0000950170-24-102919 | 6-K | XBRL Viewer

Significant Accounting Judgements and Estimates - Additional Information (Detail) - EUR (€) € in Thousands	3 Months Ended			6 Months Ended		12 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Disclosure of changes in accounting estimates [line items]
Provisions	€ 106,768			€ 106,768		€ 32,719
Revenue	35,998		€ 47,393	131,892	€ 80,982
Adjustment to Prior Periods Estimates and Assumptions [Member]
Disclosure of changes in accounting estimates [line items]
Revenue	27,100	€ 19,500				7,600
Sales rebates and product returns in U.S. market [member]
Disclosure of changes in accounting estimates [line items]
Provisions	€ 106,800			€ 106,800		€ 32,700

- Definition

The income arising in the course of an entity's ordinary activities. Income is increases in assets, or decreases in liabilities, that result in increases in equity, other than those relating to contributions from holders of equity claims.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2023-01-01
-Paragraph 28
-Subparagraph a
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+ Details

Treasury Shares

6 Months Ended

Jun. 30, 2024

Disclosure of treasury shares [abstract]

Treasury Shares

Note 9—Treasury Shares

The development in the holding of treasury shares is as follows:


	Nominal values			Holding			Holding in % of total outstanding shares
	(EUR’000)			(Number)
Treasury shares
January 1, 2024		146			1,093,054			1.9	%
Transferred under stock incentive programs		(28	)		(211,324	)		—
June 30, 2024		118			881,730			1.5	%

Segment Information	6 Months Ended
Jun. 30, 2024
Disclosure of operating segments [abstract]
Segment Information	Note 6—Segment Information The Company is managed and operated as one business unit. Accordingly, no additional information on business segments or geographical areas is disclosed apart from revenue on geographical areas as disclosed in Note 5 “Revenue.” Revenue is specified on geographical areas according to the location of the customer.

Segment Information

6 Months Ended

Jun. 30, 2024

Disclosure of operating segments [abstract]

Segment Information

Note 6—Segment Information

The Company is managed and operated as one business unit. Accordingly, no additional information on business segments or geographical areas is disclosed apart from revenue on geographical areas as disclosed in Note 5 “Revenue.” Revenue is specified on geographical areas according to the location of the customer.

Consolidated Statements of Changes in Equity - EUR (€) € in Thousands	Total	Share Capital [member]	Share Premium [member]	Treasury Shares [member]	Foreign Currency Translation Reserve [member]	Accumulated Deficit [member]
Equity at Dec. 31, 2022	€ 263,348	€ 7,675	€ 2,112,863	€ (149)	€ 3,452	€ (1,860,493)
Net profit/(loss) for the period	(232,346)					(232,346)
Other comprehensive income/(loss), net of tax	(1,803)				(1,803)
Total comprehensive income/(loss)	(234,149)				(1,803)	(232,346)
Share-based payment (Note 7)	33,568					33,568
Capital increase	2,074	24	2,050
Equity at Jun. 30, 2023	64,841	7,699	2,114,913	(149)	1,649	(2,059,271)
Equity at Dec. 31, 2023	(145,697)	7,749	2,123,074	(146)	721	(2,277,095)
Net profit/(loss) for the period	(240,415)					(240,415)
Other comprehensive income/(loss), net of tax	78				78
Total comprehensive income/(loss)	(240,337)				78	(240,415)
Share-based payment (Note 7)	43,327					43,327
Transfer under stock incentive programs				28		(28)
Capital increase	21,574	70	21,504
Equity at Jun. 30, 2024	€ (321,133)	€ 7,819	€ 2,144,578	€ (118)	€ 799	€ (2,474,211)

- Definition

The amount of change in equity resulting from transactions and other events, other than those changes resulting from transactions with owners in their capacity as owners.

+ References + Details

- Definition

The amount of residual interest in the assets of the entity after deducting all its liabilities.

+ References + Details

- Definition

The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income]

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Revenue (Tables)

6 Months Ended

Jun. 30, 2024

Revenue [abstract]

Schedule of Revenue Recognized in Unaudited Condensed Consolidated Interim Statements of Profit or Loss

Revenue has been recognized in the unaudited condensed consolidated interim statements of profit or loss in the following amounts:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(EUR’000)				(EUR’000)
Revenue
Sale of commercial products		31,389		35,895		97,888		67,446
Rendering of services		3,740		10,909		8,364		12,079
Sale of clinical supply		—		—		1		254
Licenses		869		589		25,639		1,203
Total revenue		35,998		47,393		131,892		80,982
Attributable to
Commercial customers		31,389		35,895		97,888		67,446
Collaboration partners and license agreements		4,609		11,498		34,004		13,536
Total revenue		35,998		47,393		131,892		80,982
Specified by timing of recognition
Recognized over time		3,740		10,909		8,364		12,079
Recognized at a point in time		32,258		36,484		123,528		68,903
Total revenue		35,998		47,393		131,892		80,982
Specified per geographical area
Europe		5,082		—		6,649		—
North America		29,394		46,758		122,075		79,828
Asia		1,522		635		3,168		1,154
Total revenue		35,998		47,393		131,892		80,982

Subsequent Events	6 Months Ended
Jun. 30, 2024
Disclosure of non-adjusting events after reporting period [abstract]
Subsequent Events	Note 11—Subsequent Events In September 2024, the Company entered into a $150 million capped synthetic royalty funding agreement (the “Yorvipath Agreement”) with Royalty Pharma (the “Purchaser”). Under the terms of the Yorvipath Agreement, Purchaser has agreed to provide the Company an upfront payment of $150 million (the “Purchase Amount”) in exchange for a 3% royalty on net U.S. YORVIPATH revenue (the “Royalty Payments”). The Royalty Payments to the Purchaser will cease upon reaching a multiple of the Purchase Amount of 2.0x, or 1.65x if the Purchaser receives royalties in that amount by December 31, 2029. The Yorvipath Agreement includes certain buy-out options under various terms and conditions. No other events have occurred after the balance sheet date that would influence the evaluation of these unaudited condensed consolidated interim financial statements.

Subsequent Events

6 Months Ended

Jun. 30, 2024

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

Subsequent Events

Note 11—Subsequent Events

In September 2024, the Company entered into a $150 million capped synthetic royalty funding agreement (the “Yorvipath Agreement”) with Royalty Pharma (the “Purchaser”). Under the terms of the Yorvipath Agreement, Purchaser has agreed to provide the Company an upfront payment of $150 million (the “Purchase Amount”) in exchange for a 3% royalty on net U.S. YORVIPATH revenue (the “Royalty Payments”). The Royalty Payments to the Purchaser will cease upon reaching a multiple of the Purchase Amount of 2.0x, or 1.65x if the Purchaser receives royalties in that amount by December 31, 2029. The Yorvipath Agreement includes certain buy-out options under various terms and conditions.

No other events have occurred after the balance sheet date that would influence the evaluation of these unaudited condensed consolidated interim financial statements.

Subsequent Events - Additional Information (Detail) $ in Millions		1 Months Ended
	Sep. 03, 2024 USD ($) Multiple	Sep. 30, 2023 USD ($) Multiple
Royalty Pharma [member]
Disclosure of non-adjusting events after reporting period [line items]
Funding received in exchange of royalty payments \| $		$ 150.0
Royalty payment ending period		Dec. 31, 2031
Royalty Pharma [member] \| Bottom of range [member]
Disclosure of non-adjusting events after reporting period [line items]
Multiple of the purchase price were royalty payment will cease		1.65
Royalty Pharma [member] \| Top of range [member]
Disclosure of non-adjusting events after reporting period [line items]
Multiple of the purchase price were royalty payment will cease		1.925
Events After Reporting Period [member] \| Royalty Pharma [member]
Disclosure of non-adjusting events after reporting period [line items]
Funding received in exchange of royalty payments \| $	$ 150.0
Royalty payment ending period	Dec. 31, 2029
Events After Reporting Period [member] \| Royalty Pharma [member] \| Bottom of range [member]
Disclosure of non-adjusting events after reporting period [line items]
Multiple of the purchase price were royalty payment will cease	1.65
Events After Reporting Period [member] \| Royalty Pharma [member] \| Top of range [member]
Disclosure of non-adjusting events after reporting period [line items]
Multiple of the purchase price were royalty payment will cease	2
Events After Reporting Period [member] \| U.S. YORVIPATH [member]
Disclosure of non-adjusting events after reporting period [line items]
Funding received \| $	$ 150.0
Revenue interest payment in percentage in exchange for funding	3.00%

Share-based Payment - Schedule of Warrant Activity (Detail) - Warrants [member]	6 Months Ended
	Jun. 30, 2024 € / shares
Disclosure Of Warrant Activity [line items]
Beginning balance	6,523,784
Granted during the period	197,855
Exercised during the period	(524,045)
Forfeited during the period	(89,719)
Ending balance	6,107,875
Vested at the balance sheet date	5,088,475
Beginning balance	€ 86.38
Granted during the period	130.74
Exercised during the period	39.85
Forfeited during the period	108.71
Ending balance	91.16
Vested at the balance sheet date	€ 86.49

Financial Assets and Liabilities - Movements in Level 3 Fair Value Measurements (Details) - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Reconciliation of changes in fair value measurement, liabilities [abstract]
Beginning balance	€ 143,296
Ending balance	159,059
Level 3 [member]
Reconciliation of changes in fair value measurement, liabilities [abstract]
Beginning balance	143,296	€ 157,950
Remeasurement recognized in finance (income) or expense	15,763	(71,565)
Ending balance	€ 159,059	€ 86,385

Significant Events in the Reporting Period

6 Months Ended

Jun. 30, 2024

Significant Events in the Reporting Period [Abstract]

Significant Events In the Reporting Period

Note 4—Significant Events in the Reporting Period

Eyconis, Inc.

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

The Company has granted Eyconis exclusive rights to develop and commercialize TransCon ophthalmology products globally and received an equity position in the newly formed company. As consideration for the granting of such rights, the Company received, as consideration, approximately 42% ownership of Eyconis’ on a non-diluted basis. In addition, various development and administrative services were provided to Eyconis and invoiced during the three and six months ended June 30, 2024. Further details regarding Eyconis are provided in Note 5, “Revenue.”

Equity Development

As of June 30, 2024, the unaudited condensed consolidated interim statements of financial position presented a negative balance of equity of €321.1 million. Under Danish corporate law, as Ascendis Pharma A/S, the parent company of the Company holds a positive balance of equity, the Company is currently not subject to legal or regulatory requirements to re-establish the balance of equity. There is no direct impact from the negative balance of equity to the liquidity and capital resources.

Based on its current operating plan, the Company believes that the existing capital resources as of June 30, 2024, will be sufficient to meet projected cash requirements for at least twelve months from the date of this report. However, the Company's operating plan may change as a result of many factors that are currently unknown, and the Company may need to seek additional funds sooner than planned. Further details regarding borrowings including maturity analysis are provided in Note 10, “Financial Assets and Liabilities.”

Revenue - Additional Information (Detail) € in Millions			3 Months Ended		6 Months Ended
Revenue - Additional Information (Detail) € in Millions	Jan. 29, 2024 USD ($)	Nov. 29, 2023 USD ($)	Jun. 30, 2024 CommercialCustomer	Jun. 30, 2023 CommercialCustomer	Jun. 30, 2024 EUR (€) CommercialCustomer	Jun. 30, 2024 USD ($) CommercialCustomer	Jun. 30, 2023 CommercialCustomer
Third Party Investors [Member]
Disclosure of associates [line items]
Commitment from investors	$ 150,000,000
Teijin Limited [Member]
Disclosure of associates [line items]
Upfront payment received		$ 70,000,000
Maximum additional development and regulatory milestones potentially to be received		$ 175,000,000				$ 175,000,000
Royalties And Milestones [Member] \| Third Party Investors [Member]
Disclosure of associates [line items]
Recognized as revenue						0
Royalties And Milestones [Member] \| Teijin Limited [Member]
Disclosure of associates [line items]
Recognized as revenue						$ 0
Commercial customers [Member]
Disclosure of associates [line items]
Number of commercial customers \| CommercialCustomer			4	4	4	4	4
Commercial customers [Member] \| Bottom of range [member]
Disclosure of associates [line items]
Perentage of sale to commercial customers			10.00%	10.00%	10.00%	10.00%	10.00%
Collaboration partners and license agreements [Member] \| Third Party Investors [Member]
Disclosure of associates [line items]
Recognized as revenue \| €					€ 25.6

Share Capital - Additional Information (Detail)	Jun. 30, 2024 kr / shares shares
Disclosure of classes of share capital [abstract]
Number of shares issued \| shares	58,231,484
Share nominal value \| kr / shares	kr 1

Financial Assets and Liabilities - Liquidity Risk Management (Detail) - EUR (€) € in Thousands	Jun. 30, 2024	Dec. 31, 2023
Borrowings [abstract]
Convertible senior notes	€ 432,200	€ 407,100
Borrowings (excluding lease liabilities)	816,675
Lease liabilities	110,746
Trade payables, accrued expenses and other liabilities	99,829
Total financial liabilities	931,527	882,127
Total financial liabilities	1,027,250
Financial liabilities at amortised cost, class [member]
Borrowings [abstract]
Convertible senior notes	432,190	407,095
Royalty funding liabilities	144,547	138,377
Borrowings (excluding lease liabilities)	576,737
Lease liabilities	95,902	€ 98,793
Trade payables, accrued expenses and other liabilities	99,829
Other liabilities (excluding income tax, indirect tax, and employee related payables)	302
Total financial liabilities	772,468
Within 1 year [member]
Borrowings [abstract]
Borrowings (excluding lease liabilities)	18,902
Lease liabilities	14,802
Trade payables, accrued expenses and other liabilities	99,829
Total financial liabilities	133,533
Within 1 to 5 years [member]
Borrowings [abstract]
Borrowings (excluding lease liabilities)	759,073
Lease liabilities	51,632
Trade payables, accrued expenses and other liabilities	0
Total financial liabilities	810,705
After 5 years [member]
Borrowings [abstract]
Borrowings (excluding lease liabilities)	38,700
Lease liabilities	44,312
Trade payables, accrued expenses and other liabilities	0
Total financial liabilities	€ 83,012

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

3 Months Ended

6 Months Ended

Jun. 30, 2024

Jun. 30, 2023

Jun. 30, 2024

Jun. 30, 2023

Profit or loss [abstract]

Revenue

€ 35,998

€ 47,393

€ 131,892

€ 80,982

Cost of sales

11,465

12,929

19,034

17,551

Gross profit

24,533

34,464

112,858

63,431

Research and development costs

83,478

105,021

154,165

211,134

Selling, general and administrative expenses

74,312

70,281

141,095

136,820

Operating profit/(loss)

(133,257)

(140,838)

(182,402)

(284,523)

Share of profit/(loss) of associates

(5,322)

(7,451)

(11,118)

(8,677)

Finance income

49,052

35,761

14,395

80,374

Finance expenses

19,624

9,334

58,553

18,652

Profit/(loss) before tax

(109,151)

(121,862)

(237,678)

(231,478)

Income taxes/(expenses)

(229)

429

(2,737)

(868)

Net profit/(loss) for the period

(109,380)

(121,433)

(240,415)

(232,346)

Attributable to owners of the Company

€ (109,380)

€ (121,433)

€ (240,415)

€ (232,346)

Basic earnings/(loss) per share

€ (1.91)

€ (2.16)

€ (4.21)

€ (4.14)

Diluted earnings/(loss) per share

€ (1.91)

€ (2.16)

€ (4.21)

€ (4.14)

Number of shares used for calculation (basic and diluted)

^[1]

57,345,613

56,218,257

57,114,435

56,155,441

Statement of comprehensive income [abstract]

Net profit/(loss) for the period

€ (109,380)

€ (121,433)

€ (240,415)

€ (232,346)

Items that may be reclassified subsequently to profit or (loss):

Exchange differences on translating foreign operations

(1,016)

(1,803)

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

(1,016)

(1,803)

Total comprehensive income/(loss)

(109,365)

(122,449)

(240,337)

(234,149)

Attributable to owners of the Company

€ (109,365)

€ (122,449)

€ (240,337)

€ (234,149)

[1]

As of June 30, 2024 and June 30, 2023, a total of 6,107,875 and 6,866,241 warrants outstanding, respectively, each carrying the right to subscribe for one ordinary share, and 575,000 convertible senior notes which can potentially be converted into 3,456,785 ordinary shares, can potentially dilute earnings per share in the future but have not been included in the calculation of diluted earnings per share because they are antidilutive for the periods presented.

Financial Assets and Liabilities - Summary of Fair Value Hierarchy (Details) - EUR (€) € in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Disclosure of fair value measurement of assets and liabilities [line items]
Convertible senior notes	€ 432,200	€ 407,100
Derivative liabilities	159,059	143,296
Level 3 [member]
Disclosure of fair value measurement of assets and liabilities [line items]
Derivative liabilities	159,059	143,296	€ 86,385	€ 157,950
Carrying amount [member]
Disclosure of fair value measurement of assets and liabilities [line items]
Financial assets measured at amortized cost		7,275
Financial liabilities measured at amortized cost	576,737	545,472
Financial liabilities measured at fair value through profit or loss	159,059	143,296
Carrying amount [member] \| Level 1 [member]
Disclosure of fair value measurement of assets and liabilities [line items]
Marketable securities		7,275
Carrying amount [member] \| Level 3 [member]
Disclosure of fair value measurement of assets and liabilities [line items]
Convertible senior notes	432,190	407,095
Royalty funding liabilities	144,547	138,377
Derivative liabilities	159,059	143,296
Fair value [member]
Disclosure of fair value measurement of assets and liabilities [line items]
Financial assets measured at amortized cost		7,266
Financial liabilities measured at amortized cost	559,467	529,385
Financial liabilities measured at fair value through profit or loss	159,059	143,296
Fair value [member] \| Level 1 [member]
Disclosure of fair value measurement of assets and liabilities [line items]
Marketable securities		7,266
Fair value [member] \| Level 3 [member]
Disclosure of fair value measurement of assets and liabilities [line items]
Convertible senior notes	412,122	385,410
Royalty funding liabilities	147,345	143,975
Derivative liabilities	€ 159,059	€ 143,296

Share-Based Payment - Additional Information (Details) € / shares in Units, € in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024 EUR (€)	Jun. 30, 2023 EUR (€)	Jun. 30, 2024 EUR (€)	Jun. 30, 2023 EUR (€)	Jun. 30, 2024 kr / shares	Jun. 30, 2024 € / shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share nominal value \| kr / shares					kr 1
Bottom of range [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price of outstanding share options						€ 11.98
Top of range [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price of outstanding share options						€ 145.5
Performance Stock Unit Program [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Description of vesting			For the March 2024 PSU grants, in addition to service conditions, vesting is also contingent upon achievement of long-term strategic goals as evaluated by the Board no later than two weeks prior to each vesting date. Exceeding performance targets will not result in vesting of more PSUs than 100%, nor will it result in additional grants.
Performance Stock Unit Program [Member] \| Top of range [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Percentage of vesting rights					100.00%	100.00%
Profit Loss [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share based compensation costs \| €	€ 26.0	€ 19.9	€ 43.3	€ 33.6

Share-Based Payment - Summary Of Share Based Payment (Detail)	6 Months Ended
	Jun. 30, 2024
Restricted Stock Units [Member]
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items]
Beginning balance	576,625
Granted	717,980
Transferred during the period	(176,317)
Forfeited during the period	(63,309)
Ending balance	1,054,979
Restricted Stock Units [Member] \| 2024
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items]
Vested at the reporting date	35,843
Restricted Stock Units [Member] \| 2025
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items]
Vested at the reporting date	393,254
Restricted Stock Units [Member] \| 2026
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items]
Vested at the reporting date	393,612
Restricted Stock Units [Member] \| 2027
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items]
Vested at the reporting date	232,270
Performance Stock Units [Member]
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items]
Beginning balance	105,023
Granted	92,655
Transferred during the period	(35,007)
Forfeited during the period	(4,830)
Ending balance	157,841
Performance Stock Units [Member] \| 2024
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items]
Vested at the reporting date	0
Performance Stock Units [Member] \| 2025
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items]
Vested at the reporting date	63,478
Performance Stock Units [Member] \| 2026
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items]
Vested at the reporting date	63,478
Performance Stock Units [Member] \| 2027
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items]
Vested at the reporting date	30,885
Restricted Stock Units and Performance Stock Unit [Member]
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items]
Beginning balance	681,648
Granted	810,635
Transferred during the period	(211,324)
Forfeited during the period	(68,139)
Ending balance	1,212,820
Restricted Stock Units and Performance Stock Unit [Member] \| 2024
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items]
Vested at the reporting date	35,843
Restricted Stock Units and Performance Stock Unit [Member] \| 2025
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items]
Vested at the reporting date	456,732
Restricted Stock Units and Performance Stock Unit [Member] \| 2026
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items]
Vested at the reporting date	457,090
Restricted Stock Units and Performance Stock Unit [Member] \| 2027
Sharebased Payment Arrangement, Restricted Stock Unit, Activity [Line Items]
Vested at the reporting date	263,155

Treasury Shares (Tables)

6 Months Ended

Jun. 30, 2024

Disclosure of treasury shares [abstract]

Summary of Holding of Treasury Shares

The development in the holding of treasury shares is as follows:


	Nominal values			Holding			Holding in % of total outstanding shares
	(EUR’000)			(Number)
Treasury shares
January 1, 2024		146			1,093,054			1.9	%
Transferred under stock incentive programs		(28	)		(211,324	)		—
June 30, 2024		118			881,730			1.5	%

Summary of Material Accounting Policies (Policies)	6 Months Ended
Summary of Material Accounting Policies (Policies)	Jun. 30, 2024
Summary of Significant Accounting Policies [abstract]
Basis of Preparation	Basis of Preparation The unaudited condensed consolidated interim financial statements of the Company are prepared in accordance with International Accounting Standard 34, “Interim Financial Reporting.” Certain information and disclosures normally included in the annual consolidated financial statements prepared in accordance with IFRS Accounting Standards (“IFRS”) have been condensed or omitted. Accordingly, these unaudited condensed consolidated interim financial statements should be read in conjunction with the Company’s audited annual consolidated financial statements for the year ended December 31, 2023, and accompanying notes, which have been prepared in accordance with IFRS as issued by the International Accounting Standards Board (the “IASB”) and as adopted by the European Union (the “EU”). The accounting policies applied are consistent with those of the previous financial year. A description of the accounting policies is provided in the Accounting Policies section of the audited consolidated financial statements as of and for the year ended December 31, 2023.
New and Amended Standards and Interpretations	New and Amended Standards and Interpretations The Company has applied amendments to paragraphs 69 to 76 of IAS 1, “Presentation of Financial Statements,” which was effective for annual reporting periods beginning on or after January 1, 2024, and must be applied retrospectively. The amendments to IAS 1 specify the requirements for classifying liabilities as current or non-current. The amendments clarify: • What is meant by a right to defer settlement; • That a right to defer must exist at the end of the reporting period; • That classification is unaffected by the likelihood that an entity will exercise its deferral right; and • That only if an embedded derivative in a convertible liability is itself an equity instrument would the terms of a liability not impact its classification. The convertible senior notes (“convertible notes”) include an embedded equity conversion option which is not deemed closely related to the financial liability and was initially recognized and measured separately at fair value as derivative liabilities based on the stated terms upon issuance of the convertible notes. The conversion option is classified as a foreign currency conversion option and thus not convertible into a fixed number of shares for a fixed amount of cash. Accordingly, the conversion option is subsequently recognized and measured as a derivative liability at fair value through profit or loss, with any subsequent remeasurement gains or losses recognized as part of finance income or expenses. Since the embedded derivative is not an equity instrument under IFRS, the amendments require the convertible notes (presented as part of borrowings in the statement of financial position) and derivative liabilities, presented as non-current liabilities at December 31, 2023, to be presented as current liabilities. The amendments require presentation of the convertible notes as current liabilities even though: the initial conversion price of $166.34 per ADS is not met; the conversion would not require cash settlement; and, the convertible notes do not mature until April 1, 2028. Further details, including (cash) maturity analysis are provided in Note 10, “Financial Assets and Liabilities.” On December 31, 2023, the carrying amount of convertible notes and derivative liabilities were €407.1 million and €143.3 million, respectively. Comparative amounts have been reclassified to reflect the change to presentation. On December 31, 2023, lease liabilities were presented separately in the consolidated statements of financial position. At December 31, 2023, carrying amount of lease liabilities was €84.6 million and €14.2 million, for non-current liabilities and current liabilities, respectively. Since March 31, 2024, lease liabilities are presented as part of borrowings in the consolidated statements of financial position. Comparative amounts have been reclassified to reflect the change in presentation. Accordingly, since March 31, 2024, borrowings comprise convertible notes, royalty funding liabilities, and lease liabilities. The change to presentation had no other impact on the unaudited condensed consolidated financial statements. The applied amendments had no other impact on the unaudited condensed consolidated interim financial statements. Other amendments apply for the first time in 2024, but do not have an impact on the unaudited condensed consolidated interim financial statements. New International Financial Reporting Standards Not Yet Effective The IASB has issued a number of new or amended standards, which have not yet become effective or have not yet been adopted by the EU. Therefore, these new standards have not been incorporated in these unaudited condensed consolidated interim financial statements. IFRS 18, “Presentation and Disclosure in Financial Statements” In April 2024, the IASB issued IFRS 18, “Presentation and Disclosure in Financial Statements” (“IFRS 18”), which replaces IAS 1, “Presentation in Financial Statements.” IFRS 18 introduces new categories and subtotals in the statement of profit or loss, into: • Operating activities; • Investing activities; • Financing activities; • Income taxes; and • Discontinued operations. In addition, IFRS 18 includes new requirements for the location, aggregation and disaggregation of financial information, and disclosure of management-defined performance measures, as defined, if any. IFRS 18 does not include any measurement changes. If approved by the EU, the amendments will be effective for annual reporting periods beginning on or after January 1, 2027, and must be applied retrospectively, with early adoption permitted. While IFRS 18 will change the structure and subtotal in the statement of profit or loss, the full impact from implementing IFRS 18 is currently being analyzed by the Company. The consolidated financial statements are not expected to be affected by other new or amended standards.

Financial Assets and Liabilities

6 Months Ended

Jun. 30, 2024

Disclosure of detailed information about financial instruments [abstract]

Financial Assets and Liabilities

Note 10—Financial Assets and Liabilities

The following table specifies financial assets and liabilities:


	June 30, 2024		December 31, 2023
	(EUR’000)
Financial assets by category
Trade receivables		49,163		35,874
Other receivables (excluding income tax and indirect tax receivables)		5,062		3,909
Marketable securities		—		7,275
Cash and cash equivalents		258,696		392,164
Financial assets measured at amortized cost		312,921		439,222
Total financial assets		312,921		439,222
Classified in the statement of financial position
Non-current assets		2,186		2,127
Current assets		310,735		437,095
Total financial assets		312,921		439,222

Financial liabilities by category
Borrowings
Convertible senior notes		432,190		407,095
Royalty funding liabilities		144,547		138,377
Lease liabilities		95,902		98,793
Trade payables and accrued expenses		99,527		94,566
Other liabilities (excluding income tax, indirect tax, and employee related payables)		302		—
Financial liabilities measured at amortized cost		772,468		738,831
Derivative liabilities		159,059		143,296
Financial liabilities measured at fair value through profit or loss		159,059		143,296
Total financial liabilities		931,527		882,127
Classified in the statement of financial position
Non-current liabilities		219,052		222,996
Current liabilities		712,475		659,131
Total financial liabilities		931,527		882,127

Convertible Senior Notes

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

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

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

On June 30, 2024, the carrying amount of the convertible notes was €432.2 million, and the fair value was approximately €412.1 million. Fair value cannot be measured based on quoted prices in active markets or other observable input, and accordingly the fair value was measured by using an estimated market rate for an equivalent non-convertible instrument.

Royalty Funding Liabilities

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

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

The Royalty Pharma Agreement includes a buy-out option, which provides the Company with the right to settle all outstanding liabilities at any time by paying a buy-out amount equal to 1.925 times the Purchase Price minus the Revenue Interest Payments paid to the Purchaser as of the effective date of the buy-out notice. However, if the buy-out notice is provided on or prior to December 31, 2028, and the Company has paid the Purchaser Revenue Interest Payments equal to the Purchase Price as of the date of the buy-out notice, then the buy-out amount equal to 1.65 times the Purchase Price minus the Revenue Interest Payments paid to the Purchaser as of the effective date of the buy-out notice.

On June 30, 2024, the carrying amount of the royalty funding liabilities was €144.5 million, and the fair value was approximately €147.3 million. Fair value cannot be measured based on quoted prices in active markets or other observable input, and accordingly the fair value was measured by using an estimated market rate for an equivalent instrument.

Derivative Liabilities

Derivative liabilities relate to the foreign currency conversion option embedded in the convertible notes.

Fair value cannot be measured based on quoted prices in active markets or other observable inputs, and accordingly, derivative liabilities are measured by using the Black-Scholes option pricing model. Fair value of the option is calculated, applying the following assumptions: (1) conversion price; (2) the Company’s share price; (3) maturity of the option; (4) a risk-free interest rate equaling the effective interest rate on a U.S. government bond with the same lifetime as the maturity of the option; (5) no payment of dividends; and (6) an expected volatility using the Company’s share price (49.89% and 50.47% as of June 30, 2024 and December 31, 2023, respectively).

For additional description of fair values, refer to the following section “Fair Value Measurement.”

Sensitivity Analysis

On June 30, 2024, all other inputs and assumptions held constant, a 10% relative increase in volatility, will increase the fair value of derivative liabilities by approximately €15.2 million and indicates a decrease in profit or loss and equity before tax. Similarly, a 10% relative decrease in volatility indicates the opposite impact.

Similarly, on June 30, 2024, all other inputs and assumptions held constant, a 10% increase in the share price, will increase the fair value of derivative liabilities by approximately €30.5 million and indicates a decrease in profit or loss and equity before tax. Similarly, a 10% decrease in the share price indicates the opposite impact.

Fair Value Measurement

Because of the short-term maturity for cash and cash equivalents, receivables and trade payables, their fair value approximate carrying amount. Fair value of lease liabilities are not disclosed. Fair value compared to carrying amount of marketable securities, convertible notes, royalty funding liabilities and derivative liabilities, and their level in the fair value hierarchy is summarized in the following table, where:

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

Level 2 is based on valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable;

Level 3 is based on valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.


	June 30, 2024		December 31, 2023
	Carrying amount	Fair value	Carrying amount	Fair value	Fair value level
	(EUR’000)				(1-3)
Financial assets
Marketable securities	—	—	7,275	7,266	1
Financial assets measured at amortized cost	—	—	7,275	7,266
Financial liabilities
Convertible senior notes	432,190	412,122	407,095	385,410	3
Royalty funding liabilities	144,547	147,345	138,377	143,975	3
Financial liabilities measured at amortized cost	576,737	559,467	545,472	529,385
Derivative liabilities	159,059	159,059	143,296	143,296	3
Financial liabilities measured at fair value through profit or loss	159,059	159,059	143,296	143,296

The following table specifies movements in level 3 fair value measurements:


	2024		2023
	(EUR’000)
Derivative liabilities
January 1		143,296		157,950
Remeasurement recognized in finance (income) or expense		15,763		(71,565	)
June 30		159,059		86,385

Maturity Analysis

The following table summarizes maturity analysis (on an undiscounted basis) for non-derivative financial liabilities recognized in the unaudited condensed consolidated statements of financial position at June 30, 2024. Further details regarding classification of convertible notes as current liabilities in the consolidated statement of financial position are provided in Note 2, “Summary of Material Accounting Policies,” section “New and Amended Standards and Interpretations.”


	< 1 year		1-5 years		>5 years		Total contractual cash-flows		Carrying amount
	(EUR’000)
Financial liabilities
June 30, 2024
Borrowings (excluding lease liabilities)		18,902		759,073		38,700		816,675		576,737
Lease liabilities		14,802		51,632		44,312		110,746		95,902
Trade payables, accrued expenses and other liabilities		99,829		—		—		99,829		99,829
Total financial liabilities		133,533		810,705		83,012		1,027,250		772,468

Financial Assets and Liabilities - Additional Information (Detail) € / shares in Units, $ / shares in Units, € in Thousands			1 Months Ended	6 Months Ended
	Mar. 29, 2022 EUR (€)	Mar. 29, 2022 USD ($)	Sep. 30, 2023 USD ($) XBB Multiple	Jun. 30, 2024 EUR (€) Agreement Days € / shares	Jun. 30, 2024 USD ($) Agreement Days	Jun. 30, 2024 USD ($) $ / shares	Dec. 31, 2023 EUR (€) € / shares
Disclosure of detailed information about financial instruments [line items]
Derivative liabilities				€ 159,059			€ 143,296
Convertible Senior Notes				432,200			€ 407,100
Fair Value of Convertible Notes				€ 412,100
Share price \| € / shares				€ 49.89			€ 50.47
Amount multiplied to purchase price minus revenue interest payments paid to purchaser on effective date of buy-out notice as buyout amount \| XBB			1.925
Amount multiplied to purchase price minus revenue interest payments paid to purchaser on effective date of buy-out notice provided on or prior to period as buyout amount \| XBB			1.65
Carrying amount of royalty funding liabilities				€ 144,500
Fair value of royalty funding liabilities				147,300
Royalty Pharma [member]
Disclosure of detailed information about financial instruments [line items]
Funding received in exchange of royalty payments \| $			$ 150,000,000
Net proceeds after deduting offering expenses				€ 136,300	$ 146,300,000
Royalty payment ending period			Dec. 31, 2031
Royalty Pharma [member] \| Bottom of range [member]
Disclosure of detailed information about financial instruments [line items]
Multiple of the purchase price were royalty payment will cease \| Multiple			1.65
Royalty Pharma [member] \| Top of range [member]
Disclosure of detailed information about financial instruments [line items]
Multiple of the purchase price were royalty payment will cease \| Multiple			1.925
U.S. SKYTROFA [member]
Disclosure of detailed information about financial instruments [line items]
Funding received in exchange \| $			$ 150,000,000
Revenue interest payment in percentage in exchange for funding			9.15%
Royalty payment beginning period			Jan. 01, 2025
Historical volatility for shares, measurement input [member] \| Derivatives [member]
Disclosure of detailed information about financial instruments [line items]
Percentage of reasonably possible increase in unobservable input, liabilities				10.00%		10.00%
Percentage of reasonably possible decrease in unobservable input, liabilities				10.00%		10.00%
Share Price Measurement Input [Member] \| Derivatives [member]
Disclosure of detailed information about financial instruments [line items]
Increase decrease in derivative financial liabilities fair value				€ 30,500
Percentage of reasonably possible increase in unobservable input, liabilities				10.00%		10.00%
Percentage of reasonably possible decrease in unobservable input, liabilities				10.00%		10.00%
Foreign Currency Conversion Option [Member]
Disclosure of detailed information about financial instruments [line items]
Increase decrease in derivative financial liabilities fair value				€ 15,200
American depository shares [member]
Disclosure of detailed information about financial instruments [line items]
Conversion price per share \| $ / shares						$ 166.34
Convertible Senior Notes [Member]
Disclosure of detailed information about financial instruments [line items]
Conversion rate per note \| $ / shares						$ 6.0118
Principal amount \| $		$ 575,000,000
Borrowings redemption period				April 7, 2025	April 7, 2025
Borrowings condition for redemption				but only if the last reported sale price per ADS exceeds 130% of the conversion price on (i) each of at least 20 trading days, whether or not consecutive, during the 30 consecutive trading days ending on, and including, the trading day immediately before the date the Company sends the related optional redemption notice; and (ii) the trading day immediately before the date the Company sends such notice.	but only if the last reported sale price per ADS exceeds 130% of the conversion price on (i) each of at least 20 trading days, whether or not consecutive, during the 30 consecutive trading days ending on, and including, the trading day immediately before the date the Company sends the related optional redemption notice; and (ii) the trading day immediately before the date the Company sends such notice.
Borrowings threshold percentage of sale price per share for redemption				130.00%	130.00%
Borrowings threshold trading days for redemption \| Days				20	20
Borrowings threshold consecutive trading days for redemption \| Agreement				30	30
Proceeds from issue of bonds, notes and debentures	€ 503,300	$ 557,900,000
Borrowings, maturity	April 1, 2028	April 1, 2028		April 1, 2028	April 1, 2028
Convertible Senior Notes [Member] \| American depository shares [member]
Disclosure of detailed information about financial instruments [line items]
Principal amount \| $						$ 1,000
Fixed interest rate [member] \| Convertible Senior Notes [Member]
Disclosure of detailed information about financial instruments [line items]
Borrowings Interest Rate		2.25%		2.25%		2.25%

Financial Assets and Liabilities (Tables)

6 Months Ended

Jun. 30, 2024

Disclosure of detailed information about financial instruments [abstract]

Schedule of Financial Assets and Financial Liabilities

The following table specifies financial assets and liabilities:


	June 30, 2024		December 31, 2023
	(EUR’000)
Financial assets by category
Trade receivables		49,163		35,874
Other receivables (excluding income tax and indirect tax receivables)		5,062		3,909
Marketable securities		—		7,275
Cash and cash equivalents		258,696		392,164
Financial assets measured at amortized cost		312,921		439,222
Total financial assets		312,921		439,222
Classified in the statement of financial position
Non-current assets		2,186		2,127
Current assets		310,735		437,095
Total financial assets		312,921		439,222

Financial liabilities by category
Borrowings
Convertible senior notes		432,190		407,095
Royalty funding liabilities		144,547		138,377
Lease liabilities		95,902		98,793
Trade payables and accrued expenses		99,527		94,566
Other liabilities (excluding income tax, indirect tax, and employee related payables)		302		—
Financial liabilities measured at amortized cost		772,468		738,831
Derivative liabilities		159,059		143,296
Financial liabilities measured at fair value through profit or loss		159,059		143,296
Total financial liabilities		931,527		882,127
Classified in the statement of financial position
Non-current liabilities		219,052		222,996
Current liabilities		712,475		659,131
Total financial liabilities		931,527		882,127

Summary of Fair Value Hierarchy


	June 30, 2024		December 31, 2023
	Carrying amount	Fair value	Carrying amount	Fair value	Fair value level
	(EUR’000)				(1-3)
Financial assets
Marketable securities	—	—	7,275	7,266	1
Financial assets measured at amortized cost	—	—	7,275	7,266
Financial liabilities
Convertible senior notes	432,190	412,122	407,095	385,410	3
Royalty funding liabilities	144,547	147,345	138,377	143,975	3
Financial liabilities measured at amortized cost	576,737	559,467	545,472	529,385
Derivative liabilities	159,059	159,059	143,296	143,296	3
Financial liabilities measured at fair value through profit or loss	159,059	159,059	143,296	143,296

Movements in Level 3 Fair Value Measurements

The following table specifies movements in level 3 fair value measurements:


	2024		2023
	(EUR’000)
Derivative liabilities
January 1		143,296		157,950
Remeasurement recognized in finance (income) or expense		15,763		(71,565	)
June 30		159,059		86,385

Summary of Maturity Analysis For Financial Liabilities


	< 1 year		1-5 years		>5 years		Total contractual cash-flows		Carrying amount
	(EUR’000)
Financial liabilities
June 30, 2024
Borrowings (excluding lease liabilities)		18,902		759,073		38,700		816,675		576,737
Lease liabilities		14,802		51,632		44,312		110,746		95,902
Trade payables, accrued expenses and other liabilities		99,829		—		—		99,829		99,829
Total financial liabilities		133,533		810,705		83,012		1,027,250		772,468

Financial Assets and Liabilities - Schedule of Financial Assets and Financial Liabilities (Details) - EUR (€) € in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Financial assets by category
Marketable securities	€ 0	€ 7,275
Cash and cash equivalents	258,696	392,164	€ 394,222	€ 444,767
Total financial assets	312,921	439,222
Classified in the statement of financial position
Non-current assets	2,186	2,127
Current assets	310,735	437,095
Financial liabilities by category
Convertible senior notes	432,200	407,100
Lease liabilities	110,746
Derivative liabilities	159,059	143,296
Total financial liabilities	931,527	882,127
Classified in the statement of financial position
Non-current liabilities	219,052	222,996
Current liabilities	712,475	659,131
Financial liabilities at amortised cost, class [member]
Financial liabilities by category
Convertible senior notes	432,190	407,095
Royalty funding liabilities	144,547	138,377
Lease liabilities	95,902	98,793
Trade payables and accrued expenses	99,527	94,566
Other liabilities (excluding income tax, indirect tax, and employee related payables)	302
Financial liabilities measured at amortized cost	772,468	738,831
Total financial liabilities	772,468
Financial liabilities measured at fair value through profit or loss [member]
Financial liabilities by category
Financial liabilities measured at fair value through profit or loss	159,059	143,296
Financial assets at amortised cost, class [member]
Financial assets by category
Trade receivables	49,163	35,874
Other receivables (excluding income tax and indirect tax receivables)	5,062	3,909
Marketable securities		7,275
Cash and cash equivalents	258,696	392,164
Financial assets measured at amortized cost	€ 312,921	€ 439,222

Share-based Payment (Tables)

6 Months Ended

Jun. 30, 2024

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

Summary of Share Based Payment

The following table specifies the number of RSUs and PSUs granted and outstanding at June 30, 2024:


	Restricted Stock Units			Performance Stock Units			Total
Outstanding	(Number)
January 1, 2024		576,625			105,023			681,648
Granted during the period		717,980			92,655			810,635
Transferred during the period		(176,317	)		(35,007	)		(211,324	)
Forfeited during the period		(63,309	)		(4,830	)		(68,139	)
June 30, 2024		1,054,979			157,841			1,212,820
Specified by vesting year
2024		35,843			—			35,843
2025		393,254			63,478			456,732
2026		393,612			63,478			457,090
2027		232,270			30,885			263,155
June 30, 2024		1,054,979			157,841			1,212,820

Summary of Warrant Activity

The following table specifies the warrant activity for the six months ended June 30, 2024:


	Total Warrants			Weighted Average Exercise Price
	(Number)			(EUR)
Outstanding
January 1, 2024		6,523,784			86.38
Granted during the period		197,855			130.74
Exercised during the period		(524,045	)		39.85
Forfeited during the period		(89,719	)		108.71
June 30, 2024		6,107,875			91.16
Vested at June 30, 2024		5,088,475			86.49

General Information

6 Months Ended

Jun. 30, 2024

Disclosure of General Information [Abstract]

General Information

Note 1—General Information

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

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

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

The Company’s Board of Directors (the “Board”) approved these unaudited condensed consolidated interim financial statements on September 3, 2024.

Segment Information - Additional Information (Detail)	6 Months Ended
Segment Information - Additional Information (Detail)	Jun. 30, 2024 Segment
Disclosure of operating segments [line items]
Number of reportable segment	1

Consolidated Cash Flow Statements - EUR (€) € in Thousands	6 Months Ended
Consolidated Cash Flow Statements - EUR (€) € in Thousands	Jun. 30, 2024	Jun. 30, 2023
Operating activities
Net profit/(loss) for the period	€ (240,415)	€ (232,346)
Reversal of finance income	(14,395)	(80,374)
Reversal of finance expenses	58,553	18,652
Reversal of (gain)/loss on disposal of property, plant and equipment	(91)	21
Reversal of income taxes (expenses)	2,737	868
Adjustments for non-cash items:
Non-cash consideration relating to revenue	(25,639)	(1,203)
Share of profit/(loss) of associates	11,118	8,677
Share-based payment	43,327	33,568
Depreciation	8,632	8,969
Amortization	233	222
Changes in working capital:
Inventories	(42,268)	(37,246)
Receivables	(22,747)	(10,715)
Prepayments	1,867	(12,779)
Contract liabilities (deferred income)	(840)	(9,118)
Trade payables, accrued expenses and other payables	(10,571)	9,316
Increase/(decrease) in provisions	72,276	3,625
Cash flows generated from/(used in) operations	(158,223)	(299,863)
Finance income received	6,265	8,403
Finance expenses paid	(7,714)	(7,746)
Income taxes received/(paid)	(3,218)	(966)
Cash flows from/(used in) operating activities	(162,890)	(300,172)
Investing activities
Acquisition of property, plant and equipment	(541)	(1,529)
Proceeds from disposal of property, plant and equipment	950
Settlement of marketable securities	7,354	259,132
Cash flows from/(used in) investing activities	7,763	257,603
Financing activities
Repayment of borrowings	(5,606)	(5,085)
Proceeds from exercise of warrants	21,574	2,074
Cash flows from/(used in) financing activities	15,968	(3,011)
Increase/(decrease) in cash and cash equivalents	(139,159)	(45,580)
Cash and cash equivalents at January 1	392,164	444,767
Effect of exchange rate changes on balances held in foreign currencies	5,691	(4,965)
Bank deposits	258,696	394,222
Cash and cash equivalents at June 30	€ 258,696	€ 394,222

Treasury Shares - Summary of Holding of Treasury Shares (Detail) € in Thousands	6 Months Ended
	Jun. 30, 2024 EUR (€) shares
Disclosure Of Holding Of Treasury Shares [Line Items]
January 1, 2024 (Nominal values) \| €	€ 146
Transferred under stock incentive programs (Nominal values) \| €	(28)
June 30, 2024 (Nominal values) \| €	€ 118
January 1, 2024 (Holding) \| shares	1,093,054
Transferred under stock incentive programs (Holding) \| shares	(211,324)
June 30, 2024 (Holding) \| shares	881,730
January 1, 2024 (Holding in % of total outstanding shares)	1.90%
Transferred under stock incentive programs (Holding in 1% total outstanding shares)	0.00%
June 30, 2024 (Holding in % of total outstanding shares)	1.50%

Revenue - Schedule of Revenue Recognized in Unaudited Condensed Consolidated Interim Statements of Profit or Loss (Detail) - EUR (€) € in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue from external customers
Sale of commercial products	€ 31,389	€ 35,895	€ 97,888	€ 67,446
Rendering of services	3,740	10,909	8,364	12,079
Sale of clinical supply			1	254
Licenses	869	589	25,639	1,203
Total revenue	35,998	47,393	131,892	80,982
Revenue from external customers (geographical)
Total revenue	35,998	47,393	131,892	80,982
Goods or services transferred over time [member]
Revenue from external customers
Total revenue	3,740	10,909	8,364	12,079
Revenue from external customers (geographical)
Total revenue	3,740	10,909	8,364	12,079
Goods or services transferred at point in time [member]
Revenue from external customers
Total revenue	32,258	36,484	123,528	68,903
Revenue from external customers (geographical)
Total revenue	32,258	36,484	123,528	68,903
Commercial customers [Member]
Revenue from external customers
Total revenue	31,389	35,895	97,888	67,446
Revenue from external customers (geographical)
Total revenue	31,389	35,895	97,888	67,446
Collaboration partners and license agreements [Member]
Revenue from external customers
Total revenue	4,609	11,498	34,004	13,536
Revenue from external customers (geographical)
Total revenue	4,609	11,498	34,004	13,536
Europe [Member]
Revenue from external customers
Total revenue	5,082		6,649
Revenue from external customers (geographical)
Total revenue	5,082		6,649
North America [member]
Revenue from external customers
Total revenue	29,394	46,758	122,075	79,828
Revenue from external customers (geographical)
Total revenue	29,394	46,758	122,075	79,828
Asia [Member]
Revenue from external customers
Total revenue	1,522	635	3,168	1,154
Revenue from external customers (geographical)
Total revenue	€ 1,522	€ 635	€ 3,168	€ 1,154

Share-based Payment

6 Months Ended

Jun. 30, 2024

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

Share-based Payment

Note 7—Share-based Payment

As an incentive to the senior management, other employees, members of the Board and select consultants, Ascendis Pharma A/S has established warrant programs, a Restricted Stock Unit (“RSU”) program adopted in December 2021, and a Performance Stock Unit (“PSU”) program adopted in February 2023, which are all classified as equity-settled share-based payment transactions.

Share-based Compensation Costs

Share-based compensation costs are determined using the grant date fair value and are recognized over the vesting period as research and development costs, selling, general and administrative expenses, or cost of sales. For the three and six months ended June 30, 2024 and 2023, share-based compensation costs recognized in the unaudited condensed consolidated interim statement of profit or loss were €26.0 million and €43.3 million, respectively and €19.9 million and €33.6 million, respectively.

Restricted Stock Unit Program

RSUs are granted by the Board to members of senior management, certain other employees and certain members of the Board (the “RSU-holders”). In addition, RSUs may be granted to select consultants.

One RSU represents a right for the RSU-holder to receive one ADS representing ordinary shares of Ascendis Pharma A/S upon vesting, if the vesting conditions are met. RSUs granted vest over three years with 1/3 of the RSUs vesting on each anniversary date from the date of grant, and require RSU-holders to be employed, appointed as member of the Board, or retained as a consultant (the “service conditions”).

Performance Stock Unit Program

PSUs are granted by the Board to certain members of senior management (the “PSU-holders”). In addition, PSUs may be granted to other employees, select consultants and members of the Board.

One PSU represents a right for the PSU-holder to receive one ADS representing ordinary shares of Ascendis Pharma A/S upon vesting. PSUs vest in a manner similar to the service conditions of the RSUs. For the March 2023 PSU grant, in addition to service conditions, vesting is also contingent upon achievement of performance-based targets as determined by the Board, provided that no more than 10% of each tranche may be directly attributable to accomplishment of financial results achieved in the financial year prior to the vesting date. For the March 2024 PSU grants, in addition to service conditions, vesting is also contingent upon achievement of long-term strategic goals as evaluated by the Board no later than two weeks prior to each vesting date. Exceeding performance targets will not result in vesting of more PSUs than 100%, nor will it result in additional grants.

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

All RSUs and PSUs are expected to be settled at the time of vesting by treasury shares that are ADSs repurchased by the Company. The Company may at its sole discretion choose to make a cash settlement instead of delivering ADSs.

RSU and PSU Activity

The following table specifies the number of RSUs and PSUs granted and outstanding at June 30, 2024:


	Restricted Stock Units			Performance Stock Units			Total
Outstanding	(Number)
January 1, 2024		576,625			105,023			681,648
Granted during the period		717,980			92,655			810,635
Transferred during the period		(176,317	)		(35,007	)		(211,324	)
Forfeited during the period		(63,309	)		(4,830	)		(68,139	)
June 30, 2024		1,054,979			157,841			1,212,820
Specified by vesting year
2024		35,843			—			35,843
2025		393,254			63,478			456,732
2026		393,612			63,478			457,090
2027		232,270			30,885			263,155
June 30, 2024		1,054,979			157,841			1,212,820

Warrant Program

Warrants are granted by the Board in accordance with authorizations given to it by the shareholders of Ascendis Pharma A/S to all employees, members of the Board and select consultants. Each warrant carries the right to subscribe for one ordinary share of a nominal value of DKK 1. The exercise price is fixed at the fair market value of the Company’s ordinary shares at the time of grant as determined by the Board. Vested warrants may be exercised in two or four annual exercise periods.

Warrant Activity

The following table specifies the warrant activity for the six months ended June 30, 2024:


	Total Warrants			Weighted Average Exercise Price
	(Number)			(EUR)
Outstanding
January 1, 2024		6,523,784			86.38
Granted during the period		197,855			130.74
Exercised during the period		(524,045	)		39.85
Forfeited during the period		(89,719	)		108.71
June 30, 2024		6,107,875			91.16
Vested at June 30, 2024		5,088,475			86.49

The exercise prices of outstanding warrants under the Company’s warrant programs range from €11.98 to €145.50 depending on the grant dates.

Significant Accounting Judgements and Estimates

6 Months Ended

Jun. 30, 2024

Disclosure of voluntary change in accounting policy [abstract]

Significant Accounting Judgements and Estimates

Note 3—Significant Accounting Judgements and Estimates

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

The unaudited condensed consolidated interim financial statements do not include all disclosures for significant accounting judgements, estimates and assumptions, that are required in the annual consolidated financial statements, and therefore should be read in conjunction with the Company’s audited consolidated financial statements as of and for the year ended December 31, 2023.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized prospectively. While the application of critical accounting estimates is subject to material estimation uncertainties, management’s ongoing revisions of critical accounting estimates and underlying assumptions have, except for revenue and provisions, as described below, not revealed any material impact in any of the periods presented in the unaudited condensed consolidated interim financial statements.

There have been no other changes to the application of significant accounting judgements, or estimation uncertainties regarding accounting estimates compared to December 31, 2023.

Revenue and Provisions - Change in Accounting Estimates

Revenue includes provision 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 arrangement. Provisions for sales deductions attributed to commercial arrangements are recognized when the related sales takes place and measured using the expected value method. Payable amounts for commercial arrangements are generally settled within 90-180 days from the transaction date. Provisions for unsettled sales deductions under commercial arrangements are estimated on the basis of a percentage of sales as defined by individual agreements and contracts. Further inputs to the calculations are based on payer channel mix, current contract prices under eligible programs and current inventory levels in the distribution channels. Inputs to the calculations are subject to estimation and assumptions and are based on historical experience and other factors that are relevant, and which are available at the reporting date. These estimates and assumptions are subject to material uncertainties and could result in outcomes that require a material adjustment in future periods.

Revenue for the three months ended June 30, 2024, was negatively impacted by an adjustment to prior periods estimates and assumptions for sales deductions of €27.1 million, where €19.5 million and €7.6 million were attributable to the three months ended March 31, 2024 and periods prior to January 1, 2024, respectively. The adjustment was primarily attributable to a different payer and rebate mix than anticipated, and which provisions for prior periods were based upon.

Total provisions for the year ended, December 31, 2023 and six months ended June 30, 2024, were €32.7 million and €106.8 million, respectively.

Share Capital

6 Months Ended

Jun. 30, 2024

Disclosure of classes of share capital [abstract]

Share Capital

Note 8—Share Capital

The share capital of Ascendis Pharma A/S consists of 58,231,484 fully paid shares at a nominal value of DKK 1, all in the same share class.

Summary of Material Accounting Policies	6 Months Ended
Summary of Material Accounting Policies	Jun. 30, 2024
Disclosure of voluntary change in accounting policy [abstract]
Summary of Material Accounting Policies	Note 2—Summary of Material Accounting Policies Basis of Preparation The unaudited condensed consolidated interim financial statements of the Company are prepared in accordance with International Accounting Standard 34, “Interim Financial Reporting.” Certain information and disclosures normally included in the annual consolidated financial statements prepared in accordance with IFRS Accounting Standards (“IFRS”) have been condensed or omitted. Accordingly, these unaudited condensed consolidated interim financial statements should be read in conjunction with the Company’s audited annual consolidated financial statements for the year ended December 31, 2023, and accompanying notes, which have been prepared in accordance with IFRS as issued by the International Accounting Standards Board (the “IASB”) and as adopted by the European Union (the “EU”). The accounting policies applied are consistent with those of the previous financial year. A description of the accounting policies is provided in the Accounting Policies section of the audited consolidated financial statements as of and for the year ended December 31, 2023. New and Amended Standards and Interpretations The Company has applied amendments to paragraphs 69 to 76 of IAS 1, “Presentation of Financial Statements,” which was effective for annual reporting periods beginning on or after January 1, 2024, and must be applied retrospectively. The amendments to IAS 1 specify the requirements for classifying liabilities as current or non-current. The amendments clarify: • What is meant by a right to defer settlement; • That a right to defer must exist at the end of the reporting period; • That classification is unaffected by the likelihood that an entity will exercise its deferral right; and • That only if an embedded derivative in a convertible liability is itself an equity instrument would the terms of a liability not impact its classification. The convertible senior notes (“convertible notes”) include an embedded equity conversion option which is not deemed closely related to the financial liability and was initially recognized and measured separately at fair value as derivative liabilities based on the stated terms upon issuance of the convertible notes. The conversion option is classified as a foreign currency conversion option and thus not convertible into a fixed number of shares for a fixed amount of cash. Accordingly, the conversion option is subsequently recognized and measured as a derivative liability at fair value through profit or loss, with any subsequent remeasurement gains or losses recognized as part of finance income or expenses. Since the embedded derivative is not an equity instrument under IFRS, the amendments require the convertible notes (presented as part of borrowings in the statement of financial position) and derivative liabilities, presented as non-current liabilities at December 31, 2023, to be presented as current liabilities. The amendments require presentation of the convertible notes as current liabilities even though: the initial conversion price of $166.34 per ADS is not met; the conversion would not require cash settlement; and, the convertible notes do not mature until April 1, 2028. Further details, including (cash) maturity analysis are provided in Note 10, “Financial Assets and Liabilities.” On December 31, 2023, the carrying amount of convertible notes and derivative liabilities were €407.1 million and €143.3 million, respectively. Comparative amounts have been reclassified to reflect the change to presentation. On December 31, 2023, lease liabilities were presented separately in the consolidated statements of financial position. At December 31, 2023, carrying amount of lease liabilities was €84.6 million and €14.2 million, for non-current liabilities and current liabilities, respectively. Since March 31, 2024, lease liabilities are presented as part of borrowings in the consolidated statements of financial position. Comparative amounts have been reclassified to reflect the change in presentation. Accordingly, since March 31, 2024, borrowings comprise convertible notes, royalty funding liabilities, and lease liabilities. The change to presentation had no other impact on the unaudited condensed consolidated financial statements. The applied amendments had no other impact on the unaudited condensed consolidated interim financial statements. Other amendments apply for the first time in 2024, but do not have an impact on the unaudited condensed consolidated interim financial statements. New International Financial Reporting Standards Not Yet Effective The IASB has issued a number of new or amended standards, which have not yet become effective or have not yet been adopted by the EU. Therefore, these new standards have not been incorporated in these unaudited condensed consolidated interim financial statements. IFRS 18, “Presentation and Disclosure in Financial Statements” In April 2024, the IASB issued IFRS 18, “Presentation and Disclosure in Financial Statements” (“IFRS 18”), which replaces IAS 1, “Presentation in Financial Statements.” IFRS 18 introduces new categories and subtotals in the statement of profit or loss, into: • Operating activities; • Investing activities; • Financing activities; • Income taxes; and • Discontinued operations. In addition, IFRS 18 includes new requirements for the location, aggregation and disaggregation of financial information, and disclosure of management-defined performance measures, as defined, if any. IFRS 18 does not include any measurement changes. If approved by the EU, the amendments will be effective for annual reporting periods beginning on or after January 1, 2027, and must be applied retrospectively, with early adoption permitted. While IFRS 18 will change the structure and subtotal in the statement of profit or loss, the full impact from implementing IFRS 18 is currently being analyzed by the Company. The consolidated financial statements are not expected to be affected by other new or amended standards.

Significant Events in the Reporting Period - Additional Information (Detail) € in Thousands, $ in Millions	Jan. 29, 2024 USD ($)	Jun. 30, 2024 EUR (€)	Dec. 31, 2023 EUR (€)	Jun. 30, 2023 EUR (€)	Dec. 31, 2022 EUR (€)
Significant Events In The Reporting Period LineItems
Balance of equity \| €		€ 321,133	€ 145,697	€ (64,841)	€ (263,348)
Third Party Investors [Member]
Significant Events In The Reporting Period LineItems
Commitment from investors \| $	$ 150
Ownership percentage	42.00%

- Definition

The amount of residual interest in the assets of the entity after deducting all its liabilities.

+ References + Details

Consolidated Statements of Financial Position - EUR (€) € in Thousands	Jun. 30, 2024	Dec. 31, 2023
Non-current assets
Intangible assets	€ 4,186	€ 4,419
Property, plant and equipment	104,041	110,634
Investment in associates	20,564	5,686
Other receivables	2,186	2,127
Total non-current assets	130,977	122,866
Current assets
Inventories	251,199	208,931
Trade receivables	49,163	35,874
Income tax receivables	1,841	802
Other receivables	29,679	19,097
Prepayments	36,743	38,578
Marketable securities	0	7,275
Cash and cash equivalents	258,696	392,164
Total current assets	627,321	702,721
Total assets	758,298	825,587
Equity
Share capital	7,819	7,749
Distributable equity	(328,952)	(153,446)
Total equity	(321,133)	(145,697)
Non-current liabilities
Borrowings	219,052	222,996
Contract liabilities	5,000	5,949
Deferred tax liabilities	7,644	5,830
Total non-current liabilities	231,696	234,775
Convertible notes, matures in April 2028
Borrowings	432,190	407,095
Derivative liabilities	159,059	143,296
Convertible notes current	591,249	550,391
Other current liabilities
Borrowings	21,397	14,174
Contract liabilities	1,293	1,184
Trade payables and accrued expenses	99,527	94,566
Other liabilities	26,411	41,176
Income tax payables	1,090	2,299
Provisions	106,768	32,719
Other current liabilities	256,486	186,118
Total current liabilities	847,735	736,509
Total liabilities	1,079,431	971,284
Total equity and liabilities	€ 758,298	€ 825,587

Cover Page	6 Months Ended
Cover Page	Jun. 30, 2024
Document Information [Line Items]
Document Type	6-K
Amendment Flag	false
Document Period End Date	Jun. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity Registrant Name	Ascendis Pharma A/S
Entity Central Index Key	0001612042
Current Fiscal Year End Date	--12-31

Revenue

6 Months Ended

Jun. 30, 2024

Revenue [abstract]

Revenue

Note 5—Revenue

Revenue has been recognized in the unaudited condensed consolidated interim statements of profit or loss in the following amounts:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(EUR’000)				(EUR’000)
Revenue
Sale of commercial products		31,389		35,895		97,888		67,446
Rendering of services		3,740		10,909		8,364		12,079
Sale of clinical supply		—		—		1		254
Licenses		869		589		25,639		1,203
Total revenue		35,998		47,393		131,892		80,982
Attributable to
Commercial customers		31,389		35,895		97,888		67,446
Collaboration partners and license agreements		4,609		11,498		34,004		13,536
Total revenue		35,998		47,393		131,892		80,982
Specified by timing of recognition
Recognized over time		3,740		10,909		8,364		12,079
Recognized at a point in time		32,258		36,484		123,528		68,903
Total revenue		35,998		47,393		131,892		80,982
Specified per geographical area
Europe		5,082		—		6,649		—
North America		29,394		46,758		122,075		79,828
Asia		1,522		635		3,168		1,154
Total revenue		35,998		47,393		131,892		80,982

Commercial Customers

Revenue to commercial customers primarily relates to sale of SKYTROFA® (lonapegsomatropin-tcgd), primarily in the U.S. market, which is sold to specialty pharmacies and specialty distributors. In addition, the Company began shipping SKYTROFA to customers in Germany in September 2023. In November 2023, TransCon PTH received regulatory approval in the EU and European Economic Area countries and is marketed as YORVIPATH® (palopegteriparatide). In August 2024, TransCon PTH received regulatory approval in the U.S. and will be marketed in the U.S. as YORVIPATH. The Company began shipping YORVIPATH to customers in Europe in the first quarter of 2024.

For the three and six months ended June 30, 2024 and 2023, four commercial customers, each represented more than 10% of sales to commercial customers.

Collaboration Partners and License Agreements

Revenue attributable to collaboration partners and license agreements relates to Eyconis, Teijin Limited and VISEN Pharmaceuticals. Under the collaboration agreements, we provide various research and development services which are invoiced to collaboration partners. Revenue for these activities is presented as part of “Rendering of services.” Employment costs related to these activities are presented as Research and Development Costs in the consolidated statement of profit or loss.

Eyconis, Inc.

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

The Company has granted Eyconis exclusive rights to develop and commercialize TransCon ophthalmology products globally and received, as consideration, an equity position in the newly formed company. In addition, the Company is eligible to receive development, regulatory, and sales milestone payments, plus single digit royalties on global net sales of commercialized products, if any.

The Company is expected to provide various research and development services, which are subject to separate remuneration, and which will be recognized as revenue over time as rendering of services or reimbursement revenue, as applicable.

For the six months ended June 30, 2024, revenue from “Licenses” of €25.6 million relates to non-cash upfront payment through an equity position in Eyconis, which is allocated to transfer of the Company’s intellectual property (“IP”) adjusted for internal profit. Internal profit relates to the Company’s share of the non-cash upfront payment which is recognized as part of “Investment in associates” and recognized as revenue from “Licenses” as the IP is amortized in the associate.

For the six months ended June 30, 2024, no revenue from royalties or milestones has been recognized under the Eyconis agreement.

Teijin Limited

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

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

At June 30, 2024, none of the Licensed Products have received marketing authorization in Japan. The Licensed Products are patent protected, where future activities do not affect their existing stand-alone functionalities. Accordingly, all three licenses have been classified as “right-to-use” licenses, with revenue recognized at a point in time, where the licensee is granted access to the IP.

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

For the six months ended June 30, 2024, no revenue from royalties or milestones has been recognized under the Teijin Agreement.

VISEN Pharmaceuticals

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

Condensed Consolidated Statements of Profit or (Loss) and Other Comprehensive Income or (Loss) (Parenthetical) - shares	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Warrants outstanding	6,107,875	6,866,241
Convertible Senior Notes [Member]
Convertible notes	575,000
Ordinary shares [member]
Warrants outstanding	3,456,785

Summary of Material Accounting Policies - Additional Information (Detail) € in Millions		6 Months Ended
	Mar. 29, 2022	Jun. 30, 2024 EUR (€)	Jun. 30, 2024 $ / shares	Dec. 31, 2023 EUR (€)
Disclosure of summary of significant accounting policies [line items]
Convertible Senior Notes		€ 432.2		€ 407.1
Derivative liabilities				143.3
Non-current lease liabilities				84.6
Current lease liabilities				€ 14.2
Convertible Senior Notes [Member]
Disclosure of summary of significant accounting policies [line items]
Borrowings, maturity	April 1, 2028	April 1, 2028
American depository shares [member]
Disclosure of summary of significant accounting policies [line items]
Conversion Price Per Share \| $ / shares			$ 166.34