Entity | Registered office | Investment % |
Pharming B.V. | The Netherlands | 100 |
Pharming Americas B.V. | The Netherlands | 100 |
Pharming Intellectual Property B.V. | The Netherlands | 100 |
Pharming Technologies B.V. | The Netherlands | 100 |
Pharming Research & Development B.V. | The Netherlands | 100 |
Broekman Instituut B.V. | The Netherlands | 100 |
Pharming Healthcare, Inc. | The United States | 100 |
ProBio, Inc. | The United States | 100 |
Entity | Registered office | Investment % |
Pharming B.V. | The Netherlands | 100 |
Pharming Americas B.V. | The Netherlands | 100 |
Pharming Intellectual Property B.V. | The Netherlands | 100 |
Pharming Technologies B.V. | The Netherlands | 100 |
Pharming Research & Development B.V. | The Netherlands | 100 |
Broekman Instituut B.V. | The Netherlands | 100 |
Pharming Healthcare, Inc. | The United States | 100 |
ProBio, Inc. | The United States | 100 |
Entity | Registered office | Investment % |
Pharming B.V. | The Netherlands | 100 |
Pharming Americas B.V. | The Netherlands | 100 |
Pharming Intellectual Property B.V. | The Netherlands | 100 |
Pharming Technologies B.V. | The Netherlands | 100 |
Pharming Research & Development B.V. | The Netherlands | 100 |
Broekman Instituut B.V. | The Netherlands | 100 |
Pharming Healthcare, Inc. | The United States | 100 |
ProBio, Inc. | The United States | 100 |
Entity | Registered office | Investment % |
Pharming B.V. | The Netherlands | 100 |
Pharming Americas B.V. | The Netherlands | 100 |
Pharming Intellectual Property B.V. | The Netherlands | 100 |
Pharming Technologies B.V. | The Netherlands | 100 |
Pharming Research & Development B.V. | The Netherlands | 100 |
Broekman Instituut B.V. | The Netherlands | 100 |
Pharming Healthcare, Inc. | The United States | 100 |
ProBio, Inc. | The United States | 100 |
Amounts in US$ \u2018000 | 2023 | 2022 | ||||
RUCONEST\u00ae | Joenja\u00ae | Total | RUCONEST\u00ae | Joenja\u00ae | Total | |
Revenues: | ||||||
US | 221,213 | 17,894 | 239,107 | 200,082 | \u2014 | 200,082 |
Europe and RoW | 5,921 | 288 | 6,209 | 5,540 | \u2014 | 5,540 |
Total revenues | 227,134 | 18,182 | 245,316 | 205,622 | \u2014 | 205,622 |
Gross profit: | ||||||
US | 202,441 | 15,417 | 217,858 | 186,263 | \u2014 | 186,263 |
Europe and RoW | 2,026 | 220 | 2,246 | 1,797 | \u2014 | 1,797 |
Total gross profit | 204,467 | 15,637 | 220,104 | 188,060 | \u2014 | 188,060 |
Amounts in US$ \u2018000 | 2023 | 2022 |
Grants | 1,784 | 1,774 |
Gain on divestment in associates | \u2014 | 12,242 |
Proceeds from PRV sale | 21,279 | \u2014 |
Other | 286 | 507 |
Total | 23,349 | 14,523 |
Amounts in US$ \u2018000 | 2023 | 2022 |
Grants | 1,784 | 1,774 |
Gain on divestment in associates | \u2014 | 12,242 |
Proceeds from PRV sale | 21,279 | \u2014 |
Other | 286 | 507 |
Total | 23,349 | 14,523 |
Amounts in US$ \u2018000 | 2023 | 2022 |
Grants | 1,784 | 1,774 |
Gain on divestment in associates | \u2014 | 12,242 |
Proceeds from PRV sale | 21,279 | \u2014 |
Other | 286 | 507 |
Total | 23,349 | 14,523 |
Amounts in US$ \u2018000 | 2023 | 2022 |
Cost of inventories recognized as expenses | (21,404) | (17,398) |
Royalty fees | (2,145) | \u2014 |
Obsolete inventory impairments | (1,663) | (164) |
Total | (25,212) | (17,562) |
Amounts in US$ \u2018000 | 2023 | 2022 |
Employee costs | (26,830) | (20,595) |
Amortization costs intangible assets | (218) | (55) |
Impairment losses intangible assets | (253) | \u2014 |
Depreciation Property, plant and equipment and right of use assets | (1,636) | (1,602) |
Direct Operating Expenses | (36,226) | (27,107) |
Other indirect research and development costs | (3,751) | (3,172) |
Total research and development costs | (68,914) | (52,531) |
As percentage of net sales | (28)% | (26)% |
Amounts in US$ \u2018000 | 2023 | 2022 |
Employee costs | (21,216) | (14,868) |
Amortization costs IFA | (650) | (492) |
Depreciation PPE and right of use assets | (3,118) | (2,525) |
Impairment losses PPE and right of use assets | (4,663) | (4,376) |
Direct Operating Expenses | (11,240) | (9,038) |
Other indirect general and administrative costs | (14,990) | (14,717) |
Total general and administrative costs | (55,877) | (46,016) |
As percentage of net sales | (23)% | (22)% |
Amounts in US$ \u2018000 | 2023 | 2022 |
Employee costs | (44,478) | (32,858) |
Amortization costs intangible assets | (4,985) | (3,765) |
Depreciation PPE and right of use assets | (403) | (372) |
Direct Operating Expenses | (67,366) | (42,398) |
Other indirect marketing and sales costs | (6,817) | (6,410) |
Total marketing and sales costs | (124,049) | (85,803) |
As percentage of net sales | (51)% | (42)% |
Amounts in US$ \u2018000 | 2023 | 2022 |
Salaries | (71,690) | (53,328) |
Social security costs | (8,604) | (6,317) |
Pension costs | (2,980) | (2,284) |
Share-based compensation | (9,251) | (6,392) |
Total | (92,525) | (68,321) |
Amounts in US$ \u2018000 | 2022 | 2022 |
Research and development | (26,830) | (20,595) |
General and administrative | (21,216) | (14,868) |
Marketing and sales | (44,479) | (32,858) |
Total | (92,525) | (68,321) |
Average full time equivalent | 2023 | 2022 |
Research and development | 131 | 138 |
General and administrative | 104 | 69 |
Marketing and sales | 100 | 77 |
Production | 47 | 48 |
Total | 382 | 332 |
Amounts in US$ \u2018000 | notes | 2023 | 2022 |
Property, plant and equipment | 11 | (1,494) | (1,993) |
Intangible assets | 10 | (5,852) | (4,312) |
Right of use assets | 12 | (3,664) | (2,565) |
Total | (11,010) | (8,870) |
Amounts in US$ \u2018000 | 2023 | 2022 |
Audit Fees | (1,328) | (1,357) |
Audit Related Fees | \u2014 | \u2014 |
Tax advisory | \u2014 | \u2014 |
Total | (1,328) | (1,357) |
Amounts in US$ \u2018000 | 2023 | 2022 |
Cost of inventories recognized as expenses | (21,404) | (17,398) |
Royalty fees | (2,145) | \u2014 |
Obsolete inventory impairments | (1,663) | (164) |
Total | (25,212) | (17,562) |
Amounts in US$ \u2018000 | 2023 | 2022 |
Employee costs | (26,830) | (20,595) |
Amortization costs intangible assets | (218) | (55) |
Impairment losses intangible assets | (253) | \u2014 |
Depreciation Property, plant and equipment and right of use assets | (1,636) | (1,602) |
Direct Operating Expenses | (36,226) | (27,107) |
Other indirect research and development costs | (3,751) | (3,172) |
Total research and development costs | (68,914) | (52,531) |
As percentage of net sales | (28)% | (26)% |
Amounts in US$ \u2018000 | 2023 | 2022 |
Employee costs | (21,216) | (14,868) |
Amortization costs IFA | (650) | (492) |
Depreciation PPE and right of use assets | (3,118) | (2,525) |
Impairment losses PPE and right of use assets | (4,663) | (4,376) |
Direct Operating Expenses | (11,240) | (9,038) |
Other indirect general and administrative costs | (14,990) | (14,717) |
Total general and administrative costs | (55,877) | (46,016) |
As percentage of net sales | (23)% | (22)% |
Amounts in US$ \u2018000 | 2023 | 2022 |
Employee costs | (44,478) | (32,858) |
Amortization costs intangible assets | (4,985) | (3,765) |
Depreciation PPE and right of use assets | (403) | (372) |
Direct Operating Expenses | (67,366) | (42,398) |
Other indirect marketing and sales costs | (6,817) | (6,410) |
Total marketing and sales costs | (124,049) | (85,803) |
As percentage of net sales | (51)% | (42)% |
Amounts in US$ \u2018000 | 2023 | 2022 |
Salaries | (71,690) | (53,328) |
Social security costs | (8,604) | (6,317) |
Pension costs | (2,980) | (2,284) |
Share-based compensation | (9,251) | (6,392) |
Total | (92,525) | (68,321) |
Amounts in US$ \u2018000 | 2022 | 2022 |
Research and development | (26,830) | (20,595) |
General and administrative | (21,216) | (14,868) |
Marketing and sales | (44,479) | (32,858) |
Total | (92,525) | (68,321) |
Average full time equivalent | 2023 | 2022 |
Research and development | 131 | 138 |
General and administrative | 104 | 69 |
Marketing and sales | 100 | 77 |
Production | 47 | 48 |
Total | 382 | 332 |
Amounts in US$ \u2018000 | notes | 2023 | 2022 |
Property, plant and equipment | 11 | (1,494) | (1,993) |
Intangible assets | 10 | (5,852) | (4,312) |
Right of use assets | 12 | (3,664) | (2,565) |
Total | (11,010) | (8,870) |
Amounts in US$ \u2018000 | 2023 | 2022 |
Audit Fees | (1,328) | (1,357) |
Audit Related Fees | \u2014 | \u2014 |
Tax advisory | \u2014 | \u2014 |
Total | (1,328) | (1,357) |
Amounts in US$ \u2018000 | 2023 | 2022 |
Interest income | 3,663 | 85 |
Foreign currency gains | \u2014 | 4,400 |
Other finance income | 3,663 | 4,485 |
Interest on convertible bonds | (4,876) | (4,736) |
Interest leases | (1,088) | (622) |
Other finance expenses | (134) | (105) |
Foreign currency losses | (2,971) | \u2014 |
Other finance expenses | (9,069) | (5,463) |
Total other finance income and expenses | (5,406) | (978) |
Amounts in US$ \u2018000 | 2023 | 2022 |
Income tax credit (expense) | ||
Current tax | ||
Current tax on profit or loss for the year | (5,343) | (3,761) |
Adjustments for current tax of prior periods | 241 | (9) |
Total current tax expense | (5,102) | (3,770) |
Deferred income tax | ||
Deferred tax on profit or loss for the year | 6,639 | 2,581 |
Adjustments for deferred tax of prior periods | (73) | (124) |
Total deferred tax credit (expense) | 6,566 | 2,457 |
Income tax credit (expense) | 1,464 | (1,313) |
Amounts in US$ \u2018000 | 2023 | 2022 |
Reconciliation of tax charge | ||
Profit, (loss) before taxation | (12,012) | 14,987 |
Profit/(loss) multiplied by | ||
standard rate of tax in The Netherlands | 3,099 | (3,866) |
Effects of: | ||
Tax rate in other jurisdictions | 1,123 | 554 |
Non-taxable income | 6 | 2,680 |
Non deductible expenses | (266) | (7) |
Share based payments | (2,022) | (531) |
Adjustments of prior periods | 168 | 15 |
Change in statutory applicable tax rate | \u2014 | (1) |
Other | (644) | (157) |
Income tax credit (expense) for the year | 1,464 | (1,313) |
Amounts in US$ \u2018000 | 2023 | 2022 |
Cost of inventories recognized as expenses | (21,404) | (17,398) |
Royalty fees | (2,145) | \u2014 |
Obsolete inventory impairments | (1,663) | (164) |
Total | (25,212) | (17,562) |
Amounts in US$ \u2018000 | 2023 | 2022 |
Employee costs | (26,830) | (20,595) |
Amortization costs intangible assets | (218) | (55) |
Impairment losses intangible assets | (253) | \u2014 |
Depreciation Property, plant and equipment and right of use assets | (1,636) | (1,602) |
Direct Operating Expenses | (36,226) | (27,107) |
Other indirect research and development costs | (3,751) | (3,172) |
Total research and development costs | (68,914) | (52,531) |
As percentage of net sales | (28)% | (26)% |
Amounts in US$ \u2018000 | 2023 | 2022 |
Employee costs | (21,216) | (14,868) |
Amortization costs IFA | (650) | (492) |
Depreciation PPE and right of use assets | (3,118) | (2,525) |
Impairment losses PPE and right of use assets | (4,663) | (4,376) |
Direct Operating Expenses | (11,240) | (9,038) |
Other indirect general and administrative costs | (14,990) | (14,717) |
Total general and administrative costs | (55,877) | (46,016) |
As percentage of net sales | (23)% | (22)% |
Amounts in US$ \u2018000 | 2023 | 2022 |
Salaries | (71,690) | (53,328) |
Social security costs | (8,604) | (6,317) |
Pension costs | (2,980) | (2,284) |
Share-based compensation | (9,251) | (6,392) |
Total | (92,525) | (68,321) |
Amounts in US$ \u2018000 | 2022 | 2022 |
Research and development | (26,830) | (20,595) |
General and administrative | (21,216) | (14,868) |
Marketing and sales | (44,479) | (32,858) |
Total | (92,525) | (68,321) |
Average full time equivalent | 2023 | 2022 |
Research and development | 131 | 138 |
General and administrative | 104 | 69 |
Marketing and sales | 100 | 77 |
Production | 47 | 48 |
Total | 382 | 332 |
Amounts in US$ \u2018000 | notes | 2023 | 2022 |
Property, plant and equipment | 11 | (1,494) | (1,993) |
Intangible assets | 10 | (5,852) | (4,312) |
Right of use assets | 12 | (3,664) | (2,565) |
Total | (11,010) | (8,870) |
Amounts in US$ \u2018000 | 2023 | 2022 |
Audit Fees | (1,328) | (1,357) |
Audit Related Fees | \u2014 | \u2014 |
Tax advisory | \u2014 | \u2014 |
Total | (1,328) | (1,357) |
Amounts in US$ \u2018000 | 2023 | 2022 |
Interest income | 3,663 | 85 |
Foreign currency gains | \u2014 | 4,400 |
Other finance income | 3,663 | 4,485 |
Interest on convertible bonds | (4,876) | (4,736) |
Interest leases | (1,088) | (622) |
Other finance expenses | (134) | (105) |
Foreign currency losses | (2,971) | \u2014 |
Other finance expenses | (9,069) | (5,463) |
Total other finance income and expenses | (5,406) | (978) |
Amounts in US$ \u2018000 | 2023 | 2022 |
Interest income | 3,663 | 85 |
Foreign currency gains | \u2014 | 4,400 |
Other finance income | 3,663 | 4,485 |
Interest on convertible bonds | (4,876) | (4,736) |
Interest leases | (1,088) | (622) |
Other finance expenses | (134) | (105) |
Foreign currency losses | (2,971) | \u2014 |
Other finance expenses | (9,069) | (5,463) |
Total other finance income and expenses | (5,406) | (978) |
Amounts in US$ \u2018000 | 2023 | 2022 |
Interest income | 3,663 | 85 |
Foreign currency gains | \u2014 | 4,400 |
Other finance income | 3,663 | 4,485 |
Interest on convertible bonds | (4,876) | (4,736) |
Interest leases | (1,088) | (622) |
Other finance expenses | (134) | (105) |
Foreign currency losses | (2,971) | \u2014 |
Other finance expenses | (9,069) | (5,463) |
Total other finance income and expenses | (5,406) | (978) |
Amounts in US$ \u2018000 | 2023 | 2022 |
Interest income | 3,663 | 85 |
Foreign currency gains | \u2014 | 4,400 |
Other finance income | 3,663 | 4,485 |
Interest on convertible bonds | (4,876) | (4,736) |
Interest leases | (1,088) | (622) |
Other finance expenses | (134) | (105) |
Foreign currency losses | (2,971) | \u2014 |
Other finance expenses | (9,069) | (5,463) |
Total other finance income and expenses | (5,406) | (978) |
Amounts in US$ \u2018000 | 2023 | 2022 |
Interest income | 3,663 | 85 |
Foreign currency gains | \u2014 | 4,400 |
Other finance income | 3,663 | 4,485 |
Interest on convertible bonds | (4,876) | (4,736) |
Interest leases | (1,088) | (622) |
Other finance expenses | (134) | (105) |
Foreign currency losses | (2,971) | \u2014 |
Other finance expenses | (9,069) | (5,463) |
Total other finance income and expenses | (5,406) | (978) |
Amounts in US$ \u2018000 | 2023 | 2022 |
Interest income | 3,663 | 85 |
Foreign currency gains | \u2014 | 4,400 |
Other finance income | 3,663 | 4,485 |
Interest on convertible bonds | (4,876) | (4,736) |
Interest leases | (1,088) | (622) |
Other finance expenses | (134) | (105) |
Foreign currency losses | (2,971) | \u2014 |
Other finance expenses | (9,069) | (5,463) |
Total other finance income and expenses | (5,406) | (978) |
Amounts in US$ \u2018000 | 2023 | 2022 |
Interest income | 3,663 | 85 |
Foreign currency gains | \u2014 | 4,400 |
Other finance income | 3,663 | 4,485 |
Interest on convertible bonds | (4,876) | (4,736) |
Interest leases | (1,088) | (622) |
Other finance expenses | (134) | (105) |
Foreign currency losses | (2,971) | \u2014 |
Other finance expenses | (9,069) | (5,463) |
Total other finance income and expenses | (5,406) | (978) |
Amounts in US$ \u2018000 | 2023 | 2022 |
Income tax credit (expense) | ||
Current tax | ||
Current tax on profit or loss for the year | (5,343) | (3,761) |
Adjustments for current tax of prior periods | 241 | (9) |
Total current tax expense | (5,102) | (3,770) |
Deferred income tax | ||
Deferred tax on profit or loss for the year | 6,639 | 2,581 |
Adjustments for deferred tax of prior periods | (73) | (124) |
Total deferred tax credit (expense) | 6,566 | 2,457 |
Income tax credit (expense) | 1,464 | (1,313) |
Amounts in US$ \u2018000 | 2023 | 2022 |
Reconciliation of tax charge | ||
Profit, (loss) before taxation | (12,012) | 14,987 |
Profit/(loss) multiplied by | ||
standard rate of tax in The Netherlands | 3,099 | (3,866) |
Effects of: | ||
Tax rate in other jurisdictions | 1,123 | 554 |
Non-taxable income | 6 | 2,680 |
Non deductible expenses | (266) | (7) |
Share based payments | (2,022) | (531) |
Adjustments of prior periods | 168 | 15 |
Change in statutory applicable tax rate | \u2014 | (1) |
Other | (644) | (157) |
Income tax credit (expense) for the year | 1,464 | (1,313) |
Amounts in US$ \u2018000 | 2023 | 2022 |
Total deferred tax assets | 37,863 | 29,211 |
Total deferred tax liabilities | (8,102) | (6,238) |
Total net deferred tax assets (liabilities) | 29,761 | 22,973 |
Amounts in US$ \u2018000 | 2023 | 2022 |
Intangible assets | 2,183 | 9,876 |
Accruals | 4,151 | 2,026 |
Lease liabilities | 7,063 | 7,042 |
Unrealized profit in inventory | 8,453 | 3,176 |
Other | 3,484 | 3,545 |
Tax losses | 12,529 | 3,546 |
Total deferred tax assets | 37,863 | 29,211 |
Amounts in US$ \u2018000 | Intangible assets | Lease liabilities | Accruals | Unrealized profit in inventory | Other | Tax losses | Total |
At January 1, 2022 | 10,493 | 3,795 | 2,289 | \u2014 | 2,672 | 7,776 | 27,025 |
(Charged)/credited | |||||||
- to profit or loss | \u2014 | 3,431 | (263) | 3,139 | 607 | (3,814) | 3,100 |
- other movement | \u2014 | \u2014 | \u2014 | \u2014 | (28) | \u2014 | (28) |
- to accumulated deficit | \u2014 | \u2014 | \u2014 | \u2014 | 337 | \u2014 | 337 |
- currency translation | (617) | (184) | \u2014 | 37 | (43) | (416) | (1,223) |
At December 31, 2022 | 9,876 | 7,042 | 2,026 | 3,176 | 3,545 | 3,546 | 29,211 |
(Charged)/credited | |||||||
- to profit or loss | (7,806) | (177) | 2,103 | 5,077 | 566 | 8,702 | 8,465 |
- other movement | \u2014 | (19) | 22 | \u2014 | (192) | \u2014 | (189) |
- to accumulated deficit | \u2014 | \u2014 | \u2014 | \u2014 | (457) | \u2014 | (457) |
- currency translation | 113 | 217 | \u2014 | 200 | 22 | 281 | 833 |
At December 31, 2023 | 2,183 | 7,063 | 4,151 | 8,453 | 3,484 | 12,529 | 37,863 |
Amounts in US$ \u2018000 | 2023 | 2022 |
Net Operating Losses - Netherlands | ||
Net Operating Losses at year-end | 48,490 | 13,556 |
Portion selected for deferred tax asset | 48,490 | 13,556 |
Tax rates used: | ||
2023 and later: 25.8% (2022: 25.8%) | 12,511 | 3,497 |
Total tax effect Netherlands | 12,511 | 3,497 |
Net Operating Losses - U.S. | ||
Net Operating Losses at year-end | 260 | 670 |
Portion selected for deferred tax asset | 260 | 670 |
Tax rate used: | ||
2023 and later: 27.65% (2022: 28.26%) | 19 | 49 |
Total tax effect U.S. | 19 | 49 |
Tax effect Netherlands - losses deferred | 12,511 | 3,497 |
Tax effect U.S. - losses deferred | 18 | 49 |
Total deferred tax asset | 12,529 | 3,546 |
Amounts in US$ \u2018000 | 2023 | 2022 |
Tangible fixed assets | (4,865) | (6,238) |
Other liabilities | (3,237) | \u2014 |
Total deferred tax liabilities | (8,102) | (6,238) |
Amounts in US$ \u2018000 | Tangible fixed assets | Other liabilities | Total |
At January 1, 2022 | (4,149) | (1,660) | (5,809) |
(Charged)/credited | |||
- to profit or loss | (2,302) | 1,660 | (642) |
- other movement | 28 | \u2014 | 28 |
- currency translation | 185 | \u2014 | 185 |
At December 31, 2022 | (6,238) | \u2014 | (6,238) |
(Charged)/credited | |||
- to profit or loss | 1,516 | (3,414) | (1,898) |
- other movement | 13 | 178 | 191 |
- currency translation | (156) | (1) | (157) |
At December 31, 2023 | (4,865) | (3,237) | (8,102) |
Amounts in US$ \u2018000 | 2023 | 2022 |
Total deferred tax assets | 37,863 | 29,211 |
Total deferred tax liabilities | (8,102) | (6,238) |
Total net deferred tax assets (liabilities) | 29,761 | 22,973 |
Amounts in US$ \u2018000 | 2023 | 2022 |
Intangible assets | 2,183 | 9,876 |
Accruals | 4,151 | 2,026 |
Lease liabilities | 7,063 | 7,042 |
Unrealized profit in inventory | 8,453 | 3,176 |
Other | 3,484 | 3,545 |
Tax losses | 12,529 | 3,546 |
Total deferred tax assets | 37,863 | 29,211 |
Amounts in US$ \u2018000 | Intangible assets | Lease liabilities | Accruals | Unrealized profit in inventory | Other | Tax losses | Total |
At January 1, 2022 | 10,493 | 3,795 | 2,289 | \u2014 | 2,672 | 7,776 | 27,025 |
(Charged)/credited | |||||||
- to profit or loss | \u2014 | 3,431 | (263) | 3,139 | 607 | (3,814) | 3,100 |
- other movement | \u2014 | \u2014 | \u2014 | \u2014 | (28) | \u2014 | (28) |
- to accumulated deficit | \u2014 | \u2014 | \u2014 | \u2014 | 337 | \u2014 | 337 |
- currency translation | (617) | (184) | \u2014 | 37 | (43) | (416) | (1,223) |
At December 31, 2022 | 9,876 | 7,042 | 2,026 | 3,176 | 3,545 | 3,546 | 29,211 |
(Charged)/credited | |||||||
- to profit or loss | (7,806) | (177) | 2,103 | 5,077 | 566 | 8,702 | 8,465 |
- other movement | \u2014 | (19) | 22 | \u2014 | (192) | \u2014 | (189) |
- to accumulated deficit | \u2014 | \u2014 | \u2014 | \u2014 | (457) | \u2014 | (457) |
- currency translation | 113 | 217 | \u2014 | 200 | 22 | 281 | 833 |
At December 31, 2023 | 2,183 | 7,063 | 4,151 | 8,453 | 3,484 | 12,529 | 37,863 |
Amounts in US$ \u2018000 | 2023 | 2022 |
Net Operating Losses - Netherlands | ||
Net Operating Losses at year-end | 48,490 | 13,556 |
Portion selected for deferred tax asset | 48,490 | 13,556 |
Tax rates used: | ||
2023 and later: 25.8% (2022: 25.8%) | 12,511 | 3,497 |
Total tax effect Netherlands | 12,511 | 3,497 |
Net Operating Losses - U.S. | ||
Net Operating Losses at year-end | 260 | 670 |
Portion selected for deferred tax asset | 260 | 670 |
Tax rate used: | ||
2023 and later: 27.65% (2022: 28.26%) | 19 | 49 |
Total tax effect U.S. | 19 | 49 |
Tax effect Netherlands - losses deferred | 12,511 | 3,497 |
Tax effect U.S. - losses deferred | 18 | 49 |
Total deferred tax asset | 12,529 | 3,546 |
Amounts in US$ \u2018000 | 2023 | 2022 |
Tangible fixed assets | (4,865) | (6,238) |
Other liabilities | (3,237) | \u2014 |
Total deferred tax liabilities | (8,102) | (6,238) |
Amounts in US$ \u2018000 | Tangible fixed assets | Other liabilities | Total |
At January 1, 2022 | (4,149) | (1,660) | (5,809) |
(Charged)/credited | |||
- to profit or loss | (2,302) | 1,660 | (642) |
- other movement | 28 | \u2014 | 28 |
- currency translation | 185 | \u2014 | 185 |
At December 31, 2022 | (6,238) | \u2014 | (6,238) |
(Charged)/credited | |||
- to profit or loss | 1,516 | (3,414) | (1,898) |
- other movement | 13 | 178 | 191 |
- currency translation | (156) | (1) | (157) |
At December 31, 2023 | (4,865) | (3,237) | (8,102) |
Amounts in US$ \u2018000 | RUCONEST\u00ae for HAE (EU) | Development costs | RUCONEST\u00ae licenses | Joenja\u00ae license | Software | Total |
At cost | 598 | 7,180 | 71,811 | 25,185 | 4,255 | 109,029 |
Accumulated: | ||||||
Amortization charges | (598) | \u2014 | (17,441) | \u2014 | (242) | (18,281) |
Impairment charges | \u2014 | (6,914) | \u2014 | \u2014 | \u2014 | (6,914) |
Carrying value at January 1, 2022 | \u2014 | 266 | 54,370 | 25,185 | 4,013 | 83,834 |
Amortization charges | \u2014 | \u2014 | (3,597) | \u2014 | (720) | (4,317) |
Impairment charges | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Assets acquired | \u2014 | \u2014 | \u2014 | \u2014 | 601 | 601 |
Divestments - cost | \u2014 | (6,431) | \u2014 | \u2014 | \u2014 | (6,431) |
Divestment - accumulated amortization | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Divestment - impairment charges | \u2014 | 6,431 | \u2014 | \u2014 | \u2014 | 6,431 |
Currency translation - cost | (35) | (499) | (4,228) | (1,482) | (235) | (6,479) |
Currency translation - amortization | 35 | \u2014 | 984 | \u2014 | (20) | 999 |
Currency translation - impairment | \u2014 | 483 | \u2014 | \u2014 | \u2014 | 483 |
Movement 2022 | \u2014 | (16) | (6,841) | (1,482) | (374) | (8,713) |
At cost | 563 | 250 | 67,583 | 23,703 | 4,621 | 96,720 |
Accumulated: | ||||||
Amortization charges | (563) | \u2014 | (20,054) | \u2014 | (982) | (21,599) |
Impairment charges | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Carrying value at December 31, 2022 | \u2014 | 250 | 47,529 | 23,703 | 3,639 | 75,121 |
Amounts in US$ \u2018000 | RUCONEST\u00ae for HAE (EU) | Development costs | RUCONEST\u00ae licenses | Joenja\u00ae license | Software | Total |
At cost | 563 | 250 | 67,583 | 23,703 | 4,621 | 96,720 |
Accumulated: | ||||||
Amortization charges | (563) | \u2014 | (20,054) | \u2014 | (982) | (21,599) |
Impairment charges | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Carrying value at January 1, 2023 | \u2014 | 250 | 47,529 | 23,703 | 3,639 | 75,121 |
Amortization charges | \u2014 | \u2014 | (3,681) | (1,300) | (884) | (5,865) |
Impairment charges | \u2014 | (253) | \u2014 | \u2014 | \u2014 | (253) |
Assets acquired | \u2014 | \u2014 | \u2014 | \u2014 | 27 | 27 |
Divestments - cost | \u2014 | (253) | \u2014 | \u2014 | (18) | (271) |
Divestment - accumulated amortization | \u2014 | \u2014 | \u2014 | \u2014 | 12 | 12 |
Divestment - impairment charges | \u2014 | 253 | \u2014 | \u2014 | \u2014 | 253 |
Currency translation - cost | 18 | 3 | 2,126 | 744 | 142 | 3,033 |
Currency translation - amortization | (18) | \u2014 | (702) | (26) | (44) | (790) |
Currency translation - impairment | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Movement 2023 | \u2014 | (250) | (2,257) | (582) | (765) | (3,854) |
At cost | 581 | \u2014 | 69,709 | 24,447 | 4,772 | 99,509 |
Accumulated: | ||||||
Amortization charges | (581) | \u2014 | (24,437) | (1,326) | (1,898) | (28,242) |
Impairment charges | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Carrying value at December 31, 2023 | \u2014 | \u2014 | 45,272 | 23,121 | 2,874 | 71,267 |
Category | Description | Amortization period | |
Total | Remaining | ||
RUCONEST\u00ae for HAE (EU) | RUCONEST\u00ae for HAE (EU) development costs | 10 years | Fully amortized |
RUCONEST\u00ae license | RUCONEST\u00ae license for HAE (US) | 20 years | 13 years |
RUCONEST\u00ae license | RUCONEST\u00ae license for HAE (EU) | 12 years | 8 years |
Joenja\u00ae license | Joenja\u00ae license for APDS | 14 years | 13 years |
Software | Software development costs | 3 to 5 years | 2 to 5 years |
Amounts in US$ \u2018000 | Land | Operational facilities | Leasehold Improvement | Machinery and equipment | Other | Asset under construction | Total |
At cost | 31 | 5,200 | 5,706 | 14,840 | 4,158 | 623 | 30,558 |
Accumulated depreciation | \u2014 | (2,839) | (2,035) | (10,572) | (1,890) | \u2014 | (17,336) |
Carrying value at January 1, 2022 | 31 | 2,361 | 3,671 | 4,268 | 2,268 | 623 | 13,222 |
Investments | \u2014 | 54 | 15 | 797 | 504 | 6 | 1,376 |
Internal transfer - cost | \u2014 | \u2014 | 42 | 380 | 170 | (592) | \u2014 |
Internal transfer - accumulated depreciation | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Other - cost | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Other - accumulated depreciation | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Divestments | (29) | (214) | (107) | (6,422) | (27) | \u2014 | (6,799) |
Impairment | \u2014 | (72) | (55) | (377) | (13) | \u2014 | (517) |
Depreciation charges | \u2014 | (403) | (294) | (1,116) | (822) | \u2014 | (2,635) |
Depreciation of disinvestment | \u2014 | 214 | 107 | 6,097 | 27 | \u2014 | 6,445 |
Currency translation - cost | (2) | (309) | (319) | (940) | (101) | (31) | (1,702) |
Currency translation - accumulated depreciation | \u2014 | 162 | 114 | 676 | 50 | \u2014 | 1,002 |
Movement 2022 | (31) | (568) | (497) | (905) | (212) | (617) | (2,830) |
At cost | \u2014 | 4,659 | 5,282 | 8,278 | 4,691 | 6 | 22,916 |
Accumulated depreciation | \u2014 | (2,866) | (2,108) | (4,915) | (2,635) | \u2014 | (12,524) |
Carrying value at December 31, 2022 | \u2014 | 1,793 | 3,174 | 3,363 | 2,056 | 6 | 10,392 |
Amounts in US$ \u2018000 | Land | Operational facilities | Leasehold Improvement | Machinery and equipment | Other | Asset under construction | Total |
At cost | \u2014 | 4,659 | 5,282 | 8,278 | 4,691 | 6 | 22,916 |
Accumulated depreciation | \u2014 | (2,866) | (2,108) | (4,915) | (2,635) | \u2014 | (12,524) |
Carrying value at January 1, 2023 | \u2014 | 1,793 | 3,174 | 3,363 | 2,056 | 6 | 10,392 |
Investments | \u2014 | 32 | 60 | 682 | 488 | 175 | 1,437 |
Internal transfer - cost | \u2014 | \u2014 | \u2014 | \u2014 | 6 | (6) | \u2014 |
Internal transfer - accumulated depreciation | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Other - cost | \u2014 | 74 | 60 | 432 | \u2014 | \u2014 | 566 |
Other - accumulated depreciation | \u2014 | (59) | (59) | (434) | \u2014 | \u2014 | (552) |
Divestments | \u2014 | \u2014 | (14) | (11) | (120) | \u2014 | (145) |
Impairment | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Depreciation charges | \u2014 | (365) | (258) | (860) | (919) | \u2014 | (2,402) |
Depreciation of disinvestment | \u2014 | \u2014 | 8 | 6 | 120 | \u2014 | 134 |
Currency translation - cost | \u2014 | 148 | 158 | 279 | 66 | 4 | 655 |
Currency translation - accumulated depreciation | \u2014 | (98) | (70) | (183) | (45) | \u2014 | (396) |
Movement 2023 | \u2014 | (268) | (115) | (89) | (404) | 173 | (703) |
At cost | \u2014 | 4,913 | 5,546 | 9,660 | 5,131 | 179 | 25,429 |
Accumulated depreciation | \u2014 | (3,388) | (2,487) | (6,386) | (3,479) | \u2014 | (15,740) |
Carrying value at December 31, 2023 | \u2014 | 1,525 | 3,059 | 3,274 | 1,652 | 179 | 9,689 |
Category | Depreciation period |
Land | Not depreciated |
Operational facilities | 10-20 years |
Leasehold improvements | 5-15 years |
Machinery and equipment | 5-10 years |
Other property, plant & equipment | 5-10 years |
Amounts in US$ \u2018000 | Buildings | Cars | Total |
At cost | 22,999 | 2,380 | 25,379 |
Accumulated depreciation | (4,296) | (1,140) | (5,436) |
Carrying value at January 1, 2022 | 18,703 | 1,240 | 19,943 |
Additions | 14,640 | 1,741 | 16,381 |
Remeasurement | 426 | \u2014 | 426 |
Divestments | (292) | (739) | (1,031) |
Depreciation charges | (2,223) | (797) | (3,020) |
Depreciation of disinvestment | 78 | 596 | 674 |
Impairment | (3,860) | \u2014 | (3,860) |
Divestment of impaired asset | 59 | \u2014 | 59 |
Currency translation - cost | (1,029) | (48) | (1,077) |
Currency translation - accumulated depreciation | 197 | 61 | 258 |
Movement 2022 | 7,996 | 814 | 8,810 |
At cost | 32,884 | 3,334 | 36,218 |
Accumulated depreciation | (6,185) | (1,280) | (7,465) |
Carrying value at December 31, 2022 | 26,699 | 2,054 | 28,753 |
Additions | \u2014 | 1,413 | 1,413 |
Remeasurement | 1,865 | \u2014 | 1,865 |
Divestments | \u2014 | (756) | (756) |
Depreciation charges | (2,913) | (1,289) | (4,202) |
Depreciation of disinvestment | \u2014 | 700 | 700 |
Impairment | (4,663) | \u2014 | (4,663) |
Divestment of impaired asset | \u2014 | \u2014 | \u2014 |
Currency translation - cost | 873 | 18 | 891 |
Currency translation - accumulated depreciation | (213) | (11) | (224) |
Movement 2023 | (5,051) | 75 | (4,976) |
At cost | 30,959 | 4,009 | 34,968 |
Accumulated depreciation | (9,311) | (1,880) | (11,191) |
Carrying value at December 31, 2023 | 21,648 | 2,129 | 23,777 |
Amounts in US$ \u2018000 | 2023 | 2022 |
Depreciation right of use buildings | (2,380) | (1,781) |
Depreciation right of use cars | (1,284) | (784) |
Interest expense (note 8) | (1,088) | (622) |
Total expense right of use assets | (4,752) | (3,187) |
Amounts in US$ \u2018000 | RUCONEST\u00ae for HAE (EU) | Development costs | RUCONEST\u00ae licenses | Joenja\u00ae license | Software | Total |
At cost | 598 | 7,180 | 71,811 | 25,185 | 4,255 | 109,029 |
Accumulated: | ||||||
Amortization charges | (598) | \u2014 | (17,441) | \u2014 | (242) | (18,281) |
Impairment charges | \u2014 | (6,914) | \u2014 | \u2014 | \u2014 | (6,914) |
Carrying value at January 1, 2022 | \u2014 | 266 | 54,370 | 25,185 | 4,013 | 83,834 |
Amortization charges | \u2014 | \u2014 | (3,597) | \u2014 | (720) | (4,317) |
Impairment charges | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Assets acquired | \u2014 | \u2014 | \u2014 | \u2014 | 601 | 601 |
Divestments - cost | \u2014 | (6,431) | \u2014 | \u2014 | \u2014 | (6,431) |
Divestment - accumulated amortization | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Divestment - impairment charges | \u2014 | 6,431 | \u2014 | \u2014 | \u2014 | 6,431 |
Currency translation - cost | (35) | (499) | (4,228) | (1,482) | (235) | (6,479) |
Currency translation - amortization | 35 | \u2014 | 984 | \u2014 | (20) | 999 |
Currency translation - impairment | \u2014 | 483 | \u2014 | \u2014 | \u2014 | 483 |
Movement 2022 | \u2014 | (16) | (6,841) | (1,482) | (374) | (8,713) |
At cost | 563 | 250 | 67,583 | 23,703 | 4,621 | 96,720 |
Accumulated: | ||||||
Amortization charges | (563) | \u2014 | (20,054) | \u2014 | (982) | (21,599) |
Impairment charges | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Carrying value at December 31, 2022 | \u2014 | 250 | 47,529 | 23,703 | 3,639 | 75,121 |
Amounts in US$ \u2018000 | RUCONEST\u00ae for HAE (EU) | Development costs | RUCONEST\u00ae licenses | Joenja\u00ae license | Software | Total |
At cost | 563 | 250 | 67,583 | 23,703 | 4,621 | 96,720 |
Accumulated: | ||||||
Amortization charges | (563) | \u2014 | (20,054) | \u2014 | (982) | (21,599) |
Impairment charges | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Carrying value at January 1, 2023 | \u2014 | 250 | 47,529 | 23,703 | 3,639 | 75,121 |
Amortization charges | \u2014 | \u2014 | (3,681) | (1,300) | (884) | (5,865) |
Impairment charges | \u2014 | (253) | \u2014 | \u2014 | \u2014 | (253) |
Assets acquired | \u2014 | \u2014 | \u2014 | \u2014 | 27 | 27 |
Divestments - cost | \u2014 | (253) | \u2014 | \u2014 | (18) | (271) |
Divestment - accumulated amortization | \u2014 | \u2014 | \u2014 | \u2014 | 12 | 12 |
Divestment - impairment charges | \u2014 | 253 | \u2014 | \u2014 | \u2014 | 253 |
Currency translation - cost | 18 | 3 | 2,126 | 744 | 142 | 3,033 |
Currency translation - amortization | (18) | \u2014 | (702) | (26) | (44) | (790) |
Currency translation - impairment | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Movement 2023 | \u2014 | (250) | (2,257) | (582) | (765) | (3,854) |
At cost | 581 | \u2014 | 69,709 | 24,447 | 4,772 | 99,509 |
Accumulated: | ||||||
Amortization charges | (581) | \u2014 | (24,437) | (1,326) | (1,898) | (28,242) |
Impairment charges | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Carrying value at December 31, 2023 | \u2014 | \u2014 | 45,272 | 23,121 | 2,874 | 71,267 |
Category | Description | Amortization period | |
Total | Remaining | ||
RUCONEST\u00ae for HAE (EU) | RUCONEST\u00ae for HAE (EU) development costs | 10 years | Fully amortized |
RUCONEST\u00ae license | RUCONEST\u00ae license for HAE (US) | 20 years | 13 years |
RUCONEST\u00ae license | RUCONEST\u00ae license for HAE (EU) | 12 years | 8 years |
Joenja\u00ae license | Joenja\u00ae license for APDS | 14 years | 13 years |
Software | Software development costs | 3 to 5 years | 2 to 5 years |
Amounts in US$ \u2018000 | RUCONEST\u00ae for HAE (EU) | Development costs | RUCONEST\u00ae licenses | Joenja\u00ae license | Software | Total |
At cost | 598 | 7,180 | 71,811 | 25,185 | 4,255 | 109,029 |
Accumulated: | ||||||
Amortization charges | (598) | \u2014 | (17,441) | \u2014 | (242) | (18,281) |
Impairment charges | \u2014 | (6,914) | \u2014 | \u2014 | \u2014 | (6,914) |
Carrying value at January 1, 2022 | \u2014 | 266 | 54,370 | 25,185 | 4,013 | 83,834 |
Amortization charges | \u2014 | \u2014 | (3,597) | \u2014 | (720) | (4,317) |
Impairment charges | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Assets acquired | \u2014 | \u2014 | \u2014 | \u2014 | 601 | 601 |
Divestments - cost | \u2014 | (6,431) | \u2014 | \u2014 | \u2014 | (6,431) |
Divestment - accumulated amortization | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Divestment - impairment charges | \u2014 | 6,431 | \u2014 | \u2014 | \u2014 | 6,431 |
Currency translation - cost | (35) | (499) | (4,228) | (1,482) | (235) | (6,479) |
Currency translation - amortization | 35 | \u2014 | 984 | \u2014 | (20) | 999 |
Currency translation - impairment | \u2014 | 483 | \u2014 | \u2014 | \u2014 | 483 |
Movement 2022 | \u2014 | (16) | (6,841) | (1,482) | (374) | (8,713) |
At cost | 563 | 250 | 67,583 | 23,703 | 4,621 | 96,720 |
Accumulated: | ||||||
Amortization charges | (563) | \u2014 | (20,054) | \u2014 | (982) | (21,599) |
Impairment charges | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Carrying value at December 31, 2022 | \u2014 | 250 | 47,529 | 23,703 | 3,639 | 75,121 |
Amounts in US$ \u2018000 | RUCONEST\u00ae for HAE (EU) | Development costs | RUCONEST\u00ae licenses | Joenja\u00ae license | Software | Total |
At cost | 563 | 250 | 67,583 | 23,703 | 4,621 | 96,720 |
Accumulated: | ||||||
Amortization charges | (563) | \u2014 | (20,054) | \u2014 | (982) | (21,599) |
Impairment charges | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Carrying value at January 1, 2023 | \u2014 | 250 | 47,529 | 23,703 | 3,639 | 75,121 |
Amortization charges | \u2014 | \u2014 | (3,681) | (1,300) | (884) | (5,865) |
Impairment charges | \u2014 | (253) | \u2014 | \u2014 | \u2014 | (253) |
Assets acquired | \u2014 | \u2014 | \u2014 | \u2014 | 27 | 27 |
Divestments - cost | \u2014 | (253) | \u2014 | \u2014 | (18) | (271) |
Divestment - accumulated amortization | \u2014 | \u2014 | \u2014 | \u2014 | 12 | 12 |
Divestment - impairment charges | \u2014 | 253 | \u2014 | \u2014 | \u2014 | 253 |
Currency translation - cost | 18 | 3 | 2,126 | 744 | 142 | 3,033 |
Currency translation - amortization | (18) | \u2014 | (702) | (26) | (44) | (790) |
Currency translation - impairment | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Movement 2023 | \u2014 | (250) | (2,257) | (582) | (765) | (3,854) |
At cost | 581 | \u2014 | 69,709 | 24,447 | 4,772 | 99,509 |
Accumulated: | ||||||
Amortization charges | (581) | \u2014 | (24,437) | (1,326) | (1,898) | (28,242) |
Impairment charges | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Carrying value at December 31, 2023 | \u2014 | \u2014 | 45,272 | 23,121 | 2,874 | 71,267 |
Category | Description | Amortization period | |
Total | Remaining | ||
RUCONEST\u00ae for HAE (EU) | RUCONEST\u00ae for HAE (EU) development costs | 10 years | Fully amortized |
RUCONEST\u00ae license | RUCONEST\u00ae license for HAE (US) | 20 years | 13 years |
RUCONEST\u00ae license | RUCONEST\u00ae license for HAE (EU) | 12 years | 8 years |
Joenja\u00ae license | Joenja\u00ae license for APDS | 14 years | 13 years |
Software | Software development costs | 3 to 5 years | 2 to 5 years |
Amounts in US$ \u2018000 | Land | Operational facilities | Leasehold Improvement | Machinery and equipment | Other | Asset under construction | Total |
At cost | 31 | 5,200 | 5,706 | 14,840 | 4,158 | 623 | 30,558 |
Accumulated depreciation | \u2014 | (2,839) | (2,035) | (10,572) | (1,890) | \u2014 | (17,336) |
Carrying value at January 1, 2022 | 31 | 2,361 | 3,671 | 4,268 | 2,268 | 623 | 13,222 |
Investments | \u2014 | 54 | 15 | 797 | 504 | 6 | 1,376 |
Internal transfer - cost | \u2014 | \u2014 | 42 | 380 | 170 | (592) | \u2014 |
Internal transfer - accumulated depreciation | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Other - cost | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Other - accumulated depreciation | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Divestments | (29) | (214) | (107) | (6,422) | (27) | \u2014 | (6,799) |
Impairment | \u2014 | (72) | (55) | (377) | (13) | \u2014 | (517) |
Depreciation charges | \u2014 | (403) | (294) | (1,116) | (822) | \u2014 | (2,635) |
Depreciation of disinvestment | \u2014 | 214 | 107 | 6,097 | 27 | \u2014 | 6,445 |
Currency translation - cost | (2) | (309) | (319) | (940) | (101) | (31) | (1,702) |
Currency translation - accumulated depreciation | \u2014 | 162 | 114 | 676 | 50 | \u2014 | 1,002 |
Movement 2022 | (31) | (568) | (497) | (905) | (212) | (617) | (2,830) |
At cost | \u2014 | 4,659 | 5,282 | 8,278 | 4,691 | 6 | 22,916 |
Accumulated depreciation | \u2014 | (2,866) | (2,108) | (4,915) | (2,635) | \u2014 | (12,524) |
Carrying value at December 31, 2022 | \u2014 | 1,793 | 3,174 | 3,363 | 2,056 | 6 | 10,392 |
Amounts in US$ \u2018000 | Land | Operational facilities | Leasehold Improvement | Machinery and equipment | Other | Asset under construction | Total |
At cost | \u2014 | 4,659 | 5,282 | 8,278 | 4,691 | 6 | 22,916 |
Accumulated depreciation | \u2014 | (2,866) | (2,108) | (4,915) | (2,635) | \u2014 | (12,524) |
Carrying value at January 1, 2023 | \u2014 | 1,793 | 3,174 | 3,363 | 2,056 | 6 | 10,392 |
Investments | \u2014 | 32 | 60 | 682 | 488 | 175 | 1,437 |
Internal transfer - cost | \u2014 | \u2014 | \u2014 | \u2014 | 6 | (6) | \u2014 |
Internal transfer - accumulated depreciation | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Other - cost | \u2014 | 74 | 60 | 432 | \u2014 | \u2014 | 566 |
Other - accumulated depreciation | \u2014 | (59) | (59) | (434) | \u2014 | \u2014 | (552) |
Divestments | \u2014 | \u2014 | (14) | (11) | (120) | \u2014 | (145) |
Impairment | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Depreciation charges | \u2014 | (365) | (258) | (860) | (919) | \u2014 | (2,402) |
Depreciation of disinvestment | \u2014 | \u2014 | 8 | 6 | 120 | \u2014 | 134 |
Currency translation - cost | \u2014 | 148 | 158 | 279 | 66 | 4 | 655 |
Currency translation - accumulated depreciation | \u2014 | (98) | (70) | (183) | (45) | \u2014 | (396) |
Movement 2023 | \u2014 | (268) | (115) | (89) | (404) | 173 | (703) |
At cost | \u2014 | 4,913 | 5,546 | 9,660 | 5,131 | 179 | 25,429 |
Accumulated depreciation | \u2014 | (3,388) | (2,487) | (6,386) | (3,479) | \u2014 | (15,740) |
Carrying value at December 31, 2023 | \u2014 | 1,525 | 3,059 | 3,274 | 1,652 | 179 | 9,689 |
Category | Depreciation period |
Land | Not depreciated |
Operational facilities | 10-20 years |
Leasehold improvements | 5-15 years |
Machinery and equipment | 5-10 years |
Other property, plant & equipment | 5-10 years |
Amounts in US$ \u2018000 | Buildings | Cars | Total |
At cost | 22,999 | 2,380 | 25,379 |
Accumulated depreciation | (4,296) | (1,140) | (5,436) |
Carrying value at January 1, 2022 | 18,703 | 1,240 | 19,943 |
Additions | 14,640 | 1,741 | 16,381 |
Remeasurement | 426 | \u2014 | 426 |
Divestments | (292) | (739) | (1,031) |
Depreciation charges | (2,223) | (797) | (3,020) |
Depreciation of disinvestment | 78 | 596 | 674 |
Impairment | (3,860) | \u2014 | (3,860) |
Divestment of impaired asset | 59 | \u2014 | 59 |
Currency translation - cost | (1,029) | (48) | (1,077) |
Currency translation - accumulated depreciation | 197 | 61 | 258 |
Movement 2022 | 7,996 | 814 | 8,810 |
At cost | 32,884 | 3,334 | 36,218 |
Accumulated depreciation | (6,185) | (1,280) | (7,465) |
Carrying value at December 31, 2022 | 26,699 | 2,054 | 28,753 |
Additions | \u2014 | 1,413 | 1,413 |
Remeasurement | 1,865 | \u2014 | 1,865 |
Divestments | \u2014 | (756) | (756) |
Depreciation charges | (2,913) | (1,289) | (4,202) |
Depreciation of disinvestment | \u2014 | 700 | 700 |
Impairment | (4,663) | \u2014 | (4,663) |
Divestment of impaired asset | \u2014 | \u2014 | \u2014 |
Currency translation - cost | 873 | 18 | 891 |
Currency translation - accumulated depreciation | (213) | (11) | (224) |
Movement 2023 | (5,051) | 75 | (4,976) |
At cost | 30,959 | 4,009 | 34,968 |
Accumulated depreciation | (9,311) | (1,880) | (11,191) |
Carrying value at December 31, 2023 | 21,648 | 2,129 | 23,777 |
Amounts in US$ \u2018000 | 2023 | 2022 |
Depreciation right of use buildings | (2,380) | (1,781) |
Depreciation right of use cars | (1,284) | (784) |
Interest expense (note 8) | (1,088) | (622) |
Total expense right of use assets | (4,752) | (3,187) |
Amounts in US$ \u2018000 | 2023 | 2022 |
Balance at January 1 | 33,308 | 20,875 |
Additions | 1,295 | 15,822 |
Remeasurement | 1,865 | 426 |
Interest expense accrued | 1,193 | 718 |
Payments of lease liabilities | (5,126) | (3,311) |
Other movements | (319) | (348) |
Currency translation | 907 | (874) |
Balance at December 31 | 33,123 | 33,308 |
- Current portion | 3,616 | 3,465 |
- Non-current portion | 29,507 | 29,843 |
2023 | 2022 | |||
Amounts in US$ \u2018000 | Minimum payments | Present value of payments | Minimum payments | Present value of payments |
Within one year | 5,071 | 4,995 | 4,644 | 4,535 |
After one year but not more than five years | 16,024 | 14,369 | 15,157 | 13,582 |
More than five years | 18,996 | 14,104 | 20,890 | 15,191 |
Balance at December 31 | 40,091 | 33,468 | 40,691 | 33,308 |
Name of entity | Place of business | % of ownership interest | Nature of relationship | Measurement method | |
2023 | 2022 | ||||
BioConnection Investments B.V. | Oss, NL | 22.98 | 22.98 | Associate | Equity |
Amounts in US$ \u2018000 | |
Carrying value at January 1, 2022 | 7,201 |
Share in net profit | (1,083) |
Dilution of equity stake | (2,991) |
Release of financial guarantee | (153) |
Currency translation | (473) |
Carrying value at December 31, 2022 | 2,501 |
Share in net profit | (289) |
Release of financial guarantee | \u2014 |
Dilution of equity stake | \u2014 |
Currency translation | 73 |
Carrying value at December 31, 2023 | 2,285 |
Amounts in US$ \u2018000 | December 31, 2022 |
Total assets | 73,724 |
Total equity | 60,661 |
Net result | (4,949) |
2023 | 2022 | |
Expected time to maturity | 4 years | 5 years |
Volatility | 50% | 55% |
Risk-free interest rate | 1.99% | 2.51% |
Amounts in US$ \u2018000 | 2023 | 2022 |
1 January | 6,827 | \u2014 |
Investment | \u2014 | 7,933 |
Fair value changes | (930) | (1,185) |
Currency translation | 196 | 79 |
Balance at December 31 | 6,093 | 6,827 |
Preference share BioConnection (in million US$) | |||||
Revenue level | Fair value | Discount rate | Fair value | EBITDA margin | Fair value |
-10.0% | 3.0 | -2.0% | 6.9 | -5.0% | 4.3 |
-5.0% | 4.8 | -1.0% | 6.5 | -2.5% | 5.3 |
Base case | 6.1 | Base case | 6.1 | Base case | 6.1 |
+5.0% | 7.1 | +1.0% | 5.7 | +2.5% | 6.8 |
+10.0% | 7.9 | +2.0% | 5.4 | +5.0% | 7.3 |
Preference share BioConnection (in million US$) | |||
Time to maturity | Fair value | Volatility | Fair value |
- 2 years | 6.9 | -10.0% | 6.8 |
- 1 year | 6.5 | -5.0% | 6.4 |
Base case | 6.1 | Base Case | 6.1 |
+ 1 year | 5.8 | +5.0% | 5.8 |
+ 2 years | 5.5 | +10.0% | 5.4 |
Name of entity | Place of business | % of ownership interest | Nature of relationship | Measurement method | |
2023 | 2022 | ||||
Orchard Therapeutics Plc. | London, UK | 0.54% | 1.00% | Investment | Fair value |
Amounts in US$ \u2018000 | Carrying amount |
Carrying value at 1 January 2022 | 1,449 |
Fair value adjustments through OCI | (950) |
Currency translation | (96) |
Carrying value at December 31, 2022 | 403 |
Fair value adjustments through OCI | 1,573 |
Currency translation | 44 |
Carrying value at December 31, 2023 | 2,020 |
Name of entity | Place of business | % of ownership interest | Nature of relationship | Measurement method | |
2023 | 2022 | ||||
BioConnection Investments B.V. | Oss, NL | 22.98 | 22.98 | Associate | Equity |
Amounts in US$ \u2018000 | |
Carrying value at January 1, 2022 | 7,201 |
Share in net profit | (1,083) |
Dilution of equity stake | (2,991) |
Release of financial guarantee | (153) |
Currency translation | (473) |
Carrying value at December 31, 2022 | 2,501 |
Share in net profit | (289) |
Release of financial guarantee | \u2014 |
Dilution of equity stake | \u2014 |
Currency translation | 73 |
Carrying value at December 31, 2023 | 2,285 |
Amounts in US$ \u2018000 | December 31, 2022 |
Total assets | 73,724 |
Total equity | 60,661 |
Net result | (4,949) |
2023 | 2022 | |
Expected time to maturity | 4 years | 5 years |
Volatility | 50% | 55% |
Risk-free interest rate | 1.99% | 2.51% |
Amounts in US$ \u2018000 | 2023 | 2022 |
1 January | 6,827 | \u2014 |
Investment | \u2014 | 7,933 |
Fair value changes | (930) | (1,185) |
Currency translation | 196 | 79 |
Balance at December 31 | 6,093 | 6,827 |
Preference share BioConnection (in million US$) | |||||
Revenue level | Fair value | Discount rate | Fair value | EBITDA margin | Fair value |
-10.0% | 3.0 | -2.0% | 6.9 | -5.0% | 4.3 |
-5.0% | 4.8 | -1.0% | 6.5 | -2.5% | 5.3 |
Base case | 6.1 | Base case | 6.1 | Base case | 6.1 |
+5.0% | 7.1 | +1.0% | 5.7 | +2.5% | 6.8 |
+10.0% | 7.9 | +2.0% | 5.4 | +5.0% | 7.3 |
Preference share BioConnection (in million US$) | |||
Time to maturity | Fair value | Volatility | Fair value |
- 2 years | 6.9 | -10.0% | 6.8 |
- 1 year | 6.5 | -5.0% | 6.4 |
Base case | 6.1 | Base Case | 6.1 |
+ 1 year | 5.8 | +5.0% | 5.8 |
+ 2 years | 5.5 | +10.0% | 5.4 |
Name of entity | Place of business | % of ownership interest | Nature of relationship | Measurement method | |
2023 | 2022 | ||||
BioConnection Investments B.V. | Oss, NL | 22.98 | 22.98 | Associate | Equity |
Amounts in US$ \u2018000 | |
Carrying value at January 1, 2022 | 7,201 |
Share in net profit | (1,083) |
Dilution of equity stake | (2,991) |
Release of financial guarantee | (153) |
Currency translation | (473) |
Carrying value at December 31, 2022 | 2,501 |
Share in net profit | (289) |
Release of financial guarantee | \u2014 |
Dilution of equity stake | \u2014 |
Currency translation | 73 |
Carrying value at December 31, 2023 | 2,285 |
Amounts in US$ \u2018000 | December 31, 2022 |
Total assets | 73,724 |
Total equity | 60,661 |
Net result | (4,949) |
2023 | 2022 | |
Expected time to maturity | 4 years | 5 years |
Volatility | 50% | 55% |
Risk-free interest rate | 1.99% | 2.51% |
Amounts in US$ \u2018000 | 2023 | 2022 |
1 January | 6,827 | \u2014 |
Investment | \u2014 | 7,933 |
Fair value changes | (930) | (1,185) |
Currency translation | 196 | 79 |
Balance at December 31 | 6,093 | 6,827 |
Preference share BioConnection (in million US$) | |||||
Revenue level | Fair value | Discount rate | Fair value | EBITDA margin | Fair value |
-10.0% | 3.0 | -2.0% | 6.9 | -5.0% | 4.3 |
-5.0% | 4.8 | -1.0% | 6.5 | -2.5% | 5.3 |
Base case | 6.1 | Base case | 6.1 | Base case | 6.1 |
+5.0% | 7.1 | +1.0% | 5.7 | +2.5% | 6.8 |
+10.0% | 7.9 | +2.0% | 5.4 | +5.0% | 7.3 |
Preference share BioConnection (in million US$) | |||
Time to maturity | Fair value | Volatility | Fair value |
- 2 years | 6.9 | -10.0% | 6.8 |
- 1 year | 6.5 | -5.0% | 6.4 |
Base case | 6.1 | Base Case | 6.1 |
+ 1 year | 5.8 | +5.0% | 5.8 |
+ 2 years | 5.5 | +10.0% | 5.4 |
2023 | 2022 | |
Expected time to maturity | 4 years | 5 years |
Volatility | 50% | 55% |
Risk-free interest rate | 1.99% | 2.51% |
Amounts in US$ \u2018000 | 2023 | 2022 |
1 January | 6,827 | \u2014 |
Investment | \u2014 | 7,933 |
Fair value changes | (930) | (1,185) |
Currency translation | 196 | 79 |
Balance at December 31 | 6,093 | 6,827 |
Preference share BioConnection (in million US$) | |||||
Revenue level | Fair value | Discount rate | Fair value | EBITDA margin | Fair value |
-10.0% | 3.0 | -2.0% | 6.9 | -5.0% | 4.3 |
-5.0% | 4.8 | -1.0% | 6.5 | -2.5% | 5.3 |
Base case | 6.1 | Base case | 6.1 | Base case | 6.1 |
+5.0% | 7.1 | +1.0% | 5.7 | +2.5% | 6.8 |
+10.0% | 7.9 | +2.0% | 5.4 | +5.0% | 7.3 |
Preference share BioConnection (in million US$) | |||
Time to maturity | Fair value | Volatility | Fair value |
- 2 years | 6.9 | -10.0% | 6.8 |
- 1 year | 6.5 | -5.0% | 6.4 |
Base case | 6.1 | Base Case | 6.1 |
+ 1 year | 5.8 | +5.0% | 5.8 |
+ 2 years | 5.5 | +10.0% | 5.4 |
2023 | 2022 | |
Expected time to maturity | 4 years | 5 years |
Volatility | 50% | 55% |
Risk-free interest rate | 1.99% | 2.51% |
Amounts in US$ \u2018000 | 2023 | 2022 |
1 January | 6,827 | \u2014 |
Investment | \u2014 | 7,933 |
Fair value changes | (930) | (1,185) |
Currency translation | 196 | 79 |
Balance at December 31 | 6,093 | 6,827 |
Preference share BioConnection (in million US$) | |||||
Revenue level | Fair value | Discount rate | Fair value | EBITDA margin | Fair value |
-10.0% | 3.0 | -2.0% | 6.9 | -5.0% | 4.3 |
-5.0% | 4.8 | -1.0% | 6.5 | -2.5% | 5.3 |
Base case | 6.1 | Base case | 6.1 | Base case | 6.1 |
+5.0% | 7.1 | +1.0% | 5.7 | +2.5% | 6.8 |
+10.0% | 7.9 | +2.0% | 5.4 | +5.0% | 7.3 |
Preference share BioConnection (in million US$) | |||
Time to maturity | Fair value | Volatility | Fair value |
- 2 years | 6.9 | -10.0% | 6.8 |
- 1 year | 6.5 | -5.0% | 6.4 |
Base case | 6.1 | Base Case | 6.1 |
+ 1 year | 5.8 | +5.0% | 5.8 |
+ 2 years | 5.5 | +10.0% | 5.4 |
Name of entity | Place of business | % of ownership interest | Nature of relationship | Measurement method | |
2023 | 2022 | ||||
Orchard Therapeutics Plc. | London, UK | 0.54% | 1.00% | Investment | Fair value |
Amounts in US$ \u2018000 | Carrying amount |
Carrying value at 1 January 2022 | 1,449 |
Fair value adjustments through OCI | (950) |
Currency translation | (96) |
Carrying value at December 31, 2022 | 403 |
Fair value adjustments through OCI | 1,573 |
Currency translation | 44 |
Carrying value at December 31, 2023 | 2,020 |
2023 | 2022 | |
Expected time to maturity | 4 years | 5 years |
Volatility | 50% | 55% |
Risk-free interest rate | 1.99% | 2.51% |
Amounts in US$ \u2018000 | 2023 | 2022 |
1 January | 6,827 | \u2014 |
Investment | \u2014 | 7,933 |
Fair value changes | (930) | (1,185) |
Currency translation | 196 | 79 |
Balance at December 31 | 6,093 | 6,827 |
Preference share BioConnection (in million US$) | |||||
Revenue level | Fair value | Discount rate | Fair value | EBITDA margin | Fair value |
-10.0% | 3.0 | -2.0% | 6.9 | -5.0% | 4.3 |
-5.0% | 4.8 | -1.0% | 6.5 | -2.5% | 5.3 |
Base case | 6.1 | Base case | 6.1 | Base case | 6.1 |
+5.0% | 7.1 | +1.0% | 5.7 | +2.5% | 6.8 |
+10.0% | 7.9 | +2.0% | 5.4 | +5.0% | 7.3 |
Preference share BioConnection (in million US$) | |||
Time to maturity | Fair value | Volatility | Fair value |
- 2 years | 6.9 | -10.0% | 6.8 |
- 1 year | 6.5 | -5.0% | 6.4 |
Base case | 6.1 | Base Case | 6.1 |
+ 1 year | 5.8 | +5.0% | 5.8 |
+ 2 years | 5.5 | +10.0% | 5.4 |
Amounts in US$ \u2018000 | 2023 | 2022 |
Restricted cash (non-current) | 1,528 | 1,099 |
Restricted cash (current) | \u2014 | 213 |
Cash and cash equivalents | 61,741 | 207,342 |
Total restricted cash, cash and cash equivalents | 63,269 | 208,654 |
Amounts in US$ \u2018000 | 2023 | 2022 |
Trade receivables | 35,408 | 20,964 |
Prepaid expenses | 3,543 | 2,288 |
Value added tax | 3,804 | 1,453 |
Other receivables | 2,145 | 1,117 |
Taxes and social securities | 1,258 | 1,797 |
Balance at December 31 | 46,158 | 27,619 |
Amounts in US$ \u2018000 | 2023 | 2022 |
Balance at January 1 | 133,386 | 140,886 |
Interest paid (cash flow) | (4,046) | (3,952) |
Amortization transaction cost | 830 | 784 |
Accrued interest | 4,046 | 3,952 |
Currency translation | 4,206 | (8,284) |
Balance at December 31 | 138,422 | 133,386 |
- Current portion | 1,824 | 1,768 |
- Non-current portion | 136,598 | 131,618 |
Amounts in US$ \u2018000 | 2023 | 2022 |
Accounts payable | 16,022 | 8,753 |
Taxes and social security | 6,234 | 2,099 |
Other accruals | 15,634 | 12,809 |
Other payables | \u2014 | \u2014 |
Accruals for employees | 16,019 | 12,139 |
Accruals for rebates and discounts | 11,643 | 10,490 |
Accrual for production | 6,976 | 8,175 |
Balance at December 31 | 72,528 | 54,465 |
Amounts in US$ \u2018000 | 2023 | 2022 |
Restricted cash (non-current) | 1,528 | 1,099 |
Restricted cash (current) | \u2014 | 213 |
Cash and cash equivalents | 61,741 | 207,342 |
Total restricted cash, cash and cash equivalents | 63,269 | 208,654 |
Amounts in US$ \u2018000 | 2023 | 2022 |
Restricted cash (non-current) | 1,528 | 1,099 |
Restricted cash (current) | \u2014 | 213 |
Cash and cash equivalents | 61,741 | 207,342 |
Total restricted cash, cash and cash equivalents | 63,269 | 208,654 |
Amounts in US$ \u2018000 | 2023 | 2022 |
Finished goods | 18,349 | 12,460 |
Work in progress | 37,706 | 29,553 |
Raw materials | 705 | 313 |
Balance at December 31 | 56,760 | 42,326 |
Amounts in US$ \u2018000 | 2023 | 2022 |
Balance at January 1 | (1,971) | (2448) |
Addition to impairment | (3,878) | (164) |
Release of impairment | \u2014 | 312 |
Usage of impairment | 1,673 | 195 |
Currency translation | (100) | 134 |
Balance at December 31 | (4,276) | (1,971) |
Amounts in US$ \u2018000 | 2023 | 2022 |
Trade receivables | 35,408 | 20,964 |
Prepaid expenses | 3,543 | 2,288 |
Value added tax | 3,804 | 1,453 |
Other receivables | 2,145 | 1,117 |
Taxes and social securities | 1,258 | 1,797 |
Balance at December 31 | 46,158 | 27,619 |
Amounts in US$ \u2018000 | 2023 | 2022 |
Trade receivables | 35,408 | 20,964 |
Prepaid expenses | 3,543 | 2,288 |
Value added tax | 3,804 | 1,453 |
Other receivables | 2,145 | 1,117 |
Taxes and social securities | 1,258 | 1,797 |
Balance at December 31 | 46,158 | 27,619 |
Amounts in US$ \u2018000 | 2023 | 2022 |
Trade receivables | 35,408 | 20,964 |
Prepaid expenses | 3,543 | 2,288 |
Value added tax | 3,804 | 1,453 |
Other receivables | 2,145 | 1,117 |
Taxes and social securities | 1,258 | 1,797 |
Balance at December 31 | 46,158 | 27,619 |
Amounts in US$ \u2018000 | Legal Reserve Currency translation reserve (CTA) | Legal Reserve Capitalized development cost | Legal Reserve participating interest | Reserve Fair value revaluation | Total |
Balance at January 1, 2022 | 3,965 | 402 | 1,316 | (2,283) | 3,400 |
Movements in the year | (10,349) | \u2014 | (1,083) | (705) | (12,137) |
Balance at December 31, 2022 | (6,384) | 402 | 233 | (2,988) | (8,737) |
Movements in the year | 6,042 | (296) | (233) | 1,167 | 6,680 |
Balance at December 31, 2023 | (343) | 106 | \u2014 | (1,821) | (2,057) |
Share-based compensation (in U.S.$ '000) | 2023 | 2022 |
Non-executive directors' remuneration | 246 | 234 |
Employee options | 1,654 | 2,156 |
Long term incentive plan | 4,006 | 3,528 |
Restricted stock units | 3,345 | 474 |
Balance at December 31 | 9,251 | 6,392 |
2023 | 2022 | |
Expected time to maturity | 1-4 years | 1-4 years |
Volatility | 38% - 46% | 36% - 50% |
Risk-free interest rate | 2.20% - 2.68% | (0.48%) - 2.49% |
Company Location | Location |
Europe | |
ADC Therapeutics | Epalinges, Switzerland |
Alliance Pharma | Chippenham, United Kingdom |
Autolus Therapeutics | London, United Kingdom |
Basilea Pharmaceutica | Basel, Switzerland |
Bavarian Nordic | Hellerup, Denmark |
BioGaia | Stockholm, Sweden |
Biotest | Dreieich, Germany |
Camurus | Lund, Sweden |
Cosmo Pharmaceuticals | Dublin, Ireland |
Galapagos | Mechelen, Belgium |
Innate Pharma | Marseille, France |
Merus | Utrecht, the Netherlands |
MorphoSys | Planegg, Germany |
Oxford Biomedica | Oxford, United Kingdom |
uniQure | Amsterdam, the Netherlands |
Valneva | Saint-Herblain, France |
Zealand Pharma | Copenhagen, Denmark |
Company Location | Location |
U.S. | |
Anika Therapeutics | Bedford, MA |
BioCryst Pharmaceuticals | Durham, NC |
Coherus BioSciences | Redwood City, CA |
Collegium Pharmaceutical | Stoughton, MA |
Enanta Pharmaceuticals | Watertown, MA |
Heron Therapeutics | San Diego, CA |
ImmunoGen | Waltham, MA |
Intercept Pharmaceuticals | Morristown, NJ |
Ironwood Pharmaceuticals | Boston, MA |
Karyopharm Therapeutics | Newton, MA |
Ligand Pharmaceuticals | San Diego, CA |
MannKind | Danbury, CT |
Mirum Pharmaceuticals | Foster City, CA |
Rigel Pharmaceuticals | South San Francisco, CA |
Supernus Pharmaceuticals | Rockville, MD |
Travere Therapeutics | San Diego, CA |
Vanda Pharmaceuticals | Washington, DC |
TSR equal to index | 80% pay-out |
TSR 10% above index | 90% pay-out |
TSR 20% above index | 100% pay-out |
TSR 40% above index | 110% pay-out |
TSR 60% above index | 120% pay-out |
TSR 80% above index | 130% pay-out |
TSR 100% above index | 150% pay-out |
TSR below index | 0% pay-out |
2023 | 2022 | |
Volatilities | 42% | 46% |
Risk-free interest rates | 2.34% | 0.61% |
Dividend yields | 0.00% | 0.00% |
2023 | 2022 | |||
Number | Weighted Average Exercise Price (US$) | Number | Weighted Average Exercise Price (US$) | |
Balance at January 1 | 47,596,801 | 0.897 | 52,789,478 | 0.911 |
Forfeited | (1,423,375) | 0.992 | (3,660,928) | 0.847 |
Expired | (205,000) | 0.847 | \u2014 | \u2014 |
Granted | 270,000 | 1.349 | 4,801,938 | 0.902 |
Exercised | (11,756,114) | 0.857 | (6,333,687) | 0.599 |
Balance at December 31 | 34,482,312 | 0.952 | 47,596,801 | 0.897 |
- Vested | 9,284,834 | 0.856 | 8,687,584 | 0.844 |
- Unvested | 25,197,478 | 0.987 | 38,909,217 | 0.910 |
2023 | 2022 | |||
Exercise prices in US$ | Number | Exercise value in US$\u2019000 | Number | Exercise value in US$\u2019000 |
0.28 - 0.57 | \u2014 | \u2014 | \u2014 | \u2014 |
0.57 \u2013 0.85 | 6,739,000 | 4,967 | 26,796,675 | 21,847 |
0.85 \u2013 2.83 | 27,743,312 | 24,862 | 20,800,126 | 20,895 |
Balance at December 31 | 34,482,312 | 29,828 | 47,596,801 | 42,742 |
Participant category | 2020 | 2021 | 2022 | 2023 | Total |
Executive Members of the Board of Directors | \u2014 | 1,337,888 | 2,363,455 | 1,681,570 | 5,382,913 |
Executive Committee | 105,000 | 6,301,400 | 5,816,083 | 4,221,870 | 16,444,353 |
Senior managers | 930,000 | 812,500 | \u2014 | \u2014 | 1,742,500 |
Total | 1,035,000 | 8,451,788 | 8,179,538 | 5,903,440 | 23,569,766 |
Fair value per share award (US$) | 0.923 | 0.887 | 0.517 | 0.880 |
Participant category | Granted | Issued | Forfeited / Unvested | Reserved at December 31, 2023 |
Executive Members of the Board of Directors | 5,382,913 | \u2014 | \u2014 | 5,382,913 |
Executive Committee | 16,444,353 | (1,261,595) | (3,708,270) | 11,474,488 |
Senior managers | 1,742,500 | (36,654) | (1,052,346) | 653,500 |
Total | 23,569,766 | (1,298,249) | (4,760,616) | 17,510,901 |
Grant year | Granted | Issued | Forfeited / Unvested | Reserved at December 31, 2023 | Weighted average fair value per share in US$ |
2022 | 4,931,000 | (1,155,936) | (357,250) | 3,417,814 | 1.067 |
2023 | 7,779,250 | \u2014 | (10,000) | 7,769,250 | 1.228 |
Total | 12,710,250 | (1,155,936) | (367,250) | 11,187,064 | 1.179 |
Metric definition | Achievement | Weighting | Vesting level |
TSR | 115% | 40% | 46% |
Strategic Objectives | 90% | 60% | 54% |
Total | 100% | 100% |
Amounts in US$ \u2018000 | Legal Reserve Currency translation reserve (CTA) | Legal Reserve Capitalized development cost | Legal Reserve participating interest | Reserve Fair value revaluation | Total |
Balance at January 1, 2022 | 3,965 | 402 | 1,316 | (2,283) | 3,400 |
Movements in the year | (10,349) | \u2014 | (1,083) | (705) | (12,137) |
Balance at December 31, 2022 | (6,384) | 402 | 233 | (2,988) | (8,737) |
Movements in the year | 6,042 | (296) | (233) | 1,167 | 6,680 |
Balance at December 31, 2023 | (343) | 106 | \u2014 | (1,821) | (2,057) |
Amounts in US$ \u2018000 | 2023 | 2022 |
Balance at January 1 | 133,386 | 140,886 |
Interest paid (cash flow) | (4,046) | (3,952) |
Amortization transaction cost | 830 | 784 |
Accrued interest | 4,046 | 3,952 |
Currency translation | 4,206 | (8,284) |
Balance at December 31 | 138,422 | 133,386 |
- Current portion | 1,824 | 1,768 |
- Non-current portion | 136,598 | 131,618 |
Amounts in US$ \u2018000 | 2023 | 2022 |
Accounts payable | 16,022 | 8,753 |
Taxes and social security | 6,234 | 2,099 |
Other accruals | 15,634 | 12,809 |
Other payables | \u2014 | \u2014 |
Accruals for employees | 16,019 | 12,139 |
Accruals for rebates and discounts | 11,643 | 10,490 |
Accrual for production | 6,976 | 8,175 |
Balance at December 31 | 72,528 | 54,465 |
Amounts in US$ \u2018000 | 2023 | 2022 |
Accounts payable | 16,022 | 8,753 |
Taxes and social security | 6,234 | 2,099 |
Other accruals | 15,634 | 12,809 |
Other payables | \u2014 | \u2014 |
Accruals for employees | 16,019 | 12,139 |
Accruals for rebates and discounts | 11,643 | 10,490 |
Accrual for production | 6,976 | 8,175 |
Balance at December 31 | 72,528 | 54,465 |
Amounts in US$ \u2018000 | 2023 | 2022 |
Accounts payable | 16,022 | 8,753 |
Taxes and social security | 6,234 | 2,099 |
Other accruals | 15,634 | 12,809 |
Other payables | \u2014 | \u2014 |
Accruals for employees | 16,019 | 12,139 |
Accruals for rebates and discounts | 11,643 | 10,490 |
Accrual for production | 6,976 | 8,175 |
Balance at December 31 | 72,528 | 54,465 |
Name | Position | |
Dr. R. Peters | Chair of the Board of Directors and Non-Executive Board Member | Appointed September 25, 2023 |
Ms. D. Jorn | Vice Chair of the Board of Directors and Non-Executive Board Member | |
Ms. B. Yanni | Non-Executive Board Member | |
Dr. M. Pykett | Non-Executive Board Member | |
Ms. J. van der Meijs | Non-Executive Board Member | |
Mr. L. Kruimer | Non-Executive Board Member | |
Mr. S. Baert | Non-Executive Board Member | |
Dr. S. de Vries | Executive Board Member and Chief Executive Officer |
Responsibility | Cash in Euro's (per annum) | Ordinary shares in Euro's ** (per annum) | Cash in US Dollars (per annum) | Ordinary shares in US Dollars * (per annum) |
Chair of the Board of Directors | 90,000* | 40,000 | 97,110 | 43,160 |
Non-Executive Director | 45,000 | 30,000 | 48,555 | 32,370 |
Chair Audit Committee | 9,000 | 9,711 | ||
Member Audit Committee | 3,000 | 3,237 | ||
Chair Remuneration Committee | 6,000 | 6,474 | ||
Member Remuneration Committee | 3,000 | 3,237 | ||
Chair of the Transaction Committee | 6,000 | 6,474 | ||
Member of the Transaction Committee | 3,000 | 3,237 | ||
Chair Governance Committee | 6,000 | 6,474 | ||
Member Governance Committee | 3,000 | 3,237 |
Amounts in US$ \u2018000 | Year | Cash | Share-Based Payment | Total |
Dr. Richard Peters | 2023 | 26 | 20 | 46 |
2022 | \u2014 | \u2014 | \u2014 | |
Mr. Paul Sekhri | 2023 | 55 | 32 | 87 |
2022 | 72 | 42 | 114 | |
Ms. Deborah Jorn | 2023 | 55 | 32 | 87 |
2022 | 55 | 32 | 87 | |
Ms. Barbara Yanni | 2023 | 62 | 32 | 94 |
2022 | 53 | 32 | 85 | |
Dr. Mark Pykett | 2023 | 55 | 32 | 87 |
2022 | 50 | 32 | 82 | |
Ms. Jabine van der Meijs | 2023 | 62 | 32 | 94 |
2022 | 57 | 32 | 89 | |
Mr. Leonard Kruimer | 2023 | 58 | 32 | 90 |
2022 | 57 | 32 | 89 | |
Mr. Steven Baert | 2023 | 58 | 32 | 90 |
2022 | 55 | 32 | 87 | |
Total | 2023 | 431 | 244 | 675 |
2022 | 399 | 234 | 633 |
December 31, 2023 | Ordinary shares |
Dr. Richard Peters | 17,613 |
Ms. Deborah Jorn | 127,714 |
Ms. Barbara Yanni | 112,123 |
Dr. Mark Pykett | 112,123 |
Ms. Jabine van der Meijs | 87,285 |
Mr. Leonard Kruimer | 87,285 |
Mr. Steven Baert | 87,285 |
Total | 631,428 |
Amounts in US$ \u2018000 | Year | Fixed remuneration | Short term variable: annual bonus | Share-based payments | Post- employment benefits | Other | Total |
Dr. Sijmen de Vries | 2023 | $673 | $615 | $1,371 | $115 | $35 | $2,809 |
2022 | $636 | $394 | $1,221 | $112 | $34 | $2,396 |
January 1, 2023 | Granted 2023 | Exercised 2023 | Forfeited /expired 2023 | December 31, 2023 | Exercise price (US$) | Expiration date | |
Dr. Sijmen de Vries | 2,800,000 | \u2014 | \u2014 | \u2014 | 2,800,000 | 0.886 | May 22, 2024 |
Shares held | As at December 31, 2023 |
Dr. Sijmen de Vries | 8,141,383 |
Year | Granted | Settled | Forfeited / Unvested | December 31, 2023 | |
Dr. Sijmen de Vries | 2023 | 1,681,570 | \u2014 | \u2014 | 1,681,570 |
2022 | 2,363,455 | \u2014 | \u2014 | 2,363,455 | |
2021 | 1,337,888 | \u2014 | \u2014 | 1,337,888 |
Amounts in US$ \u2018000 | 2023 | 2022 |
Salaries and other short-term employee benefits | 1,756 | 1,463 |
Post-employment benefits | 115 | 112 |
Share-based compensation | 1,615 | 1,455 |
Total | 3,486 | 3,030 |
Amounts in US$\u2019000 | 2024 | 2025 | 2026 | 2027 | 2028 and onwards | Total | Prior year total |
Trade and other payables | 72,528 | \u2014 | \u2014 | \u2014 | \u2014 | 72,528 | 54,465 |
Lease Liabilities | 5,071 | 4,548 | 4,143 | 3,729 | 22,600 | 40,091 | 40,691 |
Convertible Bonds | 4,126 | 139,588 | \u2014 | \u2014 | \u2014 | 143,714 | 143,338 |
Total | 81,725 | 144,136 | 4,143 | 3,729 | 22,600 | 256,333 | 238,494 |
2023 | 2022 | |||||
Amounts in US$\u2019000 | Level 1 | Level 3 | Total | Level 1 | Level 3 | Total |
Investments in equity instruments designated as at FVTOCI | 2,020 | \u2014 | 2,020 | 403 | \u2014 | 403 |
Investments in debt instruments designated as at FVTPL | \u2014 | 6,093 | 6,093 | \u2014 | 6,827 | 6,827 |
Balance at December 31 | 2,020 | 6,093 | 8,113 | 403 | 6,827 | 7,230 |
Amounts in US$ \u2018000 | 2023 | 2022 | ||
Carrying value | Fair value | Carrying value | Fair value | |
Assets: | ||||
Cash and cash equivalents, including restricted cash | 63,269 | 63,269 | 208,654 | 208,654 |
Marketable securities | 151,683 | 151,746 | \u2014 | \u2014 |
Trade and other receivables | 46,158 | 46,158 | 27,619 | 27,619 |
Liabilities: | ||||
Convertible Bond | 138,422 | 138,422 | 133,386 | 133,386 |
Lease Liabilities | 33,123 | 33,123 | 33,308 | 33,308 |
Trade and other payables | 72,528 | 72,528 | 54,465 | 54,465 |
Amounts in US$ \u2018000 | 2023 | 2022 |
Cash and cash equivalents | 61,741 | 207,342 |
Restricted cash | 1,528 | 1,312 |
Marketable securities | 151,683 | \u2014 |
Convertible bond - repayable within one year | (1,824) | (1,768) |
Convertible bond - repayable after one year | (136,598) | (131,618) |
Net cash (debt) | 76,530 | 75,268 |
Cash and cash equivalents | 61,741 | 207,342 |
Restricted cash | 1,528 | 1,312 |
Marketable securities | 151,683 | \u2014 |
Gross debt - fixed interest rates | (138,422) | (133,386) |
Gross debt - variable interest rates | \u2014 | \u2014 |
Net cash (debt) | 76,530 | 75,268 |
2022 | Cashflows | Non - Cash changes | 2023 | ||||||
Amounts in US$\u2019000 | Acquisition and disposal | Interest Expense Accrued | Amortized costs | Fair Value Changes | Foreign exchange effects and other | ||||
Convertible Bond | 133,386 | (4,046) | \u2014 | 4,046 | 830 | \u2014 | 4,206 | 138,422 | |
Lease Liabilities | 33,308 | (5,126) | 1,295 | 1,193 | \u2014 | \u2014 | 2,453 | 33,123 | |
Total liabilities from financing activities | 166,694 | (9,172) | 1,295 | 5,239 | 830 | \u2014 | 6,659 | 171,545 |
Amounts in US$\u2019000 | 2024 | 2025 | 2026 | 2027 | 2028 and onwards | Total | Prior year total |
Trade and other payables | 72,528 | \u2014 | \u2014 | \u2014 | \u2014 | 72,528 | 54,465 |
Lease Liabilities | 5,071 | 4,548 | 4,143 | 3,729 | 22,600 | 40,091 | 40,691 |
Convertible Bonds | 4,126 | 139,588 | \u2014 | \u2014 | \u2014 | 143,714 | 143,338 |
Total | 81,725 | 144,136 | 4,143 | 3,729 | 22,600 | 256,333 | 238,494 |
2023 | 2022 | |||||
Amounts in US$\u2019000 | Level 1 | Level 3 | Total | Level 1 | Level 3 | Total |
Investments in equity instruments designated as at FVTOCI | 2,020 | \u2014 | 2,020 | 403 | \u2014 | 403 |
Investments in debt instruments designated as at FVTPL | \u2014 | 6,093 | 6,093 | \u2014 | 6,827 | 6,827 |
Balance at December 31 | 2,020 | 6,093 | 8,113 | 403 | 6,827 | 7,230 |
Amounts in US$ \u2018000 | 2023 | 2022 | ||
Carrying value | Fair value | Carrying value | Fair value | |
Assets: | ||||
Cash and cash equivalents, including restricted cash | 63,269 | 63,269 | 208,654 | 208,654 |
Marketable securities | 151,683 | 151,746 | \u2014 | \u2014 |
Trade and other receivables | 46,158 | 46,158 | 27,619 | 27,619 |
Liabilities: | ||||
Convertible Bond | 138,422 | 138,422 | 133,386 | 133,386 |
Lease Liabilities | 33,123 | 33,123 | 33,308 | 33,308 |
Trade and other payables | 72,528 | 72,528 | 54,465 | 54,465 |
Amounts in US$ \u2018000 | 2023 | 2022 |
Cash and cash equivalents | 61,741 | 207,342 |
Restricted cash | 1,528 | 1,312 |
Marketable securities | 151,683 | \u2014 |
Convertible bond - repayable within one year | (1,824) | (1,768) |
Convertible bond - repayable after one year | (136,598) | (131,618) |
Net cash (debt) | 76,530 | 75,268 |
Cash and cash equivalents | 61,741 | 207,342 |
Restricted cash | 1,528 | 1,312 |
Marketable securities | 151,683 | \u2014 |
Gross debt - fixed interest rates | (138,422) | (133,386) |
Gross debt - variable interest rates | \u2014 | \u2014 |
Net cash (debt) | 76,530 | 75,268 |
2022 | Cashflows | Non - Cash changes | 2023 | ||||||
Amounts in US$\u2019000 | Acquisition and disposal | Interest Expense Accrued | Amortized costs | Fair Value Changes | Foreign exchange effects and other | ||||
Convertible Bond | 133,386 | (4,046) | \u2014 | 4,046 | 830 | \u2014 | 4,206 | 138,422 | |
Lease Liabilities | 33,308 | (5,126) | 1,295 | 1,193 | \u2014 | \u2014 | 2,453 | 33,123 | |
Total liabilities from financing activities | 166,694 | (9,172) | 1,295 | 5,239 | 830 | \u2014 | 6,659 | 171,545 |
Amounts in US$\u2019000 | 2024 | 2025 | 2026 | 2027 | 2028 and onwards | Total | Prior year total |
Trade and other payables | 72,528 | \u2014 | \u2014 | \u2014 | \u2014 | 72,528 | 54,465 |
Lease Liabilities | 5,071 | 4,548 | 4,143 | 3,729 | 22,600 | 40,091 | 40,691 |
Convertible Bonds | 4,126 | 139,588 | \u2014 | \u2014 | \u2014 | 143,714 | 143,338 |
Total | 81,725 | 144,136 | 4,143 | 3,729 | 22,600 | 256,333 | 238,494 |
2023 | 2022 | |||||
Amounts in US$\u2019000 | Level 1 | Level 3 | Total | Level 1 | Level 3 | Total |
Investments in equity instruments designated as at FVTOCI | 2,020 | \u2014 | 2,020 | 403 | \u2014 | 403 |
Investments in debt instruments designated as at FVTPL | \u2014 | 6,093 | 6,093 | \u2014 | 6,827 | 6,827 |
Balance at December 31 | 2,020 | 6,093 | 8,113 | 403 | 6,827 | 7,230 |
Amounts in US$ \u2018000 | 2023 | 2022 | ||
Carrying value | Fair value | Carrying value | Fair value | |
Assets: | ||||
Cash and cash equivalents, including restricted cash | 63,269 | 63,269 | 208,654 | 208,654 |
Marketable securities | 151,683 | 151,746 | \u2014 | \u2014 |
Trade and other receivables | 46,158 | 46,158 | 27,619 | 27,619 |
Liabilities: | ||||
Convertible Bond | 138,422 | 138,422 | 133,386 | 133,386 |
Lease Liabilities | 33,123 | 33,123 | 33,308 | 33,308 |
Trade and other payables | 72,528 | 72,528 | 54,465 | 54,465 |
Amounts in US$ \u2018000 | 2023 | 2022 |
Cash and cash equivalents | 61,741 | 207,342 |
Restricted cash | 1,528 | 1,312 |
Marketable securities | 151,683 | \u2014 |
Convertible bond - repayable within one year | (1,824) | (1,768) |
Convertible bond - repayable after one year | (136,598) | (131,618) |
Net cash (debt) | 76,530 | 75,268 |
Cash and cash equivalents | 61,741 | 207,342 |
Restricted cash | 1,528 | 1,312 |
Marketable securities | 151,683 | \u2014 |
Gross debt - fixed interest rates | (138,422) | (133,386) |
Gross debt - variable interest rates | \u2014 | \u2014 |
Net cash (debt) | 76,530 | 75,268 |
2022 | Cashflows | Non - Cash changes | 2023 | ||||||
Amounts in US$\u2019000 | Acquisition and disposal | Interest Expense Accrued | Amortized costs | Fair Value Changes | Foreign exchange effects and other | ||||
Convertible Bond | 133,386 | (4,046) | \u2014 | 4,046 | 830 | \u2014 | 4,206 | 138,422 | |
Lease Liabilities | 33,308 | (5,126) | 1,295 | 1,193 | \u2014 | \u2014 | 2,453 | 33,123 | |
Total liabilities from financing activities | 166,694 | (9,172) | 1,295 | 5,239 | 830 | \u2014 | 6,659 | 171,545 |
2023 | 2022 | |||||
Amounts in US$\u2019000 | Level 1 | Level 3 | Total | Level 1 | Level 3 | Total |
Investments in equity instruments designated as at FVTOCI | 2,020 | \u2014 | 2,020 | 403 | \u2014 | 403 |
Investments in debt instruments designated as at FVTPL | \u2014 | 6,093 | 6,093 | \u2014 | 6,827 | 6,827 |
Balance at December 31 | 2,020 | 6,093 | 8,113 | 403 | 6,827 | 7,230 |
Amounts in US$ \u2018000 | 2023 | 2022 | ||
Carrying value | Fair value | Carrying value | Fair value | |
Assets: | ||||
Cash and cash equivalents, including restricted cash | 63,269 | 63,269 | 208,654 | 208,654 |
Marketable securities | 151,683 | 151,746 | \u2014 | \u2014 |
Trade and other receivables | 46,158 | 46,158 | 27,619 | 27,619 |
Liabilities: | ||||
Convertible Bond | 138,422 | 138,422 | 133,386 | 133,386 |
Lease Liabilities | 33,123 | 33,123 | 33,308 | 33,308 |
Trade and other payables | 72,528 | 72,528 | 54,465 | 54,465 |
Amounts in US$ \u2018000 | 2023 | 2022 |
Cash and cash equivalents | 61,741 | 207,342 |
Restricted cash | 1,528 | 1,312 |
Marketable securities | 151,683 | \u2014 |
Convertible bond - repayable within one year | (1,824) | (1,768) |
Convertible bond - repayable after one year | (136,598) | (131,618) |
Net cash (debt) | 76,530 | 75,268 |
Cash and cash equivalents | 61,741 | 207,342 |
Restricted cash | 1,528 | 1,312 |
Marketable securities | 151,683 | \u2014 |
Gross debt - fixed interest rates | (138,422) | (133,386) |
Gross debt - variable interest rates | \u2014 | \u2014 |
Net cash (debt) | 76,530 | 75,268 |
2022 | Cashflows | Non - Cash changes | 2023 | ||||||
Amounts in US$\u2019000 | Acquisition and disposal | Interest Expense Accrued | Amortized costs | Fair Value Changes | Foreign exchange effects and other | ||||
Convertible Bond | 133,386 | (4,046) | \u2014 | 4,046 | 830 | \u2014 | 4,206 | 138,422 | |
Lease Liabilities | 33,308 | (5,126) | 1,295 | 1,193 | \u2014 | \u2014 | 2,453 | 33,123 | |
Total liabilities from financing activities | 166,694 | (9,172) | 1,295 | 5,239 | 830 | \u2014 | 6,659 | 171,545 |
2023 | 2022 | |
Net profit (loss) attributable to equity owners of the parent (in US$\u2019000) | (10,548) | 13,674 |
Weighted average shares outstanding | 657,020,521 | 648,676,119 |
Basic profit (loss) per share (in US$) | (0.016) | 0.021 |
Weighted average diluted shares outstanding | 725,463,948 | 707,141,263 |
Diluted profit (loss) per share (in US$) | (0.016) | 0.019 |
December 31, 2023 | Shares issued | Other | 4 April 2024 | |
Shares | 671,073,243 | 2,365,070 | \u2014 | 673,438,313 |
RSU | 11,187,064 | \u2014 | 25,000 | 11,212,064 |
Options | 34,482,312 | (1,090,876) | \u2014 | 33,391,436 |
Convertible bonds | 62,412,622 | \u2014 | \u2014 | 62,412,622 |
LTIP | 17,534,261 | (1,222,839) | 5,365,914 | 21,677,336 |
Issued | 796,689,502 | 51,355 | 5,390,914 | 802,131,771 |
Available for issue | 259,310,498 | (51,355) | (5,390,914.00) | 253,868,229 |
Authorized share capital | 1,056,000,000 | \u2014 | \u2014 | 1,056,000,000 |