Zealand Pharma 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	6,543	-1,079	-703.74	-1,202	-1,018	-846.73
Depreciation & Amortization	22.94	23.12	20.12	101.57	27.82	42.69
Other Amortization	16.49	16.49	1.2	1.34	-	-
Asset Writedown & Restructuring Costs	-	-	4.71	-0.7	6.52	-
Stock-Based Compensation	110.58	87.03	61.43	52.29	53.5	30.49
Other Operating Activities	1,004	-101.01	138.51	81.67	-130.47	-12.98
Change in Accounts Receivable	-30.04	-48.96	-6.76	26.64	-64.49	-7.72
Change in Inventory	0.8	-2.76	9.34	18.22	-52.77	-14.4
Change in Accounts Payable	-193.23	89.92	39.84	21.55	-49.06	119.94
Change in Other Net Operating Assets	-80.82	84.19	9.68	-56.25	-	-
Operating Cash Flow	7,394	-930.82	-425.67	-942.31	-1,212	-688.72
Capital Expenditures	-17.7	-10.05	-11.24	-11.71	-22.13	-25.04
Cash Acquisitions	-	-	-	-	-	-167.79
Sale (Purchase) of Intangibles	-4.43	-3.1	-12.51	-	-	-
Investment in Securities	-1,702	-7,320	-1,070	186.58	-	-
Other Investing Activities	-	-	-	106.39	4.01	-3.97
Investing Cash Flow	-1,724	-7,333	-1,094	281.26	-18.12	-196.81
Long-Term Debt Issued	-	369.87	-	-	647.91	-
Long-Term Debt Repaid	-	-16.44	-543.43	-449.81	-14.72	-29.22
Net Debt Issued (Repaid)	-18.77	353.43	-543.43	-449.81	633.19	-29.22
Issuance of Common Stock	32.61	8,523	1,564	1,085	775.05	832.87
Repurchase of Common Stock	-407.17	-351.83	-41.6	-	-28.59	-
Other Financing Activities	-0.1	-236.58	-71.91	-47.35	-46.9	-42.71
Financing Cash Flow	-393.43	8,288	907.01	587.5	1,333	760.94
Foreign Exchange Rate Adjustments	-60.57	6.23	-7.24	13.68	66.22	3.74
Net Cash Flow	5,216	30.99	-619.92	-59.87	168.88	-120.84
Free Cash Flow	7,377	-940.87	-436.91	-954.02	-1,234	-713.76
Free Cash Flow Margin	80.57%	-1500.80%	-127.46%	-917.45%	-1136.94%	-371.75%
Free Cash Flow Per Share	103.30	-14.16	-7.72	-20.65	-28.79	-18.60
Cash Interest Paid	16.8	24.03	25.25	34.12	3.3	4.56
Cash Income Tax Paid	-	-11.16	-11.3	-9.28	41.63	-
Levered Free Cash Flow	5,240	-736.41	-228.98	-384.08	-589.73	-342.47
Unlevered Free Cash Flow	5,245	-728.89	-213.78	-349.29	-587.18	-311.65
Change in Working Capital	-303.29	122.38	52.1	10.16	-166.33	97.82

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