Novo Nordisk A/S, a healthcare company, engages in the research, development, manufacture, and marketing of pharmaceutical products worldwide. It operates in two segments, Diabetes and Obesity care, and Rare Disease. The Diabetes and Obesity care segment provides products in the areas of insulins, GLP-1 and related delivery systems, oral antidiabetic products, obesity, glucagon, needles, and other chronic diseases. The Rare Disease segment offers products in the areas of haemophilia, blood disorders, endocrine disorders, growth disorders, and hormone replacement therapy. The company has a collaboration agreement with Gilead Sciences, Inc.; and research collaboration with Novo Nordisk to discover cell-specific carriers of nucleic acid therapeutics. The company was founded in 1923 and is headquartered in Bagsvaerd, Denmark.

Novo Nordisk A/S

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Operating Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Net Income	20,006	26,503	29,034	28,230	27,301	20,050
Net Profit
Depreciation & Amortization	7,757	4,833	3,830	5,198	2,150	8,845
Depreciation, Amortisation and Impairment Losses
Other Adjustments	24,086	11,412	10,965	-7,753	25,895	15,705
Income Taxes in the Income Statement
NNIT Non-Recurring Income Included in 'Other Operating Income'
Other Non-Cash Items
Changes in Other Operating Activities	-5,742	-1,963	-19,238	-13,374	-11,496	5,903
Change in Working Capital
Income Taxes Paid
Interest Received
Interest Paid
Interest Received
Interest Paid
Cash from Operating Activities	46,107	40,785	24,591	12,301	43,850	50,503
Net Cash Flows from Operating Activities

Investing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Capital Expenditure	-13,628	-14,661	-13,422	-16,101	-12,119	-10,470
Purchase of Property, Plant and Equipment
Proceeds from Sale of Property, Plant & Equipment	—	—	—	-1	1	—
Proceeds from Sale of Property, Plant and Equipment
Purchases of Intangible Assets	-1,787	-1,614	-1,164	-457	-385	-2,768
Purchase of Intangible Assets
Purchases of Investments	-26	-582	-115	-4,370.5	-8,436	-9,865
Purchase of Marketable Securities
Purchase of Other Financial Assets
Investment in Associated Companies
Proceeds from Sale of Investments	16	2,609	8,028	7,191	35	3,040
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	—	—	—	-81,495	-40,747.5	-668
Cash Used for Acquisition of Businesses
Proceeds from Business Divestments	—	—	—	—	—	—
Proceeds from the Partial Divestment of NNIT a/S
Cash from Investing Activities	-15,425	-14,248	-6,673	-91,216	-20,904	-20,731
Net Cash Provided by Investing Activities
Net Cash Flows from Investing Activities

Financing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Issuance of Long-Term Debt	713	45,235	27,363	44,759	119	34,513
Proceeds from Issue of Bonds
Proceeds from Issue of Bonds
Proceeds from Borrowings
Repayments of Long-Term Debt	-1,146	-64,857	-12,032	-433	-532	-5,053
Repayment of Borrowings
Repayment of Borrowings, Net
Net Issuance / (Repayments) of Long-Term Debt	-433	-19,622	15,331	44,326	-413	29,460
Repurchases of Common Shares	—	-694	-1,388	-7,491	-2,405	-7,449
Purchase of Treasury Shares
Net Issuance / (Repurchases) of Common Shares	—	-694	-1,388	-7,491	-2,405	-7,449
Common Share Dividends Paid	-16,663	174	-35,274	-7,791.5	-15,583	-14,278.5
Dividends Paid
Other Financing Activities	—	-26,782	26,782	—	—	-5,328
Dividends Paid After the Reporting Date
Withheld Dividend Tax
Cash from Financing Activities	-17,096	-46,230	5,451	36,835	-18,401	16,683
Net Cash Flows from Financing Activities

Free Cash Flow	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Free Cash Flow	32,479	26,124	11,169	-3,800	31,731	40,033
NOPAT	18,567.3	26,223.9	30,412.3	29,166.8	26,854.8	20,526.5
Levered Free Cash Flow	7,960	-4,910	15,535	48,279	5,423	53,788
Unlevered Free Cash Flow	6,954.3	14,432.9	1,582.3	4,889.8	5,389.8	24,804.5
Net Change in Cash	13,586	-19,693	23,369	-42,080	4,545	46,455