H. Lundbeck Cash Flow Statement

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

Millions DKK. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	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	3,192	3,143	2,290	1,916	1,318
Depreciation & Amortization	1,865	1,876	2,012	1,807	1,707
Asset Writedown & Restructuring Costs	644	547	-	4	3
Other Operating Activities	53	726	707	197	-451
Change in Accounts Receivable	-501	-630	-167	-504	796
Change in Inventory	-355	497	-760	-979	-828
Change in Other Net Operating Assets	583	-2,833	-2	1,078	-273
Operating Cash Flow	5,481	3,326	4,080	3,519	2,272
Operating Cash Flow Growth	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
Cash Acquisitions	-	-15,704	-	-1,076	-
Sale (Purchase) of Intangibles	-64	-57	-224	-449	-202
Investment in Securities	-	978	-	-	-
Investing Cash Flow	-611	-15,286	-498	-1,892	-610
Long-Term Debt Issued	3,716	12,458	-	1,234	400
Long-Term Debt Repaid	-8,815	-89	-1,466	-1,179	-3,205
Net Debt Issued (Repaid)	-5,099	12,369	-1,466	55	-2,805
Repurchase of Common Stock	-20	-46	-43	-45	-34
Common Dividends Paid	-943	-694	-576	-397	-497
Financing Cash Flow	-6,062	11,629	-2,085	-387	-3,336
Foreign Exchange Rate Adjustments	-39	-15	-35	29	29
Net Cash Flow	-1,231	-346	1,462	1,269	-1,645
Free Cash Flow	4,927	2,818	3,803	3,148	1,862
Free Cash Flow Growth	74.84%	-25.90%	20.81%	69.07%	-46.39%
Free Cash Flow Margin	20.00%	12.81%	19.10%	17.25%	11.42%
Free Cash Flow Per Share	4.97	2.84	3.83	3.17	1.88
Cash Interest Paid	563	91	156	643	200
Cash Income Tax Paid	1,422	583	466	-71	449
Levered Free Cash Flow	3,939	4,463	3,141	587.13	3,087
Unlevered Free Cash Flow	4,260	4,533	3,174	651.5	3,183
Change in Working Capital	-273	-2,966	-929	-405	-305

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