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	2015 - 2019
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	2015 - 2019
Net Income	3,809	3,143	2,290	1,916	1,318	1,581	Upgrade
Depreciation & Amortization	1,781	1,876	2,012	1,807	1,707	1,993	Upgrade
Asset Writedown & Restructuring Costs	547	547	-	4	3	800	Upgrade
Other Operating Activities	192	726	707	197	-451	-519	Upgrade
Change in Accounts Receivable	-630	-630	-167	-504	796	-428	Upgrade
Change in Inventory	497	497	-760	-979	-828	-265	Upgrade
Change in Other Net Operating Assets	-2,790	-2,833	-2	1,078	-273	675	Upgrade
Operating Cash Flow	3,406	3,326	4,080	3,519	2,272	3,837	Upgrade
Operating Cash Flow Growth	-37.17%	-18.48%	15.94%	54.89%	-40.79%	47.07%	Upgrade
Capital Expenditures	-571	-508	-277	-371	-410	-364	Upgrade
Sale of Property, Plant & Equipment	5	5	3	4	2	1	Upgrade
Cash Acquisitions	-15,704	-15,704	-	-1,076	-	-	Upgrade
Sale (Purchase) of Intangibles	-57	-57	-224	-449	-202	-114	Upgrade
Investment in Securities	978	978	-	-	-	10	Upgrade
Investing Cash Flow	-15,349	-15,286	-498	-1,892	-610	-467	Upgrade
Long-Term Debt Issued	-	12,458	-	1,234	400	3,701	Upgrade
Long-Term Debt Repaid	-	-89	-1,466	-1,179	-3,205	-5,252	Upgrade
Net Debt Issued (Repaid)	8,102	12,369	-1,466	55	-2,805	-1,551	Upgrade
Issuance of Common Stock	-	-	-	-	-	1	Upgrade
Repurchase of Common Stock	-46	-46	-43	-45	-34	-29	Upgrade
Common Dividends Paid	-943	-694	-576	-397	-497	-815	Upgrade
Financing Cash Flow	7,140	11,629	-2,085	-387	-3,336	-2,394	Upgrade
Foreign Exchange Rate Adjustments	-40	-15	-35	29	29	-60	Upgrade
Net Cash Flow	-4,843	-346	1,462	1,269	-1,645	916	Upgrade
Free Cash Flow	2,835	2,818	3,803	3,148	1,862	3,473	Upgrade
Free Cash Flow Growth	-45.06%	-25.90%	20.81%	69.07%	-46.39%	54.15%	Upgrade
Free Cash Flow Margin	11.77%	12.81%	19.10%	17.25%	11.42%	19.65%	Upgrade
Free Cash Flow Per Share	2.86	2.84	3.83	3.17	1.88	3.50	Upgrade
Cash Interest Paid	91	91	156	643	200	298	Upgrade
Cash Income Tax Paid	1,036	583	466	-71	449	325	Upgrade
Levered Free Cash Flow	4,857	4,556	3,141	587.13	3,087	2,820	Upgrade
Unlevered Free Cash Flow	5,163	4,627	3,174	651.5	3,183	2,933	Upgrade
Change in Working Capital	-2,923	-2,966	-929	-405	-305	-18	Upgrade

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.