H. Lundbeck Cash Flow Statement

Financials in millions DKK. Fiscal year is January - December.

Millions DKK. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	3,809	3,143	2,290	1,916	1,318	1,581
Depreciation & Amortization	1,781	1,876	2,012	1,807	1,707	1,993
Asset Writedown & Restructuring Costs	547	547	-	4	3	800
Other Operating Activities	192	726	707	197	-451	-519
Change in Accounts Receivable	-630	-630	-167	-504	796	-428
Change in Inventory	497	497	-760	-979	-828	-265
Change in Other Net Operating Assets	-2,790	-2,833	-2	1,078	-273	675
Operating Cash Flow	3,406	3,326	4,080	3,519	2,272	3,837
Operating Cash Flow Growth	-37.17%	-18.48%	15.94%	54.89%	-40.79%	47.07%
Capital Expenditures	-571	-508	-277	-371	-410	-364
Sale of Property, Plant & Equipment	5	5	3	4	2	1
Cash Acquisitions	-15,704	-15,704	-	-1,076	-	-
Sale (Purchase) of Intangibles	-57	-57	-224	-449	-202	-114
Investment in Securities	978	978	-	-	-	10
Investing Cash Flow	-15,349	-15,286	-498	-1,892	-610	-467
Long-Term Debt Issued	-	12,458	-	1,234	400	3,701
Long-Term Debt Repaid	-	-89	-1,466	-1,179	-3,205	-5,252
Net Debt Issued (Repaid)	8,102	12,369	-1,466	55	-2,805	-1,551
Issuance of Common Stock	-	-	-	-	-	1
Repurchase of Common Stock	-46	-46	-43	-45	-34	-29
Common Dividends Paid	-943	-694	-576	-397	-497	-815
Financing Cash Flow	7,140	11,629	-2,085	-387	-3,336	-2,394
Foreign Exchange Rate Adjustments	-40	-15	-35	29	29	-60
Net Cash Flow	-4,843	-346	1,462	1,269	-1,645	916
Free Cash Flow	2,835	2,818	3,803	3,148	1,862	3,473
Free Cash Flow Growth	-45.06%	-25.90%	20.81%	69.07%	-46.39%	54.15%
Free Cash Flow Margin	11.77%	12.81%	19.10%	17.25%	11.42%	19.65%
Free Cash Flow Per Share	2.86	2.84	3.83	3.17	1.88	3.50
Cash Interest Paid	91	91	156	643	200	298
Cash Income Tax Paid	1,036	583	466	-71	449	325
Levered Free Cash Flow	4,857	4,556	3,141	587.13	3,087	2,820
Unlevered Free Cash Flow	5,163	4,627	3,174	651.5	3,183	2,933
Change in Working Capital	-2,923	-2,966	-929	-405	-305	-18

Source: S&P Global Market Intelligence. Standard template. Financial Sources.