Novo Nordisk 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	103,773	100,988	83,683	55,525	47,757	42,138
Depreciation & Amortization	13,339	8,290	7,076	6,553	5,452	5,403
Other Amortization	255	255	213	-	-	-
Asset Writedown & Restructuring Costs	8,024	10,562	2,124	809	573	350
Loss (Gain) From Sale of Investments	-5,079	-5,079	-556	2,572	-	195
Loss (Gain) on Equity Investments	17	17	-81	189	-	-149
Stock-Based Compensation	2,289	2,289	2,149	1,539	-	823
Other Operating Activities	18,780	15,641	27,680	17,235	10,281	7,544
Change in Accounts Receivable	-7,179	-7,179	-14,210	-9,917	-12,909	-2,822
Change in Inventory	-9,038	-9,038	-7,423	-4,767	-1,085	-895
Change in Accounts Payable	3,240	3,240	10,019	6,717	3,153	-641
Change in Other Net Operating Assets	-4,637	982	-1,766	2,432	1,778	5
Operating Cash Flow	123,784	120,968	108,908	78,887	55,000	51,951
Operating Cash Flow Growth	4.71%	11.07%	38.06%	43.43%	5.87%	11.05%
Capital Expenditures	-57,812	-47,164	-25,806	-12,146	-6,335	-5,825
Sale of Property, Plant & Equipment	-1	-	-	-	-	7
Cash Acquisitions	-81,495	-82,163	-	-7,075	-18,283	-
Sale (Purchase) of Intangibles	-5,022	-4,145	-13,090	-2,607	-1,050	-16,256
Investment in Securities	16,768	4,577	-4,996	-3,090	-5,941	-380
Other Investing Activities	-	-	-	-	4	18
Investing Cash Flow	-127,562	-128,895	-43,892	-24,918	-31,605	-22,436
Long-Term Debt Issued	-	79,391	-	11,215	22,160	5,682
Long-Term Debt Repaid	-	-6,335	-1,467	-13,623	-6,689	-950
Net Debt Issued (Repaid)	39,602	73,056	-1,467	-2,408	15,471	4,732
Repurchase of Common Stock	-8,879	-20,181	-29,924	-24,086	-19,447	-16,855
Common Dividends Paid	-51,763	-44,140	-31,767	-25,303	-21,517	-20,121
Financing Cash Flow	-21,040	8,735	-63,158	-51,797	-25,493	-32,244
Foreign Exchange Rate Adjustments	-116	455	-119	-238	591	-456
Net Cash Flow	-24,934	1,263	1,739	1,934	-1,507	-3,185
Free Cash Flow	65,972	73,804	83,102	66,741	48,665	46,126
Free Cash Flow Growth	-15.15%	-11.19%	24.51%	37.14%	5.50%	21.87%
Free Cash Flow Margin	20.90%	25.41%	35.78%	37.72%	34.56%	36.34%
Free Cash Flow Per Share	14.83	16.54	18.49	14.69	10.56	9.86
Cash Interest Paid	2,502	612	491	272	261	422
Cash Income Tax Paid	21,976	29,636	25,897	14,515	14,438	10,106
Levered Free Cash Flow	34,548	61,989	54,547	57,496	43,897	16,964
Unlevered Free Cash Flow	39,548	63,014	54,885	57,732	44,078	17,208
Change in Working Capital	-17,614	-11,995	-13,380	-5,535	-9,063	-4,353

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