Beta. Registrerede ejere og personsøgning kommer snart.
Forskning og eksperimentel udvikling inden for naturvidenskab og teknik
CVR 26 02 97 08AktieselskabKøbenhavn ØStiftet 2001
Nuevolution A/S is a Danish biopharmaceutical company focused on developing drug treatments for human disease within oncology, inflammatory diseases and cardiometabolic diseases.
Oplysningerne er hentet 10. november 2026.
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| Post | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | Ændring2024-2025 |
|---|---|---|---|---|---|---|---|---|
| Resultat | ||||||||
| 203 mio. | 118 mio. | 77,2 mio. | 68,5 mio. | 162 mio. | 37,0 mio. | 17,4 mio. | +71,7% | |
Alle de penge, virksomheden har fået ind ved at sælge varer og ydelser i løbet af året. Der er endnu ikke trukket nogen udgifter fra. | ||||||||
| 44,8 mio. | -26,9 mio. | -46,6 mio. | -39,8 mio. | 57,0 mio. | -53,1 mio. | -78,9 mio. | - | |
| Results from net financials | -4,5 mio. | -1,2 mio. | -1,3 mio. | 845.000 | 55.000 | - | - | - |
| 39,8 mio. | -18,4 mio. | -36,2 mio. | -28,1 mio. | 63,0 mio. | -33,5 mio. | -76,3 mio. | - | |
| Investment in property plant and equipment | 18,2 mio. | 14,2 mio. | 27,1 mio. | 36,4 mio. | 14,7 mio. | - | - | +28,4% |
| Work performed by entity and capitalised | 154 mio. | 141 mio. | 121 mio. | -105 mio. | -101 mio. | - | - | +9,5% |
| Produktionsomkostninger | 4,7 mio. | 4,8 mio. | 2,8 mio. | 3,8 mio. | 4,6 mio. | - | - | −3,5% |
| Andre driftsomkostninger | 159 mio. | 145 mio. | 124 mio. | 108 mio. | - | - | - | +9,1% |
| Andre finansielle indtægter | 0 | 792.000 | 617.000 | 1,7 mio. | 756.000 | 0 | 298.000 | −100,0% |
| Andre finansielle omkostninger | 4,5 mio. | 2,0 mio. | 1,9 mio. | 891.000 | 701.000 | 1,1 mio. | 923.000 | +124,6% |
| 40,3 mio. | -28,1 mio. | -47,9 mio. | -39,0 mio. | 57,1 mio. | -54,2 mio. | -79,5 mio. | - | |
| Skat af årets resultat | 497.000 | -9,8 mio. | -11,7 mio. | -10,8 mio. | -5,9 mio. | -20,7 mio. | -3,2 mio. | - |
| Overført til overført resultat | 39,8 mio. | -18,4 mio. | -36,2 mio. | -28,1 mio. | 63,0 mio. | - | - | - |
| Andre driftsindtægter | - | - | - | 0 | 80.000 | 189.000 | 285.000 | - |
| Research and development expenditure | - | - | - | - | 101 mio. | 81,7 mio. | 80,2 mio. | - |
| Administrationsomkostninger | - | - | - | - | 4,6 mio. | 8,7 mio. | 16,3 mio. | - |
| Balance | ||||||||
| 238 mio. | 174 mio. | 131 mio. | 145 mio. | 173 mio. | 122 mio. | 35,6 mio. | +37,0% | |
| 89,5 mio. | 49,7 mio. | 68,1 mio. | 104 mio. | 132 mio. | 69,5 mio. | 1,8 mio. | +79,9% | |
| Andre anlæg, driftsmateriel og inventar | 39,9 mio. | 41,3 mio. | 40,6 mio. | 24,0 mio. | 18,2 mio. | 6,5 mio. | 2,4 mio. | −3,4% |
| Leasingaktiver | 23,1 mio. | 18,5 mio. | 24,1 mio. | 17,8 mio. | 13,6 mio. | 8,4 mio. | 12,2 mio. | +24,5% |
| Indretning af lejede lokaler | 1,5 mio. | 2,7 mio. | 2,6 mio. | 1,8 mio. | 1,7 mio. | 2,1 mio. | 1,0 mio. | −43,5% |
| Property plant and equipment in progress | 8,3 mio. | 7,3 mio. | 4,0 mio. | 17,7 mio. | 3,1 mio. | 13,8 mio. | - | +13,9% |
| Deposita | 3,0 mio. | 2,8 mio. | 2,5 mio. | 2,1 mio. | 1,9 mio. | 1,3 mio. | 1,3 mio. | +5,0% |
| Anlægsaktiver | 75,7 mio. | 72,6 mio. | 73,8 mio. | 63,5 mio. | 38,5 mio. | 32,2 mio. | 18,8 mio. | +4,3% |
| Tilgodehavende selskabsskat | 2,0 mio. | 8,7 mio. | 9,8 mio. | 8,1 mio. | 5,6 mio. | 7,9 mio. | 5,5 mio. | −77,0% |
| Udskudte skatteaktiver | 16,5 mio. | 19,9 mio. | 17,9 mio. | 16,0 mio. | 14,8 mio. | 14,7 mio. | 0 | −16,7% |
| Andre tilgodehavender | 5,1 mio. | 6,4 mio. | 3,0 mio. | 3,0 mio. | 1,6 mio. | 1,6 mio. | 2,0 mio. | −19,9% |
| Tilgodehavender hos tilknyttede virksomheder | 139 mio. | 66,2 mio. | 26,9 mio. | 54,7 mio. | 112 mio. | 65,9 mio. | 2,4 mio. | +109,5% |
| 162 mio. | 101 mio. | 57,6 mio. | 81,8 mio. | 134 mio. | 90,2 mio. | 16,8 mio. | +60,4% | |
| Virksomhedskapital | 16,5 mio. | 16,5 mio. | 16,5 mio. | 16,5 mio. | 16,5 mio. | 16,5 mio. | 16,5 mio. | 0,0% |
| Overkurs | 285 mio. | 285 mio. | 285 mio. | 285 mio. | 285 mio. | 285 mio. | 184 mio. | 0,0% |
| Overført resultat | -212 mio. | -252 mio. | -234 mio. | -198 mio. | -169 mio. | -232 mio. | -199 mio. | - |
| Leasingforpligtelser, langfristet | 16,0 mio. | 13,5 mio. | 20,3 mio. | 12,9 mio. | 8,9 mio. | 5,9 mio. | 8,9 mio. | +18,0% |
| Langfristede gældsforpligtelser | 16,0 mio. | 13,5 mio. | 20,3 mio. | 12,9 mio. | 8,9 mio. | 5,9 mio. | 8,9 mio. | +18,0% |
| Leasingforpligtelser, kortfristet | 7,1 mio. | 6,8 mio. | 6,3 mio. | 6,4 mio. | 5,2 mio. | 3,1 mio. | - | +4,3% |
| Leverandører af varer og tjenesteydelser | 8,7 mio. | 7,4 mio. | 7,9 mio. | 7,7 mio. | 3,4 mio. | 14,6 mio. | 2,4 mio. | +17,0% |
| Gæld til tilknyttede virksomheder | 91,6 mio. | 76,8 mio. | 8,1 mio. | 0 | 0 | 285.000 | 0 | +19,3% |
| Anden gæld, kortfristet | 25,2 mio. | 19,5 mio. | 20,7 mio. | 13,9 mio. | 20,1 mio. | - | - | +29,2% |
| 133 mio. | 110 mio. | 42,9 mio. | 28,0 mio. | 31,3 mio. | 47,0 mio. | 24,8 mio. | +20,0% | |
| 149 mio. | 124 mio. | 63,3 mio. | 40,9 mio. | 40,2 mio. | 52,9 mio. | 33,8 mio. | +19,8% | |
| Passiver i alt | 238 mio. | 174 mio. | 131 mio. | 145 mio. | 173 mio. | 122 mio. | 35,6 mio. | +37,0% |
| Shortterm payables to joint ventures | - | - | - | 0 | 2,7 mio. | - | - | - |
| Other shortterm payables | - | - | - | - | 22,8 mio. | 29,0 mio. | 16,9 mio. | - |
| Property plant and equipment in progress and prepayments for property plant and equipment | - | - | - | - | - | 13,8 mio. | 0 | - |
| Andre langfristede tilgodehavender | - | - | - | - | - | 0 | 1,9 mio. | - |
| Tilgodehavender fra salg og tjenesteydelser | - | - | - | - | - | 0 | 226.000 | - |
| Likvide beholdninger | - | - | - | - | - | 0 | 6,6 mio. | - |
| Kortfristet del af langfristet gæld | - | - | - | - | - | 3,1 mio. | 3,5 mio. | - |
| Forudbetalinger fra kunder | - | - | - | - | - | 2,8 mio. | 2,0 mio. | - |
| Andre tal | ||||||||
| Operating margin | 0,22 | - | - | - | 0,35 | - | - | - |
| Return on equity | 0,57 | - | - | - | 0,62 | - | - | - |
| Equity ratio | 0,38 | 0,29 | 0,01 | 0,01 | 0,77 | - | - | - |
| 80 | 77 | 69 | 63 | 56 | 54 | 49 | +3,9% | |
| Nøgleforhold (beregnet af Tjekker) | ||||||||
| 19,6% | -15,5% | -46,9% | -41,1% | 38,8% | -90,5% | -439,5% | +35,1 pp | |
| 37,6% | 28,6% | 51,9% | 71,8% | 76,7% | 56,8% | 5,1% | +9,0 pp | |
| 57,1% | -31,2% | -42,0% | -23,8% | 62,4% | -94,0% | - | +88,3 pp | |
Kilde: årsrapporterne hos Erhvervsstyrelsen. Poster uden dansk navn står, som de hedder i indberetningen. Tal, der er fordelt på fx egenkapitalens kolonner, står i selve årsrapporten.
Regnskabsårene 2019-2025
| Post | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Omsætning | 17.360.000 | 37.024.000 | 162.279.000 | 68.498.000 | 77.164.000 | 118.442.000 | 203.323.000 |
| Årets resultat | -76.305.000 | -33.490.000 | 62.971.000 | -28.120.000 | -36.208.000 | -18.383.000 | 39.754.000 |
Beløb i kr. som indberettet
Fra årsrapporten for 2025, i virksomhedens egne ord
Management's ReviewDevelopment in activities and financial mattersRevenue for the year amounts to TDKK 203,323 compared to TDKK 118,442 in 2024 and operating result for the year amounts to TDKK 44,773 compared to TDKK -26,919 in 2024. In the annual report for 2024, Management expected a revenue in the range of DKK 90 to 100 million and an operating result in the range of DKK -40 to -60 million. The increase in revenue and the profit from operation comes from a licensing fee and higher activity from contract work than expected.The net result for the financial year 2025 shows a net profit of TDKK 39,754 compared with a loss of TDKK 18,383 for the financial year 2024. The result for 2025 was better than expectation as a result of the licensing fee.As a result of the increasing activity level and milestone payment the revenue exceed the expected range and consequently the net loss is lower than expected. Hence, the management consider the result of the year as satisfactory.For 2026 the company expect to continue the development of its research and development activities. Without any licensing fee or milestone payments, the company expects a revenue in the range of DKK 90 to 100 million and an operating loss before tax in the range of DKK 40 to 60 million.RisksFinancial risksThe Company monitors the risk factors that may affect the operations and financial results on a regular basis.Currency risksThe Company has no loans in foreign currencies and Company's cash pool deposits, presented as intercompany receivables, is denominated in DKK. As such, the company's exposure to fluctuations in foreign currencies is assessed limited.The Company does not hedge currency risk on foreign currency assets and liabilities.Interest rate riskThe Company has no loans and Company's cash pool deposits is a variable interest deposit.Knowledge resourcesNuevolution is dependent on the ability to attract and retain talents for many functions. In times of high competition for the right talents or adverse impact on Nuevolution's image, it could impact the company's ability to perform at high standard and compete against other companies. As part of Amgen Inc. Group the company perform employer branding, provide training, career development, and offer competitive remuneration package.War in Ukraine and middle eastThe war in Ukraine and middle east does not have a direct impact on the operation. However, some suppliers have some difficulties in deliver all required materials for the operations. Nuevolution is seeking and have found alternative solutions to secure its continuing research and development activities.Inflation and energyNuevolution is similar to most other companies affected by increasing prices. The increasing prices has low impact on the research and development activities. The increasing prices will of course have an impact on the cost level. Nuevolution is also affected by the increasing and fluctuating energy prices. Nuevolution has taken actions to minimize the impact from inflations and energy supply.Going concernAs described in note 17 the company has secured sufficient funds available to secure its operation for minimum the next 12 months from the balance sheet date, hence we have presented the financial statements under the going concern assumption.Subsequent eventsThe CEO Alex Haahr Gouliaev will step down from his position by the end of June 2026. His position will be taken over by Thomas Franch. No other subsequent event with significant effect on the annual report for 2025 has occurred after the balance sheet date.
De originale dokumenter hos Erhvervsstyrelsen
Årsrapport 2025
Offentliggjort 29.06.2026
Årsrapport 2024
Offentliggjort 24.06.2025
Årsrapport 2023 (rettet)
Offentliggjort 28.06.2024
Årsrapport 2022
Offentliggjort 05.07.2023
Årsrapport 2021
Offentliggjort 22.06.2022
Årsrapport 2020
Offentliggjort 01.07.2021
Årsrapport 2019
| Omsætning | 203 mio. kr. |
|---|---|
| Bruttofortjeneste | Ikke oplyst |
| Driftsresultat | 44,8 mio. kr. |
| Resultat før skat | 40,3 mio. kr. |
| Årets resultat | 39,8 mio. kr. |
Af hver 100 kr., virksomheden ejer, er 38 kr. betalt af ejerne selv og 62 kr. lånt eller skyldt til andre.
| Aktiver i alt | 238 mio. kr. |
|---|---|
| Egenkapital | 89,5 mio. kr. |
| Gæld og forpligtelser | 149 mio. kr. |
The financial ratios stated under "Financial highlights" have been calculated as follows:Operating profit/loss(EBIT) * 100Operating marginRevenueResult for the period * 100Return on equityAverage equityEquity end of year * 100Equity ratio (%)Total assets
Company and research and development activitiesNuevolution A/S is a Danish biopharmaceutical company focused on developing drug treatments for human disease within oncology, inflammatory diseases and cardiometabolic diseases.Nuevolution A/S is the inventor of Chemetics, a drug discovery platform, which enables efficient discovery of novel small molecule (tablet based) drug candidates.The Chemetics platform provides access to screening of trillions of molecules and efficient optimization of drug properties in the process of identifying the drug candidate.Our efforts are leveraged by a proven and highly efficient drug discovery engine, and backed by a skilled and dedicated team of employees, world-class academic and corporate expert advisers catalyzing our ambition to deliver new medicines to patients.
Parent Company Amgen Inc.One Amgen Center DriveThousand Oaks, CAUSATelephone +1 805-447-1000I.R.S. 95-3540776Ownership 100%www.amgen.com
The share capital consists of 16.500.000 shares of nominal DKK 1 per share.The share capital is fully paid up.All shares are owned by Amgen Inc., California, US.There are no limitations concerning distribution of share premium account.
Cash flow With reference to section 86(4) of the Danish Financial Statements Act, no cash flow statement is prepared for the Company, as its cash flows are reflected in the consolidated cash flow statement of the parent com-pany, Amgen, Inc.
2 RevenueDKK '0002025 2024Licensing fee and milestone payments (at a point in time)115.436 35.535Contract work (transferred over time) 87.887 82.907Total 203.323 118.442The licensing fee and milestone payment in both 2025 and 2024 was received from a contract with the parent company. Both in 2025 and 2024 the revenue from contract work are achieved from the parent company.The entire revenue is from outside Denmark and EU.
3 Research and development expensesDKK '0002025 2024Employee benefit expenses 97.879 84.880External expenses 61.476 54.400Depreciation 14.864 15.166Total 174.219 154.446Reimbursed expenses from collaboration partners (the parent company) -20.322 -13.907Net research and development expenses 153.897 140.5395 Staff expensesDKK '0002025 2024Wages & salaries 71.493 63.402Bonus 16.077 12.355Pension (Defined contribution) 8.854 7.843Other social security costs 627 565Other personnel costs 3.851 4.030Total 100.902 88.195Staff costs are recognized as follows:Research and development expenses 97.879 84.880Sales, general and administration expenses 3.023 3.315Total staff cost 100.902 88.195
4 Sales, general and administration expensesDKK '0002025 2024Employee benefit expenses 3.023 3.315External expenses 1.423 1.278Depreciation 207 229Total 4.653 4.822
6 Financial incomeDKK '0002025 2024Other financial income 0 792Total 0 792
7 Financial expensesDKK '0002025 2024Interest expenses to group entities1.278 1.225Leasing interest 559 767Other financial expenses 2.685 21Total 4.522 2.013
Remuneration to Executive Management and Board of DirectorsDKK '0002025 2024Wages & salaries 6.610 3.495Bonus 3.094 1.619Pension (Defined contribution) 839 447Other social security costs 5 3Total 10.548 5.564With effect from September 2024 the Management was increased by 1 member. Hence, the remuneration the to Management have increased significant. The Board of Directors has not received any remuneration neither in 2025 nor in 2024.Members of the management have contracts of employment containing standard terms for management members of Danish companies, including the periods of termination notice that both parties are required to give and competition clauses. If a contract of employment of a member of the company's management is terminated by the company without misconduct on the part of such member, the member of the company's management is entitled to compensation, which, depending on the circumstances, may amount to a maximum of 8-12 months' remuneration.
8 Corporate income taxDKK '0002025 2024Utilization of Danish Tax Credit 0 5.500Contribution from joint taxation 2.013 1.510Adjustment from previous year 812 744Changes in deferred tax asset -3.322 2.003-497 9.757Deferred tax assetsDeferred tax assets at 1 January19.853 17.850Adjustment of deferred taxes for the year-3.322 2.003Deferred tax assets at 31 December 16.531 19.853The company has in previous years generated tax losses. The capitalization of deferred tax assets is based on expected future utilization of net loss carry-forward, generated within the joint taxation, against expected taxable income in Amgen Filial af Amgen Aktiebolag, Sweden. As it is still uncertain whether deferred tax assets can be utilized beside expected utilization of tax losses carried forward from the joint taxation, no further assets has been recognized in the annual report. Deferred tax assets not recognized for 2025 were TDKK 133,152 (2024: TDKK 131,570). The reported deferred tax asset comprises solely of tax loss carried forward which is expected to be utilized during the joint taxation.Nuevolution expects a positive taxable income for 2025. Hence, no Danish Tax Credit relating to research and development cost in accordance with the Danish corporate tax act (in Danish: skattekreditordningen) has been recognized (2024: 22% of DKK of DKK 25 million or DKK 5.5 million were recognized).According to current tax legislation, tax loss carry-forward can be carried forward indefinitely.
9 Tangible fixed assetsOther fixtures, fittings, tool and Right-of-use-Leasehold Assets under LeaseholdDKK '000equipmentassetsimprovementconstructiondepositsCost at 1 January 202579.397 46.979 15.043 7.284 2.826Transfer5.803 0 0 -5.803 0Additions1.730 9.513 0 6.815 141Disposals-164 0 0 0 0Cost at 31 December 202586.766 56.492 15.043 8.296 2.967Depreciation and impairment at 1 January 202538.130 28.451 12.381 0 0Depreciation and impairment for the year8.946 4.966 1.159 0 0Disposals-164 0 0 0 0Depreciation and impairment at 31 December 202546.912 33.417 13.540 0 0Carrying amount at 31 December 202539.854 23.075 1.503 8.296 2.967In 2025, management carried out an impairment test of the carrying amount of tangible fixed assets. The recoverable amount in form of the value in use is deemed to exceed the carrying amount.Depreciation and impairment expenses are recognized as follows:Research and development expenses8.918 4.845 1.101 0 0Sales, general and administration expenses28 121 58 0 0Total depreciation and impairment expenses8.946 4.966 1.159 0 0
10 Other current receivables and prepaymentsOther current receivables and prepayments comprises receivable VAT, minor receivable from suppliers and prepayments on service contract on instruments.
11 Receivables/Payable, Group CompaniesNuevolution A/S participates in a cash pool arrangement with the Group. Amgen Global Finance BV is the cash pool master and Nuevolution A/S is a sub-account holder together with the Group's other affiliated companies.Nuevolution A/S' accounts in the cash pool arrangement, which are included under "Payables, Group Companies", amount to DKK -91,526 thousand as of 31 December 2025 (2024: DKK -76,793 thousand).The arrangement is a physical cash pooling, in which the group physically sweeps excess cash out of the individual bank accounts to the cash pool master account on a daily basis.
13 Related partiesNuevolution A/S' related parties comprise the following:Apart from the parent company Amgen Inc. there are no other related parties with controlling influence on the Company.Nuevolution A/S's related parties comprise the parent companies, the Company's board of Directors and Management as well as relatives to these persons. Related parties also comprise companies in which the individuals mentioned above have material interests.ControlAmgen Inc., One Amgen Center Drive, Thousand Oaks, California, USAThe consolidated financial statements fo Amgen Inc may be obtained from the Company on the website:https://investors.amgen.com/financials/annual-reportsRelated party transactionsNuevolution A/S' has carried out the following related party transactions:DKK '0002025 2024Sale of services to group entities 203.323 118.442Reimbursement of defrayed costs from group entities 20.322 13.907Interest expenses to group entities 1.278 1.22531 December31 December20252024Receivables from group entities 138.672 66.185Payables to group entities 91.632 76.793
14 Lease liabilitiesThe Company has entered leases for various items of tangible assets. Futures minimum lease payments under leases together with the present value of the net minimum lease payments are as follows:31 December31 DecemberDKK '00020252024Non-current lease liabilities 15.972 13.535Current portion of long-term lease liabilities 7.076 6.783Total 23.048 20.318Lease obligations31 December 202531 December 2024MinimumPresent value MinimumPresent value DKK '000paymentsof paymentspaymentsof payments0-1 year 8.031 7.076 7.341 6.7831-2 years 8.271 7.670 7.795 7.4672-5 years 8.520 8.302 6.151 6.068Total minimum lease payments 24.822 23.048 21.287 20.318Less amounts representing finance charges1.774 0 969 0Total 23.048 23.048 20.318 20.318The company has entered into rent contracts, which all can be terminated at maximum of 6 months notice. Annual rent payment of TDKK 7,647 (2024: TDKK 7,078), where TDKK 7,412 (2024: TDKK 6,887) is included in research and development expenses and TDKK 235 (2024: TDKK 191) is included in sales, general and administrative expenses.
15 Contingent assets and liabilitiesLicense and Collaboration AgreementsWe are entitled to potential milestone payments and royalties on successful commercialization of product developed under license and collaboration agreements with our collaboration partners. Since the size and timing of such payments are uncertain until the milestones are reached, the agreements may qualify as contingent assets and, accordingly, no such assets have been recognized.DisputesThe Company may, from time to time and within the framework of its operations, become involved in disputes and other legal proceedings. Currently no disputes or other legal proceedings exists.Joint taxationThe Company is jointly taxed with other Danish subsidiaries and Branches of Amgen Inc. The Company has unlimited joint and several liability for payment of Danish corporation taxes within the joint taxation. The jointly taxed entities' total known net liability in respect of corporation taxes and withholding taxes payable amounted to TDKK 1,958 at 31 December 2025 (31.12.2024: DKK 0). Any subsequent adjustments to the joint taxation income and withholding taxes, etc. may entail that the Company's liability will increase.OtherThe Company has concluded common bilateral agreements in the course of the Company's normal operations.
16 Significant events after the balance sheet dateThe CEO Alex Haahr Gouliaev will step down from his position by the end of June 2026. His position will be taken over by Thomas Franch. No other subsequent event with significant effect on the annual report for 2025 has occurred after the balance sheet date.
17 Funding and Going ConcernIn October 2016, Nuevolution entered into a research collaboration with Amgen, a multi target research collaboration in which Amgen has an exclusive option to obtain all rights to successfully developed programs. Amgen acquired Nuevoultion in July 2019.During early discovery stage, Nuevolution covers all own cost. When Amgen decides to make a contractual opt-in, they will take over all cost including Nuevolution’s cost related to the respective opt-in programs. Following the opt-in Nuevolution is reimbursed for all cost incurred on a non-refundable basis. During 2025 Nuevolution A/S received a milestone payment of USD 18 million (2024: 5 million) from the collaboration agreement with Amgen. Future potential milestone payments including potential license of programs are outside the company's control why no revenue has been recognized.As of December 31, 2025 Nuevolution A/S' affiliated company Amgen Global Finance BV has submitted a statement of support to the company to ensure sufficient liquidity resources for operations and activities in 2026 in accordance with budget, at least until 31 December 2026. Based on this, the company's management has presented the annual accounts under the assumption of going concern.
Directors' and Management's Statement on the Annual ReportThe Board of Directors and Executive Board have today discussed and approved the annual report of Nuevolution A/S for the financial year 1 January to 31 December 2025.The annual report has been prepared in accordance with the Danish Financial Statements Act.In our opinion, the financial statements give a true and fair view of the financial position of the Company at 31 December 2025 and of the results of its operations for the financial year 1 January – 31 December 2025.Further, in our opinion, the Management's review gives a fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the annual general meeting.
OpinionWe have audited the financial statements of Nuevolution A/S for the financial year 1 January – 31 December 2025, which comprise income statement, balance sheet, statement of changes in equity, and notes, including accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the financial position of the Company at 31 December 2025 and of the results of the Company's operations for the financial year 1 January – 31 December 2025 in accordance with the Danish Financial Statements Act.
Basis for opinionWe conducted our audit in accordance with International Standards on Auditing (ISAs) and additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the "Auditor's responsibilities for the audit of the financial statements" section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
IndependenceWe are independent of the Company in accordance with the International Ethics Standards Board for Accountants' International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code.
Management's responsibilities for the financial statementsManagement is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, Management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statementsOur objectives are to obtain reasonable assurance as to whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements. As part of an audit conducted in accordance with ISAs and additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. Conclude on the appropriateness of Management's use of the going concern basis of accounting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern. Evaluate the overall presentation, structure and contents of the financial statements, including the note disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view.We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Independent auditors' report
Statement on the Management's reviewManagement is responsible for the Management's review.Our opinion on the financial statements does not cover the Management's review, and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the Management's review and, in doing so, consider whether the Management's review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether the Management's review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that the Management's review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statement Act. We did not identify any material misstatement of the Management's review.
Report on other legal and regulatory requirementsCompliance with the Danish Bookkeeping ActIn our opinion, the Company has not complied with the requirements of the Danish Bookkeeping Act regarding storing of a backup copy of accounting records within EU.The Company's Management may be held liable for not adhering to the requirements in the Danish Bookkeeping Act.
Note 1: Accounting policies The Annual Report for the Company has been prepared in accordance with the Danish Financial Statement Act and Danish disclosure requirements for annual reports for accounting class C medium-sized entities. The Annual Report is presented in DKK. All values are rounded to the nearest thousand DKK. The parent of the company is Amgen Inc. The consolidated financial statement of Amgen Inc. can be ac-quired at https://investors.amgen.com/financials/annual-reports. FOREIGN CURRENCY TRANSLATION On initial recognition, foreign currency transactions are translated at the exchange rate at the transaction date. Foreign exchange differences arising between the exchange rate at the transaction date and the rate at the date of payment are recognised in the income statement as financial income or financial expenses. Receivables, liabilities and other monetary items denominated in foreign currency that have not been sett-led at the balance sheet date are translated at closing rates. Foreign exchange differences between the rate of exchange at the date of the transaction and the rate of exchange at the date of payment or the balance sheet date, respectively, are recognised in the income statement under financial items. Income statement Revenue The Company has chosen IFRS 15 as interpretation for revenue recognition. Revenue comprises the fair value of the consideration received or receivable for sales of exclusive license rights and income derived from contract research and other services. Revenue is measured net of dis-counts, value added tax, duties, etc. collected on behalf of a third party. In determining the appropriate amount of revenue to be recognized as it fulfils its obligations under each of its agreements, the company performs the following five steps: (i) identification of the promised services in the contract; (ii) determination of whether the promised services are performance obligations including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the company satisfies each performance obligation. As part of the accounting for these arrangements, the company must develop assumptions that require judgement to determine the stand-alone selling price for each performance obligation identified in the con-tract. The company uses key assumptions to determine the stand-alone selling price, which may include forecasted revenue, development timelines, and probabilities of technical and regulatory success. Licenses of Intellectual Property If the license to the company’s intellectual property is determined to be distinct from the other perfor-mance obligations identified in an out-licensing arrangement, the company recognizes revenue from non-refundable, up-front fees allocated to the license when the license is transferred to the licensee and the licensee can use and benefit from the license. For licenses that are bundled with other promises, the com-pany utilizes judgement to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue from non-refundable, up-front fees. The company evaluates the measure of progress each reporting period and, if necessary, ad-justs the measure of performance and related revenue recognition. Milestone Payments At the inception of each arrangement that includes development milestone payments, the company evalu-ates whether the milestones are considered probable of being reached and estimates the amount to be in-cluded in the transaction price using the most likely amount method. If it is probable that a significant reve-nue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the control of the company or the licensee, such as regulatory approvals, are not considered probable of being achieved until those approvals are received. The transaction price is then allocated to each performance obligation on a relative stand-alone selling price basis, for which the com-pany recognizes revenue as or when the performance obligations under the contract are satisfied. At the end of each subsequent reporting period, the company re-evaluates the probability of achievement of such development milestones and any related constraint, and if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect revenue in the period of adjustment. Contract work Revenue from contract research and licenses that do not transfer the right of ownership to an intangible asset are recognized over time in line with the execution and transfer of the services. The percentage of completion is made up based on the stage of completion on each individual work in progress. Significant License and Collaboration Agreements Amgen In October 2016, Nuevolution entered a research collaboration with Amgen, a multi target research collab-oration in which Amgen has an exclusive option to obtain all rights to successfully developed programs. During early discovery stage, Nuevolution covers all own cost. When Amgen decides to make a contractual opt-in, they will take over all cost including Nuevolution’s cost. At contractual licensing, Amgen obtains ownership of the program and pays an upfront licensing fee of minimum USD 10 million depending on de-velopment stage at licensing. Further development and sales milestones equal up to USD 410 million per program plus tiered royalties on generated sales in case milestones are successfully reached. Following the opt-in Nuevolution is reimbursed for all cost incurred on a …
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