36699051 2025-04-01 2026-03-31 2 36699051 2025-04-01 2026-03-31 2 36699051 2025-04-01 2026-03-31 3 36699051 2025-04-01 2026-03-31 36699051 2024-04-01 2025-03-31 36699051 2026-03-31 36699051 2025-03-31 36699051 2025-04-01 d:AcquiredIntangibleAssetsMember 36699051 2025-04-01 2026-03-31 d:AcquiredIntangibleAssetsMember 36699051 2026-03-31 d:AcquiredIntangibleAssetsMember 36699051 2025-04-01 d:DevelopmentProjectsInProgressMember 36699051 2026-03-31 d:DevelopmentProjectsInProgressMember 36699051 2025-04-01 2026-03-31 d:DevelopmentProjectsInProgressMember 36699051 2025-04-01 d:FixturesFittingsToolsAndEquipmentMember 36699051 2026-03-31 d:FixturesFittingsToolsAndEquipmentMember 36699051 2025-04-01 2026-03-31 d:FixturesFittingsToolsAndEquipmentMember 36699051 2025-04-01 d:ContributedCapitalMember 36699051 2024-04-01 d:ContributedCapitalMember 36699051 2026-03-31 d:ContributedCapitalMember 36699051 2025-03-31 d:ContributedCapitalMember 36699051 2025-04-01 d:RetainedEarningsMember 36699051 2024-04-01 d:RetainedEarningsMember 36699051 2025-04-01 2026-03-31 d:RetainedEarningsMember 36699051 2024-04-01 2025-03-31 d:RetainedEarningsMember 36699051 2026-03-31 d:RetainedEarningsMember 36699051 2025-03-31 d:RetainedEarningsMember 36699051 2025-04-01 2026-03-31 1 36699051 2024-04-01 2025-03-31 1 36699051 2025-04-01 2026-03-31 1 36699051 2025-04-01 2026-03-31 1 36699051 2025-04-01 2026-03-31 2 36699051 2025-04-01 2026-03-31 3 36699051 2023-04-01 2024-03-31 36699051 2022-04-01 2023-03-31 36699051 2021-04-01 2022-03-31 36699051 2024-03-31 36699051 2023-03-31 36699051 2022-03-31 36699051 2025-04-01 2026-03-31 1 36699051 2024-04-01 2025-03-31 1 36699051 2023-04-01 2024-03-31 1 36699051 2022-04-01 2023-03-31 1 36699051 2021-04-01 2022-03-31 1 iso4217:EUR xbrli:pure Årsrapport 34209936 Grant Thornton, Godkendt Revisionspartnerselskab Lautrupsgade, 11 2100, København Ø 2024-04-01 2025-03-31 2025-04-01 2026-03-31 36699051 Atnahs Pharma Denmark ApS Ørestads Boulevard 108, 5. tv. 2300 København S 2015-03-27 Christensen Kjærulff, STATSAUTORISERET REVISIONSAKTIESELSKAB 15915641 Anders Nielsen statsautoriseret revisor mne42832 Østbanegade 123 2100 København Ø Danmark 2026-09-28 Christoph Michael Habereder Regnskabsklasse C, stor virksomhed Revisionspåtegning Ja CaseWare fra Revisorgruppen Danmark anpartshaveren København 2026-09-28 Copenhagen 2026-09-28 Grundlag for konklusion Konklusion The key figures appearing from the survey have been calculated as follows:Gross margin ratio Gross profit x 100 / RevenueProfit margin (EBIT margin) Operating profit or loss (EBIT) x 100 / RevenueAcid test ratio                  Current assets x 100                 / Short term liabilities other than provisionsSolvency ratio Equity, closing balance x 100 / Total assets, closing balanceReturn on equity Net profit or loss for the year x 100 / Average equity 52583756 71428252 22859065 27223003 31324760 42841815 -1600069 1363434 225338 60270 -1825407 1303164 2571394 444680 707144 1684955 38843 62889 26356 15046 12487 47843 12487 47843 287783 508094 2196 6540 289979 514634 3150 3585 3150 3585 293129 518219 8249482 10051277 8249482 10051277 10412614 25179522 11920910 8585237 154777 374345 193215 0 1688712 4560110 24370228 38699214 224012 1966824 32843722 50717315 33136851 51235534 0 6697 6697 2087439 2074952 2094136 2081649 625502 1766448 625502 1766448 6149656 6454321 22540248 37457791 0 568546 1727309 2906779 30417213 47387437 30417213 47387437 33136851 51235534 0 0 707144 1684955 707144 1684955 566710 250 566960 58616 220561 279177 287783 5419 5419 -1121 4344 3223 2196 4345 4345 760 435 1195 3150 6697 6697 6697 6697 2074952 2027109 12487 47843 2087439 2074952 44171 46600 Today, the Board of Directors and the Managing Director have approved the annual report of Atnahs Pharma Denmark ApS for the financial year 1 April 2025 - 31 March 2026. The annual report has been prepared in accordance with the Danish Financial Statements Act. We consider the chosen accounting policy to be appropriate, and in our opinion, the financial statements give a true and fair view of the financial position of the Company at 31 March 2026 and of the results of the Company's operations for the financial year 1 April 2025 – 31 March 2026. Further, in our opinion, the Management's review gives a true and fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the Annual General Meeting. Christoph Michael Habereder Mohammad Muqtadir Samy Christoph Michael Habereder Twan Johannes Anna Nouwen We have audited the financial statements of Atnahs Pharma Denmark ApS for the financial year 1 April 2025 - 31 March 2026, which comprise a summary of significant accounting policies, income statement, balance sheet, statement of changes in equity and notes, for the Company. The financial statements are prepared under 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 March 2026, and of the results of the Company's operations for the financial year 1 April 2025 - 31 March 2026 in accordance with the Danish Financial Statements Act. Basis for OpinionWe conducted our audit in accordance with International Standards on Auditing (ISAs) and the 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 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. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management 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. Our objectives are to obtain reasonable assurance about 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 the 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 these financial statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Den­mark, we exercise professional judgment and maintain professional skepticism 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 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. Statement on Management’s ReviewManagement is responsible for Management’s Review. Our opinion on the financial statements does not cover 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 Management’s Review and, in doing so, consider whether 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 Management’s Review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that 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 Management’s Review. 90522000 69505000 45432000 925000 -2604000 1312000 927000 -2604000 1312000 1864000 -1240000 -901000 5127000 -822000 39000 1978000 490000 67979000 54688000 27000 0 0 4000 141000 124000 2034000 1995000 19000 0 0 0 -3.0 1.9 1.0 -3.7 2.9 -3.5 1.8 1.0 -3.7 2.9 108.0 107.0 103.6 103.3 0 6.3 4.1 3.0 3.6 70.4 0.6 2.3 1.9 196.4 0 Description of key activities of the companyThe Company´s primary activities comprise sale of products in the pharmaceutical and meditechnical industries. Development in activities and financial mattersThe revenue for the year totals EUR 52.583.756 against DKK 71.428.252 last year. Profit or loss from ordinary activities after tax totals EUR 12.487 against DKK 47.843 last year. Management considers the net profit or loss for the year satisfactory. Development for the year relative to the expectationsRevenue has decreased by EUR 18.844.497 in 2025/26 which has been driven by reduced demand in several markets including Italy and Spain where inventory already in the channel was utilised to meet the lower demand of primary and secondary sales, reducing working capital in these markets.  Gross profit has decreased from a profit of EUR 1.363.434 in 2024/25 to a gross loss of EUR 1.600.069 in 2025/26 as a result of transfer pricing recharges. Finance income and expenses has seen a net increase of 623.935 EUR driven by foreign exchange movements in the year. The result for the year is in line with management’s expectation. Expected developmentsHaving made significant progress with its transformation programme during the year, including changes to executive leadership, the rightsizing of the organisation and the optimisation of its commercial investment approach, the company expects only a small number of further leadership appointments to be finalised in the year ahead as the new structure becomes established. The group intends to continue to acquire and licence additional branded medicines as part of its ongoing commercial and M&A strategy. It also continues to invest in its platform, further improving and expanding its sales, regulatory, pharmacovigilance and quality functions, together with its supply chain, IT infrastructure, and finance capabilities. Research and development activitiesThe Group undertakes product development focused on improvements through a dedicated team aligned with its strategy to "Acquire, Licence, Market, Develop and/or Re-Develop". In addition to internal development, the Group also licenses novel pharmaceutical products at the pipeline stage as part of its R&D activities, supporting long-term growth through innovation and strategic partnerships. Events occurring after the end of the financial yearNo events have occured after the balance sheet date which could significantly affect the Company's financial position. Corporate social responsibility report pursuant to section 99 a of the Danish Financial Statements ActGeneral confirmation of Directors’ dutiesThe board has a clear framework for determining the matters within its remit, with defined financial and strategic thresholds, identifying matters requiring board consideration and approval. Robust governance is the foundation of business success, and the group governance framework, including its compliance management system, is firmly embedded across all activities, systems, and business processes. When making decisions, the board and the delegated committees ensure all actions are taken in good faith and promote the long-term success of the group for the benefit of shareholders as a whole. In doing so have regard (among other matters) to: The likely consequence of any decision in the long termThe board understands the business and the evolving environment in which the group operates and strives to deliver high-quality branded prescription medicines to patients, prescribers, and healthcare providers globally. An essential part of the group’s strategy in FY26 was to revive and improve pharmaceutical products using a range of proven approaches including, re-formulations, repurposing, market expansion, and many other efficiency enhancements. The group strongly believes that improving essential medicines, supporting all aspects of their use and managing their life cycle, offers huge benefits to patients, prescribers, and health systems. During FY26, the board approved a refinement of the business strategy to focus resources on opportunities for in-licensing and the development of NCEs, within the established therapeutic areas (TAs). This decision was informed by stakeholder feedback, market analysis, and long-term value considerations. This has since been revised further following the appointment of a new group CEO, Stephan Eder, in October 2025 – with the strategy now focused on growing the innovative specialty medicine portfolio either through in-licensing or acquisition while continuing to manage trusted established brands. The interests of the Group’s employeesThe board recognises that the group’s employees are fundamental to delivering the group’s strategic ambitions. The success of the business depends on attracting, retaining, and motivating talent through progression, development, and compensation. From ensuring that the group remains a responsible employer, pay and benefits to health, safety and workplace environment, the board factors the implications of decisions on employees and the wider workforce, where relevant and feasible. Following a change of executive management in October 2025 there has been a renewed focus on embedding a culture that encourages care, transparency, and ownership. Inter alia, a new talent and reward philosophy has been developed and launched which covers goal setting, performance review process, talent calibration, annual merit process, recognition, and bonus plan. The newly appointed Chief People and Culture Officer will continue to build on this foundation, following their appointment in June 2026. The board receives regular updates on employee engagement, culture metrics, and workforce sentiment, enabling it to incorporate employee perspectives into decision making. Based on the employee survey conducted in September 2025, several concrete initiatives have been implemented, e.g. a culture committee consisting of employees from different departments has been established to support driving cultural initiatives in areas such as people practices, communications, and wellbeing within the organisation. Moreover, manager coaching and performance workshops have been delivered and the values and behaviours playbook has been finalised and will be rolled out to the organisation. The next employee survey is planned to be conducted in September/October 2026 to receive feedback from employees and to monitor progress on initiatives. The need to foster the Group’s business relationships with suppliers, customers and othersDelivering the group’s strategy requires strong mutually beneficial relationships with manufacturers, distributors, and regulatory bodies. The group seeks to engage with business partners who share its values and behaviours. The business partner onboarding due diligence programme incorporates reputational screening, inclusive of anti-bribery and corruption (ABC), human rights and modern slavery, PEP validations, and sanction reviews, supported by a balanced scorecard and risk-based evaluation. All business partners are continually monitored, for changes in status. The board promotes transparency, honesty, and integrity in dealings with stakeholders, and continuously checks to ensure the group acts on these principles. These principles extend to its collaborative relationships and regular contact by senior management with partners and enables the group to build long term strategic relationships. Focus remains on a robust and formal performance, conformance, compliance and collaboration (PC3) program that continuously evaluates the productivity and behaviours of our selected business partners, both within our supply chain and distribution networks. As a pharmaceutical business, the board prioritises regulatory compliance and seeks to have transparent and cooperative relationships with all regulatory authorities. The impact of the company’s operations on the community and the environmentThe board takes its responsibilities to patients, prescribers, and regulators seriously and ensures that it applies good distribution practice (GDP) without exception. As well as complying with all the legal and regulatory frameworks that apply, Pharmanovia recognises the importance of sustainability and the value that can be achieved from proactive action within the pharmaceutical manufacturing sector and more importantly the leading example we can set. In line with its net zero science based target (SBTi), Pharmanovia has again calculated all three scopes of its carbon emissions. Adoption of renewable electricity across all offices has eliminated office related scope 2 emissions. While decreases in group sales have resulted in small decreases of scope 3 emissions, attributable primarily to additional partners setting their own SBTi targets, the group remains on track to achieve its scope 3 engagement target. Further information about the ESG agenda, Pharmanovia’s sustainability efforts and the progress of its net zero workstreams can be found within the Pharmanovia sustainability reports published on the responsibility page of its corporate website www.pharmanovia.com. The desirability of the company maintaining a reputation for high standards of business conductThe board is committed to maintaining high ethical standards of conduct by all employees and contractors operating on our behalf. Built on a foundation of honesty, transparency and integrity, the group has migrated the employee code of conduct and all supporting policies onto Navex, the compliance management system. All policies include a mandatory test of understanding of which the employees must achieve a pass mark of 100%. Current completion rates for all published policies sits at 99.8%. The need to act fairly as between members of the companyThe board acknowledges its responsibility to act fairly between the company’s members. After weighing up all relevant factors, the board considers which course of action best promotes the long-term success of the group, taking into consideration the impact on stakeholders. Stakeholders are identified and assessed as part of the annual materiality assessment, which is periodically reviewed by a third party to ensure independent validation. External environmentWe have identified six workstreams for achieving our Net Zero target which were approved by the Science Based Targets initiative in 2022. The workstreams focus on scope 3 and include Air to Sea freight transportation, distribution innovation and sustainable procurement. Due to its business model, the Company acknowledges that its success will be dependent upon its partnerships, with other organisations who have made similar net zero commitments. Further information about the ESG agenda, Pharmanovia’s sustainability efforts and the progress of its net zero workstreams can be found within the Pharmanovia Sustainability Reports published on the Responsibility page of its corporate website www.pharmanovia.com.  CultureThe group’s primary responsibility is to its patients. It commits to adhere to the highest standards of medical practice and to delivering high-quality medicines. It aims to be a responsible business that acts fairly, honestly and with the utmost integrity at all times. It also endeavours to manage its supply chain responsibly and to provide equal opportunities to its employees, to welcome different viewpoints and perspectives and to create a workplace free from harassment and bullying. The group has continued to nurture its relationship with Sponsors for Educational Opportunity (SEO) London, a UK-registered charity delivering superior educational, training, and mentoring support to young people from low socioeconomic and ethnic minority backgrounds, and in addition to the Pharmanovia organised student insight days, the group has granted interested employees the time to provide support at other events sponsored by SEO that look to enhance and enrich the employability skills of the students within the programme. Stakeholder engagementThe board recognises the vital role the group plays in meeting the needs of patients and prescribers. Success will be achieved through collaboration with its distributors, manufacturers, regulatory authorities, investors, and other key stakeholders - the Pharmanovia PC3 program is operated across all strategic partnerships, to facilitate this success. Human rights, Anti-corruption, and briberyThe company has an anti-bribery policy in place as well as a Code of Conduct covering policies on human rights, laws and other practices. All employees are provided with this upon joining the company and are required to complete training related to this which also includes set procedures on how to report any non-compliance. All of these policies are maintained and monitored by the Head of Compliance. There were no reported instances of non-compliance during the year, this will continue to be regularly monitored into future periods. Policies for the underrepresented genderThe company is managed by the Group through the Directors. Therefore, no policy for gender diversity has been prepared. Report on the company’s policy on data ethics according to section 99 d of the Danish Financial Statements ActData ethicsAtnahs Pharma Denmark ApS commitment to upholding the highest ethical and professional standards is reflected in our Code of Conduct as well as other internal policies, standards and guidance. We do not have a standalone data ethics policy, but the ethics standards found in these policies extend to data and data ethics. Data ethics is a core principle of such materials and is executed in our work. The annual report for Atnahs Pharma Denmark ApS has been presented in accordance with the Danish Financial Statements Act regulations concerning reporting class C enterprises (large enterprises).   The accounting policies are unchanged from the previous year, and the annual report is presented in euro (EUR). Pursuant to section 86 (4) of the Danish Financial Statements Act, no statement of cash flows for the enterprise has been prepared, as the relevant information is included in the consolidated financial statements of Atnahs Pharma UK Limited. Recognition and measurement in generalIncome is recognised in the income statement concurrently with its realisation, including the recognition of value adjustments of financial assets and liabilities. Likewise, all costs are recognised in the income statement, including depreciations amortisations, write-downs for impairment, provisions, and reversals due to changes in estimated amounts previously recognised in the income statement. Assets are recognised in the statement of financial position when it seems probable that future economic benefits will flow to the company and the value of the asset can be reliably measured. Liabilities are recognised in the statement of financial position when it is seems probable that future economic benefits will flow out of the company and the value of the liability can be reliably measured. Assets and liabilities are measured at cost at the initial recognition. Hereafter, assets and liabilities are measured as described below for each individual accounting item. Certain financial assets and liabilities are measured at amortised cost, allowing a constant effective interest rate to be recognised during the useful life of the asset or liability. Amortised cost is recognised as the original cost less any payments, plus/less accrued amortisations of the difference between cost and nominal amount. In this way, capital losses and gains are allocated over the useful life of the liability. Upon recognition and measurement, allowances are made for such predictable losses and risks which may arise prior to the presentation of the annual report and concern matters that exist on the reporting date. Foreign currency translationTransactions in foreign currency are translated by using the exchange rate prevailing at the date of the transaction. Differences in the rate of exchange arising between the rate at the date of transaction and the rate at the date of payment are recognised in the profit and loss account as an item under net financials. If currency positions are considered to hedge future cash flows, the value adjustments are recognised directly in equity in a fair value reserve. Receivables, payables, and other foreign currency monetary items are translated using the closing rate. The difference between the closing rate and the rate at the time of the occurrence or initial recognition in the latest financial statements of the receivable or payable is recognised in the income statement under financial income and expenses. Fixed assets acquired and paid for in foreign currency are measured at the exchange rate prevailing at the date of  the transaction. RevenueRevenue arises mainly from contracts with customers to supply them with goods and the right to distribute the goods.  The Company operates various distribution models as described further below. To determine whether to recognise revenue, the Company follows a 5-step process:Identifying the contract with a customerIdentifying the performance obligationsDetermining the transaction priceAllocating the transaction price to the performance obligationsRecognising revenue when/as performance obligation(s) are satisfied. Supply of goods and licence to distributeConsignment, Export and Profit Share salesThe Company has the responsibility to provide and supply goods to the customer. The Company also provides a fully paid up non-exclusive and non-transferable licence to the customer for the sole purpose of enabling the customer to provide the Company with distribution services. Performance obligationsFor each revenue stream noted above, one bundled performance obligation exists for the Company to provide the customer with a licence to distribute goods, and the goods to be distributed. Transaction price and its allocationThe products provided to the customer have both fixed and variable elements to the transaction price. Variable consideration is in the form of: For Consignment Sales, Export Sales and Vendor Sales, the customer is entitled to discounts and the right to return products.   For Profit Share sales, the Group is entitled to 50% of the customer’s profit on their sale of goods to an end customer. The Company estimates its variable revenue based on the expected value method using either historic data or actual sales reports.  The amount of revenue recognised is constrained to an amount that will not result in a material reversal of revenue. The Company applied its judgment to determine the amount of revenue constrained is zero as at 31 March 2026 (2025: None). Two significant elements of variable revenue include: Rebates - The Company offers rebates and discounts to customers which are treated as variable consideration under IFRS 15. Rebates are estimated at the time of sale and deducted from revenue. These estimates are reviewed and adjusted regularly based on updated information.   Returns - The Company provides for estimated stock returns based on historical and forecasted return patterns and contractual rights. A provision is recognised to reduce revenue for expected returns at the time of sale. This estimate is reviewed and adjusted regularly to reflect actual return experience. Recognising Revenue when (or as) the entity satisfies a performance obligationThe Company transfers control of the performance obligation at the point in time when:For Consignment sales, the customer sells the goods on to an end customer.   For Export sales, the goods are delivered to the customer’s named place on shipment date per Inco terms.   For Profit Share sales, the goods are delivered to the customer’s named place on shipment date per Inco terms. The Company recognises contract liabilities for consideration received in respect of unsatisfied performance obligations and reports these amounts as trade and other payables in the statement of financial position. If the Company satisfies a performance obligation before it receives the consideration, the Company recognises either a contract asset or a receivable in its statement of financial position, nothing else is required other than the passage of time before the consideration is due. Cost of salesCost of sales comprises costs concerning purchase of goods for resale, consumables less discounts and changes in inventories. Other external costsOther external costs comprise costs incurred for distribution, sales, advertising, administration, loss on receivables, and operational leasing costs. Depreciation, amortisation, and write-down for impairmentDepreciation, amortisation, and write-down for impairment comprise depreciation, amortisation, and write-down for the year and profit and loss on the disposal of intangible and tangible assets. Financial income and expensesFinancial income and expenses are recognised in the income statement with the amounts concerning the financial year. Financial income and expenses comprise interest income and expenses, realised and unrealised capital gains and losses relating to securities, debt and transactions in foreign currency, amortisation of financial assets and liabilities as well as surcharges and reimbursements under the advance tax scheme, etc. Tax on net profit or loss for the yearTax for the year comprises the current income tax for the year and changes in deferred tax and is recognised in the income statement with the share attributable to the net profit or loss for the year and directly in equity with the share attributable to entries directly in equity.  The company is subject to Danish rules on compulsory joint taxation of Danish group enterprises. The current Danish income tax is allocated among the jointly taxed companies proportional to their respective taxable income (full allocation with reimbursement of tax losses). Intangible assetsDevelopment projects, patents, and licencesDevelopment costs and internally generated rights are recognised in the income statement as costs in the acquisition year. Patents and licenses are measured at cost less accrued amortisation. Patents are amortised on a straightline basis over the remaining patent period and licenses are amortised over the contract period, however, for a maximum of 10 years. Profit and loss from the sale of development projects, patents, and licenses are measured as the difference between the sales price less sales costs and the carrying amount at the time of sale. Profit or loss is recognised in the income statement under amortisation and write-down for impairment. Property, plant, and equipmentProperty, plant, and equipment are measured at cost less accrued depreciation and write-down for impairment. The depreciable amount is cost less any expected residual value after the end of the useful life of the asset. The amortisation period and the residual value are determined at the acquisition date and reassessed annually. If the residual value exceeds the carrying amount, the depreciation is discontinued. If the amortisation period or the residual value is changed, the effect on amortisation will, in future, be recognised as a change in the accounting estimates. The cost comprises acquisition cost and costs directly associated with the acquisition until the time when the asset is ready for use. The cost of a total asset is divided into separate components. These components are depreciated separately, the useful lives of each individual components differing, and the individual component representing a material part of the total cost. Depreciation is done on a straight-line basis according to an assessment of the expected useful life: Useful lifeOther fixtures and fittings, tools and equipment3-5years Minor assets with an expected useful life of less than 1 year are recognised as costs in the income statement in the year of acquisition. Profit or loss derived from the disposal of property, land, and equipment is measured as the difference between the sales price less selling costs and the carrying amount at the date of disposal. Profit or loss is recognised in the income statement under depreciation. Impairment loss relating to non-current assetsThe carrying amount of both intangible and tangible fixed assets are subject to annual impairment tests in order to disclose any indications of impairment beyond those expressed by amortisation and depreciation respectively. If indications of impairment are disclosed, impairment tests are carried out for each individual asset or group of assets, respectively. write-down for impairment is done to the recoverable amount if this value is lower than the carrying amount. The recoverable amount is the higher value of value in use and selling price less expected selling cost. The value in use is calculated as the present value of the expected net cash flows from the use of the asset or the asset group and expected net cash flows from the sale of the asset or the asset group after the end of their useful life. Previously recognised impairment losses are reversed when conditions for impairment no longer exist. Impairment relating to goodwill is not reversed. InventoriesInventories are measured at cost on the basis of weighted measured average prices. In cases when the net realisable value is lower than the cost, the latter is written down for impairment to this lower value. Costs of goods for resale, and consumables comprise acquisition costs plus delivery costs. The net realisable value for inventories is recognised as the estimated selling price less costs of completion and selling costs. The net realisable value is determined with due consideration of negotiability, obsolescence, and the development of expected market prices. ReceivablesReceivables are measured at amortised cost, which usually corresponds to nominal value. The measurement of expected credit losses on financial assets involves significant estimation and judgement. Management considers historical loss experience, current economic conditions, and forward-looking information to estimate the probability of default and loss given default. These estimates require assumptions about future macroeconomic factors and customer creditworthiness. Changes in these assumptions may lead to variations in the provision for credit losses, affecting the carrying amounts of financial assets. Cash and cash equivalentsCash and cash equivalents comprise cash at bank. Income tax and deferred taxCurrent tax liabilities and current tax receivable are recognised in the statement of financial position as calculated tax on the taxable income for the year, adjusted for tax of previous years' taxable income and for tax paid on account. The company is jointly taxed with consolidated Danish companies. The current corporate income tax is distributed between the jointly taxed companies in proportion to their taxable income and with full distribution with reimbursement as to tax losses. The jointly taxed companies are comprised by the Danish tax prepayment scheme. Joint taxation contributions payable and receivable are recognised in the statement of financial position as ”Tax receivables from group enterprises" or "Income tax payable to group enterprises" According to the rules of joint taxation, Atnahs Pharma Denmark ApS is unlimitedly, jointly, and severally liable to pay the Danish tax authorities the total income tax, including withholding tax on interest, royalties, and dividends, arising from the jointly taxed group of companies. Deferred tax is measured on the basis of temporary differences in assets and liabilities with a focus on the statement of financial position. Deferred tax is measured at net realisable value. Deferred tax is measured based on the tax rules and tax rates applying under the legislation prevailing in the respective countries on the reporting date when the deferred tax is expected to be released as current tax. Changes in deferred tax due to changed tax rates are recognised in the income statement, except for items included directly in the equity. Deferred tax assets, including the tax value of tax losses allowed for carryforward, are recognised at the value at which they are expected to be realisable, either by settlement against tax of future earnings or by set-off in deferred tax liabilities within the same legal tax unit. Any deferred net tax assets are measured at net realisable value. Return provisionsThe Company provides for estimated stock returns based on historical and forecasted return patterns and contractual rights. A provision is recognised to reduce revenue for expected returns at the time of sale. This estimate is reviewed and adjusted on a continuous basis to reflect the latest estimates and changes to forecasts, external market factors and known returns. Liabilities other than provisionsOther liabilities concerning payables to suppliers, group enterprises, and other payables are measured at amortised cost which usually corresponds to the nominal value. Disclosure of assumptions related to development projects 11.Deferred tax assetsDeferred tax assets 1 April 2025374.345154.915Deferred tax of the results for the year-219.568219.430 154.777374.345 At 31 March 2026, the enterprise has recognised a deferred tax asset of EUR 154.777. The deferred tax asset relates to deductible temporary differences arising from prepayments on intangible assets, including know-how, concessions, patents and licences, as well as accounting provisions for liabilities.   14.Contractual obligations and contingencies, etc.Joint taxationWith Pharmanovia A/S, company reg. no 32287824 as administration company, the company is subject to the Danish scheme of joint taxation and unlimitedly, jointly, and severally liable, along with the other jointly taxed companies, for the total corporation tax. The company is unlimitedly, jointly, and severally liable, along with the other jointly taxed companies, for any obligations to withhold tax on interest, royalties, and dividends. The jointly taxed enterprises' total known net liability to the Danish tax authorities emerges from the financial statements of the administration company. Any subsequent adjustments of corporate taxes or withholding tax, etc., may result in changes in the company's liabilities. 15.Related partiesControlling interest Atnahs Pharma UK Limited,  Sovereign House, Miles Gray Road, Basildon, Essex SS14 3FR, Storbritannien (GB)Majority shareholder Atnahs Pharma UK Limited holds the majority of the contributed capital in the company. Atnahs Pharma Denmark ApS is part of the consolidated financial statements of Atnahs Pharma UK Limited, Sovereign House, Miles Gray Road, Basildon, Essex, SS14 3FR, England, which is the smallest group, in which the company is included as a subsidiary. The consolidated financial statements of Atnahs Pharma UK Limited can be obtained by contacting the company at the address above.   TransactionsDisclosure of related party transactions: 2025/262024/25 Revenue from related parties5.598.3433.142.358 Purchase of goods from related parties-5.405.675-2.808.718 Recharges to related parties2.469.7831.170.328 Recharges from related parties-21.409.107-35.590.614