||||||||||
Exercise price range four | Option plan | Bottom of range | |||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||
Exercise price of outstanding share options | 0.75 | ||||||||||||||||
Exercise price range four | Option plan | Top of range | |||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||
Exercise price of outstanding share options | € 2.50 |
SHARE-BASED COMPENSATION - Gran
SHARE-BASED COMPENSATION - Granted options to employees and options granted to the board of management (Details) | 12 Months Ended | 24 Months Ended | |||||
Dec. 31, 2020sharesshares€ / shares | Dec. 31, 2019shares | Dec. 31, 2019€ / shares | Dec. 31, 2019shares | Dec. 31, 2018sharesshares€ / shares | Dec. 31, 2017shares | Dec. 31, 2020shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Options exercised (in shares) | shares | 7,404,000 | 7,914,000 | 26,993,000 | ||||
Employee options | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Options exercised (in shares) | shares | 15,536,750 | 6,320,000 | |||||
Weighted average exercise price (in euro per share) | € 0.974 | € 0.734 | € 0.770 | ||||
Granted under the plan (in shares) | 15,536,750 | 14,085,000 | 14,085,000 | 6,320,000 | |||
Employee options | Bottom of range | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Fair values for options (in euro per share) | € 0.201 | 0.170 | € 0.274 | ||||
Employee options | Top of range | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Fair values for options (in euro per share) | € 0.612 | 0.307 | € 0.418 | ||||
Board of Management options | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Options exercised (in shares) | shares | 2,000,000 | ||||||
Weighted average exercise price (in euro per share) | € 0.805 | ||||||
Granted under the plan (in shares) | 4,400,000 | 4,400,000 |
BOARD OF MANAGEMENT - Narrative
BOARD OF MANAGEMENT - Narrative (Details) - tier | 1 Months Ended | 11 Months Ended |
Dec. 31, 2020 | Dec. 11, 2020 | |
Disclosure Of Related Party [Abstract] | ||
Number of tiers in the Board of Management | 1 | 2 |
BOARD OF MANAGEMENT - Disclosur
BOARD OF MANAGEMENT - Disclosure Of Information Regarding The Board Of Management (Details) - Former board of management - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Remuneration Expenses [Line Items] | |||
Base salary | € 1,026 | € 1,155 | € 1,116 |
Bonus | 565 | 629 | 809 |
Share-based compensation | 2,236 | 890 | 693 |
Post-employment benefits | 181 | 165 | 192 |
Other | 362 | 40 | 40 |
Key management personnel compensation | 4,370 | 2,879 | 2,850 |
Board of Management options | |||
Remuneration Expenses [Line Items] | |||
Share-based compensation | 70 | 600 | |
LTIP | |||
Remuneration Expenses [Line Items] | |||
Share-based compensation | 2,200 | 300 | |
S. de Vries | |||
Remuneration Expenses [Line Items] | |||
Base salary | 538 | 507 | 490 |
Bonus | 377 | 310 | 428 |
Share-based compensation | 1,522 | 487 | 325 |
Post-employment benefits | 94 | 72 | 81 |
Other | 32 | 32 | 32 |
Key management personnel compensation | 2,563 | 1,408 | 1,356 |
B. Giannetti | |||
Remuneration Expenses [Line Items] | |||
Base salary | 352 | 331 | 320 |
Bonus | 176 | 170 | 233 |
Share-based compensation | 620 | 289 | 201 |
Post-employment benefits | 74 | 70 | 77 |
Other | 24 | 8 | 8 |
Key management personnel compensation | 1,246 | 868 | 839 |
R. Wright | |||
Remuneration Expenses [Line Items] | |||
Base salary | 136 | 317 | 306 |
Bonus | 12 | 149 | 148 |
Share-based compensation | 94 | 114 | 167 |
Post-employment benefits | 13 | 23 | 34 |
Other | 306 | 0 | 0 |
Key management personnel compensation | 561 | € 603 | € 655 |
Termination payment | € 306 |
BOARD OF MANAGEMENT - Schedule
BOARD OF MANAGEMENT - Schedule of shares held by former members of the board of management (Details) - Former board of management | Dec. 31, 2020shares |
Shares Held [Line Items] | |
Shares held (in shares) | 8,346,583 |
S. de Vries | |
Shares Held [Line Items] | |
Shares held (in shares) | 6,638,869 |
B. Giannetti | |
Shares Held [Line Items] | |
Shares held (in shares) | 1,707,714 |
BOARD OF MANAGEMENT - Schedul_2
BOARD OF MANAGEMENT - Schedule of movements of options held by the former board of management (Details) | 12 Months Ended | 24 Months Ended | ||
Dec. 31, 2020sharesshares | Dec. 31, 2019sharesshares€ / shares | Dec. 31, 2017shares | Dec. 31, 2020shares€ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercised (in shares) | (7,404,000) | (7,914,000) | (26,993,000) | |
Balance at 31 December (in shares) | 50,106,488 | 50,106,488 | ||
Board of Management options | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Balance at 1 January (in shares) | 8,840,000 | 8,840,000 | ||
Granted under the plan (in shares) | 4,400,000 | 4,400,000 | ||
Exercised (in shares) | (2,000,000) | |||
Forfeited under the plan (in shares) | 0 | 0 | (3,840,000) | |
Balance at 31 December (in shares) | 7,400,000 | 7,400,000 | ||
Weighted average exercise price (in euro per share) | € / shares | € 0.805 | |||
S. de Vries | Board of Management options | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Balance at 1 January (in shares) | 2,400,000 | 2,400,000 | ||
Granted under the plan (in shares) | 2,800,000 | |||
Exercised (in shares) | 0 | |||
Forfeited under the plan (in shares) | (2,400,000) | |||
Balance at 31 December (in shares) | 2,800,000 | 2,800,000 | ||
S. de Vries | Board of Management options | 17 June 2019 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Balance at 1 January (in shares) | 2,400,000 | 2,400,000 | ||
Forfeited under the plan (in shares) | (2,400,000) | |||
Balance at 31 December (in shares) | 0 | 0 | ||
Weighted average exercise price (in euro per share) | € / shares | € 1.130 | |||
S. de Vries | Board of Management options | 20 Sept 2023 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Granted under the plan (in shares) | 2,800,000 | |||
Balance at 31 December (in shares) | 2,800,000 | 2,800,000 | ||
Weighted average exercise price (in euro per share) | € / shares | € 0.805 | |||
B. Giannetti | Board of Management options | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Balance at 1 January (in shares) | 1,440,000 | 1,440,000 | ||
Granted under the plan (in shares) | 1,600,000 | |||
Exercised (in shares) | 0 | |||
Forfeited under the plan (in shares) | (1,440,000) | |||
Balance at 31 December (in shares) | 1,600,000 | 1,600,000 | ||
B. Giannetti | Board of Management options | 17 June 2019 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Balance at 1 January (in shares) | 1,440,000 | 1,440,000 | ||
Forfeited under the plan (in shares) | (1,440,000) | |||
Balance at 31 December (in shares) | 0 | 0 | ||
Weighted average exercise price (in euro per share) | € / shares | € 1.130 | |||
B. Giannetti | Board of Management options | 20 Sept 2023 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Granted under the plan (in shares) | 1,600,000 | |||
Balance at 31 December (in shares) | 1,600,000 | 1,600,000 | ||
Weighted average exercise price (in euro per share) | € / shares | € 0.805 | |||
R. Wright | Board of Management options | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Balance at 1 January (in shares) | 5,000,000 | 5,000,000 | ||
Granted under the plan (in shares) | 0 | |||
Exercised (in shares) | (2,000,000) | |||
Forfeited under the plan (in shares) | 0 | |||
Balance at 31 December (in shares) | 3,000,000 | 3,000,000 | ||
R. Wright | Board of Management options | 28 Oct 2020 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Balance at 1 January (in shares) | 1,000,000 | 1,000,000 | ||
Exercised (in shares) | (1,000,000) | |||
Balance at 31 December (in shares) | 0 | 0 | ||
Weighted average exercise price (in euro per share) | € / shares | € 0 | |||
R. Wright | Board of Management options | 25 May 2021 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Balance at 1 January (in shares) | 4,000,000 | 4,000,000 | ||
Exercised (in shares) | (1,000,000) | |||
Balance at 31 December (in shares) | 3,000,000 | 3,000,000 | ||
R. Wright | Board of Management options | Bottom of range | 25 May 2021 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Weighted average exercise price (in euro per share) | € / shares | € 0.209 | |||
R. Wright | Board of Management options | Top of range | 25 May 2021 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Weighted average exercise price (in euro per share) | € / shares | € 1.130 |
BOARD OF MANAGEMENT - Schedul_3
BOARD OF MANAGEMENT - Schedule of long term incentive plan of former members of the board of management (Details) | 12 Months Ended | 36 Months Ended | |||
Dec. 31, 2020EUR (€)sharesshares | Dec. 31, 2019EUR (€)sharesshares | Dec. 31, 2018EUR (€)sharesshares | Dec. 31, 2020sharesshares | Apr. 07, 2021shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Reserved (in shares) | 118,531,119 | 118,531,119 | 121,500,829 | ||
LTIP | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Granted (in shares) | 1,035,000 | 2,562,857 | 1,381,351 | 4,979,208 | |
Forfeited (in shares) | (186,215) | ||||
LTIP | Former board of management | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Granted (in shares) | 0 | 457,857 | 296,351 | ||
Settled (in shares) | 0 | 0 | 0 | ||
Forfeited (in shares) | 0 | 0 | 0 | ||
Not vested (in shares) | € | € 0 | € 0 | € 0 | ||
Reserved (in shares) | 0 | 457,857 | 296,351 | 0 | |
S. de Vries | LTIP | Former board of management | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Granted (in shares) | 0 | 201,050 | 130,131 | ||
Settled (in shares) | 0 | 0 | 0 | ||
Forfeited (in shares) | 0 | 0 | 0 | ||
Not vested (in shares) | € | € 0 | € 0 | € 0 | ||
Reserved (in shares) | 0 | 201,050 | 130,131 | 0 | |
B. Giannetti | LTIP | Former board of management | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Granted (in shares) | 0 | 131,331 | 85,005 | ||
Settled (in shares) | 0 | 0 | 0 | ||
Forfeited (in shares) | 0 | 0 | 0 | ||
Not vested (in shares) | € | € 0 | € 0 | € 0 | ||
Reserved (in shares) | 0 | 131,331 | 85,005 | 0 | |
R. Wright | LTIP | Former board of management | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Granted (in shares) | 0 | 125,476 | 81,215 | ||
Settled (in shares) | 0 | 0 | 0 | ||
Forfeited (in shares) | 0 | 0 | 0 | ||
Not vested (in shares) | € | € 0 | € 0 | € 0 | ||
Reserved (in shares) | 0 | 125,476 | 81,215 | 0 |
BOARD OF DIRECTORS - Narrative
BOARD OF DIRECTORS - Narrative (Details) - shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Related Party [Abstract] | ||
Number of awards granted (in shares) | 0 | 205,000 |
BOARD OF DIRECTORS - Director r
BOARD OF DIRECTORS - Director renumeration (Details) - shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Director Renumeration [Line Items] | ||
Ordinary shares in Euro's (in shares) | 0 | 205,000 |
BOARD OF DIRECTORS - Non-Execut
BOARD OF DIRECTORS - Non-Executive members of the Board of Directors and / or of former members of the Supervisory Board of Directors (Details) - Non-Executive Director [Member] - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Director Renumeration [Line Items] | |||
BOSD / BOD | € 303 | € 193 | € 212 |
AC | 15 | 14 | 15 |
RC | 12 | 11 | 11 |
GC | 12 | 0 | 0 |
Share-Based Payment | 250 | 119 | 146 |
Total | 592 | 337 | 384 |
P. Sekhri | |||
Director Renumeration [Line Items] | |||
BOSD / BOD | 65 | 50 | 50 |
AC | 0 | 0 | 0 |
RC | 0 | 0 | 0 |
GC | 0 | 0 | 0 |
Share-Based Payment | 52 | 33 | 30 |
Total | 117 | 83 | 80 |
Ms D. Jorn | |||
Director Renumeration [Line Items] | |||
BOSD / BOD | 45 | 20 | 0 |
AC | 3 | 2 | 0 |
RC | 6 | 4 | 0 |
GC | 0 | 0 | 0 |
Share-Based Payment | 35 | 5 | 0 |
Total | 89 | 31 | 0 |
J. Blaak | |||
Director Renumeration [Line Items] | |||
BOSD / BOD | 0 | 0 | 18 |
AC | 0 | 0 | 0 |
RC | 0 | 0 | 2 |
GC | 0 | 0 | 0 |
Share-Based Payment | 0 | 0 | 18 |
Total | 0 | 0 | 38 |
J.H.L. Ernst | |||
Director Renumeration [Line Items] | |||
BOSD / BOD | 41 | 36 | 36 |
AC | 3 | 3 | 3 |
RC | 3 | 3 | 3 |
GC | 3 | 0 | 0 |
Share-Based Payment | 37 | 26 | 26 |
Total | 87 | 68 | 68 |
J.B. Ward | |||
Director Renumeration [Line Items] | |||
BOSD / BOD | 45 | 36 | 36 |
AC | 0 | 0 | 0 |
RC | 3 | 3 | 6 |
GC | 6 | 0 | 0 |
Share-Based Payment | 40 | 27 | 26 |
Total | 94 | 66 | 68 |
A. de Winter | |||
Director Renumeration [Line Items] | |||
BOSD / BOD | 45 | 36 | 36 |
AC | 9 | 9 | 9 |
RC | 0 | 0 | 0 |
GC | 3 | 0 | 0 |
Share-Based Payment | 40 | 28 | 26 |
Total | 97 | 73 | 71 |
J. Egberts | |||
Director Renumeration [Line Items] | |||
BOSD / BOD | 0 | 15 | 36 |
AC | 0 | 0 | 3 |
RC | 0 | 1 | 0 |
GC | 0 | 0 | 0 |
Share-Based Payment | 4 | 0 | 20 |
Total | 4 | 16 | 59 |
B. Yanni | |||
Director Renumeration [Line Items] | |||
BOSD / BOD | 31 | 0 | 0 |
AC | 0 | 0 | 0 |
RC | 0 | 0 | 0 |
GC | 0 | 0 | 0 |
Share-Based Payment | 21 | 0 | 0 |
Total | 52 | 0 | 0 |
M. Pykett | |||
Director Renumeration [Line Items] | |||
BOSD / BOD | 31 | 0 | 0 |
AC | 0 | 0 | 0 |
RC | 0 | 0 | 0 |
GC | 0 | 0 | 0 |
Share-Based Payment | 21 | 0 | 0 |
Total | € 52 | € 0 | € 0 |
BOARD OF DIRECTORS - Share acti
BOARD OF DIRECTORS - Share activity (Details) | 12 Months Ended | |||
Dec. 31, 2020sharesshares | Dec. 31, 2019sharesshares | Dec. 31, 2018sharesshares | Apr. 07, 2021shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Granted (in shares) | 0 | 205,000 | ||
Reserved (in shares) | 118,531,119 | 121,500,829 | ||
LTIP | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Forfeited (in shares) | (186,215) | |||
Not vested (in shares) | 839,861 | |||
Long Term Incentive Plan For Board of Directors And Former Board Of Supervisory Directors | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Granted (in shares) | 0 | 205,000 | 125,000 | |
Settled (in shares) | 0 | 0 | 0 | |
Forfeited (in shares) | 0 | (40,000) | (45,000) | |
Not vested (in shares) | 0 | 0 | 0 | |
Reserved (in shares) | 0 | 165,000 | 80,000 | |
J.H.L. Ernst | Long Term Incentive Plan For Board of Directors And Former Board Of Supervisory Directors | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Granted (in shares) | 0 | 40,000 | 25,000 | |
Settled (in shares) | 0 | 0 | 0 | |
Forfeited (in shares) | 0 | (40,000) | (25,000) | |
Not vested (in shares) | 0 | 0 | 0 | |
Reserved (in shares) | 0 | 0 | 0 | |
J. Blaak | Long Term Incentive Plan For Board of Directors And Former Board Of Supervisory Directors | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Granted (in shares) | 0 | 0 | 0 | |
Settled (in shares) | 0 | 0 | 0 | |
Forfeited (in shares) | 0 | 0 | 0 | |
Not vested (in shares) | 0 | 0 | 0 | |
Reserved (in shares) | 0 | 0 | 0 | |
J.B. Ward | Long Term Incentive Plan For Board of Directors And Former Board Of Supervisory Directors | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Granted (in shares) | 0 | 35,000 | 25,000 | |
Settled (in shares) | 0 | 0 | 0 | |
Forfeited (in shares) | 0 | 0 | 0 | |
Not vested (in shares) | 0 | 0 | 0 | |
Reserved (in shares) | 0 | 35,000 | 25,000 | |
A. de Winter | Long Term Incentive Plan For Board of Directors And Former Board Of Supervisory Directors | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Granted (in shares) | 0 | 40,000 | 25,000 | |
Settled (in shares) | 0 | 0 | 0 | |
Forfeited (in shares) | 0 | 0 | 0 | |
Not vested (in shares) | 0 | 0 | 0 | |
Reserved (in shares) | 0 | 40,000 | 25,000 | |
P. Sekhri | Long Term Incentive Plan For Board of Directors And Former Board Of Supervisory Directors | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Granted (in shares) | 0 | 50,000 | 30,000 | |
Settled (in shares) | 0 | 0 | 0 | |
Forfeited (in shares) | 0 | 0 | 0 | |
Not vested (in shares) | 0 | 0 | 0 | |
Reserved (in shares) | 0 | 50,000 | 30,000 | |
Ms D. Jorn | Long Term Incentive Plan For Board of Directors And Former Board Of Supervisory Directors | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Granted (in shares) | 0 | 40,000 | ||
Settled (in shares) | 0 | 0 | ||
Forfeited (in shares) | 0 | 0 | ||
Not vested (in shares) | 0 | 0 | ||
Reserved (in shares) | 0 | 40,000 | ||
J. Egberts | Long Term Incentive Plan For Board of Directors And Former Board Of Supervisory Directors | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Granted (in shares) | 0 | 0 | 20,000 | |
Settled (in shares) | 0 | 0 | 0 | |
Forfeited (in shares) | 0 | 0 | (20,000) | |
Not vested (in shares) | 0 | 0 | 0 | |
Reserved (in shares) | 0 | 0 | 0 | |
B. Yanni | Long Term Incentive Plan For Board of Directors And Former Board Of Supervisory Directors | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Granted (in shares) | 0 | |||
Settled (in shares) | 0 | |||
Forfeited (in shares) | 0 | |||
Not vested (in shares) | 0 | |||
Reserved (in shares) | 0 | |||
M. Pykett | Long Term Incentive Plan For Board of Directors And Former Board Of Supervisory Directors | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Granted (in shares) | 0 | |||
Settled (in shares) | 0 | |||
Forfeited (in shares) | 0 | |||
Not vested (in shares) | 0 | |||
Reserved (in shares) | 0 |
BOARD OF DIRECTORS - Shares hel
BOARD OF DIRECTORS - Shares held (Details) - Key management personnel of entity or parent | Dec. 31, 2020shares |
Ordinary shares | |
Shares Held [Line Items] | |
Shares held (in shares) | 651,438 |
Certificates of shares | |
Shares Held [Line Items] | |
Shares held (in shares) | 230,000 |
P. Sekhri | Ordinary shares | |
Shares Held [Line Items] | |
Shares held (in shares) | 110,000 |
P. Sekhri | Certificates of shares | |
Shares Held [Line Items] | |
Shares held (in shares) | 230,000 |
A. de Winter | Ordinary shares | |
Shares Held [Line Items] | |
Shares held (in shares) | 213,125 |
A. de Winter | Certificates of shares | |
Shares Held [Line Items] | |
Shares held (in shares) | 0 |
J.B. Ward | Ordinary shares | |
Shares Held [Line Items] | |
Shares held (in shares) | 328,313 |
J.B. Ward | Certificates of shares | |
Shares Held [Line Items] | |
Shares held (in shares) | 0 |
Ms D. Jorn | Ordinary shares | |
Shares Held [Line Items] | |
Shares held (in shares) | 0 |
Ms D. Jorn | Certificates of shares | |
Shares Held [Line Items] | |
Shares held (in shares) | 0 |
B. Yanni | Ordinary shares | |
Shares Held [Line Items] | |
Shares held (in shares) | 0 |
B. Yanni | Certificates of shares | |
Shares Held [Line Items] | |
Shares held (in shares) | 0 |
M. Pykett | Ordinary shares | |
Shares Held [Line Items] | |
Shares held (in shares) | 0 |
M. Pykett | Certificates of shares | |
Shares Held [Line Items] | |
Shares held (in shares) | 0 |
RELATED PARTY TRANSACTIONS - Na
RELATED PARTY TRANSACTIONS - Narrative (Details) | 1 Months Ended | 9 Months Ended | 11 Months Ended | 12 Months Ended |
Dec. 31, 2020EUR (€)tier | Dec. 31, 2019EUR (€) | Dec. 11, 2020tier | Dec. 31, 2020EUR (€) | |
RELATED PARTY TRANSACTIONS [Line Items] | ||||
Number of tiers in the Board of Management | tier | 1 | 2 | ||
Related party transactions | € 2,200,000 | € 2,600,000 | ||
Key management personnel of entity or parent | ||||
RELATED PARTY TRANSACTIONS [Line Items] | ||||
Amounts payable, related party transactions | € 0 | 0 | 0 | |
BioConnection BV | ||||
RELATED PARTY TRANSACTIONS [Line Items] | ||||
Service fee payable | 100,000 | 100,000 | 100,000 | |
Payable related to batches of finished vials produced | € 0 | € 300,000 | € 0 |
RELATED PARTY TRANSACTIONS - Sc
RELATED PARTY TRANSACTIONS - Schedule of related party transactions (Details) - Key management personnel of entity or parent - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of transactions between related parties [line items] | |||
Salaries and other short-term employee benefits | € 2,359 | € 2,132 | € 2,250 |
Post-employment benefits | 181 | 165 | 193 |
Share-based compensation | 2,486 | 1,009 | 839 |
Key management personnel compensation | € 5,026 | € 3,306 | € 3,282 |
OTHER FINANCIAL LIABILITIES, _3
OTHER FINANCIAL LIABILITIES, INCLUDING BUSINESS COMBINATIONS AND CONTINGENT CONSIDERATION - Schedule of other financial liabilities (Details) € in Thousands, $ in Millions | Dec. 31, 2020EUR (€) | Dec. 31, 2020USD ($) | Dec. 31, 2019EUR (€) |
Current | |||
Total current | € 20,357 | € 17,835 | |
Non-current | |||
Total non-current | 173 | 17,282 | |
Total | 20,530 | 35,117 | |
Contingent consideration | |||
Current | |||
Total current | 20,357 | 17,835 | |
Non-current | |||
Total non-current | 0 | 17,081 | |
Total | 20,400 | $ 25 | 34,900 |
Financial guarantee contracts | |||
Non-current | |||
Total non-current | € 173 | € 201 |
OTHER FINANCIAL LIABILITIES, _4
OTHER FINANCIAL LIABILITIES, INCLUDING BUSINESS COMBINATIONS AND CONTINGENT CONSIDERATION - Narrative (Details) € in Thousands, $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2020USD ($) | Mar. 31, 2020EUR (€) | Dec. 31, 2020EUR (€) | Dec. 31, 2019EUR (€) | Dec. 31, 2018EUR (€) | Dec. 31, 2020USD ($) | Dec. 31, 2016USD ($) | |
Disclosure of detailed information about business combination [line items] | |||||||
Period for contingent consideration on becoming due | 1 year | ||||||
Other financial liabilities | € | € 20,530 | € 35,117 | |||||
Contingent consideration milestone payment eliminated | € | € 18,100 | ||||||
Contingent consideration last payment milestone value | $ | $ 25 | ||||||
Contingent consideration | |||||||
Disclosure of detailed information about business combination [line items] | |||||||
Other financial liabilities | 20,400 | 34,900 | $ 25 | ||||
Gains (losses) recognised in profit or loss including exchange differences, fair value measurement, liabilities | € | € 3,277 | € 2,882 | € 21,200 | ||||
Valeant | |||||||
Disclosure of detailed information about business combination [line items] | |||||||
Cash transferred | $ | $ 60 | ||||||
Contingent consideration | $ | $ 65 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Narrative (Details) - EUR (€) € in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Commitments [Line Items] | ||
Contractual capital commitments | € 17.8 | € 26 |
Within one year | ||
Commitments [Line Items] | ||
Contractual capital commitments | 15.3 | |
2022 | ||
Commitments [Line Items] | ||
Contractual capital commitments | 2.5 | |
Novartis | Within one year | ||
Commitments [Line Items] | ||
Contractual capital commitments | € 2.1 |
FINANCIAL RISK MANAGEMENT - Nar
FINANCIAL RISK MANAGEMENT - Narrative (Details) € in Thousands, $ in Millions | 12 Months Ended | |||||
Dec. 31, 2020EUR (€)euroPerUSD | Dec. 31, 2020USD ($)euroPerUSD | Dec. 31, 2019EUR (€)euroPerUSD | Dec. 31, 2019USD ($)euroPerUSD | Dec. 31, 2018EUR (€) | Dec. 31, 2017 | |
Financial Risk Management [Line Items] | ||||||
Cash and cash equivalents, including restricted cash | € 168,300 | |||||
Cash | € 10,100 | $ 194.3 | ||||
Closing foreign exchange rate (in euro per usd) | euroPerUSD | 1.2280 | 1.2280 | 1.1214 | 1.1214 | ||
Other financial liabilities | € 20,530 | € 35,117 | ||||
Other assets and trade and other payables | 176,300 | $ 216.5 | 22,100 | $ 27.1 | ||
Balances denominated in foreign currency | $ | 189.4 | |||||
Impact of ten percent strengthening of foreign currency against the euro | 15,400 | |||||
Impact of ten percent weakening of foreign currency against the euro | 15,400 | |||||
Trade and other receivables | 29,236 | 25,737 | ||||
Contingent consideration | ||||||
Financial Risk Management [Line Items] | ||||||
Other financial liabilities | 20,400 | $ 25 | 34,900 | |||
US Dollars | ||||||
Financial Risk Management [Line Items] | ||||||
Cash | € 158,200 | |||||
Convertible bond | Fixed interest rate | ||||||
Financial Risk Management [Line Items] | ||||||
Interest rate on bonds (in percentage) | 3.00% | 3.00% | ||||
Orbimed advisors loan | ||||||
Financial Risk Management [Line Items] | ||||||
Borrowings | € 0 | € 45,590 | $ 51.1 | € 72,502 | ||
Interest rate on bonds (in percentage) | 11.00% |
FINANCIAL RISK MANAGEMENT - Sch
FINANCIAL RISK MANAGEMENT - Schedule of maturity profile of financial liabilities (Details) - EUR (€) € in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Financial Risk Management [Line Items] | ||
Trade and other payables | € 38,816 | € 36,247 |
Derivative financial liabilities | 147 | 268 |
Loans and borrowings | 0 | 49,601 |
Other financial liabilities | 20,530 | 40,269 |
Minimum payments | 10,597 | 10,215 |
Convertible Bonds | 141,875 | 0 |
Total | 211,965 | € 136,600 |
2021 | ||
Financial Risk Management [Line Items] | ||
Trade and other payables | 38,816 | |
Derivative financial liabilities | 147 | |
Loans and borrowings | 0 | |
Other financial liabilities | 20,530 | |
Minimum payments | 2,109 | |
Convertible Bonds | 3,750 | |
Total | 65,352 | |
2022 | ||
Financial Risk Management [Line Items] | ||
Trade and other payables | 0 | |
Derivative financial liabilities | 0 | |
Loans and borrowings | 0 | |
Other financial liabilities | 0 | |
Minimum payments | 1,865 | |
Convertible Bonds | 3,750 | |
Total | 5,615 | |
2023 | ||
Financial Risk Management [Line Items] | ||
Trade and other payables | 0 | |
Derivative financial liabilities | 0 | |
Loans and borrowings | 0 | |
Other financial liabilities | 0 | |
Minimum payments | 1,593 | |
Convertible Bonds | 3,750 | |
Total | 5,343 | |
2024 | ||
Financial Risk Management [Line Items] | ||
Trade and other payables | 0 | |
Derivative financial liabilities | 0 | |
Loans and borrowings | 0 | |
Other financial liabilities | 0 | |
Minimum payments | 1,231 | |
Convertible Bonds | 3,750 | |
Total | 4,981 | |
2025 and onwards | ||
Financial Risk Management [Line Items] | ||
Trade and other payables | 0 | |
Derivative financial liabilities | 0 | |
Loans and borrowings | 0 | |
Other financial liabilities | 0 | |
Minimum payments | 3,799 | |
Convertible Bonds | 126,875 | |
Total | € 130,674 |
FINANCIAL RISK MANAGEMENT - S_2
FINANCIAL RISK MANAGEMENT - Schedule of Fair Value on revaluation derivatives (Details) - Recurring fair value measurement - EUR (€) € in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Financial Risk Management [Line Items] | ||
Liabilities | € 320 | € 35,385 |
Derivative financial liabilities | ||
Financial Risk Management [Line Items] | ||
Liabilities | 147 | 268 |
Other financial liabilities | ||
Financial Risk Management [Line Items] | ||
Liabilities | 173 | 35,117 |
Level 3 of fair value hierarchy | ||
Financial Risk Management [Line Items] | ||
Liabilities | 320 | 35,385 |
Level 3 of fair value hierarchy | Derivative financial liabilities | ||
Financial Risk Management [Line Items] | ||
Liabilities | 147 | 268 |
Level 3 of fair value hierarchy | Other financial liabilities | ||
Financial Risk Management [Line Items] | ||
Liabilities | € 173 | € 35,117 |
FINANCIAL RISK MANAGEMENT - S_3
FINANCIAL RISK MANAGEMENT - Schedule of significant unobservable inputs used in fair value measurement of liabilities (Details) - Recurring fair value measurement - Warrants | Dec. 31, 2020 | Dec. 31, 2019 |
Expected time to maturity of warrants in issue | ||
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | ||
Significant unobservable input, liabilities | 0.9 | 1.9 |
Volatility | ||
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | ||
Significant unobservable input, liabilities | 0.53 | 0.58 |
Risk-free interest rate | ||
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | ||
Significant unobservable input, liabilities | (0.0053) | (0.0030) |
FINANCIAL RISK MANAGEMENT - S_4
FINANCIAL RISK MANAGEMENT - Schedule of financial assets at carrying value and fair value (Details) - EUR (€) € in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of financial liabilities [line items] | ||||
Financial liabilities | € 147 | € 268 | € 228 | € 10,080 |
Loans and borrowings | Financial liabilities at fair value | ||||
Disclosure of financial liabilities [line items] | ||||
Financial liabilities | 0 | 45,590 | ||
Financial liabilities, at fair value | 0 | 45,590 | ||
Convertible Bond | Financial liabilities at fair value | ||||
Disclosure of financial liabilities [line items] | ||||
Financial liabilities | 123,588 | 0 | ||
Financial liabilities, at fair value | 123,588 | 0 | ||
Lease Liabilities | Financial liabilities at fair value | ||||
Disclosure of financial liabilities [line items] | ||||
Financial liabilities | 8,300 | 6,309 | ||
Financial liabilities, at fair value | 8,300 | 6,309 | ||
Other financial liabilities | Financial liabilities at fair value | ||||
Disclosure of financial liabilities [line items] | ||||
Financial liabilities | 20,530 | 35,117 | ||
Financial liabilities, at fair value | 20,530 | 35,117 | ||
Trade and other payables | Financial liabilities at fair value | ||||
Disclosure of financial liabilities [line items] | ||||
Financial liabilities | 38,816 | 36,247 | ||
Financial liabilities, at fair value | 38,816 | 36,247 | ||
Derivative financial liabilities | Financial liabilities at fair value | ||||
Disclosure of financial liabilities [line items] | ||||
Financial liabilities | 147 | 268 | ||
Financial liabilities, at fair value | 147 | 268 | ||
Financial assets at fair value through profit or loss | Cash and cash equivalents, including restricted cash | ||||
Disclosure of financial assets [line items] | ||||
Financial assets | 168,293 | 68,567 | ||
Financial assets, at fair value | 168,293 | 68,567 | ||
Financial assets at fair value through profit or loss | Trade and other receivables | ||||
Disclosure of financial assets [line items] | ||||
Financial assets | 29,236 | 25,737 | ||
Financial assets, at fair value | € 29,236 | € 25,737 |
FINANCIAL RISK MANAGEMENT - S_5
FINANCIAL RISK MANAGEMENT - Schedule of maturity analysis for non-derivative financial liabilities (Details) - EUR (€) € in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Financial Risk Management [Line Items] | ||||
Cash and cash equivalents | € 167,068 | € 66,299 | € 80,311 | € 58,657 |
Loans and borrowings | 0 | (49,601) | ||
Borrowings net of cash and cash equivalents | 43,480 | 16,698 | ||
Fixed interest rate | ||||
Financial Risk Management [Line Items] | ||||
Loans and borrowings | (123,588) | (49,601) | ||
Floating interest rate | ||||
Financial Risk Management [Line Items] | ||||
Loans and borrowings | 0 | 0 | ||
Within one year | ||||
Financial Risk Management [Line Items] | ||||
Loans and borrowings | 0 | |||
Within one year | Loans and borrowings | ||||
Financial Risk Management [Line Items] | ||||
Loans and borrowings | 0 | (49,601) | ||
Within one year | Convertible Bond | ||||
Financial Risk Management [Line Items] | ||||
Loans and borrowings | (1,661) | |||
Later than one year | Convertible Bond | ||||
Financial Risk Management [Line Items] | ||||
Loans and borrowings | € (121,927) | € 0 |
FINANCIAL RISK MANAGEMENT - S_6
FINANCIAL RISK MANAGEMENT - Schedule of financial assets and liabilities at carrying and fair value (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Liabilities arising from financing activities at the beginning of period | € 87,284 | |
Changes in liabilities arising from financing activities [abstract] | ||
Payments of lease liabilities | (50,670) | |
Increase (decrease) through obtaining or losing control of subsidiaries or other businesses, liabilities arising from financing activities | 3,308 | |
Interest Expense Accrued | 4,478 | |
Amortized costs | 1,099 | |
Increase (decrease) through changes in fair values, liabilities arising from financing activities | 3,128 | |
Other | 2,598 | |
Liabilities arising from financing at the end of the period | 152,565 | € 87,284 |
Loans and borrowings | ||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Liabilities arising from financing activities at the beginning of period | 45,590 | |
Changes in liabilities arising from financing activities [abstract] | ||
Payments of lease liabilities | 50,088 | |
Increase (decrease) through obtaining or losing control of subsidiaries or other businesses, liabilities arising from financing activities | 0 | |
Interest Expense Accrued | 346 | |
Amortized costs | 449 | |
Increase (decrease) through changes in fair values, liabilities arising from financing activities | 0 | |
Other | 3,703 | |
Liabilities arising from financing at the end of the period | 0 | 45,590 |
Convertible Bond | ||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Liabilities arising from financing activities at the beginning of period | 0 | |
Changes in liabilities arising from financing activities [abstract] | ||
Payments of lease liabilities | (120,807) | |
Increase (decrease) through obtaining or losing control of subsidiaries or other businesses, liabilities arising from financing activities | 0 | |
Interest Expense Accrued | 3,536 | |
Amortized costs | 650 | |
Increase (decrease) through changes in fair values, liabilities arising from financing activities | 0 | |
Other | (1,405) | |
Liabilities arising from financing at the end of the period | 123,588 | 0 |
Other financial liabilities | ||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Liabilities arising from financing activities at the beginning of period | 35,117 | |
Changes in liabilities arising from financing activities [abstract] | ||
Payments of lease liabilities | 18,136 | |
Increase (decrease) through obtaining or losing control of subsidiaries or other businesses, liabilities arising from financing activities | 0 | |
Interest Expense Accrued | 0 | |
Amortized costs | 0 | |
Increase (decrease) through changes in fair values, liabilities arising from financing activities | 3,249 | |
Other | 300 | |
Liabilities arising from financing at the end of the period | 20,530 | 35,117 |
Lease Liabilities | ||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Liabilities arising from financing activities at the beginning of period | 6,309 | |
Changes in liabilities arising from financing activities [abstract] | ||
Payments of lease liabilities | 1,913 | 2,213 |
Increase (decrease) through obtaining or losing control of subsidiaries or other businesses, liabilities arising from financing activities | 3,308 | |
Interest Expense Accrued | 596 | 663 |
Amortized costs | 0 | |
Increase (decrease) through changes in fair values, liabilities arising from financing activities | 0 | |
Other | 0 | |
Liabilities arising from financing at the end of the period | 8,300 | 6,309 |
Derivative financial liabilities | ||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Liabilities arising from financing activities at the beginning of period | 268 | |
Changes in liabilities arising from financing activities [abstract] | ||
Payments of lease liabilities | 0 | |
Increase (decrease) through obtaining or losing control of subsidiaries or other businesses, liabilities arising from financing activities | 0 | |
Interest Expense Accrued | 0 | |
Amortized costs | 0 | |
Increase (decrease) through changes in fair values, liabilities arising from financing activities | (121) | |
Other | 0 | |
Liabilities arising from financing at the end of the period | € 147 | € 268 |
EARNINGS PER SHARE AND FULLY-_3
EARNINGS PER SHARE AND FULLY-DILUTED SHARES - Schedule of basic and diluted profit (loss) per share (Details) - EUR (€) € / shares in Units, € in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Of Earnings Per Share [Abstract] | |||
Net profit attributable to equity owners of the parent (in €’000) | € 33,035 | € 36,195 | € 24,993 |
Weighted average shares outstanding (in shares) | 636,268,929 | 626,315,013 | 606,618,117 |
Basic earnings per share (in euro per share) | € 0.051 | € 0.058 | € 0.041 |
Weighted average diluted shares outstanding (in shares) | 682,737,280 | 673,519,995 | 653,527,702 |
Diluted earnings per share (in euro per share) | € 0.048 | € 0.054 | € 0.038 |
Profit (loss), attributable to ordinary equity holders of parent entity including dilutive effects | € 33,000 |
EARNINGS PER SHARE AND FULLY-_4
EARNINGS PER SHARE AND FULLY-DILUTED SHARES - Schedule of movements of shares and other instruments (Details) | 3 Months Ended | 12 Months Ended | |||
Apr. 06, 2021shares | Dec. 31, 2020sharesshares | Dec. 31, 2019shares | Dec. 31, 2017shares | Apr. 07, 2021shares | |
Disclosure Of Earnings Per Share [Abstract] | |||||
Number of warrants issued ( (in shares) | 148,944 | 88,029 | |||
Number of share options outstanding in share-based payment arrangement (in shares) | 50,106,488 | 48,588,625 | |||
Number of convertible bonds issued (in shares) | 62,412,622 | 62,412,622 | |||
Number of shares and other instruments issued (in shares) | 761,468,881 | 758,499,171 | |||
Number of shares reserved for issue under options and contracts for sale of shares (in shares) | 118,531,119 | 121,500,829 | |||
Number of shares authorised (in shares) | 880,000,000 | 880,000,000 | |||
Transactions with owners, equity, number of shares (in shares) | 2,300,290 | 7,498,000 | 9,822,000 | 42,486,000 | |
Number of shares issued, warrants (in shares) | (60,915) | ||||
Number of shares issued, options (in shares) | (1,217,500) | ||||
Number of shares issued, convertible bonds (in shares) | 0 | ||||
Number of shares and other instruments issued (in shares) | 0 | ||||
Number of shares issued, available for issue (in shares) | 0 | ||||
Number of shares issued, authorized share capital (in shares) | 0 | ||||
Number of shares, reserved (in shares) | 168,105 | ||||
Number of shares reserved, warrants (in shares) | 0 | ||||
Number of shares reserved, options (in shares) | (300,363) | ||||
Number of shares reserved, convertible bonds (in shares) | 0 | ||||
Number of shares and other instruments, reserved (in shares) | (2,969,710) | ||||
Number of shares reserved, available for issue (in shares) | 2,969,710 | ||||
Number of shares reserved, authorized share capital (in shares) | 0 | ||||
Number of shares outstanding | 638,821,619 | 631,323,225 | 641,290,014 |
SHAREHOLDER's EQUITY - Narrativ
SHAREHOLDER's EQUITY - Narrative (Details) - EUR (€) € / shares in Units, € in Millions | Apr. 07, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure Of Share Capital, Reserves And Other Equity Interest [Abstract] | |||
Authorised share capital | € 8.8 | ||
Par value per share (in euro per share) | € 0.01 | ||
Number of shares outstanding | 641,290,014 | 638,821,619 | 631,323,225 |
Uncategorized Items - pharm-202
Label | Element | Value |
Interest expense | ifrs-full_InterestExpense | € 10,000 |
Interest expense | ifrs-full_InterestExpense | |
Interest expense | ifrs-full_InterestExpense | 0 |
Finance costs | ifrs-full_FinanceCosts | 65,000 |
Finance costs | ifrs-full_FinanceCosts | 0 |
Finance costs | ifrs-full_FinanceCosts | |
Foreign Exchange Loss | pharm_ForeignExchangeLoss | 1,147,000 |
Foreign Exchange Loss | pharm_ForeignExchangeLoss | 16,832,000 |
Foreign Exchange Loss | pharm_ForeignExchangeLoss | € 460,000 |
Number Of Warrants Exercised During The Period | pharm_NumberOfWarrantsExercisedDuringThePeriod | 11,122,000 |
Number Of Shares Issued For Cash And Conversion Of Bonds | pharm_NumberOfSharesIssuedForCashAndConversionOfBonds | 2,746,000 |
Investment income | ifrs-full_InvestmentIncome | € 626,000 |
Investment income | ifrs-full_InvestmentIncome | 18,000 |
Investment income | ifrs-full_InvestmentIncome | 1,011,000 |
Other finance income (cost) | ifrs-full_OtherFinanceIncomeCost | (14,248,000) |
Other finance income (cost) | ifrs-full_OtherFinanceIncomeCost | (28,525,000) |
Other finance income (cost) | ifrs-full_OtherFinanceIncomeCost | € (36,640,000) |
Number Of Issued During The Period Shares, Settlement Of Bonuses | pharm_NumberOfIssuedDuringThePeriodSharesSettlementOfBonuses | 1,625,000 |
Interest expense on borrowings | ifrs-full_InterestExpenseOnBorrowings | € 14,301,000 |
Interest expense on borrowings | ifrs-full_InterestExpenseOnBorrowings | 4,532,000 |
Interest expense on borrowings | ifrs-full_InterestExpenseOnBorrowings | € 11,255,000 |
Long Term Incentive Plan [Member] | ||
Number of other equity instruments outstanding in share-based payment arrangement | ifrs-full_NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement | 6,119,881 |
Number of other equity instruments outstanding in share-based payment arrangement | ifrs-full_NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement | 9,979,208 |
Number Of Other Equity Instrument Reserved In Share-Based Payment Arrangement | pharm_NumberOfOtherEquityInstrumentReservedInShareBasedPaymentArrangement | 2,837,452 |
Number Of Other Equity Instruments Issued In Share-Based Payment Arrangement | pharm_NumberOfOtherEquityInstrumentsIssuedInShareBasedPaymentArrangement | 1,021,875 |
Issued capital [member] | ||
Increase (decrease) through exercise of options, equity | ifrs-full_IncreaseDecreaseThroughExerciseOfOptions | € 270,000 |
Increase (decrease) through exercise of warrants, equity | ifrs-full_IncreaseDecreaseThroughExerciseOfWarrantsEquity | 111,000 |
Increase (decrease) through conversion of convertible instruments, equity | ifrs-full_IncreaseDecreaseThroughConversionOfConvertibleInstruments | 28,000 |
Increase (Decrease) Through Share-Based Payment Transactions, Bonus, Equity | pharm_IncreaseDecreaseThroughShareBasedPaymentTransactionsBonusEquity | 16,000 |
Increase (decrease) through transactions with owners, equity | ifrs-full_IncreaseDecreaseThroughTransactionsWithOwners | 425,000 |
Share premium [member] | ||
Increase (decrease) through exercise of options, equity | ifrs-full_IncreaseDecreaseThroughExerciseOfOptions | 13,275,000 |
Increase (decrease) through exercise of warrants, equity | ifrs-full_IncreaseDecreaseThroughExerciseOfWarrantsEquity | 6,031,000 |
Increase (decrease) through conversion of convertible instruments, equity | ifrs-full_IncreaseDecreaseThroughConversionOfConvertibleInstruments | 3,117,000 |
Increase (Decrease) Through Share-Based Payment Transactions, Bonus, Equity | pharm_IncreaseDecreaseThroughShareBasedPaymentTransactionsBonusEquity | 1,284,000 |
Increase (decrease) through transactions with owners, equity | ifrs-full_IncreaseDecreaseThroughTransactionsWithOwners | € 23,707,000 |
2025 Bonds, 125 Million Convertible Bonds [Member] | ||
Average Number Of Ordinary Shares As Underlying For Convertible Bonds | pharm_AverageNumberOfOrdinarySharesAsUnderlyingForConvertibleBonds | 60,702,687 |