Novo Nordisk A/S

CPSE-NOVO B

Operating Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Net Income	103,773	100,988	83,683	55,525	47,757	42,138	38,951	38,628	38,130	37,925	34,860
Net Profit
Depreciation & Amortization	21,618	19,107	9,413	7,362	6,025	5,753	5,661	3,925	3,182	3,193	2,959
Depreciation, Amortisation and Impairment Losses
Other Adjustments	38,710	41,232	54,508	36,046	24,739	18,841	16,634	15,085	12,577	13,755	12,005
Adjustment for Non-Cash Items
Income Taxes in the Income Statement
Net Interest, Income/Expense
NNIT Non-Recurring Income Included in 'Other Operating Income'
Other Non-Cash Items
Interest Income and Interest Paid (Net)
Changes in Trade Receivables	—	—	—	—	—	—	—	—	—	—	—
Change in Trade Receivables and Other Receivables
Change in Trade Receivables and Other Current Assets
Changes in Inventories	—	—	—	—	—	—	—	—	—	—	—
Change in Inventories
Change in Inventories
Changes in Accounts Payable	—	—	—	—	—	—	—	—	—	—	—
Change in Trade Payables and Other Current Liabilities
Changes in Other Operating Activities	-40,317	-40,359	-38,696	-20,046	-23,521	-14,781	-14,464	-13,022	-12,721	-6,559	-11,537
Change in Working Capital
Currency Translation
Income Taxes Paid
Interest Received
Interest Paid
Interest Received
Interest Paid
Cash from Operating Activities	123,784	120,968	108,908	78,887	55,000	51,951	46,782	44,616	41,168	48,314	38,287
Net Cash Flows from Operating Activities
Cash Flow from Operating Activities

Investing Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Capital Expenditure	-57,812	-47,164	-25,806	-12,146	-6,335	-5,825	-8,932	-9,636	-7,626	-7,068	-5,224
Purchase of Property, Plant and Equipment
Proceeds from Sale of Property, Plant & Equipment	—	—	—	—	—	7	4	13	9	7	15
Proceeds from Sale of Property, Plant and Equipment
Purchases of Intangible Assets	-5,022	-4,145	-13,090	-2,607	-1,050	-16,256	-2,299	-2,774	-1,022	-1,199	-1,182
Purchase of Intangible Assets
Purchases of Investments	-578	-19,814	-13,289	-9,735	-7,113	-392	-447	-248	-40	-643	-3,542
Purchase of Marketable Securities
Purchase of Other Financial Assets
Net Change in Marketable Securities
Net Change in Marketable Securities (Maturity Exceeding Three Months)
Investment in Associated Companies
Proceeds from Sale of Investments	17,833	24,391	8,293	6,645	1,176	30	165	565	2,108	2,113	1,532
Sale of Marketable Securities
Proceeds from Other Financial Assets
Dividend Received from Associated Companies
Proceeds from the Divestment of Group and Associated Companies
Payments for Business Acquisitions	—	-82,163	—	-7,075	-18,283	—	—	—	—	—	—
Cash Used for Acquisition of Businesses
Proceeds from Business Divestments	—	—	—	—	—	—	—	—	—	—	2,303
Proceeds from the Divestment of ZymoGenetics, Inc.
Proceeds from the Partial Divestment of NNIT a/S
Cash from Investing Activities	-127,562	-128,895	-43,892	-24,918	-31,605	-22,436	-11,509	-12,080	-6,571	-6,790	-6,098
Net Cash Provided by Investing Activities
Net Cash Flows from Investing Activities

Financing Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Issuance of Long-Term Debt	152,583	79,391	—	11,215	22,160	5,682	81	94	—	—	—
Proceeds from Borrowings
Repayments of Long-Term Debt	-78,468	-6,335	-1,467	-13,623	-6,689	-950	-822	—	—	—	—
Repayment of Borrowings
Net Issuance / (Repayments) of Long-Term Debt	74,115	73,056	-1,467	-2,408	15,471	4,732	-741	94	—	—	—
Issuance of Common Shares	—	—	—	—	—	—	—	—	—	—	—
Proceeds from Sale of Treasury Shares
Repurchases of Common Shares	—	-20,181	-29,924	-24,086	-19,447	-16,855	-15,334	-15,567	-16,845	-15,057	-17,196
Purchase of Treasury Shares
Net Issuance / (Repurchases) of Common Shares	—	-20,181	-29,924	-24,086	-19,447	-16,855	-15,334	-15,567	-16,845	-15,057	-17,196
Common Share Dividends Paid	-59,554.5	-44,140	-31,767	-25,303	-21,517	-20,121	-19,409	-19,048	-18,844	-23,830	-12,905
Dividends Paid
Cash from Financing Activities	-21,040	8,735	-63,158	-51,797	-25,493	-32,244	-35,484	-34,521	-35,689	-38,887	-30,101
Net Cash Flows from Financing Activities

Free Cash Flow	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Free Cash Flow	65,972	73,804	83,102	66,741	48,665	46,126	37,850	34,980	33,542	41,246	33,063
NOPAT	104,360.7	101,899.5	82,004.1	60,145.5	47,404.6	42,927.9	42,103.8	56,165.7	59,579.2	58,436	59,249.1
Levered Free Cash Flow	101,377	105,628	27,127	28,287	39,397	32,017	20,475	19,989	20,965	27,491	21,058
Unlevered Free Cash Flow	27,849.7	33,483.5	26,915.1	35,315.5	23,573.6	28,074.9	24,368.8	37,432.7	42,414.2	48,002	45,447.1
Net Change in Cash	-24,818	808	1,858	2,172	-2,098	-2,729	-211	-1,985	-1,092	2,637	2,088