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 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	5,732	5,275	3,270	3,195	2,852	2,010
Depreciation & Amortization	-	1,865	1,876	2,012	1,811	1,710
Stock-Based Compensation	-	44	45	38	30	37
Other Adjustments	1,165	-8	1,684	230	-840	-731
Change in Receivables	-	-501	-630	-167	-504	796
Changes in Inventories	-	-355	497	-760	-979	-828
Changes in Income Taxes Payable	-1,728	-1,422	-583	-466	71	-449
Changes in Other Operating Activities	-841	583	-2,833	-2	1,078	-273
Operating Cash Flow	5,448	5,481	3,326	4,080	3,519	2,272
Operating Cash Flow Growth	81.78%	64.79%	-18.48%	15.94%	54.89%	-40.79%
Capital Expenditures	-	-554	-508	-277	-371	-410
Sale of Property, Plant & Equipment	-	7	5	3	4	2
Purchases of Intangible Assets	-	-64	-57	-224	-449	-202
Proceeds from Sale of Investments	-	-	978	-	-	-
Cash Acquisitions	-	-	-15,704	-	-1,076	-
Other Investing Activities	-414	-	-	-	-	-
Investing Cash Flow	-616	-611	-15,286	-498	-1,892	-610
Long-Term Debt Issued	3,716	3,716	12,458	-	1,234	400
Long-Term Debt Repaid	-7,985	-8,815	-89	-1,466	-1,179	-3,205
Net Long-Term Debt Issued (Repaid)	-4,269	-5,099	12,369	-1,466	55	-2,805
Repurchase of Common Stock	-	-20	-46	-43	-45	-34
Net Common Stock Issued (Repurchased)	-	-20	-46	-43	-45	-34
Common Dividends Paid	-1,141	-943	-694	-576	-397	-497
Other Financing Activities	-129	-	-	-	-	-
Financing Cash Flow	-5,557	-6,062	11,629	-2,085	-387	-3,336
Foreign Exchange Rate Adjustments	-16	-39	-15	-35	29	29
Net Cash Flow	-725	-1,192	-331	1,497	1,240	-1,674