0000950170-24-012212 | 20-F | XBRL Viewer

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Share-Based Payment - Summary Of Share Based Payment (Detail)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items]
Ending balance	6,523,784
Restricted Stock Units [Member]
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items]
Beginning balance	82,492	148,148	0
Granted during the period	609,860		148,148
Settled during the period	(18,132)
Transferred during the period	(20,098)	(41,685)
Forfeited during the period	(77,497)	(23,971)
Ending balance	576,625	82,492	148,148
Restricted Stock Units [Member] \| 2024
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items]
Vesting specified by date	217,615
Restricted Stock Units [Member] \| 2025
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items]
Vesting specified by date	179,482
Restricted Stock Units [Member] \| 2026
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items]
Vesting specified by date	179,528
Performance Stock Units [Member]
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items]
Granted during the period	112,268
Forfeited during the period	(7,245)
Ending balance	105,023
Performance Stock Units [Member] \| 2024
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items]
Vesting specified by date	35,007
Performance Stock Units [Member] \| 2025
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items]
Vesting specified by date	35,008
Performance Stock Units [Member] \| 2026
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items]
Vesting specified by date	35,008
Restricted Stock Units and Performance Stock Unit [Member]
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items]
Beginning balance	82,492	148,148	0
Granted during the period	722,128		148,148
Settled during the period	(18,132)
Transferred during the period	(20,098)	(41,685)
Forfeited during the period	(84,742)	(23,971)
Ending balance	681,648	82,492	148,148
Restricted Stock Units and Performance Stock Unit [Member] \| 2024
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items]
Vesting specified by date	252,622
Restricted Stock Units and Performance Stock Unit [Member] \| 2025
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items]
Vesting specified by date	214,490
Restricted Stock Units and Performance Stock Unit [Member] \| 2026
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items]
Vesting specified by date	214,536

Investment in Associate - Equity (Detail) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure of associates and joint ventures [line items]
Investment in associate	€ 5,686	€ 22,932
VISEN Pharmaceuticals [member] \| Associates [member]
Disclosure of associates and joint ventures [line items]
Company's share of equity before eliminations	22,438	43,957
Elimination of internal profit recognized	(16,752)	(21,025)
Company's share of equity after eliminations	5,686	22,932
Investment in associate	€ 5,686	€ 22,932

Intangible Assets - Summary of Goodwill (Detail) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure of detailed information about intangible assets [line items]
Intangible assets at beginning period	€ 4,828
Intangible assets at ending period	4,419	€ 4,828
Goodwill [member]
Disclosure of detailed information about intangible assets [line items]
Intangible assets at beginning period	3,495
Intangible assets at ending period	3,495	3,495
Computer software [member]
Disclosure of detailed information about intangible assets [line items]
Intangible assets at beginning period	1,333
Intangible assets at ending period	924	1,333
Gross carrying amount [member]
Disclosure of detailed information about intangible assets [line items]
Intangible assets at beginning period	5,717	5,717
Additions	53
Transferred	21
Intangible assets at ending period	5,791	5,717
Gross carrying amount [member] \| Goodwill [member]
Disclosure of detailed information about intangible assets [line items]
Intangible assets at beginning period	3,495	3,495
Intangible assets at ending period	3,495	3,495
Gross carrying amount [member] \| Computer software [member]
Disclosure of detailed information about intangible assets [line items]
Intangible assets at beginning period	2,222	2,222
Additions	53
Transferred	21
Intangible assets at ending period	2,296	2,222
Amortization and impairment [member]
Disclosure of detailed information about intangible assets [line items]
Intangible assets at beginning period	(889)	(445)
Amortization Charge	(483)	(444)
Intangible assets at ending period	(1,372)	(889)
Amortization and impairment [member] \| Computer software [member]
Disclosure of detailed information about intangible assets [line items]
Intangible assets at beginning period	(889)	(445)
Amortization Charge	(483)	(444)
Intangible assets at ending period	€ (1,372)	€ (889)

Principal Accountant Fees and Services (Tables)

12 Months Ended

Dec. 31, 2023

Auditor's remuneration [abstract]

Summary of Principal Accountant Fees and Services

The following table sets forth, for each of the years indicated, the fees billed by the Company’s independent public accountants and the proportion of each of the fees out of the total amount billed by the accountants.


	2023		2022		2021
	(EUR’000)
Principal accountant fees and services
Audit fees		739		814		771
Tax fees		122		138		87
All other fees		—		—		13
Total principal accountant fees and services		861		952		871

Financial Assets and Liabilities - Summary of Development in Borrowings Arising from Financing Activities (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Beginning of period	€ 508,377	€ 104,961
Repayments	(26,060)	(14,705)
Net proceeds	136,256	503,281
Additions	2,973	3,194
Separation of fair value		(142,467)
Accretion of interest	43,967	34,058
Foreign exchange adjustment	(21,248)	20,055
End of period	644,265	508,377
Borrowings [member]
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Beginning of period	399,186	0
Repayments	(12,054)	(6,710)
Net proceeds	136,256	503,281
Separation of fair value		(142,467)
Accretion of interest	40,386	30,216
Foreign exchange adjustment	(18,302)	14,866
End of period	545,472	399,186
Lease liabilities [member]
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Beginning of period	109,191	104,961
Repayments	(14,006)	(7,995)
Additions	2,973	3,194
Accretion of interest	3,581	3,842
Foreign exchange adjustment	(2,946)	5,189
End of period	€ 98,793	€ 109,191

Intangible Assets

12 Months Ended

Dec. 31, 2023

Disclosure of detailed information about intangible assets [abstract]

Intangible Assets

Note 10—Intangible Assets


	Goodwill		Software			Total
	(EUR’000)
Cost
January 1, 2022		3,495		2,222			5,717
December 31, 2022		3,495		2,222			5,717
Additions		—		53			53
Transferred		—		21			21
December 31, 2023		3,495		2,296			5,791
Amortization and impairment
January 1, 2022		—		(445	)		(445	)
Amortization charge		—		(444	)		(444	)
December 31, 2022		—		(889	)		(889	)
Amortization charge		—		(483	)		(483	)
December 31, 2023		—		(1,372	)		(1,372	)
Carrying amount
December 31, 2022		3,495		1,333			4,828
December 31, 2023		3,495		924			4,419

At the reporting date, no internally generated intangible assets from development of pharmaceutical drug candidates have been recognized. Thus, all related research and development costs incurred for the years ended December 31, 2023, 2022, and 2021, were recognized in the consolidated statements of profit or loss.

Goodwill relates to the acquisition of Complex Biosystems GmbH (now Ascendis Pharma GmbH) in 2007. Goodwill was calculated as the excess amount of the purchase price to the fair value of identifiable assets acquired, and liabilities assumed at the acquisition date. Ascendis Pharma GmbH was initially a separate technology platform company but is now an integral part of the Company’s research and development activities. Accordingly, it is not possible to look separately at Ascendis Pharma GmbH when considering the recoverable amount of the goodwill. Goodwill is monitored and tested for impairment on a consolidated level as the Company is considered to represent one cash-generating unit.

The recoverable amount of the cash-generating unit is determined based on an estimation of the Company’s fair value less costs of disposal. The fair value of goodwill has been determined after taking into account the market value of the Company’s ADSs as of the reporting date. The computation of the market value including an estimation of selling costs, significantly exceeded the carrying amount of the net assets, leaving sufficient value to cover the carrying amount of goodwill. Considering the excess value, no further assumptions are deemed relevant to be applied in determining whether goodwill is impaired.

Share-Based Payment - Additional Information (Detail)	12 Months Ended
Share-Based Payment - Additional Information (Detail)	Dec. 31, 2023 kr / shares shares	Dec. 31, 2022 € / shares	Dec. 31, 2021 € / shares	Dec. 31, 2023 € / shares shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share nominal value \| kr / shares	kr 1
Weighted average remaining life for outstanding warrants	71 months
Restricted Stock Units [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period	3 years
Top of range [member] \| Performance Stock Unit Program [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Percentage of each tranche directly attributable to accomplishment of financial results achieved in financial year prior to vesting date	10.00%
Warrants [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Weighted average remaining life for outstanding warrants		77 months	87 months
Warrants [member] \| Bottom of range [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price		€ 6.48	€ 6.48	€ 11.98
Warrants [member] \| Top of range [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price		€ 145.50	€ 145.50	€ 145.50
Warrants Granted 2012 Until November 2021 [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period			24 months
Warrants Granted From December 2021 [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period			12 months
Board members of group [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of additional shares authorized to grant \| shares	1,564,221			1,564,221
Board members of group [member] \| Warrants Granted From December 2021 [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Percentage of warrants vested			75.00%
Employees and consultants [member] \| Warrants Granted From December 2021 [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Percentage of warrants vested			75.00%
Later than one year [member] \| Warrants Granted 2012 Until November 2021 [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period			48 months
Later than one year [member] \| Warrants Granted From December 2021 [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period			36 months
Later than one year [member] \| Board members of group [member] \| Warrants Granted From December 2021 [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Percentage of warrants vested			25.00%
Later than one year [member] \| Employees and consultants [member] \| Warrants Granted From December 2021 [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Percentage of warrants vested			25.00%

Tax on Profit/(Loss) for the Year and Deferred Tax - Additional Information (Detail) - EUR (€) € in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Major components of tax expense (income) [abstract]
Income taxes refund	€ 0.7	€ 0.7	€ 0.7
Tax losses carryforwards	2,371.3	1,985.0
Additional tax deductions, determined by annual warrants exercises by employees	€ 10.6	€ 5.2	€ 4.8

Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2023

Property, plant and equipment [abstract]

Summary of Property, Plant and Equipment


	Plant and Machinery			Other Equipment			Leasehold Improve- ments			Right-of-Use Assets			Total
	(EUR’000)
Cost
January 1, 2022		16,946			8,822			18,067			116,135			159,970
Additions		7,787			2,487			1,284			3,245			14,803
Disposals		(32	)		(395	)		—			(5,480	)		(5,907	)
Foreign exchange translation		243			289			779			5,566			6,877
December 31, 2022		24,944			11,203			20,130			119,466			175,743
Additions		2,580			503			228			7,547			10,858
Disposals		(383	)		(57	)		—			—			(440	)
Transferred		504			(21	)		(504	)		—			(21	)
Foreign exchange translation		(209	)		(208	)		(479	)		(3,093	)		(3,989	)
December 31, 2023		27,436			11,420			19,375			123,920			182,151
Depreciation and impairment
January 1, 2022		(5,527	)		(3,547	)		(2,488	)		(22,359	)		(33,921	)
Depreciation charge		(2,039	)		(1,793	)		(1,942	)		(11,740	)		(17,514	)
Disposals		25			380			—			5,480			5,885
Foreign exchange translation		(43	)		(63	)		(67	)		(925	)		(1,098	)
December 31, 2022		(7,584	)		(5,023	)		(4,497	)		(29,544	)		(46,648	)
Depreciation charge		(2,569	)		(1,899	)		(2,085	)		(11,875	)		(18,428	)
Impairment charge		(2,869	)		(405	)		(4,560	)		—			(7,834	)
Disposals		146			54			—			—			200
Foreign exchange translation		92			98			196			807			1,193
December 31, 2023		(12,784	)		(7,175	)		(10,946	)		(40,612	)		(71,517	)
Carrying amount
December 31, 2022		17,360			6,180			15,633			89,922			129,095
December 31, 2023		14,652			4,245			8,429			83,308			110,634

Summary of Depreciation Charges

Depreciation charges are specified below:


	2023		2022		2021
	(EUR’000)
Depreciation charges
Cost of sales (1)		2,509		1,245		252
Research and development costs		10,296		10,892		10,102
Selling, general and administrative expenses		5,623		5,377		4,592
Total depreciation charges		18,428		17,514		14,946

(1)

Cost of sales includes depreciation charges capitalized as part of inventories.

Property, Plant and Equipment

12 Months Ended

Dec. 31, 2023

Property, plant and equipment [abstract]

Property, Plant and Equipment

Note 11—Property, Plant and Equipment


	Plant and Machinery			Other Equipment			Leasehold Improve- ments			Right-of-Use Assets			Total
	(EUR’000)
Cost
January 1, 2022		16,946			8,822			18,067			116,135			159,970
Additions		7,787			2,487			1,284			3,245			14,803
Disposals		(32	)		(395	)		—			(5,480	)		(5,907	)
Foreign exchange translation		243			289			779			5,566			6,877
December 31, 2022		24,944			11,203			20,130			119,466			175,743
Additions		2,580			503			228			7,547			10,858
Disposals		(383	)		(57	)		—			—			(440	)
Transferred		504			(21	)		(504	)		—			(21	)
Foreign exchange translation		(209	)		(208	)		(479	)		(3,093	)		(3,989	)
December 31, 2023		27,436			11,420			19,375			123,920			182,151
Depreciation and impairment
January 1, 2022		(5,527	)		(3,547	)		(2,488	)		(22,359	)		(33,921	)
Depreciation charge		(2,039	)		(1,793	)		(1,942	)		(11,740	)		(17,514	)
Disposals		25			380			—			5,480			5,885
Foreign exchange translation		(43	)		(63	)		(67	)		(925	)		(1,098	)
December 31, 2022		(7,584	)		(5,023	)		(4,497	)		(29,544	)		(46,648	)
Depreciation charge		(2,569	)		(1,899	)		(2,085	)		(11,875	)		(18,428	)
Impairment charge		(2,869	)		(405	)		(4,560	)		—			(7,834	)
Disposals		146			54			—			—			200
Foreign exchange translation		92			98			196			807			1,193
December 31, 2023		(12,784	)		(7,175	)		(10,946	)		(40,612	)		(71,517	)
Carrying amount
December 31, 2022		17,360			6,180			15,633			89,922			129,095
December 31, 2023		14,652			4,245			8,429			83,308			110,634

The impairment charge for the year ended December 31, 2023, relates to change in planned activities at one of our R&D sites and is determined according to its estimated value in use.

Depreciation charges are specified below:


	2023		2022		2021
	(EUR’000)
Depreciation charges
Cost of sales (1)		2,509		1,245		252
Research and development costs		10,296		10,892		10,102
Selling, general and administrative expenses		5,623		5,377		4,592
Total depreciation charges		18,428		17,514		14,946

(1)

Cost of sales includes depreciation charges capitalized as part of inventories.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2023

Capital commitments [abstract]

Commitments and Contingencies

Note 18—Commitments and Contingencies

Contractual commitments for the acquisition of property, plant and equipment were €1.2 million and €4.4 million for the years ended December 31, 2023 and 2022, respectively. Further, with certain suppliers, the Company has agreed minimum commitments related to the manufacturing of product supply, subject to continuous negotiation and adjustments according to the individual contractual terms and conditions. Cost of product supply is recognized when the Company obtains control of the goods. In addition, the Company has commitments related to short-term leases and leases of low value assets, contracts of various lengths in respect of research and development with CROs, and IT and facility related services. Costs relating to those commitments are recognized as services are received.

The Company is not aware of any significant legal claims or disputes.

Summary of Significant Accounting Policies - Additional Information (Detail) € / shares in Units, € in Thousands	Dec. 31, 2023 EUR (€) € / shares	Dec. 31, 2023 kr / shares	Dec. 31, 2022 EUR (€)	Dec. 31, 2021 EUR (€)
Disclosure of summary of significant accounting policies [line items]
Carrying amount of non-current lease liabilities	€ 84,619		€ 95,400
Carrying amount of current lease liabilities	14,174		13,791
Nominal amount of treasury shares	146		149	€ 21
Nominal value common shares \| kr / shares		kr 1
Convertible Senior Notes	407,100
Derivative liabilities	€ 143,296		€ 157,950
Ordinary shares [member]
Disclosure of summary of significant accounting policies [line items]
Nominal value common shares \| € / shares	€ 0.13

Financial Risk Management - Summary of Rate Structure of Marketable Securities (Detail) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022
Disclosure of financial instruments by type of interest rate [line items]
Financial assets	€ 439,222	€ 758,741
Financial assets at amortised cost, class [member]
Disclosure of financial instruments by type of interest rate [line items]
Financial marketable securities	7,275	298,180
Financial assets at amortised cost, class [member] \| Floating interest rate [member]
Disclosure of financial instruments by type of interest rate [line items]
Financial assets	0	11,787
Financial assets at amortised cost, class [member] \| Fixed interest rate [Member]
Disclosure of financial instruments by type of interest rate [line items]
Financial assets	7,275	205,825
Financial assets at amortised cost, class [member] \| Zero Coupon [Member]
Disclosure of financial instruments by type of interest rate [line items]
Financial assets	0	80,568
Financial assets at fair value, class [member]
Disclosure of financial instruments by type of interest rate [line items]
Financial marketable securities	7,266	295,843
Financial assets at fair value, class [member] \| Floating interest rate [member]
Disclosure of financial instruments by type of interest rate [line items]
Financial assets	0	11,773
Financial assets at fair value, class [member] \| Fixed interest rate [Member]
Disclosure of financial instruments by type of interest rate [line items]
Financial assets	7,266	203,543
Financial assets at fair value, class [member] \| Zero Coupon [Member]
Disclosure of financial instruments by type of interest rate [line items]
Financial assets	€ 0	€ 80,527

- Definition

The amount of assets that are: (a) cash; (b) an equity instrument of another entity; (c) a contractual right: (i) to receive cash or another financial asset from another entity; or (ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially favourable to the entity; or (d) a contract that will, or may be, settled in the entity’s own equity instruments and is: (i) a non-derivative for which the entity is, or may be, obliged to receive a variable number of the entity’s own equity instruments; or (ii) a derivative that will, or may be, settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity’s own equity instruments. For this purpose the entity’s own equity instruments do not include puttable financial instruments classified as equity instruments in accordance with paragraphs 16A-16B of IAS 32, instruments that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation and are classified as equity instruments in accordance with paragraphs 16C-16D of IAS 32, or instruments that are contracts for the future receipt or delivery of the entity’s own equity instruments. [Refer: Financial instruments, class [member]; Financial liabilities]

+ References + Details

Financial Assets and Liabilities - Summary of Expenses, Relating To Lease Activities In The Consolidated Statements (Detail) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of quantitative information about right-of-use assets [line items]
Depreciation	€ 11,875	€ 11,740	€ 10,963
Short term leases and leases of low value assets	353	280	186
Lease interest	3,581	3,842	3,396
Total lease expenses	€ 15,809	€ 15,862	€ 14,545

Investment in Associate - Schedule of Financial Information of Investment in VISEN (Detail) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of profit or (loss)
Total comprehensive income	€ (484,178)	€ (583,521)	€ (379,722)
Statement of financial position
Non-current assets	122,866	166,267
Current assets	702,721	923,471
Total assets	825,587	1,089,738
Equity	(145,697)	263,348	€ 883,635	€ 838,711
Non-current liabilities	773,940	655,119
Current liabilities	197,344	171,271
Total equity and liabilities	€ 825,587	€ 1,089,738
VISEN Pharmaceuticals [member]
VISEN Pharmaceuticals
Ownership	43.93%	43.93%		50.00%
Statement of profit or (loss)
Profit / (loss) for the year from continuing operations	€ (41,873)	€ (40,283)
Total comprehensive income	(41,859)	(40,273)
Statement of financial position
Non-current assets	9,596	21,410
Current assets	48,041	92,204
Total assets	57,637	113,614
Equity	51,078	100,062
Non-current liabilities	140	180
Current liabilities	6,419	13,372
Total equity and liabilities	57,637	113,614
Transactions and outstanding balances as of December 31
Invoicing of goods and services to associate	15,026	22,327
Trade receivables	991	3,554
Contract liabilities	€ 7,133	€ 14,213

Provisions (Tables)

12 Months Ended

Dec. 31, 2023

Provisions [abstract]

Summary of Development in Provisions

Development in provisions is specified below:


		2023
		(EUR’000)
Provisions
At January 1		7,339
Net additions		28,293
Reversals and other adjustments		(1,904)
Foreign exchange translation		(1,009)
At December 31		32,719

Contract Liabilities - Additional Information (Detail) - EUR (€) € in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Contract Liabilities [Line Items]
Revenue recognized from contract liabilities	€ 13.3	€ 10.5	€ 0.4
Bottom of range [member]
Contract Liabilities [Line Items]
Expected revenue recognition period from non-current contract liabilities .	1 year
Top of range [member]
Contract Liabilities [Line Items]
Expected revenue recognition period from non-current contract liabilities .	3 years

Property, Plant and Equipment - Summary of Property, Plant and Equipment (Detail) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning period	€ 129,095
Depreciation charge	(18,428)	€ (17,514)	€ (14,946)
Property, plant and equipment at ending period	110,634	129,095
Gross carrying amount [member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning period	175,743	159,970
Additions	10,858	14,803
Disposals	(440)	(5,907)
Transferred	(21)
Foreign exchange translation	(3,989)	6,877
Property, plant and equipment at ending period	182,151	175,743	159,970
Depreciation and impairment [member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning period	(46,648)	(33,921)
Depreciation charge	(18,428)	(17,514)
Impairment charge	(7,834)
Disposals	200	5,885
Foreign exchange translation	1,193	(1,098)
Property, plant and equipment at ending period	(71,517)	(46,648)	(33,921)
Plant and machinery [member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning period	17,360
Property, plant and equipment at ending period	14,652	17,360
Plant and machinery [member] \| Gross carrying amount [member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning period	24,944	16,946
Additions	2,580	7,787
Disposals	(383)	(32)
Transferred	504
Foreign exchange translation	(209)	243
Property, plant and equipment at ending period	27,436	24,944	16,946
Plant and machinery [member] \| Depreciation and impairment [member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning period	(7,584)	(5,527)
Depreciation charge	(2,569)	(2,039)
Impairment charge	(2,869)
Disposals	146	25
Foreign exchange translation	92	(43)
Property, plant and equipment at ending period	(12,784)	(7,584)	(5,527)
Other equipment [member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning period	6,180
Property, plant and equipment at ending period	4,245	6,180
Other equipment [member] \| Gross carrying amount [member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning period	11,203	8,822
Additions	503	2,487
Disposals	(57)	(395)
Transferred	(21)
Foreign exchange translation	(208)	289
Property, plant and equipment at ending period	11,420	11,203	8,822
Other equipment [member] \| Depreciation and impairment [member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning period	(5,023)	(3,547)
Depreciation charge	(1,899)	(1,793)
Impairment charge	(405)
Disposals	54	380
Foreign exchange translation	98	(63)
Property, plant and equipment at ending period	(7,175)	(5,023)	(3,547)
Leasehold improvements [member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning period	15,633
Property, plant and equipment at ending period	8,429	15,633
Leasehold improvements [member] \| Gross carrying amount [member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning period	20,130	18,067
Additions	228	1,284
Transferred	(504)
Foreign exchange translation	(479)	779
Property, plant and equipment at ending period	19,375	20,130	18,067
Leasehold improvements [member] \| Depreciation and impairment [member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning period	(4,497)	(2,488)
Depreciation charge	(2,085)	(1,942)
Impairment charge	(4,560)
Foreign exchange translation	196	(67)
Property, plant and equipment at ending period	(10,946)	(4,497)	(2,488)
Right-of-use assets [member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning period	89,922
Property, plant and equipment at ending period	83,308	89,922
Right-of-use assets [member] \| Gross carrying amount [member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning period	119,466	116,135
Additions	7,547	3,245
Disposals		(5,480)
Foreign exchange translation	(3,093)	5,566
Property, plant and equipment at ending period	123,920	119,466	116,135
Right-of-use assets [member] \| Depreciation and impairment [member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning period	(29,544)	(22,359)
Depreciation charge	(11,875)	(11,740)
Disposals		5,480
Foreign exchange translation	807	(925)
Property, plant and equipment at ending period	€ (40,612)	€ (29,544)	€ (22,359)

Significant Accounting Judgements and Estimates - Additional Information (Detail) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of changes in accounting estimates [line items]
Provisions	€ 32,719	€ 7,339
Warrant compensation cost	28,800	55,200	€ 66,100
Derivative liabilities	143,296	157,950
Carrying amount of royalty funding liabilities	138,400
Sales rebates and product returns in U.S. market [member]
Disclosure of changes in accounting estimates [line items]
Provisions	€ 32,700	€ 7,300

Financial Risk Management - Summary of Number of Shares (Detail) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of classes of share capital [abstract]
Share capital beginning of year	57,152,295	56,937,682	53,750,386	47,985,837	42,135,448
Increase through cash contributions	555,144	214,613	3,187,296	5,764,549	5,850,389
Share capital end of year	57,707,439	57,152,295	56,937,682	53,750,386	47,985,837

Financial Risk Management - Schedule of Marketable Securities Specified By Investment Grade Credit Rating (Detail) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022
Disclosure Of Marketable Securities Specified By Investment Grade Credit Rating [Line Items]
Financial assets	€ 439,222	€ 758,741
Financial assets at amortised cost, class [member]
Disclosure Of Marketable Securities Specified By Investment Grade Credit Rating [Line Items]
Financial marketable securities	7,275	298,180
Financial assets at fair value, class [member]
Disclosure Of Marketable Securities Specified By Investment Grade Credit Rating [Line Items]
Financial marketable securities	7,266	295,843
Credit risk [member] \| Financial assets at amortised cost, class [member]
Disclosure Of Marketable Securities Specified By Investment Grade Credit Rating [Line Items]
Financial assets	7,275
Financial marketable securities		298,180
Credit risk [member] \| Financial assets at fair value, class [member]
Disclosure Of Marketable Securities Specified By Investment Grade Credit Rating [Line Items]
Financial assets	7,266
Financial marketable securities		295,843
Credit risk [member] \| High Grade [Member] \| Financial assets at amortised cost, class [member]
Disclosure Of Marketable Securities Specified By Investment Grade Credit Rating [Line Items]
Financial assets	4,523	203,530
Credit risk [member] \| High Grade [Member] \| Financial assets at fair value, class [member]
Disclosure Of Marketable Securities Specified By Investment Grade Credit Rating [Line Items]
Financial assets	4,519	202,048
Credit risk [member] \| Upper Medium Grade [Member] \| Financial assets at amortised cost, class [member]
Disclosure Of Marketable Securities Specified By Investment Grade Credit Rating [Line Items]
Financial assets	2,752	94,650
Credit risk [member] \| Upper Medium Grade [Member] \| Financial assets at fair value, class [member]
Disclosure Of Marketable Securities Specified By Investment Grade Credit Rating [Line Items]
Financial assets	€ 2,747	€ 93,795

- Definition

+ References + Details

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2023
Insider Trading Policies and Procedure [Line Items]
Insider Trading Policies and Procedure Adopted [Flag]	true

Investments in Group Enterprises (Tables)

12 Months Ended

Dec. 31, 2023

Investments accounted for using equity method [abstract]

Summary of Investments in Group Enterprises

Ascendis Pharma A/S’s (parent company) investments in group enterprises at December 31, 2023, comprise:


Subsidiaries	Domicile	Ownership
Ascendis Pharma GmbH	Germany		100	%
Ascendis Pharma Endocrinology GmbH	Germany		100	%
Ascendis Pharma, Inc.	USA		100	%
Ascendis Pharma Endocrinology, Inc.	USA		100	%
Ascendis Pharma Ophthalmology Division A/S	Denmark		100	%
Ascendis Pharma Endocrinology Division A/S	Denmark		100	%
Ascendis Pharma Bone Diseases A/S	Denmark		100	%
Ascendis Pharma Growth Disorders A/S	Denmark		100	%
Ascendis Pharma Oncology Division A/S	Denmark		100	%
Ascendis Pharma Nordics A/S	Denmark		100	%
Ascendis Pharma Europe A/S	Denmark		100	%
Ascendis Pharma UK Limited	United Kingdom		100	%
Ascendis Pharma Iberia S.L.	Spain		100	%

Associate	Domicile	Ownership
VISEN Pharmaceuticals	Cayman Island		43.93	%

Principal Accountant Fees and Services

12 Months Ended

Dec. 31, 2023

Auditor's remuneration [abstract]

Principal Accountant Fees and Services

Note 8— Principal Accountant Fees and Services


	2023		2022		2021
	(EUR’000)
Principal accountant fees and services
Audit fees		739		814		771
Tax fees		122		138		87
All other fees		—		—		13
Total principal accountant fees and services		861		952		871

Financial Assets and Liabilities - Additional Information (Detail) $ / shares in Units, $ in Millions		1 Months Ended			12 Months Ended
	Feb. 20, 2022 EUR (€)	Sep. 30, 2023 USD ($) XBB Multiple	Mar. 31, 2022 EUR (€)	Mar. 31, 2022 USD ($)	Dec. 31, 2023 EUR (€) Days	Dec. 31, 2023 USD ($) Days	Dec. 31, 2022 EUR (€)	Dec. 31, 2023 $ / shares
Disclosure of detailed information about financial instruments [line items]
Amount multiplied to purchase price minus revenue interest payments paid to purchaser on effective date of buy-out notice as buyout amount \| XBB		1.925
Amount multiplied to purchase price minus revenue interest payments paid to purchaser on effective date of buy-out notice provided on or prior to period as buyout amount \| XBB		1.65
Carrying amount of royalty funding liabilities					€ 138,400,000
Fair value of royalty funding liabilities					144,000,000.0
Derivative liabilities					143,296,000		€ 157,950,000
Royalty Pharma [member]
Disclosure of detailed information about financial instruments [line items]
Funding received in exchange of royalty payments \| $		$ 150.0
Net proceeds after deduting offering expenses					€ 136,300,000	$ 146.3
Royalty payment ending period		Dec. 31, 2031
U.S. SKYTROFA [member]
Disclosure of detailed information about financial instruments [line items]
Funding received in exchange of royalty payments \| $		$ 150.0
Revenue interest payment in percentage in exchange for funding		9.15%
Royalty payment beginning period		Jan. 01, 2025
Derivatives [member]
Disclosure of detailed information about financial instruments [line items]
Expected volatility					50.47%	50.47%	49.24%
Derivatives [member] \| Historical volatility for shares, measurement input [member]
Disclosure of detailed information about financial instruments [line items]
Percentage of reasonably possible increase in unobservable input, liabilities					10.00%
Derivatives [member] \| Share Price Measurement Input [Member]
Disclosure of detailed information about financial instruments [line items]
Percentage of reasonably possible increase in unobservable input, liabilities					10.00%
Increase decrease in derivative financial liabilities fair value					€ 26,700,000
Foreign Currency Conversion Option [Member]
Disclosure of detailed information about financial instruments [line items]
Increase decrease in derivative financial liabilities fair value					€ 14,800,000
Bottom of range [member]
Disclosure of detailed information about financial instruments [line items]
Optional Lease Extension Period					6 months	6 months
Bottom of range [member] \| Royalty Pharma [member]
Disclosure of detailed information about financial instruments [line items]
Multiple of the purchase price were royalty payment will cease \| Multiple		1.65
Top of range [member]
Disclosure of detailed information about financial instruments [line items]
Optional Lease Extension Period					5 years	5 years
Top of range [member] \| Royalty Pharma [member]
Disclosure of detailed information about financial instruments [line items]
Multiple of the purchase price were royalty payment will cease \| Multiple		1.925
American depository shares [member]
Disclosure of detailed information about financial instruments [line items]
Conversion price per share \| $ / shares								$ 166.34
DENMARK \| Office Facility [Member]
Disclosure of detailed information about financial instruments [line items]
Enforceable Lease Term	15 years
Expected Lease Commence Year	2025
Total lease cash-outflows	€ 68,100,000
Convertible Senior Notes [Member]
Disclosure of detailed information about financial instruments [line items]
Principal amount \| $				$ 575.0
Proceeds From Issuance Of Notes			€ 503,300,000	$ 557.9
Borrowings, maturity			April 1, 2028	April 1, 2028
Borrowings in arrears default payment start date					Oct. 01, 2022	Oct. 01, 2022
Conversion rate per note \| $ / shares								$ 6.0118
Borrowings redemption period					April 7, 2025	April 7, 2025
Borrowings condition for redemption					but only if the last reported sale price per ADS exceeds 130% of the conversion price on each of (i) at least 20 trading days, whether or not consecutive, during the 30 consecutive trading days ending on, and including, the trading day immediately before the date the Company sends the related optional redemption notice; and (ii) the trading day immediately before the date the Company sends such notice.	but only if the last reported sale price per ADS exceeds 130% of the conversion price on each of (i) at least 20 trading days, whether or not consecutive, during the 30 consecutive trading days ending on, and including, the trading day immediately before the date the Company sends the related optional redemption notice; and (ii) the trading day immediately before the date the Company sends such notice.
Borrowings threshold percentage of sale price per share for redemption					130.00%	130.00%
Borrowings threshold trading days for redemption \| Days					20	20
Borrowings threshold consecutive trading days for redemption \| Days					30	30
Convertible Senior Notes [Member] \| American depository shares [member]
Disclosure of detailed information about financial instruments [line items]
Principal amount					€ 1,000
Convertible Senior Notes [Member] \| Fixed interest rate [member]
Disclosure of detailed information about financial instruments [line items]
Borrowings, interest rate				2.25%	2.25%

Financial Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Presentation of leases for lessee [abstract]

Schedule of Financial Assets and Financial Liabilities

Financial assets and liabilities comprise the following:


	2023		2022
	(EUR’000)
Financial assets by category
Trade receivables		35,874		11,910
Other receivables (excluding income tax and indirect tax receivables)		3,909		3,884
Marketable securities		7,275		298,180
Cash and cash equivalents		392,164		444,767
Financial assets measured at amortized cost		439,222		758,741
Total financial assets		439,222		758,741
Classified in the statement of financial position
Non-current assets		2,127		9,412
Current assets		437,095		749,329
Total financial assets		439,222		758,741

Financial liabilities by category
Borrowings
Convertible senior notes		407,095		399,186
Royalty funding liabilities		138,377		—
Lease liabilities		98,793		109,191
Trade payables and accrued expenses		94,566		101,032
Financial liabilities measured at amortized cost		738,831		609,409
Derivative liabilities		143,296		157,950
Financial liabilities measured at fair value through profit or loss		143,296		157,950
Total financial liabilities		882,127		767,359
Classified in the statement of financial position
Non-current liabilities		762,161		640,907
Current liabilities		119,966		126,452
Total financial liabilities		882,127		767,359

Schedule of Finance Income and Finance Expenses

Finance income and expenses are specified below:


	2023		2022		2021
	(EUR’000)
Finance income
Interest income		16,857		7,426		692
Fair value gains, derivatives		14,654		—		—
Foreign exchange and other adjustments gain (net)		12,346		44,755		59,026
Total finance income		43,857		52,181		59,718

Finance expenses
Interest expenses		44,065		30,682		3,911
Fair value loss, derivatives		—		15,483		—
Foreign exchange and other adjustments loss (net)		—		4,322		—
Total finance expenses		44,065		50,487		3,911

Summary of Expenses, Relating To Lease Activities In The Consolidated Statements

The following expenses relating to lease activities are recognized in the consolidated statements of profit or loss:


	2023	2022	2021
	(EUR’000)
Lease expenses
Depreciation	11,875	11,740	10,963
Short term leases and leases of low value assets	353	280	186
Lease interest	3,581	3,842	3,396
Total lease expenses	15,809	15,862	14,545

Summary of Development in Borrowings Related to Financing Activities

Development in borrowings related to financing activities is specified below:


		Cash payments		Non-cash items
	Beginning of period	Repay- ments	Net proceeds	Additions/ (disposals)	Separation of embedded derivative	Accretion of interest	Foreign exchange adjustments and remeasurements	End of period
	(EUR’000)
Financing activities
December 31, 2023
Borrowings	399,186	(12,054)	136,256	—	—	40,386	(18,302)	545,472
Lease liabilities	109,191	(14,006)	—	2,973	—	3,581	(2,946)	98,793
Total financing activities	508,377	(26,060)	136,256	2,973	—	43,967	(21,248)	644,265

Financing activities
December 31, 2022
Borrowings	—	(6,710)	503,281	—	(142,467)	30,216	14,866	399,186
Lease liabilities	104,961	(7,995)	—	3,194	—	3,842	5,189	109,191
Total financing activities	104,961	(14,705)	503,281	3,194	(142,467)	34,058	20,055	508,377

Summary of Fair Value Hierarchy

Level 3 inputs are unobservable inputs for the asset or liability.


	2023		2022
	Carrying amount	Fair value	Carrying amount	Fair value	Fair value level
	(EUR’000)				(1-3)
Financial assets
Marketable securities	7,275	7,266	298,180	295,843	1
Financial assets measured at amortized cost	7,275	7,266	298,180	295,843
Financial liabilities
Borrowings
Convertible senior notes	407,095	385,410	399,186	382,459	3
Royalty funding	138,377	143,975	—	—	3
Financial liabilities measured at amortized cost	545,472	529,385	399,186	382,459
Derivative liabilities	143,296	143,296	157,950	157,950	3
Financial liabilities measured at fair value through profit or loss	143,296	143,296	157,950	157,950

Development in Level 3 Fair Value Remeasurements

Development in level 3 fair value remeasurements is specified below:


	2023	2022	2021
	(EUR’000)
Derivative liabilities
January 1	157,950	—	—
Additions	—	142,467	—
Remeasurement recognized in financial income or expense	(14,654)	15,483	—
December 31	143,296	157,950	—

Leases - Summary of Development In Lease Liabilities (Detail) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Lease liabilities [abstract]
Beginning of period	€ 109,191
Accretion of interest	3,581	€ 3,842	€ 3,396
End of period	€ 98,793	€ 109,191

Financial Assets and Liabilities - Development in Level 3 Fair Value Remeasurements (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of changes in fair value measurement, liabilities [abstract]
Beginning balance	€ 157,950
Ending balance	143,296	€ 157,950
Level 3 [member]
Reconciliation of changes in fair value measurement, liabilities [abstract]
Beginning balance	157,950
Additions	0	142,467
Remeasurement recognized in financial income or expense	(14,654)	15,483
Ending balance	€ 143,296	€ 157,950

Financial Risk Management

12 Months Ended

Dec. 31, 2023

Disclosure of detailed information about financial instruments [abstract]

Financial Risk Management

Note 17 – Financial Risk Management

The Company manages capital to ensure that all group enterprises will be able to continue as a going concern while maximizing the return to shareholders through the optimization of debt and equity balances.

Capital Structure

The Company’s capital structure consists of equity and external debt obtained through issuance of convertible notes and royalty funding liabilities. The Company is not subject to any contractually imposed capital requirements or financial covenants. The capital structure is reviewed on an ongoing basis for the adequacy of the Company’s capital compared to the resources required for carrying out ordinary activities.

Development in the Company’s share capital and treasury shares reserves are described in the following sections. Other equity reserves are described in Note 2, “Summary of Significant Accounting Policies”.

Share Capital

The share capital of Ascendis Pharma A/S consists of 57,707,439 fully paid shares at a nominal value of DKK 1, all in the same share class.

The number of outstanding shares of the Company are as follows:


	2023		2022		2021		2020		2019
	(Number)
Changes in share capital
At January 1		57,152,295		56,937,682		53,750,386		47,985,837		42,135,448
Increase through cash contributions		555,144		214,613		3,187,296		5,764,549		5,850,389
At December 31		57,707,439		57,152,295		56,937,682		53,750,386		47,985,837

Treasury Shares Reserve

The holding of treasury shares are as follows:


	Nominal value			Holding			Holding in % of total outstanding shares
	(EUR’000)			(Number)
Treasury shares
At January 1, 2022		21			154,837			—
Acquired from third parties		134			1,000,000			—
Transferred under stock incentive programs		(6	)		(41,685	)		—
At December 31, 2022		149			1,113,152			2.0	%
Transferred under stock incentive programs		(3	)		(20,098	)		—
At December 31, 2023		146			1,093,054			1.9	%

Financial Risk Management Objectives

The Company regularly monitors the access to domestic and international financial markets, manages the financial risks relating to its operations, and analyzes exposures to risk, including market risk, such as foreign currency risk and interest rate risk, credit risk and liquidity risk.

The Company’s financial risk exposure and risk management policies are described in the following sections.

Market Risk

The Company’s activities expose the group enterprises to the financial risks of changes in foreign currency exchange rates and interest rates. Derivative financial instruments are not applied to manage exposure to such risks.

Foreign Currency Risk Management

The Company is exposed to foreign currency exchange risks arising from various currency exposures, primarily with respect to the U.S. Dollar (“USD”).

Foreign currency exchange risks are unchanged to prior year, and primarily relate to sale and purchases in foreign currencies, and cash, cash equivalents and marketable securities, countered by convertible notes and royalty funding liabilities. The exposure from foreign currency exchange risks is managed by maintaining cash positions in the currencies in which the majority of future expenses are denominated, and payments are made from those reserves.

Foreign Currency Sensitivity Analysis

The following table details how a strengthening of the USD against the EUR would impact profit and loss, and equity before tax at the reporting date. A similar weakening of the USD would have the opposite effect with similar amounts. A positive number indicates an increase in profit or loss and equity before tax, while a negative number indicates the opposite. The sensitivity analysis is deemed representative of the inherent foreign currency exchange risk associated with the operations.


				Hypothetical impact on consolidated financial statements
	Nominal positions (net)			Increase in foreign currency exchange rate			Profit/(loss) before tax			Equity before tax
	(EUR ‘000)
USD/EUR
December 31, 2023		(369,091	)		10	%		(36,909	)		(36,909	)
December 31, 2022		60,581			10	%		6,058			6,058

Interest Rate Risk Management

Outstanding convertible notes comprise a 2.25% coupon fixed rate structure. Further, interest rate on lease liabilities is fixed at the lease commencement date. In addition, the effective interest rate on royalty funding liabilities is estimated at initial recognition and takes into account anticipated amount and timing of future cash flows, which further depends on future commercial revenue forecasts and the probability of exercising the embedded buy-out option. Material changes to anticipated future cash flows could potentially increase or decrease future interest expense.

Future indebtedness may be subject to higher interest rates. In addition, future interest income from interest-bearing bank deposits and marketable securities may fall short of expectations due to changes in interest rates.

Rate structure of marketable securities are specified below:


	2023				2022
	Carrying amount		Fair value		Carrying amount		Fair value
	(EUR’000)
Marketable securities specified by rate structure
Fixed rate		7,275		7,266		205,825		203,543
Floating rate		—		—		11,787		11,773
Zero-coupon		—		—		80,568		80,527
Total marketable securities		7,275		7,266		298,180		295,843

Derivative liabilities are measured at fair value through profit or loss. Accordingly, since the fair value is exposed from the development in interest rates, the profit or loss is exposed to volatility from such development. The effects of interest rate fluctuations are not considered a material risk to the Company’s financial position. Accordingly, no interest sensitivity analysis has been presented.

Credit Risk Management

The Company has adopted an investment policy with the primary purpose of preserving capital, fulfilling liquidity needs and diversifying the risks associated with cash, cash equivalents and marketable securities. This investment policy establishes minimum ratings for institutions with which the Company holds cash and cash equivalents, as well as rating and concentration limits for marketable securities held.

The exposure to credit risk primarily relates to cash, cash equivalents, and marketable securities. The credit risk on bank deposits is limited because the counterparties, holding significant deposits, are banks with minimum credit-ratings of A3/A- assigned by international credit-rating agencies. The banks are reviewed on a regular basis and deposits may be transferred during the year to mitigate credit risk. In order to mitigate the concentration of credit risks on bank deposits and to preserve capital, a portion of the bank deposits have been placed into primarily U.S. government bonds, treasury bills, corporate bonds, and agency bonds. The Company’s investment policy, approved by the Board of Directors, only allows investment in marketable securities having investment grade credit-ratings, assigned by international credit-rating agencies. Accordingly, the risk from probability of default is low. On each reporting date, the risk of expected credit loss on bank deposits and marketable securities, including the hypothetical impact arising from the probability of default, is considered in conjunction with the expected loss caused by default by banks or securities with similar credit-ratings and attributes. In line with previous periods, this assessment did not reveal a material impairment loss, and accordingly no provision for expected credit loss has been recognized.

Marketable securities specified by investment grade credit rating are specified below:


	2023				2022
	Carrying amount		Fair value		Carrying amount		Fair value
	(EUR’000)
Marketable securities specified by investment grade credit rating
High grade		4,523		4,519		203,530		202,048
Upper medium grade		2,752		2,747		94,650		93,795
Total marketable securities		7,275		7,266		298,180		295,843

At the reporting dates, there are no significant overdue trade receivable balances. As a result, write-down to accommodate expected credit-losses is not deemed material.

Liquidity Risk Management

Historically, the risk of insufficient funds has been addressed through proceeds from sale of the Company’s securities in private and public offerings, through issuance of convertible notes in 2022, and through royalty funding liabilities in 2023.

Liquidity risk is managed by maintaining adequate cash reserves and banking facilities, and by matching the maturity profiles of marketable securities with cash-forecasts. The risk of shortage of funds is monitored, using a liquidity planning tool, to ensure sufficient funds are available to settle liabilities as they fall due.

Besides marketable securities and deposits, the Company’s financial assets are recoverable within twelve months after the reporting date. The composition of the marketable securities portfolio and its maturity profiles are specified in the following table.


	2023				2022
	Carrying amount		Fair value		Carrying amount		Fair value
	(EUR’000)
Marketable securities specified by security type
U.S. Treasury bills		—		—		79,086		79,043
U.S. Government bonds		4,523		4,519		99,337		98,075
Corporate bonds		2,752		2,747		104,236		103,301
Agency bonds		—		—		15,521		15,424
Total marketable securities		7,275		7,266		298,180		295,843
Classified based on maturity profiles
Non-current assets		—		—		7,492		7,201
Current assets		7,275		7,266		290,688		288,642
Total marketable securities		7,275		7,266		298,180		295,843

At December 31, 2023 marketable securities have a weighted average duration of 1.0 month after the reporting date.

Maturity analysis

Contractual cash flows for non-derivative financial liabilities recognized in the consolidated statements of financial position are specified below.


	< 1 year		1-5 years		>5 years		Total contractual cash-flows		Carrying amount
	(EUR’000)
Financial liabilities
December 31, 2023
Borrowings		11,708		742,925		42,397		797,030		545,472
Lease liabilities		14,385		51,426		49,056		114,867		98,793
Trade payables and accrued expenses		94,566		—		—		94,566		94,566
Total financial liabilities		120,659		794,351		91,453		1,006,463		738,831

Financial liabilities
December 31, 2022
Borrowings		12,130		48,519		545,161		605,810		399,186
Lease liabilities		13,996		53,821		60,946		128,763		109,191
Trade payables and accrued expenses		101,032		—		—		101,032		101,032
Total financial liabilities		127,158		102,340		606,107		835,605		609,409

Financial Risk Management - Additional Information (Detail) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of detailed information about financial instruments [line items]
Number of shares issued	57,707,439	57,152,295	56,937,682	53,750,386	47,985,837	42,135,448
Interest rate risk [member] \| Coupon fixed rate structure [member]
Disclosure of detailed information about financial instruments [line items]
Outstanding convertible notes, coupon fixed rate	2.25%
Liquidity risk [member]
Disclosure of detailed information about financial instruments [line items]
Weighted average duration of marketable securities	1 month
Financial Assets Duration Period	12 months

Summary of Significant Accounting Policies - Schedule of Asset's Expected Useful Life (Detail)	12 Months Ended
	Dec. 31, 2023
Bottom of range [member] \| Process plant and machinery [member]
Disclosure of detailed information about property, plant and equipment [line items]
Asset's expected useful life	5 years
Bottom of range [member] \| Other equipment [member]
Disclosure of detailed information about property, plant and equipment [line items]
Asset's expected useful life	3 years
Bottom of range [member] \| Leasehold improvements [member]
Disclosure of detailed information about property, plant and equipment [line items]
Asset's expected useful life	3 years
Bottom of range [member] \| Right-of-use assets [member]
Disclosure of detailed information about property, plant and equipment [line items]
Asset's expected useful life	2 years
Top of range [member] \| Process plant and machinery [member]
Disclosure of detailed information about property, plant and equipment [line items]
Asset's expected useful life	10 years
Top of range [member] \| Other equipment [member]
Disclosure of detailed information about property, plant and equipment [line items]
Asset's expected useful life	5 years
Top of range [member] \| Leasehold improvements [member]
Disclosure of detailed information about property, plant and equipment [line items]
Asset's expected useful life	11 years
Top of range [member] \| Right-of-use assets [member]
Disclosure of detailed information about property, plant and equipment [line items]
Asset's expected useful life	11 years

Employee costs

12 Months Ended

Dec. 31, 2023

Classes of employee benefits expense [abstract]

Employee costs

Note 6—Employee costs


	2023		2022		2021
	(EUR’000)
Employee costs
Wages and salaries		170,278		140,420		104,583
Share-based payment		66,660		64,180		66,830
Pensions (defined contribution plans)		4,403		4,163		2,416
Social security costs		12,877		10,627		7,667
Other employee costs		4,238		4,411		1,740
Total employee costs (2)		258,456		223,801		183,236
Included in the profit or loss
Cost of sales (1)		15,748		7,239		1,380
Research and development costs		127,002		122,581		108,434
Selling, general and administrative expenses		115,706		93,981		73,422
Total employee costs (2)		258,456		223,801		183,236
Average number of employees		851		719		573

(1)

Cost of sales includes employee costs capitalized as part of inventories.

(2)

At December 31, 2023, “Employee costs” has been extended to also include “Other employee costs”, which comprise other external costs associated with employment. In addition, “Social security costs” have been adjusted to also include various insurance programs. Comparative amounts have been reclassified to reflect the change in presentation.

Key Management Personnel comprises the Board of Directors (the “Board”), the Executive Board and Non-executive Senior Management. Compensation to Key Management Personnel comprises salaries, participation in annual bonus schemes, pensions (defined contributions plans), and share-based compensation. Share-based compensation is elaborated in further details in Note 7, “Share-based Payment”.

Compensation to Key Management Personnel included within total employee costs is summarized below:


	Board of Directors (1)						Executive Board (2)						Non-executive Senior Management
	2023		2022		2021		2023		2022		2021		2023		2022		2021
	(EUR ‘000)
Compensation
Wages and salaries		543		403		296		4,375		3,809		2,699		4,673		6,087		5,547
Share-based payment		1,276		1,273		2,032		13,243		11,392		8,770		9,529		8,872		14,906
Pensions (defined contribution plans)		—		—		—		54		46		23		122		118		120
Social security costs		—		—		—		103		55		49		45		89		60
Other employee cost		—		—		—		20		20		10		40		45		45
Total compensation		1,819		1,676		2,328		17,795		15,322		11,551		14,409		15,211		20,678

(1)

The Board of Directors comprised six to seven persons in 2023, 2022 and 2021.

(2)

The Executive Board comprised four persons in 2023 and 2022. In 2021, the Executive Board comprised two to four persons.

Ownership - Additional Information (Detail)	12 Months Ended
Ownership - Additional Information (Detail)	Dec. 31, 2023
Disclosure of beneficial ownership [line items]
Minimum beneficial ownership percentage	5.00%
T Rowe Price Associates Inc [member] \| USA [member]
Disclosure of beneficial ownership [line items]
Minimum beneficial ownership	T. Rowe Price Associates, Inc., USA
Entities affiliated with RA capital management LLC [member] \| USA [member]
Disclosure of beneficial ownership [line items]
Minimum beneficial ownership	Entities affiliated with RA Capital Management, LLC, USA
Entities affiliated with Artisan Partners Limited Partnership [member] \| USA [member]
Disclosure of beneficial ownership [line items]
Minimum beneficial ownership	Entities affiliated with Artisan Partners Limited Partnership, USA
Entities affiliated with FMR LLC [member] \| USA [member]
Disclosure of beneficial ownership [line items]
Minimum beneficial ownership	Entities affiliated with FMR LLC, USA
Entities affiliated with Wellington Management Group LLP [Member] \| USA [member]
Disclosure of beneficial ownership [line items]
Minimum beneficial ownership	Entities affiliated with Wellington Management Group LLP, USA
Entities affiliated with Janus Henderson Group plc [member] \| USA [member]
Disclosure of beneficial ownership [line items]
Minimum beneficial ownership	Entities affiliated with Janus Henderson Group plc, United Kingdom
Avoro Capital Advisors LLC [member] \| USA [member]
Disclosure of beneficial ownership [line items]
Minimum beneficial ownership	Avoro Capital Advisors LLC, USA
Westfield Capital Management Company, L.P [member] \| USA [member]
Disclosure of beneficial ownership [line items]
Minimum beneficial ownership	Westfield Capital Management Company, L.P., USA

Tax on Profit/(Loss) for the Year and Deferred Tax

12 Months Ended

Dec. 31, 2023

Deferred tax expense (income) [abstract]

Tax on Profit/(Loss) for the Year and Deferred Tax

Note 9—Tax on Profit/(Loss) for the Year and Deferred Tax


	2023			2022			2021
	(EUR’000)
Tax on profit/(loss) for the year:
Current tax (expense)/income		(5,377	)		(3,723	)		367
Current tax, adjustments to prior years		3,904			(1,654	)		—
Deferred tax, movement for the year		(1,044	)		—			—
Deferred tax, adjustments to prior years		(4,786	)		—			—
		(7,303	)		(5,377	)		367
Tax for the year can be explained as follows:
Profit/(loss) before tax		(474,144	)		(577,817	)		(383,944	)
Tax at the Danish corporation tax rate of 22%		104,312			127,120			84,468
Tax effect of:
Non-deductible costs		(8,494	)		(17,094	)		(14,800	)
Additional tax deductions		9,077			13,720			17,117
Impact from associate		(4,047	)		(3,893	)		3,169
Prior year adjustments		(1,294	)		—			—
Other effects including effect of different tax rates		(882	)		(2,716	)		305
Deferred tax asset, not recognized		(105,975	)		(122,514	)		(89,892	)
Tax on profit/(loss) for the year		(7,303	)		(5,377	)		367
Effective tax rate		1.54	%		0.93	%		(0.10	)%

	2023			2022			2021
	(EUR’000)
Specification of Deferred Tax Assets/(Liabilities)
Tax deductible losses		521,697			433,174			313,011
Other temporary differences, assets		16,256			19,961			12,856
Deferred tax asset, not recognized		(537,953	)		(453,135	)		(325,867	)
Other temporary differences, liabilities		(5,830	)		—			—
Total Deferred Tax Assets/(Liabilities) at December 31		(5,830	)		—			—

At December 31, 2023, a deferred tax liability has been recognized in relation to taxable temporary differences in one jurisdiction, as we do not believe we will have any deductible temporary differences nor tax losses to utilize against the taxable difference, when it is expected to be reversed.

Deferred tax assets have not been recognized in the statements of financial position at December 31, 2023 due to uncertainty relating to future utilization. The deferred tax asset can be carried forward without timing limitations.

The Company had tax losses carried forward of €2,371.3 million and €1,985.0 million at December 31, 2023 and 2022, respectively. Tax losses can be carried forward indefinitely, where certain limitations exist for amounts to be utilized each year. Under Danish tax legislation, tax losses may be partly refunded by the tax authorities to the extent such tax losses arise from research and development activities. The jointly taxed Danish entities had a negative taxable income, and accordingly were entitled to a tax refund of approximately €0.7 million for each of the years ended December 31, 2023, 2022 and 2021, respectively.

The Company is entitled to additional tax deductions related to share based payments (Warrants, RSUs and PSUs). Tax deductions can be taken when the warrants/RSUs/PSUs are exercised. For the year ended December 31, 2023, the Company was entitled to additional tax deductions with a tax value of €10.6 million, compared to €5.2 million and €4.8 million for the years ended December 31, 2022, and 2021, respectively. These future tax deductions depend on the timing and amounts of warrant exercises, and accordingly, future additional tax deductions are subject to uncertainties. Refer to Note 7, “Share-based Payment”, regarding a description of warrant programs.

The Parent Company Ascendis Pharma A/S is jointly taxed with its Danish subsidiaries. The current Danish corporation tax is allocated between the jointly taxed Danish companies in proportion to their taxable income (full absorption with refunds for tax losses). The jointly taxed companies are included in the on-account tax scheme.

Investments in Group Enterprises - Summary of Investments in Group Enterprises (Detail)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2020
Ascendis Pharma GmbH [member]
Disclosure of subsidiaries [line items]
Company	Ascendis Pharma GmbH
Domicile	Germany
Ownership	100.00%
Ascendis Pharma Endocrinology GmbH [member]
Disclosure of subsidiaries [line items]
Company	Ascendis Pharma Endocrinology GmbH
Domicile	Germany
Ownership	100.00%
Ascendis Pharma, Inc [member]
Disclosure of subsidiaries [line items]
Company	Ascendis Pharma, Inc.
Domicile	USA
Ownership	100.00%
Ascendis Pharma Endocrinology, Inc. [member]
Disclosure of subsidiaries [line items]
Company	Ascendis Pharma Endocrinology, Inc.
Domicile	USA
Ownership	100.00%
Ascendis Pharma Ophthalmology Division A/S [member]
Disclosure of subsidiaries [line items]
Company	Ascendis Pharma Ophthalmology Division A/S
Domicile	Denmark
Ownership	100.00%
Ascendis Pharma Endocrinology Division A/S [member]
Disclosure of subsidiaries [line items]
Company	Ascendis Pharma Endocrinology Division A/S
Domicile	Denmark
Ownership	100.00%
Ascendis Pharma Bone Diseases A/S [member]
Disclosure of subsidiaries [line items]
Company	Ascendis Pharma Bone Diseases A/S
Domicile	Denmark
Ownership	100.00%
Ascendis Pharma Growth Disorders A/S [member]
Disclosure of subsidiaries [line items]
Company	Ascendis Pharma Growth Disorders A/S
Domicile	Denmark
Ownership	100.00%
Ascendis Pharma Oncology Division AS [member]
Disclosure of subsidiaries [line items]
Company	Ascendis Pharma Oncology Division A/S
Domicile	Denmark
Ownership	100.00%
Ascendis Pharma Nordics A/S [member]
Disclosure of subsidiaries [line items]
Company	Ascendis Pharma Nordics A/S
Domicile	Denmark
Ownership	100.00%
Ascendis Pharma Europe A/S [member]
Disclosure of subsidiaries [line items]
Company	Ascendis Pharma Europe A/S
Domicile	Denmark
Ownership	100.00%
Ascendis Pharma UK Limited [member]
Disclosure of subsidiaries [line items]
Company	Ascendis Pharma UK Limited
Domicile	United Kingdom
Ownership	100.00%
Ascendis Pharma Iberia S.L. [member]
Disclosure of subsidiaries [line items]
Company	Ascendis Pharma Iberia S.L.
Domicile	Spain
Ownership	100.00%
VISEN
Disclosure of subsidiaries [line items]
Company	VISEN Pharmaceuticals
Domicile	Cayman Island
Ownership	43.93%	43.93%	50.00%

Investment in Associate (Tables)

12 Months Ended

Dec. 31, 2023

VISEN Pharmaceuticals [member]

Disclosure of associates [line items]

Schedule of Financial Information of Investment in VISEN

The following table illustrates the summarized relevant financial information of VISEN:


	VISEN Pharmaceuticals
Principal place of business	China
	2023			2022
	(EUR’000)
Statement of profit or (loss)
Profit/(loss) for the year from continuing operations		(41,873	)		(40,283	)
Total comprehensive income		(41,859	)		(40,273	)
Statement of financial position
Non-current assets		9,596			21,410
Current assets		48,041			92,204
Total assets		57,637			113,614
Equity		51,078			100,062
Non-current liabilities		140			180
Current liabilities		6,419			13,372
Total equity and liabilities		57,637			113,614
Company’s share of equity before eliminations		22,438			43,957
Elimination of internal profit and other equity method adjustments		(16,752	)		(21,025	)
Company’s share of equity		5,686			22,932
Investment in associate at December 31		5,686			22,932
Present ownership at December 31		43.93	%		43.93	%
Transactions and outstanding balances as of December 31
Invoicing of goods and services to associate		15,026			22,327
Trade receivables from associate		991			3,554
Contract liabilities		7,133			14,213

Financial Risk Management - Summary of Holding of Treasury Shares (Detail) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure Of Holding Of Treasury Shares [Line Items]
Beginning balance (Nominal value)	€ 149	€ 21
Acquired from third-parties (Nominal value)		134
Transferred under stock incentive programs (Nominal Value)	(3)	(6)
Ending balance (Nominal Value)	€ 146	€ 149
Beginning balance (Holding)	1,113,152	154,837
Acquired from third-parties (Holding)		1,000,000
Transferred under stock incentive programs (Holding)	(20,098)	(41,685)
Ending balance (Holding)	1,093,054	1,113,152
Beginning balance (Holding in % of total outstanding shares)	2.00%	0.00%
Acquired from third-parties (Holding in 1% total outstanding shares)		0.00%
Transferred under stock incentive programs (Holding in 1% total outstanding shares)	0.00%	0.00%
Ending balance (Holding in % of total outstanding shares)	1.90%	2.00%

Employee Costs (Tables)

12 Months Ended

Dec. 31, 2023

Disclosure of employee compensation costs [line items]

Summary of Employee Cost


	2023		2022		2021
	(EUR’000)
Employee costs
Wages and salaries		170,278		140,420		104,583
Share-based payment		66,660		64,180		66,830
Pensions (defined contribution plans)		4,403		4,163		2,416
Social security costs		12,877		10,627		7,667
Other employee costs		4,238		4,411		1,740
Total employee costs (2)		258,456		223,801		183,236
Included in the profit or loss
Cost of sales (1)		15,748		7,239		1,380
Research and development costs		127,002		122,581		108,434
Selling, general and administrative expenses		115,706		93,981		73,422
Total employee costs (2)		258,456		223,801		183,236
Average number of employees		851		719		573

(1)

Cost of sales includes employee costs capitalized as part of inventories.

(2)

Key management personnel of entity or parent [member]

Disclosure of employee compensation costs [line items]

Summary of Employee Cost

Compensation to Key Management Personnel included within total employee costs is summarized below:


	Board of Directors (1)						Executive Board (2)						Non-executive Senior Management
	2023		2022		2021		2023		2022		2021		2023		2022		2021
	(EUR ‘000)
Compensation
Wages and salaries		543		403		296		4,375		3,809		2,699		4,673		6,087		5,547
Share-based payment		1,276		1,273		2,032		13,243		11,392		8,770		9,529		8,872		14,906
Pensions (defined contribution plans)		—		—		—		54		46		23		122		118		120
Social security costs		—		—		—		103		55		49		45		89		60
Other employee cost		—		—		—		20		20		10		40		45		45
Total compensation		1,819		1,676		2,328		17,795		15,322		11,551		14,409		15,211		20,678

(1)

The Board of Directors comprised six to seven persons in 2023, 2022 and 2021.

(2)

The Executive Board comprised four persons in 2023 and 2022. In 2021, the Executive Board comprised two to four persons.

Investment in Associate

12 Months Ended

Dec. 31, 2023

Investments accounted for using equity method [abstract]

Investment in Associate

Note 12—Investment in Associate

VISEN is a private company with business activities within development, manufacturing and commercialization of endocrinology rare disease therapies in Greater China. The Company’s interest in VISEN is accounted for as an associate using the equity method in the consolidated financial statements as the Company has determined that it has significant influence but not joint control.

The Company has granted VISEN exclusive rights to develop and commercialize TransCon hGH, TransCon PTH and TransCon CNP in Greater China, and as consideration for the granting of such rights has received a 50% ownership of VISEN’s issued and outstanding shares. On January 8, 2021, the Company entered into an equity investment of $12.5 million as part of VISEN’s $150.0 million Series B financing. Following VISEN’s Series B financing, the Company retained 43.93% of VISEN’s issued and outstanding shares. As a result, a non-cash gain of €42.3 million was recognized in the consolidated statement of profit or loss as part of share of profit/(loss) of associate in 2021. The Series B financing did not change the accounting treatment of VISEN.

The following table illustrates the summarized relevant financial information of VISEN:


	VISEN Pharmaceuticals
Principal place of business	China
	2023			2022
	(EUR’000)
Statement of profit or (loss)
Profit/(loss) for the year from continuing operations		(41,873	)		(40,283	)
Total comprehensive income		(41,859	)		(40,273	)
Statement of financial position
Non-current assets		9,596			21,410
Current assets		48,041			92,204
Total assets		57,637			113,614
Equity		51,078			100,062
Non-current liabilities		140			180
Current liabilities		6,419			13,372
Total equity and liabilities		57,637			113,614
Company’s share of equity before eliminations		22,438			43,957
Elimination of internal profit and other equity method adjustments		(16,752	)		(21,025	)
Company’s share of equity		5,686			22,932
Investment in associate at December 31		5,686			22,932
Present ownership at December 31		43.93	%		43.93	%
Transactions and outstanding balances as of December 31
Invoicing of goods and services to associate		15,026			22,327
Trade receivables from associate		991			3,554
Contract liabilities		7,133			14,213

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Disclosure of voluntary change in accounting policy [abstract]

Summary of Significant Accounting Policies

Note 2—Summary of Significant Accounting Policies

Basis of Preparation

The consolidated financial statements are prepared in accordance with the IFRS Accounting Standards (“IFRS”), as issued by the International Accounting Standards Board (“IASB”), and as adopted by the European Union (the “EU”).

The accounting policies applied when preparing the consolidated financial statements are described in detail below and are applied for all entities. Significant accounting judgements and sources of estimation uncertainties used when exercising the accounting policies are described in Note 3, “Significant Accounting Judgements and Estimates”.

These consolidated financial statements have been prepared under the historical cost convention, apart from certain financial instruments that are measured at fair value at initial recognition.

Changes in Accounting Policies

Several amendments to and interpretations of IFRS applied for the first time in 2023, which have not had an impact on the accounting policies applied by the Company. Thus, the accounting policies applied when preparing these consolidated financial statements have been applied consistently to all the periods presented.

Change to Presentation of Borrowings

At December 31, 2022, lease liabilities were presented as part of borrowings in the consolidated statements of financial position. At December 31, 2022, the carrying amount of lease liabilities was €95.4 million and €13.8 million, for non-current liabilities and current liabilities, respectively.

In connection with entering into additional borrowing activities in September 2023, lease liabilities are presented separately in the consolidated statements of financial position, Comparative figures have been reclassified to reflect the change in presentation. Accordingly, borrowings comprise convertible senior notes and royalty funding liabilities.

The change to presentation had no other impact on the consolidated financial statements.

Going Concern

The Company’s Board of Directors has at the time of approving the consolidated financial statements, a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus, the Company continues to adopt the going concern basis of accounting in preparing the consolidated financial statements.

Basis of Consolidation

The consolidated financial statements include the parent company, Ascendis Pharma A/S, and all enterprises over which the parent company has control. Control of an enterprise exists when the Company has exposure, or rights to, variable returns from its involvement with the enterprise and has the ability to control those returns through its power over the enterprise. Accordingly, the consolidated financial statements include Ascendis Pharma A/S and the subsidiaries listed in Note 20, “Investment in Group Enterprises”.

Consolidation Principles

Subsidiaries, which are enterprises the Company controls, are fully consolidated from the date upon which control is transferred to the Company. They are deconsolidated from the date control ceases.

Control over an enterprise is reassessed if facts and circumstances indicate that there are changes to one or more of the three elements of control, respectively:

•

the contractual arrangement(s) with the other vote holders of the enterprise;

•

the Company’s voting rights and potential voting rights; and

•

rights arising from other contractual arrangements.

All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between group enterprises are eliminated in full on consolidation.

Subsidiaries apply accounting policies in line with the Company’s accounting policies. When necessary, adjustments are made to bring the entities’ accounting policies in line with those of the Company.

Investment in Associates

An associate is an entity over which the Company has significant influence over financial and operational decisions but without having control or joint control. The Company’s associate is accounted for using the equity method and is initially recognized at cost. Thereafter, the carrying amount of the investment is adjusted to recognize changes in the Company’s share of net assets of the associate since the acquisition or establishment date.

The consolidated statements of profit or loss include the Company’s share of result after tax of the associate after any adjustments made to bring the associate’s accounting policies in line with those of the Company. Transactions between the associate and the Company are eliminated proportionally according to the Company’s interest in the associate. Unrealized gains and losses resulting from transactions between the Company and its associate are eliminated to the extent of the Company’s interest in the associate.

On each reporting date, the Company determines whether there are indications that the investment is impaired. If there is such evidence, the amount of impairment is calculated as the difference between the recoverable amount of the associate and its carrying amount. Any impairment loss is recognized in the consolidated statements of profit or loss.

Foreign Currency

Functional and Presentation Currency

Items included in the consolidated financial statements are measured using the functional currency of each group entity. Functional currency is the currency of the primary economic environment in which the entity operates. The consolidated financial statements are presented in Euros (“EUR”), which is also the functional currency of the parent company.

Translation of Transactions and Balances

On initial recognition, transactions in currencies other than the individual entity’s functional currency are translated applying the exchange rate in effect at the date of the transaction. Receivables, payables and other monetary items denominated in foreign currencies that have not been settled at the reporting date are translated using the exchange rate in effect at the reporting date. Monetary items carried at fair value that are denominated in foreign currencies are translated at the rates prevailing at the date when the fair value was determined.

Exchange rate differences that arise between the rate at the transaction date and the rate in effect at the payment date, or the rate at the reporting date, are recognized in profit or loss as finance income or finance expenses. Property, plant and equipment, intangible assets and other non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates as of the dates of the initial transactions.

Currency Translation of Group Enterprises

When subsidiaries or the associate present their financial statements in a functional currency other than EUR, their statements of profit or loss are translated at average exchange rates. Balance sheet items are translated using the exchange rates at the reporting date. Exchange rate differences arising from translation of foreign entities’ balance sheet items at the beginning of the year to the reporting date exchange rates as well as from translation of statements of profit or loss from average rates to the exchange rates at the reporting date are recognized in other comprehensive income. Similarly, exchange rate differences arising from changes that have been made directly in a foreign subsidiary’s equity are recognized in other comprehensive income.

Revenue

Revenue from Commercial Sale of Products

Revenue is recognized when the customer has obtained control of the goods and it is probable that the Company will collect the consideration to which it is entitled for transferring the goods. Control is transferred upon delivery.

Revenue is measured at the contractual sales price, reflecting the consideration received or receivable from customers, net of value added taxes, and provisions for a variety of sales deductions such as prompt pay discounts, shelf stock adjustments and applicable sales rebates attributable to various commercial arrangements, managed healthcare organizations, government programs, and co-pay arrangements. In addition, goods are principally sold on a “sale-or-return” basis, where customers may return products in line with the Company’s return policy. Sales deductions and product returns are considered variable consideration and are estimated at the time of sale using the expected value method. The amount of variable consideration that is included in the transaction price may be constrained and is included in the net contractual price only to the extent that it is probable that a significant reversal will not occur.

Unsettled sales rebates and product returns are recognized as provisions when timing or amount is uncertain. Payable amounts that are absolute are recognized as other liabilities. Sales discounts and rebates that are payable to customers are offset in trade receivables.

Other Revenue

Other revenue relates to collaboration and license agreements. In addition, other revenue is generated from feasibility studies for potential partners to evaluate if TransCon technologies enable certain advantages for their product candidates of interest. Such feasibility studies are often structured as short-term agreements with fixed fees for the work that the Company performs.

When contracts with customers are entered into, the goods and/or services promised in the contract are assessed to identify distinct performance obligations. A promise in the agreement is considered a distinct performance obligation if both of the following criteria are met:

•

the customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer (i.e., the good or service is capable of being distinct); and

•

the entity’s promise to transfer the good or service to the customer is separately identifiable from other promises in the contract (i.e., the promise to transfer the good or service is distinct within the context of the contract).

Under collaboration, license, and other agreements that contain multiple promises to the customer, the promises are identified and accounted for as separate performance obligations, if these are distinct. If promises are not distinct, those goods or services are combined with other promised goods or services until a bundle of goods or services that is distinct is identified.

The transaction price in the contract is measured at fair value and reflects the consideration the Company expects to be entitled to in exchange for those goods or services. Under license agreements, the transaction price may include up-front payments, royalty and milestone payments. Sales-based royalty and sales-based milestone income promised in exchange for a license of intellectual property is recognized as revenue at the later of the occurrence of subsequent sale or satisfaction of the performance obligation to which some of the royalty has been allocated. Milestone income related to regulatory activities is included in the transaction price at the point in time that it is highly probable that the applicable criteria are met.

The transaction price is allocated to each performance obligation according to their stand-alone selling prices and is recognized when control of the goods or services is transferred to the customer, either over time or at a point in time, depending on the specific terms and conditions in the contracts. License agreements, which transfer rights to the Company's intellectual property (“IP”), are classified as “right-to-access”, with revenue recognized over time, or as “right-to-use” with revenue recognized at a point in time.

Research and Development Costs

Research and development costs consist primarily of manufacturing costs, preclinical and clinical study costs and costs for process optimizations and improvements performed by Clinical Research Organizations (“CROs”) and Contract Manufacturing Organizations (“CMOs”), salaries and other personnel costs including pension and share-based payment, the cost of facilities, professional fees, cost of obtaining and maintaining the Company’s intellectual property portfolio, and depreciation of non-current assets related to research and development activities.

Research costs are incurred at the early stages of the drug development cycle from the initial drug discovery and include a variety of preclinical research activities in order to assess potential drug candidates in non-human subjects, prior to filing an Investigational New Drug Application (“IND”), or equivalent. Research costs are recognized in the consolidated statement of profit or loss when incurred.

Development activities relate to activities following an IND, or equivalent, and typically involve a single product candidate undergoing a series of studies to illustrate its safety profile and effect on human beings, prior to obtaining the necessary approval from the appropriate authorities. Development activities comprise drug candidates undergoing clinical trials starting in phase I (first time drug is administered in a small group of humans), and further into Phase II and III, which include administration of drugs in larger patient groups. Following, and depending on clinical trial results, a Biologic License Application (“BLA”) or New Drug Application (“NDA”) may be submitted to the authorities, to apply for marketing approval, which, with a positive outcome will permit the Company to market and sell the products. Long-term extension trials may be ongoing following submission of a BLA or NDA.

Development costs also include product development and pre-commercial manufacturing costs related to development product candidates, and write-downs of inventories manufactured for late-stage development product candidates prior to marketing approval being obtained (pre-launch inventories).

Due to the risk related to the development of pharmaceutical products, the Company cannot estimate the future economic benefits associated with individual development activities with sufficient certainty until the development activities have been finalized and the necessary market approval of the final product has been obtained. As a consequence, all development costs are recognized in the consolidated statement of profit or loss when incurred.

Selling, General and Administrative Expenses

Selling, general and administrative expenses comprise salaries and other personnel costs including pension and share-based payment, office supplies, cost of facilities, professional fees, and depreciation of non-current assets related to selling, general and administrative activities, including pre-commercial and commercial activities. Selling, general and administrative expenses are recognized in the consolidated statement of profit or loss when incurred.

Share-based Incentive Programs

Share-based incentive programs comprise warrant programs, Restricted Stock Unit programs (“RSU-programs”) and Performance Stock Unit Programs (“PSU-programs”). which are classified as equity-settled share-based payment transactions.

The cost of equity-settled transactions is determined by the fair value at the date of grant. For warrant programs, the fair value of each warrant granted is determined using the Black-Scholes valuation model. For RSU-programs and PSU-programs, the fair value of each RSU or PSU granted is equal to the closing share price on the date of grant of the underlying ADS. Any social security contributions payable in connection with the grant or exercise of the warrants are recognized as expenses when incurred. The assumptions used for estimating the fair value of share-based payment transactions are disclosed in Note 7, “Share-based Payment”.

The cost is recognized together with a corresponding increase in equity over the period in which the performance and/or service conditions are fulfilled (i.e., the vesting period). The fair value determined at the grant date of the equity-settled share-based payment is expensed on a straight-line basis over the vesting period for each tranche, based on the best estimate of the number of equity instruments that will ultimately vest. No expense is recognized for grants that do not ultimately vest.

Where an equity-settled grant is cancelled other than upon forfeiture when vesting conditions are not satisfied, the grant is treated as if it vested on the date of the cancellation, and any expense not yet recognized for the grant is recognized immediately.

Where the terms and conditions for an equity-settled grant are modified, the services measured at the grant date fair value over the vesting period are recognized, subject to performance and/or service conditions that were specified at the initial grant date(s). Additionally, at the date of modification, unvested grants are re-measured and any increase in the total fair value is recognized over the vesting period. If a new grant is substituted for the cancelled grant and designated as a replacement grant on the date that it is granted, the cancelled and new grants are treated as if they were a modification of the original grant.

Finance Income and Expenses

Finance income and expenses comprise interest income and expenses, realized and unrealized exchange rate gains and losses on transactions denominated in foreign currencies, fair value remeasurement gains and losses on derivative liabilities, and remeasurement gains and losses on royalty funding liabilities.

Interest income and interest expenses are stated on an accrual basis using the principal and the effective interest rate. The effective interest rate is the discount rate that is used to discount expected future cash payments or receipts through the expected life of the financial asset or financial liability to the amortized cost (the carrying amount) of such asset or liability.

Income Taxes

Tax for the year, which consists of current tax for the year and changes in deferred tax, is recognized in the consolidated statement of profit or loss by the portion attributable to the profit or loss for the year and recognized directly in equity or other comprehensive income by the portion attributable to entries directly in equity and in other comprehensive income. The current tax payable or receivable is recognized in the consolidated statement of financial position, stated as tax computed on this year’s taxable income, adjusted for prepaid tax.

When computing the current tax for the year, the tax rates and tax rules enacted or substantially enacted at the reporting date are used. Current tax payable is based on taxable profit or loss for the year. Taxable profit or loss differs from net profit or loss as reported in the consolidated statements of profit or loss because it excludes items of income or expense that are taxable or deductible in prior or future years. In addition, taxable profit or loss excludes items that are never taxable or deductible.

Deferred tax is recognized according to the balance sheet liability method of all temporary differences between carrying amounts and tax-based values of assets and liabilities, apart from deferred tax on all temporary differences occurring on initial recognition of goodwill or on initial recognition of a transaction which is not a business combination, and for which the temporary difference found at the time of initial recognition neither affects profit or loss nor taxable income.

Deferred tax liabilities are recognized on all temporary differences related to investments in subsidiaries and/or associates, unless the Company is able to control when the deferred tax is realized, and it is probable that the deferred tax will not become due and payable as current tax in the foreseeable future.

Deferred tax assets, including the tax base of tax loss carry forwards, are recognized in the statement of financial position at their estimated realizable value, either as a set-off against deferred tax liabilities or as net tax assets for offset against future positive taxable income. Deferred tax assets are only offset against deferred tax liabilities if the entity has a legally enforceable right to offset, and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same tax jurisdiction. Deferred tax is calculated based on the planned use of each asset and the settlement of each liability, respectively.

Deferred tax is measured using the tax rates and tax rules in the relevant countries that, based on acts in force or acts in reality in force at the reporting date are expected to apply when the deferred tax is expected to crystallize as current tax. Changes in deferred tax resulting from changed tax rates or tax rules are recognized in the consolidated statement of profit or loss unless the deferred tax is attributable to transactions previously recognized directly in equity or other comprehensive income. In the latter case, such changes are also recognized in equity or other comprehensive income. On every reporting date, it is assessed whether sufficient taxable income is likely to arise in the future for the deferred tax asset to be utilized.

Intangible assets

Goodwill

Goodwill acquired in a business combination is initially measured at cost, being the excess of the aggregate of the consideration transferred and the amount recognized for non-controlling interests over the net identifiable assets acquired and liabilities assumed.

After initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill is not amortized but is subject to impairment testing at least on a yearly basis. For the purpose of impairment testing, goodwill acquired in a business combination is allocated to each of the cash-generating units, or group of cash-generating units, that are expected to benefit from the synergies of the combination. Each cash-generating unit or group of cash-generating units to which goodwill is allocated represents the lowest level within the Company at which the goodwill is monitored for internal management purposes.

Software

Software assets comprise administrative applications and serve general purposes to support the Company’s operations.

Development costs that are directly attributable to the design, customization, implementation, and testing of identifiable and unique software assets controlled by the Company are recognized as intangible assets from the time that; (1) the software asset is clearly defined and identifiable; (2) technological feasibility, adequate resources to complete, and an internal use of the software asset can be demonstrated; (3) the expenditure attributable to the software asset can be measured reliably; and (4) the Company has the intention to use the software asset internally. The Company does not capitalize software with no alternative use, or where economic benefit depends on marketing approvals of drug candidates and where marketing approvals have not been obtained.

Following initial recognition of the development expenditure as an asset, the asset is carried at cost less any accumulated amortization and accumulated impairment losses. Amortization of the asset begins when the development is complete, and the asset is available for use. Software assets are amortized over the period of expected future benefits. Amortization is recognized in research and development costs, and selling, general and administrative expenses, as appropriate. Expenditures that do not meet the criteria above are recognized as an expense as incurred.

Property, Plant and Equipment

Property, plant and equipment primarily comprises leasehold improvements, office facilities, and process equipment and tools which are located at CMOs. Property, plant and equipment also includes right-of-use assets. Refer to the separate section “Leases”.

Property, plant and equipment is measured at cost less accumulated depreciation and impairment losses. Cost comprises the acquisition price, costs directly attributable to the acquisition and preparation costs of the asset until the time when it is ready to be used in operation. Subsequent costs are included in the carrying amount of the asset or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the assets will flow to the Company and costs of the items can be measured reliably. All repair and maintenance costs are charged to the consolidated statement of profit or loss during the financial periods in which they are incurred.

Plant and equipment acquired for research and development activities with alternative use, which is expected to be used for more than one year, is capitalized and depreciated over the estimated useful life as research and development costs. Plant and equipment acquired for research and development activities, which has no alternative use, is recognized as research and development costs when incurred.

If the acquisition or use of the asset involves an obligation to incur costs of decommissioning or restoration of the asset, the estimated related costs are recognized as a provision and as part of the relevant asset’s cost, respectively.

The basis for depreciation is cost less estimated residual value. The residual value is the estimated amount that would be earned if selling the asset today net of selling costs, assuming that the asset is of an age and a condition that is expected after the end of its useful life. Cost of a combined asset is divided into smaller components, with such significant components depreciated individually if their useful lives vary. Depreciation commences when the asset is available for use, which is when it is in the location and condition necessary for it to be capable of operating in the manner intended.

Depreciation is calculated on a straight-line basis, based on an asset’s expected useful life, being within the following ranges:


Process plant and machinery		5 - 10 years
Other equipment		3 - 5 years
Leasehold improvements		3 - 11 years
Right-of-use assets		2 - 11 years

Depreciation methods, useful lives and residual amounts are reassessed at least annually.

Property, plant and equipment is written down to the lower of recoverable amount and carrying amount, as described in the “Impairment” section below. Depreciation and impairment losses of property, plant and equipment is recognized in the consolidated statement of profit or loss as cost of sales, research and development costs or as selling, general and administrative expenses, as appropriate.

Gains and losses on disposal of property, plant and equipment are recognized in the consolidated statement of profit or loss at its net proceeds, as either other operating income or other operating expenses, as appropriate.

Impairment

The recoverable amount of goodwill is estimated annually irrespective of any recorded indications of impairment. Property, plant and equipment and finite-lived intangible assets are reviewed for impairment whenever events or circumstances indicate that the carrying amount may not be recoverable.

An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs of disposal and value in use. For the purpose of assessing impairment, assets are grouped at the lowest levels for which there are largely independent cash inflows, or cash-generating units, which for goodwill represent the lowest level within the enterprise at which the goodwill is monitored for internal management purposes. Prior impairments of non-financial assets, other than goodwill, are reviewed for possible reversal at each reporting date.

Inventories

Inventories comprise raw materials, work in progress and finished goods. The cost of work in progress and finished goods comprise service expenses incurred at CMOs, raw materials consumed, incremental storage and transportation, other direct materials, and a proportion of manufacturing overheads based on normal operation capacity.

Inventories are measured at the lower of cost incurred in bringing it to its present location and condition, and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale. Cost is measured using the first-in, first-out method. Work in progress and finished goods are measured under a standard cost method that takes into account normal levels of consumption, yields, labor, efficiency and capacity utilization. Production processes are complex, where actual yields and consumptions are sensitive to a wide variety of manufacturing conditions. Standard cost variances are reviewed regularly and adjusted to ensure inventories approximate actual cost of production.

If net realizable value is lower than cost, a write-down is recognized as the excess amount by which cost exceeds net realizable value, as part of cost of sales when incurred. The amount of reversal of write-down of inventories arising from an increase in net realizable value is recognized as a reduction in cost of sales in the period in which the reversal occurs.

Manufacturing of pre-launch inventories is initiated for late-stage product candidates where manufacturing costs are recognized as inventories. However, since pre-launch inventories are not realizable prior to obtaining marketing approval, pre-launch inventories are immediately written down to zero through research and development costs. If marketing approval is obtained, prior write-downs of pre-launch inventories are reversed through research and development costs.

Cost of inventories is recognized as part of cost of sales in the period in which the related revenue is recognized.

Receivables

Receivables comprise trade receivables, income tax receivables and other receivables.

Trade receivables are classified as financial assets at amortized cost, as these are held to collect contractual cash flows and thus give rise to cash flows representing solely payments of principal and interest. Trade receivables are initially recognized at their transaction price and subsequently measured at amortized cost. Income tax receivables, and other receivables related to deposits, VAT and other indirect taxes are measured at cost less impairment. Carrying amounts of receivables usually equals their nominal value less provision for impairments.

Prepayments

Prepayments comprise advance payments relating to a future financial period. Prepayments are measured at cost.

Marketable Securities

Marketable securities may comprise government bonds, treasury bills, commercial papers, and other securities traded on established markets.

At initial recognition (trade-date), contractual terms of individual securities are analyzed to determine whether these give rise on specified dates to cash flows that are solely payments of principal and interest on the principal outstanding ("SPPI-test"). All marketable securities held at the reporting date have passed the SPPI-test.

Marketable securities are initially recognized at fair value at trade-date, and subsequently measured at amortized cost under the effective interest method. Interest income is recognized as finance income in the consolidated statement of profit or loss. Marketable securities are subject to an impairment test to accommodate expected credit loss. Gains and losses are recognized as finance income or expenses in the consolidated statement of profit or loss when the specific security or portfolio of securities is derecognized, modified or impaired.

Marketable securities, having maturity profiles of three months or less after the date of acquisition are presented as cash equivalents in the consolidated statements of financial position, where securities having maturities of more than three months after the date of acquisition are presented separately as marketable securities as current (i.e., those maturing within twelve months after the reporting date) or non-current assets, as appropriate.

Cash and Cash Equivalents

Cash and cash equivalents comprise cash and on-demand deposits with financial institutions, and highly liquid marketable securities with a maturity of three months or less after the date of acquisition (trade-date). Cash and cash equivalents are measured at amortized cost.

Allowance for Expected Credit Losses on Financial Assets

Financial assets comprise receivables (excluding receivables relating to VAT, other indirect tax and income tax), marketable securities and cash and cash equivalents. Impairment of financial assets is determined on the basis of a forward-looking Expected Credit Loss (“ECL”) model. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and the cash flows expected to be received, discounted by an approximation of the original effective interest rate.

For receivables, a simplified approach in calculating ECLs is applied. Therefore, changes in credit risks are not tracked, but instead, a loss allowance based on lifetime ECL is assessed at each reporting date. Lifetime ECLs are assessed on historical credit loss experience, adjusted for forward-looking factors specific to the counterparts and the economic environment.

For cash, cash equivalents and marketable securities, ECLs are assessed for credit losses that result from default events that are possible within the next twelve months (12-month ECL). Credit risk is continuously tracked and monitored in order to identify significant deterioration. For those credit exposures for which there has been a significant increase in credit risk since initial recognition, an allowance is recognized for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default.

Shareholders’ Equity

The share capital comprises the nominal amount of the parent company’s ordinary shares, each at a nominal value of DKK 1, or approximately €0.13. All shares are fully paid.

Share premium comprises the amounts received, attributable to shareholders’ equity, in excess of the nominal amount of the shares issued at the parent company’s capital increases, reduced by any expenses directly attributable to the capital increases. Under Danish legislation, share premium is an unrestricted reserve that is available to be distributed as dividends to a company’s shareholders. Also, under Danish legislation, the share premium reserve can be used to offset accumulated deficits.

Treasury shares reserve comprise nominal amounts of holding of own equity instruments. No gain or loss is recognized in profit or loss on the purchase, sale, transfer or cancellation of the Company’s own equity instruments. The treasury shares reserve is part of unrestricted reserves and accordingly, reduce the amount available to be distributed as dividends to the Company’s shareholders.

Foreign currency translation reserve includes exchange rate adjustments relating to the translation of the results and net assets of foreign operations from their functional currencies to the presentation currency. The accumulated reserve of a foreign operation is reclassified to the consolidated statement of profit or loss at the time the Company loses control, and thus cease to consolidate such foreign operation. The foreign currency translation reserve is an unrestricted reserve that is available to be distributed as dividends to the Company’s shareholders.

Retained earnings/(accumulated deficit) represents the accumulated profits or losses from the Company’s operations, including corresponding entries to share-based payments recognized in the consolidated statement of profit or loss, arising from warrant programs, RSU-programs and PSU-programs. In addition, premiums from acquisition and sale of treasury shares are recognized as part of this reserve. A positive reserve is available to be distributed as dividends to the Company’s shareholders.

Convertible Senior Notes and Embedded Derivative Liabilities

Convertible senior notes (“convertible notes”) are separated into a financial liability and an embedded derivative component based on the terms and conditions of the contract. The embedded derivative component is accounted for separately if it is not deemed closely related to the financial liability.

The convertible notes include an embedded equity conversion option which is not deemed closely related to the financial liability, and initially recognized and measured separately at fair value as derivative liabilities based on the stated terms upon issuance of the convertible notes. The conversion option is classified as a foreign currency conversion option and thus not convertible into a fixed number of shares for a fixed amount of cash. Accordingly, the conversion option is subsequently recognized and measured as a derivative liability at fair value through profit or loss, with any subsequent remeasurement gains or losses recognized as part of finance income or expenses.

In addition, the convertible notes include a redemption option, which entitle the Company to redeem the notes at a cash amount equal to the principal amount of the convertible notes, plus accrued and unpaid interest. The redemption option is closely related to the financial liability, and not separately accounted for. The initial carrying amount of the financial liability component including the redemption option is the residual amount of the proceeds, net of transaction costs, after separating the derivative component.

Transaction costs are apportioned between the financial liability and derivative component based on the allocation of proceeds when the instrument is initially recognized. Transaction costs apportioned to the financial liability component form part of the effective interest and are amortized over the expected lifetime of the liability. Transaction costs allocated to the derivative component are expensed as incurred.

The financial liability is subsequently measured at amortized cost until it is extinguished on conversion, optional redemption or upon repayment at maturity. The financial liability is presented as part of borrowings on the statement of financial position.

Royalty Funding Liabilities

Royalty funding liabilities relate to the Company’s contractual obligations to pay a predetermined percentage of future commercial revenue until reaching a predetermined multiple of proceeds received, pursuant to the detailed provisions of the capped synthetic royalty funding agreement (the “Royalty Funding Agreement”).

Where relevant, royalty funding liabilities are separated into a financial liability and embedded derivative components based on the terms and conditions of the Royalty Funding Agreement. Embedded derivative components are accounted for separately, unless these are deemed closely related to the financial liability. The Royalty Funding Agreement includes a buy-out option where the value is dependent on non-financial variables that are specific to the Company. Accordingly, the buy-out option is not accounted for separately as a derivative.

The financial liability is recognized when the Company becomes party to the contractual provisions of the Royalty Funding Agreement and measured at amortized cost until it is extinguished upon exercising a buy-out option or upon achieving the predetermined multiple of proceeds received. The effective interest rate is estimated at initial recognition and takes into account incremental transaction costs and anticipated amount and timing of future cash flows, which further depends on future commercial revenue forecasts and the probability of exercising the buy-out option. The amortized cost is remeasured prospectively when there is a material change in expectations to amount and timing of future cash flows, which will increase or decrease future interest expenses. Remeasurement gain or losses are recognized through the profit or loss as finance income or expenses, respectively.

The financial liability is presented as part of borrowings in the statement of financial position.

Leases

Right-of-use Assets

Right-of-use assets are recognized at the lease commencement date, defined as the date the underlying asset is available for use. Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets include the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any incentives received. In addition, right-of-use assets also include an estimate of costs to be incurred by the Company in dismantling or restoring the underlying asset to the condition if required by the terms and condition of the lease, if any.

Right-of-use assets are presented as part of property, plant and equipment, and depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets.

Lease Liabilities

At the lease commencement date, lease liabilities are recognized and measured at the present value of fixed lease payments and variable lease payments that depend on an index or a rate, whereas variable lease payments and payments related to non-lease components are excluded. Variable lease payments that do not depend on an index or a rate are recognized as expenses in the consolidated statement of profit or loss when incurred.

When interest rates implicit in the lease contracts are not readily available, the present value of lease payments are calculated by applying the incremental borrowing rate of the relevant entity holding the lease. Following the commencement date, the incremental borrowing rate is not changed unless the lease term is modified, or if the lease payments are modified and this modification results from a change in floating interest rates. From the lease commencement date and over the lease term, the carrying amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in lease term, or a change in lease payments, including changes to future payments resulting from a change in an index used to determine such lease payments.

Provisions

Provisions comprise unsettled sales deductions and product returns regarding sale of commercial products where amount or timing of payment is uncertain.

Provisions for sales deductions attributed to various commercial arrangements, managed healthcare organizations, government programs, and co-pay arrangements are recognized when the related sales takes place and measured using the expected value method. Payable amounts for managed healthcare organizations and government programs are generally settled within 90-180 days from the transaction date.

Provisions for estimated product returns are measured according to contractual sales price based on expected product returns.

Trade Payables and Accrued Expenses

Trade payables and accrued expenses are measured at amortized cost.

Other Liabilities

Other liabilities comprise payables to public authorities, short-term employee benefits, and sales rebates. Other liabilities are measured at their net-realizable values.

Contract Liabilities

Contract liabilities comprise deferred income from collaboration and license agreements, where consideration received does not match the individual deliverables with respect to amount and satisfied performance obligations.

Contract liabilities are measured at the fair value of the consideration received and is recognized as revenue in the consolidated statement of profit or loss when the relevant performance obligation, to which the deferred income relates, is satisfied.

Cash Flow Statement

The cash flow statement shows cash flows from operating, investing and financing activities as well as cash and cash equivalents at the beginning and the end of the financial year.

Cash flows from operating activities are presented using the indirect method and calculated as the profit or loss adjusted for non-cash items, working capital changes as well as finance income, finance expenses and income taxes paid.

Cash flows from investing activities include payments in connection with acquisition, development, improvement and sale, etc., of property, plant and equipment, investment in associate and marketable securities.

Cash flows from financing activities comprise payments related to the capital structure of the Company, including lease liabilities, changes in the share capital and treasury shares, and issuance and payments under the Company's borrowing activities.

The effect of exchange rate changes on cash and cash equivalents held or due in a foreign currency is presented separately from cash flows from operating, investing and financing activities. Cash flows in currencies other than the functional currency are recognized in the cash flow statement, using the average exchange rates.

Cash and cash equivalents comprise cash and on-demand bank deposits with financial institutions, cash held by service providers for the purpose of meeting short-term cash commitments, and highly liquid marketable securities with a maturity of three months or less after the date of acquisition.

Basic Earnings per Share

Basic Earnings per Share (“EPS”) is calculated as the consolidated net income or loss from continuing operations for the period divided by the weighted average number of ordinary shares outstanding. The weighted average number of shares takes into account the weighted average number of treasury shares during the year.

Diluted Earnings per Share

Diluted EPS is calculated as the consolidated net income or loss from continuing operations for the period divided by the weighted average number of ordinary shares outstanding adjusted for the weighted average effect of changes in treasury shares during the year, and the dilutive effect of outstanding warrants and convertible notes. If the consolidated statement of profit or loss shows a net loss, no adjustment is made for the dilutive effect, as such effect would be anti-dilutive.

New IFRS Accounting Standards Not Yet Effective

The IASB has issued a number of new or amended standards, which have not yet become effective or have not yet been adopted by the EU. Therefore, these new standards have not been incorporated in these consolidated financial statements.

Amendments to IAS 1, “Classification of Liabilities as Current or Non-current”

In January 2020, the IASB issued amendments to paragraphs 69 to 76 of IAS 1, “Presentation of Financial Statements”, to specify the requirements for classifying liabilities as current or non-current. The amendments clarify:

•

what is meant by a right to defer settlement;

•

that a right to defer must exist at the end of the reporting period;

•

that classification is unaffected by the likelihood that an entity will exercise its deferral right; and

•

that only if an embedded derivative in a convertible liability is itself an equity instrument would the terms of a liability not impact its classification.

The amendments are effective for annual reporting periods beginning on or after January 1, 2024 and must be applied retrospectively. The amendments require the convertible notes (presented as part of borrowings on the statement of financial position) and derivative liabilities, presented as non-current liabilities at December 31, 2023, to be presented as current liabilities. On December 31, 2023, the carrying amount of convertible notes and derivative liabilities were €407.1 million and €143.3 million, respectively.

The consolidated financial statements are not expected to be affected by other new or amended standards.

Investment in Associate - Additional Information (Detail) € in Thousands, $ in Millions			12 Months Ended
	Jan. 08, 2021 EUR (€)	Jan. 08, 2021 USD ($)	Dec. 31, 2023 EUR (€)	Dec. 31, 2022 EUR (€)	Dec. 31, 2021 EUR (€)	Dec. 31, 2020
Disclosure of associates [line items]
Share of profit/(loss) of associate \| €			€ (18,395)	€ (17,697)	€ 12,041
Major business combination [member]
Disclosure of associates [line items]
Consideration received \| $		$ 150.0
VISEN
Disclosure of associates [line items]
Ownership			43.93%	43.93%		50.00%
Share of profit/(loss) of associate \| €	€ 42,300
Proportion of voting rights held in associate	43.93%	43.93%
VISEN \| Major business combination [member]
Disclosure of associates [line items]
Consideration received \| $		$ 12.5

Tax on Profit/(Loss) for the Year and Deferred Tax - Summary of Tax on Profit/Loss and Deferred Tax (Parenthetical) (Detail)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Major components of tax expense (income) [abstract]
Applicable tax rate	22.00%	22.00%	22.00%

Financial Assets and Liabilities

12 Months Ended

Dec. 31, 2023

Subclassifications of assets, liabilities and equities [abstract]

Financial Assets and Liabilities

Note 16—Financial Assets and Liabilities

Financial assets and liabilities comprise the following:


	2023		2022
	(EUR’000)
Financial assets by category
Trade receivables		35,874		11,910
Other receivables (excluding income tax and indirect tax receivables)		3,909		3,884
Marketable securities		7,275		298,180
Cash and cash equivalents		392,164		444,767
Financial assets measured at amortized cost		439,222		758,741
Total financial assets		439,222		758,741
Classified in the statement of financial position
Non-current assets		2,127		9,412
Current assets		437,095		749,329
Total financial assets		439,222		758,741

Financial liabilities by category
Borrowings
Convertible senior notes		407,095		399,186
Royalty funding liabilities		138,377		—
Lease liabilities		98,793		109,191
Trade payables and accrued expenses		94,566		101,032
Financial liabilities measured at amortized cost		738,831		609,409
Derivative liabilities		143,296		157,950
Financial liabilities measured at fair value through profit or loss		143,296		157,950
Total financial liabilities		882,127		767,359
Classified in the statement of financial position
Non-current liabilities		762,161		640,907
Current liabilities		119,966		126,452
Total financial liabilities		882,127		767,359

Finance income and expenses are specified below:


	2023		2022		2021
	(EUR’000)
Finance income
Interest income		16,857		7,426		692
Fair value gains, derivatives		14,654		—		—
Foreign exchange and other adjustments gain (net)		12,346		44,755		59,026
Total finance income		43,857		52,181		59,718

Finance expenses
Interest expenses		44,065		30,682		3,911
Fair value loss, derivatives		—		15,483		—
Foreign exchange and other adjustments loss (net)		—		4,322		—
Total finance expenses		44,065		50,487		3,911

Interest income and interest expenses relate to financial assets and liabilities measured at amortized cost. Net exchange rate gains and losses primarily relate to U.S. Dollar/Euro fluctuations pertaining to the Company’s cash, cash equivalents, marketable securities and borrowings.

Borrowings

Convertible Senior Notes

In March 2022, the Company issued an aggregate principal amount of $575.0 million of fixed rate 2.25% convertible notes. The net proceeds from the offering of the convertible notes were $557.9 million (€503.3 million), after deducting the initial purchasers’ discounts and commissions, and transaction costs. The convertible notes rank equally in right of payment with all future senior unsecured indebtedness. Unless earlier converted or redeemed, the convertible notes will mature on April 1, 2028.

The convertible notes accrue interest at a rate of 2.25% per annum, payable semi-annually in arrears on April 1 and October 1 of each year, beginning on October 1, 2022. At any time before the close of business on the second scheduled trading day immediately before the maturity date, noteholders may convert their convertible notes at their option into the Company’s ordinary shares represented by ADSs, together, if applicable, with cash in lieu of any fractional ADS, at the then-applicable conversion rate. The initial conversion rate is 6.0118 ADSs per $1,000 principal amount of convertible notes, which represents an initial conversion price of $166.34 per ADS. The conversion rate and conversion price will be subject to customary adjustments upon the occurrence of certain events.

The convertible notes will be optionally redeemable, in whole or in part (subject to certain limitations), at the Company’s option at any time, and from time to time, on or after April 7, 2025, but only if the last reported sale price per ADS exceeds 130% of the conversion price on each of (i) at least 20 trading days, whether or not consecutive, during the 30 consecutive trading days ending on, and including, the trading day immediately before the date the Company sends the related optional redemption notice; and (ii) the trading day immediately before the date the Company sends such notice.

Royalty Funding Liabilities

In September 2023, the Company entered into a $150.0 million capped synthetic royalty funding agreement (the “Royalty Pharma Agreement”) with Royalty Pharma Development, LLC (“Royalty Pharma”). The net proceeds were $146.3 million (€136.3 million) after deducting offering expenses.

Under the terms of the Royalty Pharma Agreement, the Company received an upfront payment of $150.0 million (the “Purchase Price”), in exchange for which Royalty Pharma obtained the right to receive payment of 9.15% of U.S. net sales of SKYTROFA, beginning on January 1, 2025 (the “Revenue Interest Payments”). The Revenue Interest Payments to Royalty Pharma will cease upon reaching a multiple of 1.925 times the Purchase Price, or 1.65 times the Purchase Price if Royalty Pharma receives Revenue Interest Payments in that amount by December 31, 2031.

The Royalty Pharma Agreement includes a buy-out option, which provides the Company with the right to settle all outstanding liabilities at any time by paying a buy-out amount equal to 1.925 times the Purchase Price minus the Revenue Interest Payments paid to Royalty Pharma as of the effective date of the buy-out notice. However, if the buy-out notice is provided on or prior to December 31, 2028, and the Company has paid the Purchaser Revenue Interest Payments equal to the Purchase Price as of the date of the buy-out notice, then the buy-out amount equal to 1.65 times the Purchase Price minus the Revenue Interest Payments paid to Royalty Pharma as of the effective date of the buy-out notice. Pursuant to the Royalty Pharma Agreement, we have granted to Royalty Pharma back-up security interest in certain assets to secure our obligations under the Royalty Pharma Agreement.

On December 31, 2023, the carrying amount of the royalty funding liabilities was €138.4 million, and the fair value was approximately €144.0 million. Fair value cannot be measured based on quoted prices in active markets or other observable input, and accordingly the fair value was measured by using an estimated market rate for an equivalent instrument.

Leases

The Company primarily leases office and laboratory facilities. Lease arrangements contain a range of different terms and conditions and are typically entered into for fixed periods. In order to improve flexibility to the Company’s operations, lease arrangements may provide the Company with option to extend the lease or terminate the lease within the enforceable lease term. In the Company’s current lease portfolio, extension and termination options range between six months to five years, in addition to the non-cancellable periods.

The following expenses relating to lease activities are recognized in the consolidated statements of profit or loss:


	2023	2022	2021
	(EUR’000)
Lease expenses
Depreciation	11,875	11,740	10,963
Short term leases and leases of low value assets	353	280	186
Lease interest	3,581	3,842	3,396
Total lease expenses	15,809	15,862	14,545

In February 2022, the Company entered into a facility lease in Germany with an enforceable lease term of 15 years, which is expected to commence in 2025 and comprise total lease cash-outflows of €68.1 million.

Financing Activities

Development in borrowings related to financing activities is specified below:


		Cash payments		Non-cash items
	Beginning of period	Repay- ments	Net proceeds	Additions/ (disposals)	Separation of embedded derivative	Accretion of interest	Foreign exchange adjustments and remeasurements	End of period
	(EUR’000)
Financing activities
December 31, 2023
Borrowings	399,186	(12,054)	136,256	—	—	40,386	(18,302)	545,472
Lease liabilities	109,191	(14,006)	—	2,973	—	3,581	(2,946)	98,793
Total financing activities	508,377	(26,060)	136,256	2,973	—	43,967	(21,248)	644,265

Financing activities
December 31, 2022
Borrowings	—	(6,710)	503,281	—	(142,467)	30,216	14,866	399,186
Lease liabilities	104,961	(7,995)	—	3,194	—	3,842	5,189	109,191
Total financing activities	104,961	(14,705)	503,281	3,194	(142,467)	34,058	20,055	508,377

For December 31, 2022, “separation of embedded derivative” relates to derivative liabilities that are separated from convertible notes and presented separately in the consolidated statement of financial position, please refer to the following section, “Derivative Liabilities”.

Derivative Liabilities

Derivative liabilities relate to the foreign currency conversion option embedded in the convertible notes. Fair value of derivative liabilities cannot be measured based on quoted prices in active markets, or other observable input, and accordingly, derivative liabilities are measured by using the Black-Scholes Option Pricing model (Level 3 in the fair value hierarchy). The fair value of the options is calculated, applying the following assumptions: (1) conversion price; (2) own share price; (3) maturity of the options; (4) a risk-free interest rate equaling the effective interest rate on a U.S. government bond with the same lifetime as the maturity of the options; (5) no payment of dividends; and (6) an expected volatility using the Company’s own share price (50.47% and 49.24% as of December 31, 2023 and December 31, 2022, respectively).

Sensitivity Analysis

On December 31, 2023, all other inputs and assumptions held constant, a 10% relative increase in volatility, will increase the fair value of derivative liabilities by approximately €14.8 million and indicates a decrease in profit or loss and equity before tax. Similarly, a 10% relative decrease in volatility indicates the opposite impact.

Similarly, on December 31, 2023, all other inputs and assumptions held constant, a 10% increase in the share price, will increase the fair value of derivative liabilities by approximately €26.7 million and indicates a decrease in profit or loss and equity before tax. Similarly, a 10% decrease in the share price indicates the opposite impact.

Fair Value Measurement

Derivative liabilities are measured at fair value. All other financial assets and liabilities are measured at amortized cost.

Because of the short-term maturity for cash and cash equivalents, receivables and trade payables, their fair value approximate carrying amount. Fair value of marketable securities, convertible notes, royalty funding liabilities and derivatives, and their level in the fair value hierarchy is summarized in following table, where

Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date;

Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

Level 3 inputs are unobservable inputs for the asset or liability.


	2023		2022
	Carrying amount	Fair value	Carrying amount	Fair value	Fair value level
	(EUR’000)				(1-3)
Financial assets
Marketable securities	7,275	7,266	298,180	295,843	1
Financial assets measured at amortized cost	7,275	7,266	298,180	295,843
Financial liabilities
Borrowings
Convertible senior notes	407,095	385,410	399,186	382,459	3
Royalty funding	138,377	143,975	—	—	3
Financial liabilities measured at amortized cost	545,472	529,385	399,186	382,459
Derivative liabilities	143,296	143,296	157,950	157,950	3
Financial liabilities measured at fair value through profit or loss	143,296	143,296	157,950	157,950

Development in level 3 fair value remeasurements is specified below:


	2023	2022	2021
	(EUR’000)
Derivative liabilities
January 1	157,950	—	—
Additions	—	142,467	—
Remeasurement recognized in financial income or expense	(14,654)	15,483	—
December 31	143,296	157,950	—

Significant Accounting Judgements and Estimates

12 Months Ended

Dec. 31, 2023

Disclosure of voluntary change in accounting policy [abstract]

Significant Accounting Judgements and Estimates

Note 3 – Significant Accounting Judgements and Estimates

In the application of the Company’s accounting policies, management is required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. Judgements, estimates and assumptions applied are based on historical experience and other factors that are relevant, and which are available at the reporting date. Uncertainty concerning estimates and assumptions could result in outcomes that require a material adjustment to assets and liabilities in future periods.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized prospectively. While the application of critical accounting estimates is subject to material estimation uncertainties, management’s ongoing revisions of critical accounting estimates and underlying assumptions have not revealed any material impact in any of the years presented in these consolidated financial statements.

Significant Accounting Judgements

Critical accounting judgements which have a material impact on the consolidated financial statements are described in the following sections.

Internally Generated Intangible Assets

Development of Drug Candidates

IAS 38, “Intangible Assets” prescribes that intangible assets arising from development projects must be recognized in the consolidated statements of financial position if the criteria for capitalization are met. That means (1) that the development project is clearly defined and identifiable; (2) that technological feasibility, adequate resources to complete and a market for the product or an internal use of the project can be documented; (3) that the expenditure attributable to the development project can be measured reliably; and (4) that the Company has the intent to produce and market the product. Such an intangible asset shall be recognized if it can be demonstrated that the future income from the development project will exceed the aggregate cost of development, production, sale and administration of the product.

Due to the risk associated with drug development, future income from development projects related to drug candidates cannot be determined with sufficient certainty until the development activities have been completed and the necessary marketing approvals have been obtained. Accordingly, the Company does not recognize internally generated intangible assets at this time.

Significant Estimation Uncertainties

The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below.

Revenue and Provisions

Provision for Sales Rebates and Product Returns

Sales deductions and product returns are considered variable consideration and constrained to the extent that a significant reversal in the amount of recognized revenue will not occur when the uncertainties associated with the rebate item are subsequently resolved, or for product returns, when the products are distributed to patients.

Provisions for unsettled sales deductions and product returns are estimated on the basis of a percentage of sales as defined by individual agreements and contracts, and for government rebates by individual state- and plan agreements. Further input in the calculations is based on payer channel mix, current contract prices under eligible programs, patient groups and current inventory levels in the distribution channels. Provisions are adjusted to absolute amounts and recognized as other liabilities when estimated sales rebates and returns are processed.

As of December 31, 2023, the provisions for sales rebates and product returns was €32.7 million compared to €7.3 million, as of December 31, 2022. Development in total provisions is disclosed in Note 15, “Provisions”.

Share-Based Payment

Warrant Compensation Costs

IFRS 2, “Share-Based Payment” requires an entity to reflect in its consolidated statement of profit or loss and financial position, the effects of share-based payment transactions. Warrant compensation costs are recognized as cost of sales, research and development costs or selling, general and administrative expenses, as appropriate, over the vesting period, based on management’s best estimate of the number of warrants that will ultimately vest, which is subject to uncertainty.

Warrant compensation costs are measured according to the grant date fair value of the warrants granted. Estimating fair values requires the Company to apply generally accepted valuation models and apply these models consistently according to the terms and conditions of the specific warrant program. Under all warrant programs, the Black-Scholes option-pricing model has been applied to determine the fair value of warrants granted. Subjective judgements and assumptions, which are subject to estimation uncertainties, need to be exercised in determining the appropriate input to the valuation model. These inputs include expected volatility of the Company’s share price for a historic period equaling the expected lifetime of the warrants, reflecting the assumption that the historical volatility over a period similar to the life of the warrants is indicative of future trends, expected forfeitures and expected lifetime of warrants.

In 2021, the Company for the first time, in connection with determining the grant date fair value of warrants and accordingly, warrant compensation costs, applied the price of the Company’s ADSs, each representing one ordinary share of the Company, as input for expected volatility. Until December 31, 2020, the expected volatility was calculated using a simple average of daily historical data of comparable publicly traded companies, as the Company did not have sufficient data for the volatility of the Company’s own share price. Refer to Note 7, “Share-based Payment”, for additional details on the Company’s warrant program and option-pricing model input.

Warrant compensation cost recognized in the consolidated statement of profit or loss was €28.8 million, €55.2 million and €66.1 million for the years ended December 31, 2023, 2022 and 2021, respectively.

Valuation of Embedded Derivatives

Foreign currency conversion options embedded in the convertible notes are accounted for separately as derivative liabilities at fair value through profit or loss.

Fair value cannot be measured based on quoted prices in active markets, or other observable input, and accordingly, derivative liabilities are measured by use of valuation techniques in the form of the Black-Scholes Option Pricing model. Subjective judgements and assumptions, which are subject to estimation uncertainties, need to be exercised in determining the appropriate unobservable input to the valuation model (Level 3 in the fair value hierarchy). This includes volatility of the Company’s share price for a historic period, reflecting the assumption that the historical volatility is indicative of a period similar to the expected lifetime of the options.

As of December 31, 2023, the valuation of the derivative liabilities was €143.3 million compared to €158.0 million as of December 31, 2022. Changes in assumptions relating to these factors could affect the reported fair value of derivative liabilities. Refer to Note 16, “Financial Assets and Liabilities”, for additional details.

Measurement of Royalty Funding Liabilities

The carrying amount of royalty funding liabilities is measured according to anticipated future cash flows, which further depends on the amount and timing of future commercial revenue. Assumptions that impact the amount and timing of future commercial revenue are subject to estimation uncertainties, and are subject to a number of factors which are not within the Company's control.

The Company will periodically revisit the anticipated amount and timing of future commercial revenue and to the extent such amount or timing is materially different from the previous estimates, a remeasurement gain or loss is recognized through the profit or loss as finance income or expenses, respectively, which would further increase or decrease future interest expenses. Further details are provided in Note 16, “Financial Assets and Liabilities”.

As of December 31, 2023, the carrying amount of the royalty funding liabilities was €138.4 million.

Provisions

12 Months Ended

Dec. 31, 2023

Provisions [abstract]

Provisions

Note 15—Provisions

Development in provisions is specified below:


		2023
		(EUR’000)
Provisions
At January 1		7,339
Net additions		28,293
Reversals and other adjustments		(1,904)
Foreign exchange translation		(1,009)
At December 31		32,719

Financial Assets and Liabilities - Schedule of Financial assets and Financial Liabilities (Detail) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Financial assets by category
Cash and cash equivalents	€ 392,164	€ 444,767	€ 446,267	€ 584,517
Total financial assets	439,222	758,741
Classified in the statement of financial position
Non-current assets	2,127	9,412
Current assets	437,095	749,329
Financial liabilities by category
Convertible senior notes	407,100
Lease liabilities	98,793	109,191
Derivative liabilities	143,296	157,950
Total financial liabilities	882,127	767,359
Classified in the statement of financial position
Non-current liabilities	762,161	640,907
Current liabilities	119,966	126,452
Financial liabilities at amortised cost, class [member]
Financial liabilities by category
Convertible senior notes	407,095	399,186
Royalty funding	138,377
Lease liabilities	98,793	109,191
Trade payables and accrued expenses	94,566	101,032
Financial liabilities measured at amortized cost	738,831	609,409
Financial liabilities at amortised cost, class [member] \| Financial liabilities at fair value, class [member]
Financial liabilities by category
Financial liabilities measured at fair value through profit or loss	143,296	157,950
Financial assets at amortised cost, class [member]
Financial assets by category
Trade receivables from associate	35,874	11,910
Other receivables	3,909	3,884
Marketable Securities	7,275	298,180
Cash and cash equivalents	392,164	444,767
Financial assets measured at amortized cost	€ 439,222	€ 758,741

Financial Assets and Liabilities - Schedule of Finance Income and Finance Expenses (Detail) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Finance income
Interest income	€ 16,857	€ 7,426	€ 692
Fair value gains, derivatives	14,654
Foreign exchange and other adjustments gain (net)	12,346	44,755	59,026
Total finance income	43,857	52,181	59,718
Finance expenses
Interest expenses	44,065	30,682	3,911
Fair value loss, derivatives		15,483
Foreign exchange and other adjustments loss (net)		4,322
Total finance expenses	€ 44,065	€ 50,487	€ 3,911

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Summary of Significant Accounting Policies [abstract]

Schedule of Asset's Expected Useful Life

Depreciation is calculated on a straight-line basis, based on an asset’s expected useful life, being within the following ranges:


Process plant and machinery		5 - 10 years
Other equipment		3 - 5 years
Leasehold improvements		3 - 11 years
Right-of-use assets		2 - 11 years

Investments in Group Enterprises

12 Months Ended

Dec. 31, 2023

Investments In Group Enterprises [Abstract]

Investments in Group Enterprises

Note 20—Investments in Group Enterprises

Ascendis Pharma A/S’s (parent company) investments in group enterprises at December 31, 2023, comprise:


Subsidiaries	Domicile	Ownership
Ascendis Pharma GmbH	Germany		100	%
Ascendis Pharma Endocrinology GmbH	Germany		100	%
Ascendis Pharma, Inc.	USA		100	%
Ascendis Pharma Endocrinology, Inc.	USA		100	%
Ascendis Pharma Ophthalmology Division A/S	Denmark		100	%
Ascendis Pharma Endocrinology Division A/S	Denmark		100	%
Ascendis Pharma Bone Diseases A/S	Denmark		100	%
Ascendis Pharma Growth Disorders A/S	Denmark		100	%
Ascendis Pharma Oncology Division A/S	Denmark		100	%
Ascendis Pharma Nordics A/S	Denmark		100	%
Ascendis Pharma Europe A/S	Denmark		100	%
Ascendis Pharma UK Limited	United Kingdom		100	%
Ascendis Pharma Iberia S.L.	Spain		100	%

Associate	Domicile	Ownership
VISEN Pharmaceuticals	Cayman Island		43.93	%

Related Party Transactions

12 Months Ended

Dec. 31, 2023

Related Party Transactions

Note 19—Related Party Transactions

The Board of Directors, the Executive Board and non-executive Senior Management (“Key Management Personnel”) are considered related parties as they have authority and responsibility for planning and directing the Company’s operations. Related parties also include undertakings in which such individuals have a controlling or joint controlling interest. Additionally, all group enterprises and associates are considered related parties.

Neither the Company’s related parties or major shareholders hold a controlling, joint controlling, or significant interest in the Group.

The Company has entered into employment agreements with and issued warrants, RSUs and PSUs to Key Management Personnel. In addition, the Company pays fees for board tenure and board committee tenure to the independent members of the Board of Directors. For further details, refer to Note 6, “Employee Costs”. Indemnification agreements have been entered with members of the Board of Directors, the Executive Board and Non-executive Senior Management.

Transactions between the parent company and group enterprises comprise management and license fees, research and development services, and clinical and commercial supplies. These transactions have been eliminated in the consolidated financial statements. Transactions and outstanding balances with the associate are disclosed in Note 12, “Investment in Associate”.

In addition, the parent company Ascendis Pharma A/S is jointly taxed with its Danish subsidiaries, where the current Danish corporation tax is allocated between the jointly taxed Danish companies. For further details, refer to Note 9, “Tax on Profit/(Loss) for the Year and Deferred Tax”.

Except for the information disclosed above, the Company has not undertaken any significant transactions with members of the Key Management Personnel, or undertakings in which the identified related parties have a controlling or joint controlling interest.

Employee Costs - Summary of Employee Cost (Detail) € in Thousands	12 Months Ended
	Dec. 31, 2023 EUR (€) Employee	Dec. 31, 2022 EUR (€) Employee	Dec. 31, 2021 EUR (€) Employee
Disclosure of employee compensation costs [line items]
Wages and salaries	€ 170,278	€ 140,420	€ 104,583
Share-based payment	66,660	64,180	66,830
Pensions (defined contribution plans)	4,403	4,163	2,416
Social security costs	12,877	10,627	7,667
Other employee costs	4,238	4,411	1,740
Total employee costs	€ 258,456	€ 223,801	€ 183,236
Average number of employees \| Employee	851	719	573
Research and development expenses [member]
Disclosure of employee compensation costs [line items]
Total employee costs	€ 127,002	€ 122,581	€ 108,434
Selling, general and administrative expenses [member]
Disclosure of employee compensation costs [line items]
Total employee costs	115,706	93,981	73,422
Cost of sales [member]
Disclosure of employee compensation costs [line items]
Total employee costs	15,748	7,239	1,380
Board of Directors [member]
Disclosure of employee compensation costs [line items]
Wages and salaries	543	403	296
Share-based payment	1,276	1,273	2,032
Total employee costs	1,819	1,676	2,328
Executive Board [member]
Disclosure of employee compensation costs [line items]
Wages and salaries	4,375	3,809	2,699
Share-based payment	13,243	11,392	8,770
Pensions (defined contribution plans)	54	46	23
Social security costs	103	55	49
Other employee costs	20	20	10
Total employee costs	17,795	15,322	11,551
Nonexecutivesenior management [Member]
Disclosure of employee compensation costs [line items]
Wages and salaries	4,673	6,087	5,547
Share-based payment	9,529	8,872	14,906
Pensions (defined contribution plans)	122	118	120
Social security costs	45	89	60
Other employee costs	40	45	45
Total employee costs	€ 14,409	€ 15,211	€ 20,678

Revenue - Additional Information (Detail)		12 Months Ended
Revenue - Additional Information (Detail)	Nov. 29, 2023 USD ($)	Dec. 31, 2023 USD ($) CommercialCustomer	Dec. 31, 2022 CommercialCustomer
Disclosure of performance obligations [line items]
Number of commercial customers \| CommercialCustomer		4	4
Upfront payment received	$ 70,000,000
Maximum additional development and regulatory milestones potentially to be received	$ 175,000,000	$ 175,000,000
Royalties and Milestones [Member]
Disclosure of performance obligations [line items]
Recognized as revenue		0
Licenses [Member]
Disclosure of performance obligations [line items]
Upfront payment received		$ 70,000,000
Commercial Customers [Member] \| Bottom of range [member]
Disclosure of performance obligations [line items]
Perentage of sale to commercial customers		10.00%	10.00%

Revenue

12 Months Ended

Dec. 31, 2023

Revenue [abstract]

Revenue

Note 4—Revenue

Revenue has been recognized in the consolidated statements of profit or loss with the following amounts:


	2023		2022		2021
	(EUR’000)
Revenue
Sale of commercial products		178,663		35,659		943
Rendering of services		21,659		4,434		751
Sale of clinical supply		319		8,534		3,719
Licenses		66,077		2,547		2,365
Total revenue		266,718		51,174		7,778
Attributable to
Commercial customers		178,663		35,659		943
Collaboration partners and license agreements		88,055		15,515		6,835
Total revenue		266,718		51,174		7,778
Specified by timing of recognition
Recognized over time		21,659		4,434		751
Recognized at a point in time		245,059		46,740		7,027
Total revenue		266,718		51,174		7,778
Specified per geographical location
Europe		869		552		—
North America		191,677		44,156		6,856
Asia		74,172		6,466		922
Total revenue		266,718		51,174		7,778

Commercial Customers

Revenue to commercial customers relates to sale of SKYTROFA® (lonapegsomatropin-tcgd), primarily in the U.S. market, which is sold to specialty pharmacies and specialty distributors. In addition, the Company began shipping products to wholesalers in Germany in the third quarter of 2023. Customer payment terms are typically 30 days from the transaction date.

In both 2023 and 2022, four commercial customers represented more than 10% of sales to commercial customers.

Collaboration Partners and License Agreements

On November 29, 2023, the Company entered into an exclusive license agreement with Teijin Limited (the “Teijin Agreement”) for the further development and commercialization of TransCon hGH, TransCon PTH, and TransCon CNP for endocrinology rare disease (the “Licensed Products”) in Japan. Under the terms of the Teijin Agreement, the Company received an upfront payment of $70 million, with additional development and regulatory milestones of up to $175 million and commercial milestones. In addition, the Company is eligible to receive royalties on net sales of the Licensed Products in Japan, of up to mid-20’s percent.

Further, the Company will provide clinical and commercial supply, and development services for joint activities, which are subject to separate remuneration, and which will be recognized as revenue over time as rendering of services or reimbursement revenue, as applicable.

At December 31, 2023, none of the Licensed Products have received marketing authorization in Japan and no services has been provided by the Company. The Licensed Products are patent protected, where future activities do not affect their existing stand-alone functionalities. Accordingly, all three licenses have been classified as “right-to-use” licenses, with revenue recognized at a point in time, where the licensee is granted access to the IP. For the year ended, December 31, 2023, “Licenses” includes upfront payment of $70 million, which is allocated to the license of the Company’s IP.

Development and regulatory milestones of up to $175 million are recognized as revenue when the milestone criteria specific to the licensed product are met. Royalty and commercial milestone income is recognized as revenue when the subsequent product sales occur.

For the year ended, December 31, 2023, no revenue from royalties or milestones has been recognized under the Teijin Agreement.

Revenue from collaboration partners and license agreements also includes license income, rendering of services and sale of clinical supply under three licenses agreements with VISEN Pharmaceuticals, which were entered into in 2018.

Cover Page	12 Months Ended
Cover Page	Dec. 31, 2023 shares
Document Information [Line Items]
Document Type	20-F
Amendment Flag	false
Document Period End Date	Dec. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Trading Symbol	ASND
Entity Registrant Name	Ascendis Pharma A/S
Entity Central Index Key	0001612042
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	57,707,439
Entity Voluntary Filers	No
Entity Interactive Data Current	Yes
Document Accounting Standard	International Financial Reporting Standards
Entity Incorporation, State or Country Code	G7
Entity Address, Country	DK
Document Annual Report	true
Document Transition Report	false
Document Shell Company Report	false
Document Registration Statement	false
Title of 12(b) Security	Ordinary shares
Security Exchange Name	NASDAQ
Entity Address, Address Line One	Tuborg Boulevard 12
Entity Address, City or Town	Hellerup
Entity File Number	001-36815
ICFR Auditor Attestation Flag	true
Auditor Name	Deloitte Statsautoriseret Revisionspartnerselskab
Auditor Firm ID	1294
Auditor Location	Copenhagen, Denmark
Entity Address, Postal Zip Code	DK-2900
Business Contact [member]
Document Information [Line Items]
Entity Address, Country	DK
Entity Address, Address Line One	Tuborg Boulevard 12
Entity Address, City or Town	Hellerup
Contact Personnel Name	Jan Møller Mikkelsen
City Area Code	+45
Local Phone Number	70 22 22 44
Entity Address, Postal Zip Code	DK-2900
American Depositary Shares [member]
Document Information [Line Items]
Title of 12(b) Security	American Depositary Shares
Security Exchange Name	NASDAQ
No Trading Symbol Flag	true

Share-based Payment - Schedule of Warrant Activity (Parenthetical) (Detail) - € / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
U.S. dollars [member]
Disclosure Of Warrant Activity [line items]
Weighted average share price	€ 98.10	€ 113.60	€ 124.62

Consolidated Cash Flow Statements - EUR (€) € in Thousands	12 Months Ended
Consolidated Cash Flow Statements - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating activities
Net profit/(loss) for the year	€ (481,447)	€ (583,194)	€ (383,577)
Reversal of finance income	(43,857)	(52,181)	(59,718)
Reversal of finance expenses	44,065	50,487	3,911
Reversal of gain and loss on disposal of property, plant and equipment	5	22	0
Reversal of income taxes (expenses)	7,303	5,377	(367)
Adjustments for non-cash items:
Non-cash consideration relating to revenue	(2,354)	(2,547)	(2,365)
Share of profit/(loss) of associate	18,395	17,697	(12,041)
Share-based payment	66,660	64,180	66,830
Depreciation	18,428	17,514	14,946
Impairment of property, plant and equipment	7,834
Amortization	483	444	445
Changes in working capital:
Inventories	(78,258)	(55,268)	(75,405)
Receivables	(32,773)	(11,531)	(6,659)
Prepayments	(11,413)	(6,409)	(11,238)
Contract liabilities (deferred income)	(7,080)	8,648	5,202
Trade payables, accrued expenses and other payables	3,551	45,943	39,186
Increase/(decrease) in provisions	26,187	6,145	1,193
Cash flows generated from/(used in) operations	(464,271)	(494,673)	(419,657)
Finance income received	17,048	8,271	3,697
Finance expenses paid	(15,672)	(9,294)	(1,841)
Income taxes received/(paid)	(4,466)	(3)	152
Cash flows from/(used in) operating activities	(467,361)	(495,699)	(417,649)
Investing activities
Investment in associate	0	0	(10,187)
Proceeds from disposal of property, plant and equipment	51	0	0
Acquisition of property, plant and equipment	(2,442)	(14,489)	(23,704)
Reimbursement for acquisition of property, plant and equipment	0	9,535	0
Development expenditures (software)	0	0	(530)
Purchase of marketable securities	0	(213,842)	(226,038)
Settlement of marketable securities	288,865	280,528	149,880
Cash flows from/(used in) investing activities	286,474	61,732	(110,579)
Financing activities
Payment of principal portion of lease liabilities	(10,438)	(6,356)	(6,429)
Net proceeds from borrowings	136,256	503,281	0
Proceeds from exercise of warrants	10,286	5,153	11,537
Net proceeds from follow-on public offerings	0	0	367,884
Acquisitions of treasury shares, net of transaction costs	0	(105,305)	(21,605)
Payment of withholding taxes under stock incentive programs	(1,812)	0	0
Cash flows from/(used in) financing activities	134,292	396,773	351,387
Increase/(decrease) in cash and cash equivalents	(46,595)	(37,194)	(176,841)
Cash and cash equivalents at January 1	444,767	446,267	584,517
Effect of exchange rate changes on balances held in foreign currencies	(6,008)	35,694	38,591
Bank deposits	392,164	427,810	441,736
Short-term marketable securities	0	16,957	4,531
Cash and cash equivalents at December 31	€ 392,164	€ 444,767	€ 446,267

Subsequent Events - Additional Information (Detail) $ in Millions	Jan. 29, 2024 USD ($)
Frazier Life Sciences of Eyconis, Inc. [member] \| Events After Reporting Period [member]
Disclosure of non-adjusting events after reporting period [line items]
Commitment from investors	$ 150

Leases - Summary of Expenses, Relating To Lease Activities In The Consolidated Statements (Detail) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of quantitative information about right-of-use assets [line items]
Depreciation	€ 11,875	€ 11,740	€ 10,963
Short term leases and leases of low value assets	353	280	186
Lease interest	3,581	3,842	3,396
Total lease expenses	€ 15,809	€ 15,862	€ 14,545

Provisions - Summary of Development in Provisions (Detail) € in Thousands	12 Months Ended
	Dec. 31, 2023 EUR (€)
Provisions [abstract]
Beginning balance	€ 7,339
Net additions	28,293
Reversals and other adjustments	(1,904)
Foreign exchange translation	(1,009)
Ending balance	€ 32,719

Segment Information

12 Months Ended

Dec. 31, 2023

Disclosure of operating segments [abstract]

Segment Information

Note 5—Segment Information

The Company is managed and operated as one business unit. No separate business areas or separate business units have been identified in relation to product candidates or geographical markets. Accordingly, except for entity wide disclosures, no information on business segments or geographical markets is disclosed. Entity wide disclosures regarding revenue are included in Note 4, “Revenue”.

The Company’s intangible assets and property, plant and equipment located by country or region are specified below, and defines the Company’s non-current segment assets:


	2023		2022
	(EUR’000)
Non-current segment assets
Denmark (domicile country)		32,893		30,336
North America		68,589		89,439
Europe		13,571		14,148
Total non-current segment assets		115,053		133,923
Investment in associate		5,686		22,932
Marketable securities		—		7,492
Other receivables		2,127		1,920
Total non-current assets		122,866		166,267

Tax on Profit/(Loss) for the Year and Deferred Tax - Summary of Tax on Profit/Loss and Deferred Tax (Detail) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Tax on profit/(loss) for the year:
Current tax (expense)/income	€ (5,377)	€ (3,723)	€ 367
Current tax, adjustments to prior years	3,904	(1,654)
Deferred tax, movement for the year	(1,044)
Deferred tax, adjustments to prior years	(4,786)
Current tax expense (income) and adjustments for current tax of prior periods	(7,303)	(5,377)	367
Tax for the year can be explained as follows:
Profit/(loss) before tax	(474,144)	(577,817)	(383,944)
Tax at the Danish corporation tax rate of 22%	104,312	127,120	84,468
Tax effect of:
Non-deductible costs	(8,494)	(17,094)	(14,800)
Additional tax deductions	9,077	13,720	17,117
Impact from associate	(4,047)	(3,893)	3,169
Prior year adjustments	(1,294)
Other effects including effect of different tax rates	(882)	(2,716)	305
Deferred tax asset, not recognized	(105,975)	(122,514)	(89,892)
Tax on profit/(loss) for the year	€ (7,303)	€ (5,377)	€ 367
Effective tax rate	1.54%	0.93%	(0.10%)
Tax deductible losses	€ 521,697	€ 433,174	€ 313,011
Other temporary differences, assets	16,256	19,961	12,856
Deferred tax asset, not recognized	(537,953)	€ (453,135)	€ (325,867)
Other temporary differences, liabilities	(5,830)
Total Deferred Tax Assets/(Liabilities) at December 31	€ (5,830)

Financial Assets and Liabilities - Summary of Fair Value Hierarchy (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022
Categories of financial assets [abstract]
Total financial assets	€ 439,222	€ 758,741
Categories of financial liabilities [abstract]
Convertible senior notes	407,100
Derivative liabilities	143,296	157,950
Total financial liabilities	882,127	767,359
Carrying amount [member]
Categories of financial assets [abstract]
Financial assets at amortised cost	7,275	298,180
Categories of financial liabilities [abstract]
Financial liabilities at amortised cost	545,472	399,186
Total financial liabilities at fair value through profit or loss	143,296	157,950
Fair value [member]
Categories of financial assets [abstract]
Financial assets at amortised cost	7,266	295,843
Categories of financial liabilities [abstract]
Financial liabilities at amortised cost	529,385	382,459
Total financial liabilities at fair value through profit or loss	143,296	157,950
Level 1 [member] \| Carrying amount [member]
Categories of financial assets [abstract]
Marketable Securities	7,275	298,180
Level 1 [member] \| Fair value [member]
Categories of financial assets [abstract]
Marketable Securities	7,266	295,843
Level 3 [member]
Categories of financial liabilities [abstract]
Derivative liabilities	143,296	157,950
Level 3 [member] \| Carrying amount [member]
Categories of financial liabilities [abstract]
Convertible senior notes	407,095	399,186
Royalty funding	138,377	0
Derivative liabilities	143,296	157,950
Level 3 [member] \| Fair value [member]
Categories of financial liabilities [abstract]
Convertible senior notes	385,410	382,459
Royalty funding	143,975	0
Derivative liabilities	€ 143,296	€ 157,950

Share-based Payment - Summary of Fair Values for Warrant Grants (Detail) - Warrants [member]	12 Months Ended
	Dec. 31, 2023 yr € / shares	Dec. 31, 2022 yr € / shares	Dec. 31, 2021 yr € / shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expected life of warrants (years) \| yr	6.0	6.0	6.0
Weighted average exercise price	€ 91.07	€ 100.40	€ 122.03
Bottom of range [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expected volatility	49.00%	48.00%	48.00%
Risk-free interest rate	2.40%	(0.08%)	(0.54%)
Fair value of warrants granted in the year	€ 37.34	€ 36.55	€ 45.91
Top of range [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expected volatility	51.00%	49.00%	49.00%
Risk-free interest rate	2.97%	2.54%	(0.27%)
Fair value of warrants granted in the year	€ 52.03	€ 60.85	€ 64.28

Principal Accountant Fees and Services - Summary of Principal Accountant Fees and Services (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Auditor's remuneration [abstract]
Audit fees	€ 739	€ 814	€ 771
Tax fees	122	138	87
All other fees			13
Total principal accountant fees and services	€ 861	€ 952	€ 871

Consolidated Statements of Financial Position - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022
Non-current assets
Intangible assets	€ 4,419	€ 4,828
Property, plant and equipment	110,634	129,095
Investment in associate	5,686	22,932
Other receivables	2,127	1,920
Marketable securities	0	7,492
Total non-current assets	122,866	166,267
Current assets
Inventories	208,931	130,673
Trade receivables	35,874	11,910
Income tax receivables	802	883
Other receivables	19,097	12,833
Prepayments	38,578	31,717
Marketable securities	7,275	290,688
Cash and cash equivalents	392,164	444,767
Total current assets	702,721	923,471
Total assets	825,587	1,089,738
Equity
Share capital	7,749	7,675
Distributable equity	(153,446)	255,673
Total equity	(145,697)	263,348
Non-current liabilities
Borrowings	534,246	387,556
Lease liabilities	84,619	95,400
Derivative liabilities	143,296	157,950
Contract liabilities	5,949	14,213
Deferred tax liabilities	5,830	0
Total non-current liabilities	773,940	655,119
Current liabilities
Borrowings	11,226	11,630
Lease liabilities	14,174	13,791
Contract liabilities	1,184	0
Trade payables and accrued expenses	94,566	101,032
Other liabilities	41,176	31,989
Income tax payables	2,299	5,490
Provisions	32,719	7,339
Total current liabilities	197,344	171,271
Total liabilities	971,284	826,390
Total equity and liabilities	€ 825,587	€ 1,089,738

Share-based Payment - Schedule of Warrant Activity (Detail)	12 Months Ended
	Dec. 31, 2023 € / shares	Dec. 31, 2022 € / shares	Dec. 31, 2021 € / shares
Disclosure Of Warrant Activity [line items]
Ending balance	6,523,784
Ending balance	€ 86.38
Warrants [member]
Disclosure Of Warrant Activity [line items]
Beginning balance	6,864,011	7,085,073	6,148,004
Granted during the year	395,275	357,092	1,445,981
Exercised during the year	(555,144)	(214,613)	(312,296)
Forfeited during the year	(180,358)	(363,541)	(196,616)
Ending balance	6,523,784	6,864,011	7,085,073
Vested at the reporting date	5,273,056	4,972,026	4,022,011
Beginning balance	€ 81.30	€ 80.30	€ 69.97
Granted during the year	91.07	100.40	122.03
Exercised during the year	17.76	21.83	38.43
Forfeited during the year	115.79	123.62	119.58
Ending balance	86.38	81.30	80.30
Vested at the reporting date	€ 80.02	€ 66.34	€ 52.63

Financial Risk Management - Schedule of Foreign Currency Sensitivity Analysis (Detail) - US dollars to Euro [member] - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure of detailed information about financial instruments [line items]
Nominal positions (net)	€ 369,091	€ 60,581
Increase in foreign currency exchange rate	10.00%	10.00%
Profit/(loss) before tax	€ (36,909)	€ 6,058
Equity before tax	€ (36,909)	€ 6,058

Financial Risk Management - Summary of Contractual Cash Flows for Financial Liabilities (Detail) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022
Disclosure of maturity analysis for derivative financial liabilities [line items]
Borrowings	€ 545,472	€ 399,186
Lease liabilities	98,793	109,191
Trade payables	94,566	101,032
Total financial liabilities	738,831	609,409
Total financial liabilities	882,127	767,359
Borrowings	797,030	605,810
Lease liabilities	114,867	128,763
Trade payables	94,566	101,032
Total financial liabilities	1,006,463	835,605
Within 1 year [member]
Disclosure of maturity analysis for derivative financial liabilities [line items]
Borrowings	11,708	12,130
Lease liabilities	14,385	13,996
Trade payables	94,566	101,032
Total financial liabilities	120,659	127,158
Within 1 to 5 years [member]
Disclosure of maturity analysis for derivative financial liabilities [line items]
Borrowings	742,925	48,519
Lease liabilities	51,426	53,821
Total financial liabilities	794,351	102,340
After 5 years [member]
Disclosure of maturity analysis for derivative financial liabilities [line items]
Borrowings	42,397	545,161
Lease liabilities	49,056	60,946
Total financial liabilities	€ 91,453	€ 606,107

Contract liabilities

12 Months Ended

Dec. 31, 2023

Contract liabilities [abstract]

Contract liabilities

Note 14—Contract Liabilities

At December 31, 2023, contract liabilities comprise unsatisfied performance obligations relating to delivery of commercial supply under one of the Company’s license agreements. Non-current contract liabilities are expected to be recognized as revenue within 1-3 years.

Revenue recognized from contract liabilities was €13.3 million, €10.5 million and €0.4 million for the years ended December 31, 2023, 2022 and 2021, respectively, and primarily related to delivery of clinical supply and research and development services.

Tax on Profit/(Loss) for the Year and Deferred Tax (Tables)

12 Months Ended

Dec. 31, 2023

Deferred tax expense (income) [abstract]

Summary of Tax on Profit/Loss and Deferred Tax


	2023			2022			2021
	(EUR’000)
Tax on profit/(loss) for the year:
Current tax (expense)/income		(5,377	)		(3,723	)		367
Current tax, adjustments to prior years		3,904			(1,654	)		—
Deferred tax, movement for the year		(1,044	)		—			—
Deferred tax, adjustments to prior years		(4,786	)		—			—
		(7,303	)		(5,377	)		367
Tax for the year can be explained as follows:
Profit/(loss) before tax		(474,144	)		(577,817	)		(383,944	)
Tax at the Danish corporation tax rate of 22%		104,312			127,120			84,468
Tax effect of:
Non-deductible costs		(8,494	)		(17,094	)		(14,800	)
Additional tax deductions		9,077			13,720			17,117
Impact from associate		(4,047	)		(3,893	)		3,169
Prior year adjustments		(1,294	)		—			—
Other effects including effect of different tax rates		(882	)		(2,716	)		305
Deferred tax asset, not recognized		(105,975	)		(122,514	)		(89,892	)
Tax on profit/(loss) for the year		(7,303	)		(5,377	)		367
Effective tax rate		1.54	%		0.93	%		(0.10	)%

	2023			2022			2021
	(EUR’000)
Specification of Deferred Tax Assets/(Liabilities)
Tax deductible losses		521,697			433,174			313,011
Other temporary differences, assets		16,256			19,961			12,856
Deferred tax asset, not recognized		(537,953	)		(453,135	)		(325,867	)
Other temporary differences, liabilities		(5,830	)		—			—
Total Deferred Tax Assets/(Liabilities) at December 31		(5,830	)		—			—

At December 31, 2023,

Inventories - Additional Information (Detail) € in Millions	12 Months Ended
Inventories - Additional Information (Detail) € in Millions	Dec. 31, 2023 EUR (€)
Inventories [Abstract]
Inventory write-downs	€ 22.9

Subsequent Events

12 Months Ended

Dec. 31, 2023

Disclosure of non-adjusting events after reporting period [abstract]

Subsequent Events

Note 22—Subsequent Events

On January 29, 2024, the Company announced the formation and launch with Frazier Life Sciences of Eyconis, Inc., a separate company created to develop, manufacture, and commercialize TransCon ophthalmology assets globally, together with a $150 million commitment from an investor syndicate that includes Frazier, RA Capital Management, venBio, and HealthQuest Capital.

The Company has granted Eyconis exclusive rights to develop and commercialize TransCon ophthalmology products globally and received an equity position in the newly formed company. In addition, the Company will be eligible to receive development, regulatory, and sales milestone payments, plus single digit royalties on global net sales of commercialized products, if any. Eyconis will initially be based in Redwood City, California, and certain employees of the Company are expected to join the newly formed company.

No other events have occurred after the reporting date that would influence the evaluation of these consolidated financial statements.

Revenue - Schedule of Revenue Recognized in Consolidated Statements of Profit or Loss (Detail) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue
Sale of commercial products	€ 178,663	€ 35,659	€ 943
Rendering of services	21,659	4,434	751
Sale of clinical supply	319	8,534	3,719
Licenses	66,077	2,547	2,365
Total revenue	266,718	51,174	7,778
Revenue (geographical)
Total revenue	266,718	51,174	7,778
Goods or services transferred over time [member]
Revenue
Total revenue	21,659	4,434	751
Revenue (geographical)
Total revenue	21,659	4,434	751
Goods or services transferred at point in time [member]
Revenue
Total revenue	245,059	46,740	7,027
Revenue (geographical)
Total revenue	245,059	46,740	7,027
Commercial customers [Member]
Revenue
Total revenue	178,663	35,659	943
Revenue (geographical)
Total revenue	178,663	35,659	943
Collaboration partners and license agreements [Member]
Revenue
Total revenue	88,055	15,515	6,835
Revenue (geographical)
Total revenue	88,055	15,515	6,835
Europe [member]
Revenue
Total revenue	869	552
Revenue (geographical)
Total revenue	869	552
North America [member]
Revenue
Total revenue	191,677	44,156	6,856
Revenue (geographical)
Total revenue	191,677	44,156	6,856
Asia [member]
Revenue
Total revenue	74,172	6,466	922
Revenue (geographical)
Total revenue	€ 74,172	€ 6,466	€ 922

Financial Risk Management - Summary of Marketable securities (Detail) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022
Disclosure Detailed Information About Marketable Securities [Line Items]
Non-current financial marketable securities	€ 0	€ 7,492
Current financial marketable securities	7,275	290,688
Financial assets at amortised cost, class [member]
Disclosure Detailed Information About Marketable Securities [Line Items]
Financial marketable securities	7,275	298,180
Financial assets at amortised cost, class [member] \| Liquidity risk [member]
Disclosure Detailed Information About Marketable Securities [Line Items]
Financial marketable securities	7,275	298,180
Non-current financial marketable securities		7,492
Current financial marketable securities	7,275	290,688
Financial assets at amortised cost, class [member] \| US Treasury bills [Member] \| Liquidity risk [member]
Disclosure Detailed Information About Marketable Securities [Line Items]
Financial marketable securities	4,523	79,086
Financial assets at amortised cost, class [member] \| US Government Bonds [Member] \| Liquidity risk [member]
Disclosure Detailed Information About Marketable Securities [Line Items]
Financial marketable securities		99,337
Financial assets at amortised cost, class [member] \| Corporate bonds [Member] \| Liquidity risk [member]
Disclosure Detailed Information About Marketable Securities [Line Items]
Financial marketable securities	2,752	104,236
Financial assets at amortised cost, class [member] \| Agency bonds [Member] \| Liquidity risk [member]
Disclosure Detailed Information About Marketable Securities [Line Items]
Financial marketable securities		15,521
Financial assets at fair value, class [member]
Disclosure Detailed Information About Marketable Securities [Line Items]
Financial marketable securities	7,266	295,843
Financial assets at fair value, class [member] \| Liquidity risk [member]
Disclosure Detailed Information About Marketable Securities [Line Items]
Financial marketable securities	7,266	295,843
Non-current financial marketable securities		7,201
Current financial marketable securities	7,266	288,642
Financial assets at fair value, class [member] \| US Treasury bills [Member] \| Liquidity risk [member]
Disclosure Detailed Information About Marketable Securities [Line Items]
Financial marketable securities	4,519	79,043
Financial assets at fair value, class [member] \| US Government Bonds [Member] \| Liquidity risk [member]
Disclosure Detailed Information About Marketable Securities [Line Items]
Financial marketable securities		98,075
Financial assets at fair value, class [member] \| Corporate bonds [Member] \| Liquidity risk [member]
Disclosure Detailed Information About Marketable Securities [Line Items]
Financial marketable securities	€ 2,747	103,301
Financial assets at fair value, class [member] \| Agency bonds [Member] \| Liquidity risk [member]
Disclosure Detailed Information About Marketable Securities [Line Items]
Financial marketable securities		€ 15,424

Share-based Payment - Schedule of Weighted Average Exercise Price and Weighted Remaining Contractual Life for Outstanding Warrants (Detail)	12 Months Ended
	Dec. 31, 2023 shares € / shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of Warrants, Outstanding	6,523,784
Weighted Average Exercise, Outstanding	€ 86.38
Weighted Average Life, Granted	71 months
Granted before January 1, 2021 [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Year of grant	January 1, 2021
Number of Warrants, Granted \| shares	4,717,462
Weighted Average Exercise, Granted	€ 75.54
Weighted Average Life, Granted	60 months
Granted In 2021 [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Year of grant	2021
Number of Warrants, Granted	1,135,647
Weighted Average Exercise, Granted	€ 121.77
Weighted Average Life, Granted	94 months
Granted In 2022 [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Year of grant	2022
Number of Warrants, Granted	296,480
Weighted Average Exercise, Granted	€ 100.28
Weighted Average Life, Granted	102 months
Granted in 2023 [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Year of grant	2023
Number of Warrants, Granted	374,195
Weighted Average Exercise, Granted	€ 90.73
Weighted Average Life, Granted	113 months

Consolidated Statements of Changes in Equity - EUR (€) € in Thousands	Total	Share Capital [member]	Share Premium [member]	Treasury shares [member]	Foreign Currency Translation Reserve [member]	Accumulated Deficit [member]
Equity at Dec. 31, 2020	€ 838,711	€ 7,217	€ 1,728,747	€ 0	€ (76)	€ (897,177)
Net profit/(loss) for the period	(383,577)					(383,577)
Other comprehensive income/(loss), net of tax	3,855				3,855
Total comprehensive income/(loss)	(379,722)			0	3,855	(383,577)
Share-based payment (Note 7)	66,830					66,830
Acquisition of treasury shares	(21,605)			(21)		(21,584)
Capital increase	399,395	429	398,966
Cost of capital increase	(19,974)		(19,974)
Equity at Dec. 31, 2021	883,635	7,646	2,107,739	(21)	3,779	(1,235,508)
Net profit/(loss) for the period	(583,194)					(583,194)
Other comprehensive income/(loss), net of tax	(327)				(327)
Total comprehensive income/(loss)	(583,521)			0	(327)	(583,194)
Share-based payment (Note 7)	64,180					64,180
Acquisition of treasury shares	(106,099)			(134)		(105,965)
Transfer under stock incentive programs				6		(6)
Capital increase	5,153	29	5,124
Equity at Dec. 31, 2022	263,348	7,675	2,112,863	(149)	3,452	(1,860,493)
Net profit/(loss) for the period	(481,447)					(481,447)
Other comprehensive income/(loss), net of tax	(2,731)				(2,731)
Total comprehensive income/(loss)	(484,178)			0	(2,731)	(481,447)
Share-based payment (Note 7)	66,660					66,660
Transfer under stock incentive programs				3		(3)
Net settlement under stock incentive programs	(1,812)					(1,812)
Capital increase	10,285	74	10,211
Equity at Dec. 31, 2023	€ (145,697)	€ 7,749	€ 2,123,074	€ (146)	€ 721	€ (2,277,095)

Segment Information - Summary of Intangible Assets, and Property, Plant and Equipment (Detail) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022
Disclosure of operating segments [line items]
Non-current segment assets	€ 115,053	€ 133,923
Investment in associate	5,686	22,932
Marketable securities	0	7,492
Other receivables	2,127	1,920
Total non-current assets	122,866	166,267
Denmark [member]
Disclosure of operating segments [line items]
Non-current segment assets	32,893	30,336
North America [member]
Disclosure of operating segments [line items]
Non-current segment assets	68,589	89,439
Europe [Member]
Disclosure of operating segments [line items]
Non-current segment assets	€ 13,571	€ 14,148

Employee Costs - Additional Information (Detail) - Employee	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Board of Directors [member] \| Maximum [Member]
Disclosure of employee compensation costs [line items]
Number of persons	7	7	7
Board of Directors [member] \| Minimum [Member]
Disclosure of employee compensation costs [line items]
Number of persons	6	6	6
Executive Board [member]
Disclosure of employee compensation costs [line items]
Number of persons	4	4
Executive Board [member] \| Maximum [Member]
Disclosure of employee compensation costs [line items]
Number of persons			4
Executive Board [member] \| Minimum [Member]
Disclosure of employee compensation costs [line items]
Number of persons			2

Ownership

12 Months Ended

Dec. 31, 2023

Disclosure Of Beneficial Ownership [abstract]

Ownership

Note 21—Ownership

The following investors, or groups of affiliated investors, are known by us to beneficially own more than 5% of the Company’s outstanding ordinary shares at December 31, 2023:

•

T. Rowe Price Associates, Inc., USA

•

Entities affiliated with RA Capital Management, LLC, USA

•

Entities affiliated with Artisan Partners Limited Partnership, USA

•

Entities affiliated with FMR LLC, USA

•

Entities affiliated with Wellington Management Group LLP, USA

•

Entities affiliated with Janus Henderson Group plc, United Kingdom

•

Avoro Capital Advisors LLC, USA

•

Westfield Capital Management Company, L.P., USA

The Company’s American Depository Shares are held through BNY (Nominees) Limited as nominee, of The Bank of New York Mellon, UK (as registered holder of the Company’s outstanding ADSs).

Share-Based Payment - Summary Of Share Based Payment (Parenthetical) (Detail) - EUR (€)	Dec. 31, 2023	Dec. 31, 2021
Restricted Stock Units [Member]
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items]
Fair Value of Other Equity Instruments Granted	€ 105.96	€ 123.46
Performance Stock Units [Member]
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items]
Fair Value of Other Equity Instruments Granted	€ 105.96

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2023

Summary of Significant Accounting Policies [abstract]

Basis of Preparation

These consolidated financial statements have been prepared under the historical cost convention, apart from certain financial instruments that are measured at fair value at initial recognition.

Changes in Accounting Policies

Change to Presentation of Borrowings

The change to presentation had no other impact on the consolidated financial statements.

Going Concern

Basis of Consolidation

Consolidation Principles Subsidiaries

Consolidation Principles

Subsidiaries, which are enterprises the Company controls, are fully consolidated from the date upon which control is transferred to the Company. They are deconsolidated from the date control ceases.

Control over an enterprise is reassessed if facts and circumstances indicate that there are changes to one or more of the three elements of control, respectively:

•

the contractual arrangement(s) with the other vote holders of the enterprise;

•

the Company’s voting rights and potential voting rights; and

•

rights arising from other contractual arrangements.

All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between group enterprises are eliminated in full on consolidation.

Investment in Associates

Foreign Currency

Functional and Presentation Currency

Translation of Transactions and Balances

Currency Translation of Group Enterprises

Revenue

Revenue from Commercial Sale of Products

Other Revenue

•

Research and Development Costs

Selling, General and Administrative Expenses

Share-based Incentive Programs

Finance Income and Expenses

Income Taxes

Intangible assets

Goodwill

Software

Software assets comprise administrative applications and serve general purposes to support the Company’s operations.

Property, Plant and Equipment

Depreciation is calculated on a straight-line basis, based on an asset’s expected useful life, being within the following ranges:


Process plant and machinery		5 - 10 years
Other equipment		3 - 5 years
Leasehold improvements		3 - 11 years
Right-of-use assets		2 - 11 years

Depreciation methods, useful lives and residual amounts are reassessed at least annually.

Impairment

Inventories

Cost of inventories is recognized as part of cost of sales in the period in which the related revenue is recognized.

Receivables

Receivables comprise trade receivables, income tax receivables and other receivables.

Prepayments

Prepayments comprise advance payments relating to a future financial period. Prepayments are measured at cost.

Marketable Securities

Marketable securities may comprise government bonds, treasury bills, commercial papers, and other securities traded on established markets.

Cash and Cash Equivalents

Allowance for Expected Credit Losses on Financial Assets

Shareholders' Equity

Shareholders’ Equity

The share capital comprises the nominal amount of the parent company’s ordinary shares, each at a nominal value of DKK 1, or approximately €0.13. All shares are fully paid.

Convertible Senior Notes and Embedded Derivative Liabilities

Royalty Funding Liabilities

The financial liability is presented as part of borrowings in the statement of financial position.

Leases

Right-of-use Assets

Right-of-use assets are presented as part of property, plant and equipment, and depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets.

Lease Liabilities

Provisions

Provisions comprise unsettled sales deductions and product returns regarding sale of commercial products where amount or timing of payment is uncertain.

Provisions for estimated product returns are measured according to contractual sales price based on expected product returns.

Trade Payables and Accrued Expenses

Trade payables and accrued expenses are measured at amortized cost.

Other Liabilities

Other liabilities comprise payables to public authorities, short-term employee benefits, and sales rebates. Other liabilities are measured at their net-realizable values.

Contract Liabilities

Cash Flow Statement

The cash flow statement shows cash flows from operating, investing and financing activities as well as cash and cash equivalents at the beginning and the end of the financial year.

Basic EPS

Basic Earnings per Share

Diluted EPS

Diluted Earnings per Share

New IFRS Accounting Standards Not Yet Effective

Amendments to IAS 1, “Classification of Liabilities as Current or Non-current”

•

what is meant by a right to defer settlement;

•

that a right to defer must exist at the end of the reporting period;

•

that classification is unaffected by the likelihood that an entity will exercise its deferral right; and

•

that only if an embedded derivative in a convertible liability is itself an equity instrument would the terms of a liability not impact its classification.

The consolidated financial statements are not expected to be affected by other new or amended standards.

Share-based Payment (Tables)

12 Months Ended

Dec. 31, 2023

Disclosure of terms and conditions of share-based payment arrangement [abstract]

Summary of Share Based Payment

The following table specifies the number of RSUs and PSUs granted and outstanding:


	Restricted Stock Units	Performance Stock Units	Total
	(Number)
Outstanding at January 1, 2021	—	—	—
Granted during the period (1)	148,148	—	148,148
Outstanding at December 31, 2021	148,148	—	148,148
Transferred during the period	(41,685)	—	(41,685)
Forfeited during the period	(23,971)	—	(23,971)
Outstanding at December 31, 2022	82,492	—	82,492
Granted during the period (1)	609,860	112,268	722,128
Settled during the period	(18,132)	—	(18,132)
Transferred during the period	(20,098)	—	(20,098)
Forfeited during the period	(77,497)	(7,245)	(84,742)
Outstanding at December 31, 2023	576,625	105,023	681,648
Specified by vesting date
2024	217,615	35,007	252,622
2025	179,482	35,008	214,490
2026	179,528	35,008	214,536
Outstanding at December 31, 2023	576,625	105,023	681,648

(1)

The fair value of one RSU at the date of grant was €123.46 and €105.96 for the year ended December 31, 2021 and December 31, 2023, respectively. PSUs were granted for the first time in 2023. The fair value of one PSU at the date of grant was €105.96.

Summary of Weighted Average Exercise Prices and Movements in Warrants

The following table specifies the number and weighted average exercise prices of, and movements, in warrants:


	Warrants (number)			Weighted Average Exercise Price (EUR)
Outstanding at January 1, 2021		6,148,004			69.97
Granted during the year		1,445,981			122.03
Exercised during the year (1)		(312,296	)		38.43
Forfeited during the year		(196,616	)		119.58
Outstanding at December 31, 2021		7,085,073			80.30
Vested at the reporting date		4,022,011			52.63
Granted during the year		357,092			100.40
Exercised during the year (1)		(214,613	)		21.83
Forfeited during the year		(363,541	)		123.62
Outstanding at December 31, 2022		6,864,011			81.30
Vested at the reporting date		4,972,026			66.34
Granted during the year		395,275			91.07
Exercised during the year (1)		(555,144	)		17.76
Forfeited during the year		(180,358	)		115.79
Outstanding at December 31, 2023		6,523,784			86.38
Vested at the reporting date		5,273,056			80.02

(1)

The weighted average share price (listed in $) at the date of exercise was €98.10, €113.60 and €124.62 for the years ended December 31, 2023, 2022 and 2021, respectively.

Schedule of Weighted Average Exercise Price and Weighted Remaining Contractual Life for Outstanding Warrants

The following table specifies the weighted average exercise prices and weighted average remaining contractual life for outstanding warrants at December 31, 2023 per grant year.


	Outstanding Warrants (Number)		Weighted Average Exercise Price (EUR)		Weighted Average Remaining Life (months)
Granted before January 1, 2021		4,717,462		75.54		60
Granted in 2021		1,135,647		121.77		94
Granted in 2022		296,480		100.28		102
Granted in 2023		374,195		90.73		113
Outstanding at December 31, 2023		6,523,784		86.38		71

Summary of Fair Values for Warrant Grants

The following table summarizes the input to the Black-Scholes Option Pricing model and the calculated fair values for warrant grants in 2023, 2022 and 2021:


		2023			2022			2021
Expected volatility		49-51	%		48-49	%		48 – 49	%
Risk-free interest rate		2.40 - 2.97	%		(0.08) - 2.54	%		(0.54)–(0.27)	%
Expected life of warrants (years)		6.0			6.0			6.0
Weighted average exercise price	€	91.07		€	100.40		€	122.03
Fair value of warrants granted in the year	€	37.34 - 52.03		€	36.55 - 60.85		€	45.91 – 64.28

Segment Information (Tables)

12 Months Ended

Dec. 31, 2023

Disclosure of operating segments [abstract]

Disclosure of intangible assets, and property, plant and equipment

The Company’s intangible assets and property, plant and equipment located by country or region are specified below, and defines the Company’s non-current segment assets:


	2023		2022
	(EUR’000)
Non-current segment assets
Denmark (domicile country)		32,893		30,336
North America		68,589		89,439
Europe		13,571		14,148
Total non-current segment assets		115,053		133,923
Investment in associate		5,686		22,932
Marketable securities		—		7,492
Other receivables		2,127		1,920
Total non-current assets		122,866		166,267

Inventories (Tables)

12 Months Ended

Dec. 31, 2023

Inventories [Abstract]

Summary of Inventories Explanatory


	2023		2022
	(EUR’000)
Inventories
Raw materials and consumables		18,566		9,616
Work in progress		171,030		112,885
Finished goods		19,335		8,172
Total inventories		208,931		130,673

Inventories

12 Months Ended

Dec. 31, 2023

Inventories [Abstract]

Inventories

Note 13—Inventories


	2023		2022
	(EUR’000)
Inventories
Raw materials and consumables		18,566		9,616
Work in progress		171,030		112,885
Finished goods		19,335		8,172
Total inventories		208,931		130,673

Due to production lead time, work in progress includes inventories that are not sellable before more than twelve months after the reporting date.

At December 31, 2023, inventories were reduced by write-downs of €22.9 million, which include write-downs on pre-launch inventories.

Leases - Additional Information (Detail) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure of maturity analysis of operating lease payments [line items]
Lease liabilities	€ 98,793	€ 109,191
Bottom of range [member]
Disclosure of maturity analysis of operating lease payments [line items]
Optional Lease Extension Period	6 months
Top of range [member]
Disclosure of maturity analysis of operating lease payments [line items]
Optional Lease Extension Period	5 years

Consolidated Statements of Profit or (Loss) and Other Comprehensive Income or (Loss) (Parenthetical) - shares	1 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Convertible Senior Notes [Member]
Condensed Income Statements, Captions [Line Items]
Convertible notes	575,000
Ordinary shares [member]
Condensed Income Statements, Captions [Line Items]
Convertible notes		3,456,785
Warrants [member]
Condensed Income Statements, Captions [Line Items]
Warrants outstanding		6,523,784	6,864,011	7,085,073

Inventories - Summary of Inventories Explanatory (Detail) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022
Summary of Inventory Disclosure [Line Items]
Raw materials and consumables	€ 18,566	€ 9,616
Work in progress	171,030	112,885
Finished goods	19,335	8,172
Total inventories	€ 208,931	€ 130,673

Financial Risk Management (Tables)

12 Months Ended

Dec. 31, 2023

Disclosure of detailed information about financial instruments [abstract]

Summary of Number of Shares

The number of outstanding shares of the Company are as follows:


	2023		2022		2021		2020		2019
	(Number)
Changes in share capital
At January 1		57,152,295		56,937,682		53,750,386		47,985,837		42,135,448
Increase through cash contributions		555,144		214,613		3,187,296		5,764,549		5,850,389
At December 31		57,707,439		57,152,295		56,937,682		53,750,386		47,985,837

Summary Of Holding Of Treasury Shares

The holding of treasury shares are as follows:


	Nominal value			Holding			Holding in % of total outstanding shares
	(EUR’000)			(Number)
Treasury shares
At January 1, 2022		21			154,837			—
Acquired from third parties		134			1,000,000			—
Transferred under stock incentive programs		(6	)		(41,685	)		—
At December 31, 2022		149			1,113,152			2.0	%
Transferred under stock incentive programs		(3	)		(20,098	)		—
At December 31, 2023		146			1,093,054			1.9	%

Summary of Foreign Currency Sensitivity Analysis


				Hypothetical impact on consolidated financial statements
	Nominal positions (net)			Increase in foreign currency exchange rate			Profit/(loss) before tax			Equity before tax
	(EUR ‘000)
USD/EUR
December 31, 2023		(369,091	)		10	%		(36,909	)		(36,909	)
December 31, 2022		60,581			10	%		6,058			6,058

Summary Of Rate Structure Of Marketable Securities

Rate structure of marketable securities are specified below:


	2023				2022
	Carrying amount		Fair value		Carrying amount		Fair value
	(EUR’000)
Marketable securities specified by rate structure
Fixed rate		7,275		7,266		205,825		203,543
Floating rate		—		—		11,787		11,773
Zero-coupon		—		—		80,568		80,527
Total marketable securities		7,275		7,266		298,180		295,843

Schedule Of Marketable Securities Specified By Investment Grade Credit Rating

Marketable securities specified by investment grade credit rating are specified below:


	2023				2022
	Carrying amount		Fair value		Carrying amount		Fair value
	(EUR’000)
Marketable securities specified by investment grade credit rating
High grade		4,523		4,519		203,530		202,048
Upper medium grade		2,752		2,747		94,650		93,795
Total marketable securities		7,275		7,266		298,180		295,843

Summary of Marketable securities


	2023				2022
	Carrying amount		Fair value		Carrying amount		Fair value
	(EUR’000)
Marketable securities specified by security type
U.S. Treasury bills		—		—		79,086		79,043
U.S. Government bonds		4,523		4,519		99,337		98,075
Corporate bonds		2,752		2,747		104,236		103,301
Agency bonds		—		—		15,521		15,424
Total marketable securities		7,275		7,266		298,180		295,843
Classified based on maturity profiles
Non-current assets		—		—		7,492		7,201
Current assets		7,275		7,266		290,688		288,642
Total marketable securities		7,275		7,266		298,180		295,843

Summary of Contractual Cash Flows for Financial Liabilities

Contractual cash flows for non-derivative financial liabilities recognized in the consolidated statements of financial position are specified below.


	< 1 year		1-5 years		>5 years		Total contractual cash-flows		Carrying amount
	(EUR’000)
Financial liabilities
December 31, 2023
Borrowings		11,708		742,925		42,397		797,030		545,472
Lease liabilities		14,385		51,426		49,056		114,867		98,793
Trade payables and accrued expenses		94,566		—		—		94,566		94,566
Total financial liabilities		120,659		794,351		91,453		1,006,463		738,831

Financial liabilities
December 31, 2022
Borrowings		12,130		48,519		545,161		605,810		399,186
Lease liabilities		13,996		53,821		60,946		128,763		109,191
Trade payables and accrued expenses		101,032		—		—		101,032		101,032
Total financial liabilities		127,158		102,340		606,107		835,605		609,409

Commitments and Contingencies - Additional Information (Detail) - EUR (€) € in Millions	Dec. 31, 2023	Dec. 31, 2022
Leasehold improvements [member]
Disclosure of commitments and contingencies [line items]
Contractual commitments	€ 1.2	€ 4.4

General Information

12 Months Ended

Dec. 31, 2023

Disclosure of General Information [Abstract]

General Information

Note 1—General Information

Ascendis Pharma A/S, together with its subsidiaries, is applying its innovative TransCon technologies to build a leading, fully integrated, global biopharma company. Ascendis Pharma A/S was incorporated in 2006 and is headquartered in Hellerup, Denmark. Unless the context otherwise requires, references to the “Company,” “we,” “us,” and “our,” refer to Ascendis Pharma A/S and its subsidiaries.

The address of the Company’s registered office is Tuborg Boulevard 12, DK-2900 Hellerup, Denmark. The Company’s registration number in Denmark is 29918791.

On February 2, 2015, the Company completed an initial public offering (“IPO”), which resulted in the listing of American Depositary Shares (“ADSs”), representing the Company’s ordinary shares, under the symbol “ASND” in the United States on The Nasdaq Global Select Market.

The Company’s Board of Directors approved these consolidated financial statements on February 7, 2024.

Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2023

Disclosure of detailed information about intangible assets [abstract]

Summary of Goodwill and Software


	Goodwill		Software			Total
	(EUR’000)
Cost
January 1, 2022		3,495		2,222			5,717
December 31, 2022		3,495		2,222			5,717
Additions		—		53			53
Transferred		—		21			21
December 31, 2023		3,495		2,296			5,791
Amortization and impairment
January 1, 2022		—		(445	)		(445	)
Amortization charge		—		(444	)		(444	)
December 31, 2022		—		(889	)		(889	)
Amortization charge		—		(483	)		(483	)
December 31, 2023		—		(1,372	)		(1,372	)
Carrying amount
December 31, 2022		3,495		1,333			4,828
December 31, 2023		3,495		924			4,419

Consolidated Statements of Profit or (Loss) and Other Comprehensive Income or (Loss) - EUR (€)
€ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Profit or loss [abstract]

Revenue

€ 266,718

€ 51,174

€ 7,778

Cost of sales

44,395

12,137

3,523

Gross profit

222,323

39,037

4,255

Research and development costs

413,454

379,624

295,867

Selling, general and administrative expenses

264,410

221,227

160,180

Operating profit/(loss)

(455,541)

(561,814)

(451,792)

Share of profit/(loss) of associate

(18,395)

(17,697)

12,041

Finance income

43,857

52,181

59,718

Finance expenses

44,065

50,487

3,911

Profit/(loss) before tax

(474,144)

(577,817)

(383,944)

Tax on profit/(loss) for the year

(7,303)

(5,377)

367

Net profit/(loss) for the year

(481,447)

(583,194)

(383,577)

Attributable to owners of the Company

€ (481,447)

€ (583,194)

€ (383,577)

Basic earnings/(loss) per share

€ (8.55)

€ (10.40)

€ (7.00)

Diluted earnings/(loss) per share

€ (8.55)

€ (10.40)

€ (7.00)

Weighted average number of shares used for calculation (basic and diluted)

^[1]

56,287,060

56,071,793

54,771,763

Statement of comprehensive income [abstract]

Net profit/(loss) for the year

€ (481,447)

€ (583,194)

€ (383,577)

Items that may be reclassified subsequently to profit or loss:

Exchange differences on translating foreign operations

(2,731)

(327)

3,855

Other comprehensive income/(loss) for the year, net of tax

(2,731)

(327)

3,855

Total comprehensive income/(loss)

(484,178)

(583,521)

(379,722)

Attributable to owners of the Company

€ (484,178)

€ (583,521)

€ (379,722)

[1]

A total of 6,523,784 warrants outstanding as of December 31, 2023 (a total of 6,864,011 warrants and 7,085,073 warrants outstanding as of December 31, 2022 and 2021, respectively) can potentially dilute earnings per share in the future but have not been included in the calculation of diluted earnings per share because they are antidilutive for the periods presented. Similarly, 575,000 convertible senior notes which were issued in March 2022 can potentially be converted into 3,456,785 ordinary shares, and can potentially dilute earnings per share in the future but have not been included in the calculation of diluted earnings per share because they are antidilutive for 2022 and 2023.

Revenue (Tables)

12 Months Ended

Dec. 31, 2023

Revenue [abstract]

Schedule of Revenue Recognized in Consolidated Statement of Profit or Loss

Revenue has been recognized in the consolidated statements of profit or loss with the following amounts:


	2023		2022		2021
	(EUR’000)
Revenue
Sale of commercial products		178,663		35,659		943
Rendering of services		21,659		4,434		751
Sale of clinical supply		319		8,534		3,719
Licenses		66,077		2,547		2,365
Total revenue		266,718		51,174		7,778
Attributable to
Commercial customers		178,663		35,659		943
Collaboration partners and license agreements		88,055		15,515		6,835
Total revenue		266,718		51,174		7,778
Specified by timing of recognition
Recognized over time		21,659		4,434		751
Recognized at a point in time		245,059		46,740		7,027
Total revenue		266,718		51,174		7,778
Specified per geographical location
Europe		869		552		—
North America		191,677		44,156		6,856
Asia		74,172		6,466		922
Total revenue		266,718		51,174		7,778

Share-based Payment

12 Months Ended

Dec. 31, 2023

Disclosure of terms and conditions of share-based payment arrangement [abstract]

Share-based Payment

Note 7—Share-based Payment

As an incentive to employees, members of the Board and select consultants, the Company has established warrant programs. In December 2021, the Company established a Restricted Stock Unit programs (“RSU program”), and in March 2023, a Performance Stock Unit program. All programs are classified as equity-settled share-based payment transactions.

Restricted Stock Unit Program

Restricted Stock Units (“RSUs”) are granted by the Board in accordance with authorizations given to it by the shareholders of Ascendis Pharma A/S to the Executive Board, select employees and members of the Board (“RSU-holders”) in accordance with the Company’s RSU Program adopted in December 2021. Further, RSUs may be granted to select consultants. One RSU represents a right for the RSU-holder to receive one ADS of Ascendis Pharma A/S upon vesting if the vesting conditions are met or waived by the Board at its discretion. ADSs underlying RSUs are treasury shares that have been repurchased in the market.

Performance Stock Unit Program

Performance Stock Units (“PSUs”) are granted by the Board to certain members of senior management and the Executive Board (the “PSU-holders”). In addition, PSUs may be granted to other employees, select consultants and members of the Board. PSUs were granted for the first time in March 2023. One PSU represents a right for the PSU-holder to receive one ADS of Ascendis Pharma A/S upon vesting.

Vesting Conditions

RSUs granted vest over a predetermined service period, and accordingly require RSU-holders to be employed, or provide a specified period of service. RSUs vest over three years with 1/3 of the RSUs vesting on each anniversary date from the date of grant. RSUs generally cease to vest from the date of termination of employment, or for the Board, termination of board membership, whereas unvested RSUs will lapse. In addition, vesting may be contingent upon additional vesting criteria (non-market performance conditions).

PSUs vest in a manner similar to the service conditions of the RSUs; however, vesting is also contingent upon achievement of performance targets (non-market performance conditions) as determined by the Board, provided that no more than 10% of each tranche may be directly attributable to accomplishment of financial results achieved in the financial year prior to the vesting date. Exceeding performance targets will not result in granting of additional ADSs.

RSUs and PSUs generally cease to vest from the date of termination of employment or board membership, as applicable, whereas unvested RSUs or PSUs will be forfeited. The Board may at its discretion and on an individual basis decide to deviate from the vesting conditions, including deciding to accelerate vesting in the event of termination of employment or board membership, as applicable.

Settlement Options

All RSUs and PSUs are settled at the time of vesting by transfer of treasury shares that are ADSs repurchased in the market. In jurisdictions where the Company is required to withhold and settle tax with the tax authority on behalf of the RSU/PSU-holders, the Company withholds the number of RSUs or PSUs that are equal to the estimated monetary value of the RSU/PSU-holders tax obligation from the total number of RSUs or PSUs that otherwise would have been transferred to the RSU/PSU holder upon vesting. These settlements are presented as “Net settlement under stock incentive programs” in the consolidated statement of equity.

Upon vesting, the Company may at its sole discretion choose to make a cash settlement instead of delivering ADSs.

Adjustments

RSU-holders and PSU-holders are entitled to an adjustment of the number of RSUs or PSUs granted, in the event of certain corporate changes, including among other events, increases or decreases to the share capital at a price below or above market value, the issuance of bonus shares, and changes in the nominal value of each share. In addition, The RSU and PSU Programs contain provisions to accelerate vesting, or compensate with grant of new equity instruments, in the event of restructuring events including change in control events.

RSU and PSU Activity

The following table specifies the number of RSUs and PSUs granted and outstanding:


	Restricted Stock Units	Performance Stock Units	Total
	(Number)
Outstanding at January 1, 2021	—	—	—
Granted during the period (1)	148,148	—	148,148
Outstanding at December 31, 2021	148,148	—	148,148
Transferred during the period	(41,685)	—	(41,685)
Forfeited during the period	(23,971)	—	(23,971)
Outstanding at December 31, 2022	82,492	—	82,492
Granted during the period (1)	609,860	112,268	722,128
Settled during the period	(18,132)	—	(18,132)
Transferred during the period	(20,098)	—	(20,098)
Forfeited during the period	(77,497)	(7,245)	(84,742)
Outstanding at December 31, 2023	576,625	105,023	681,648
Specified by vesting date
2024	217,615	35,007	252,622
2025	179,482	35,008	214,490
2026	179,528	35,008	214,536
Outstanding at December 31, 2023	576,625	105,023	681,648

(1)

Warrant program

Warrants are granted by the Board in accordance with authorizations given to it by the shareholders of Ascendis Pharma A/S to all employees, members of the Board of Directors and select consultants (“warrantholders”). Each warrant carries the right to subscribe for one ordinary share of a nominal value of DKK 1. The exercise price is equal to the fair market value of the Company’s ordinary shares at the time of grant as determined by the Board of Directors. Vested warrants may be exercised in two or four annual exercise periods as described below. Apart from exercise prices, exercise periods and vesting conditions for board members, the programs are similar.

Vesting Conditions

Warrants granted vest over a predetermined service period and require warrantholders provide a specified period of service. Warrants generally cease to vest from the date of termination in the event that (i) the employee terminates the employment contract and the termination is not a result of breach of the employment terms by the Company, or (ii) in the event that the Company terminates the employment contract and the employee has given the Company good reason to do so. In relation to board members, the vesting shall cease on the termination date of the board membership regardless of the reason. In relation to consultants, the vesting shall cease on the termination date of the consultancy relationship. The warrantholder will, however, be entitled to exercise vested warrants in the first exercise period after termination.

In the event that the employment contract is terminated, and the employee has not given the Company good reason to do so, the warrantholder may keep the right to continued vesting and exercise of warrants as if the employment was still in effect. In such case, any expense not yet recognized for the outstanding warrants is recognized immediately.

Warrants granted until November 2021

Warrants granted from 2012 until November 2021, generally vest over 48 months with 1/48 of the warrants vesting per month from the date of grant. However, effective from January 2015, certain warrants granted to board members vest over 24 months with 1/24 of the warrants vesting per month from the date of grant.

Warrants granted from December 2021

For warrants granted to employees and consultants, 25% of the warrants vest one year after the date of grant, and the remaining 75% of the warrants granted vest over 36 months, with 1/36 of the warrants vesting per month, from one year after the date of grant.

For warrants granted to board members upon the board members accession, 25% of the warrants granted vest one year after the date of grant, and the remaining 75% of the warrants granted shall vest over 36 months, with 1/36 per month from one year after the date of grant. Regarding subsequent grants of warrants to board members, 50 % of the warrants vest one year after the date of grant, and the remaining 50% of the warrants vest over 12 months, with 1/12 per month from one year after the date of grant.

Exercise Periods

Vested warrants may be exercised during certain exercise periods each year, within certain periods after publication of earnings data of a fiscal quarter, interim and annual reports, as per each program's terms and conditions.

Warrants expire ten years after the grant date. Warrants not exercised by the warrantholder during the last exercise period shall become null and void without further notice or compensation or payment of any kind to the warrantholder. If the warrantholder is a consultant, advisor or board member, the exercise of warrants is conditional upon the warrantholder’s continued service to the Company at the time the warrants are exercised. If the consultant’s, advisor’s or board member’s relationship with the Company should cease without this being attributable to the warrantholder’s actions or omissions, the warrantholder shall be entitled to exercise vested warrants in the pre-defined exercise periods.

Adjustments

Warrantholders are entitled to an adjustment of the number of warrants issued and/or the exercise price applicable in the event of certain corporate changes. Events giving rise to an adjustment include, among other things, increases or decreases to the share capital at a price below or above market value, the issuance of bonus shares, changes in the nominal value of each share, and payment of dividends in excess of 10% of the Company’s equity.

Warrant Activity

The following table specifies the number and weighted average exercise prices of, and movements, in warrants:


	Warrants (number)			Weighted Average Exercise Price (EUR)
Outstanding at January 1, 2021		6,148,004			69.97
Granted during the year		1,445,981			122.03
Exercised during the year (1)		(312,296	)		38.43
Forfeited during the year		(196,616	)		119.58
Outstanding at December 31, 2021		7,085,073			80.30
Vested at the reporting date		4,022,011			52.63
Granted during the year		357,092			100.40
Exercised during the year (1)		(214,613	)		21.83
Forfeited during the year		(363,541	)		123.62
Outstanding at December 31, 2022		6,864,011			81.30
Vested at the reporting date		4,972,026			66.34
Granted during the year		395,275			91.07
Exercised during the year (1)		(555,144	)		17.76
Forfeited during the year		(180,358	)		115.79
Outstanding at December 31, 2023		6,523,784			86.38
Vested at the reporting date		5,273,056			80.02

(1)

The weighted average share price (listed in $) at the date of exercise was €98.10, €113.60 and €124.62 for the years ended December 31, 2023, 2022 and 2021, respectively.

At December 31, 2023, the Board of Directors was authorized to grant up to 1,564,221 additional warrants to employees, board members and select consultants without preemptive subscription rights for the shareholders of Ascendis Pharma A/S.

The following table specifies the weighted average exercise prices and weighted average remaining contractual life for outstanding warrants at December 31, 2023 per grant year.


	Outstanding Warrants (Number)		Weighted Average Exercise Price (EUR)		Weighted Average Remaining Life (months)
Granted before January 1, 2021		4,717,462		75.54		60
Granted in 2021		1,135,647		121.77		94
Granted in 2022		296,480		100.28		102
Granted in 2023		374,195		90.73		113
Outstanding at December 31, 2023		6,523,784		86.38		71

At December 31, 2023, the exercise prices of outstanding warrants under the Company’s warrant programs range from €11.98 to €145.50 depending on the grant dates.

The range of exercise prices for outstanding warrants was €6.48 to €145.50 for the years ended December 31, 2022 and 2021. The weighted average remaining life for outstanding warrants was 77 months and 87 months, for the financial years ended December 31, 2022 and 2021, respectively.

Warrant Compensation Costs

Warrant compensation costs are recognized in the consolidated statements of profit or loss over the vesting period of the warrants granted.

Warrant compensation costs are determined with basis in the grant date fair value of the warrants granted and recognized over the vesting period. Fair value of the warrants is calculated at the grant dates by use of the Black-Scholes Option Pricing model with the following assumptions: (1) an exercise price equal to the estimated market price of the Company’s shares at the date of grant; (2) an expected lifetime of the warrants determined as a weighted average of the time from grant date to date of becoming exercisable and from grant date to expiry of the warrants; (3) a risk-free interest rate equaling the effective interest rate on a Danish government bond with the same lifetime as the warrants; (4) no payment of dividends; and (5) an expected volatility using the Company’s own share price (from 2021).

The following table summarizes the input to the Black-Scholes Option Pricing model and the calculated fair values for warrant grants in 2023, 2022 and 2021:


		2023			2022			2021
Expected volatility		49-51	%		48-49	%		48 – 49	%
Risk-free interest rate		2.40 - 2.97	%		(0.08) - 2.54	%		(0.54)–(0.27)	%
Expected life of warrants (years)		6.0			6.0			6.0
Weighted average exercise price	€	91.07		€	100.40		€	122.03
Fair value of warrants granted in the year	€	37.34 - 52.03		€	36.55 - 60.85		€	45.91 – 64.28

Property, Plant and Equipment - Summary of Depreciations Charges (Detail) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of detailed information about depreciations charges [Line Items]
Depreciations charges	€ 18,428	€ 17,514	€ 14,946
Cost of sales [member]
Disclosure of detailed information about depreciations charges [Line Items]
Depreciations charges	2,509	1,245	252
Research and development costs [member]
Disclosure of detailed information about depreciations charges [Line Items]
Depreciations charges	10,296	10,892	10,102
Selling General And Administrative Expense [Member]
Disclosure of detailed information about depreciations charges [Line Items]
Depreciations charges	€ 5,623	€ 5,377	€ 4,592

Segment Information - Additional Information (Detail)	12 Months Ended
Segment Information - Additional Information (Detail)	Dec. 31, 2023 Segment
Disclosure of operating segments [line items]
Number of reportable segment	1