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	Jun '25	Dec '24	Jun '24	Dec '23	Jun '23	Dec '22
Net Income	55,537	55,531	45,457	44,441	39,242	27,997
Net Profit
Depreciation & Amortization	8,663	7,348	11,759	5,517	3,896	4,076
Depreciation, Amortisation and Impairment Losses
Other Adjustments	22,377	18,142	23,090	13,824	40,684	17,055
Income Taxes in the Income Statement
NNIT Non-Recurring Income Included in 'Other Operating Income'
Other Non-Cash Items
Changes in Other Operating Activities	-21,201	-24,870	-15,489	-13,265	-25,431	-17,788
Change in Working Capital
Income Taxes Paid
Interest Received
Interest Paid
Interest Received
Interest Paid
Cash from Operating Activities	65,376	56,151	64,817	50,517	58,391	31,340
Net Cash Flows from Operating Activities

Investing Activities	Jun '25	Dec '24	Jun '24	Dec '23	Jun '23	Dec '22
Capital Expenditure	-28,083	-28,220	-18,944	-15,235	-10,571	-8,191
Purchase of Property, Plant and Equipment
Proceeds from Sale of Property, Plant & Equipment	—	—	—	—	—	—
Proceeds from Sale of Property, Plant and Equipment
Purchases of Intangible Assets	-2,778	-842	-3,303	-11,825	-1,265	-2,207
Purchase of Intangible Assets
Purchases of Investments	-697	-8,789	-11,025	-5,779	-7,510	-4,824
Purchase of Marketable Securities
Purchase of Other Financial Assets
Investment in Associated Companies
Proceeds from Sale of Investments	10,637	7,226	17,165	4,879	3,414	3,486
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	-668	—	—	-7,075
Cash Used for Acquisition of Businesses
Proceeds from Business Divestments	—	—	—	—	—	—
Proceeds from the Partial Divestment of NNIT a/S
Cash from Investing Activities	-20,921	-112,120	-16,775	-27,960	-15,932	-18,811
Net Cash Provided by Investing Activities
Net Cash Flows from Investing Activities

Financing Activities	Jun '25	Dec '24	Jun '24	Dec '23	Jun '23	Dec '22
Issuance of Long-Term Debt	72,598	44,878	34,513	—	—	65
Proceeds from Issue of Bonds
Proceeds from Issue of Bonds
Proceeds from Borrowings
Repayments of Long-Term Debt	-76,889	-965	-5,370	-616	-851	-524
Repayment of Borrowings
Repayment of Borrowings, Net
Net Issuance / (Repayments) of Long-Term Debt	-4,291	43,913	29,143	-616	-851	-459
Repurchases of Common Shares	-1,388	-9,896	-10,285	-15,902	-14,022	-12,159
Purchase of Treasury Shares
Net Issuance / (Repurchases) of Common Shares	-1,388	-9,896	-10,285	-15,902	-14,022	-12,159
Common Share Dividends Paid	-35,100	-15,583	-28,557	-13,430	-18,337	-9,613
Dividends Paid
Cash from Financing Activities	-40,779	18,434	-9,699	-29,948	-33,210	-22,231
Net Cash Flows from Financing Activities

Free Cash Flow	Jun '25	Dec '24	Jun '24	Dec '23	Jun '23	Dec '22
Free Cash Flow	37,293	27,931	45,873	35,282	47,820	23,149
NOPAT	56,636.2	56,021.7	45,877.8	42,841.6	39,165.1	30,379.5
Levered Free Cash Flow	10,625	53,702	51,926	20,842	6,285	5,635
Unlevered Free Cash Flow	16,015.2	10,279.7	23,203.8	19,858.6	7,059.1	8,476.5
Net Change in Cash	3,676	-37,535	38,343	-7,391	9,249	-9,702