NOVO NORDISK A S
For the period ended Sep 30, 2026. Filed Nov 4, 2026.
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Sep 30, 2026 · Filed Nov 4, 2026
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Contents
APPENDIX 2: CONDENSED CASH FLOW STATEMENT
| DKK million | 9M 2026 | 9M 2025 |
|---|---|---|
| Net profit | 86,286 | 75,543 |
| Adjustment for non-cash items: | ||
| Income taxes in the income statement | 24,195 | 20,812 |
| Depreciation, amortisation and impairment losses | 28,212 | 16,420 |
| Other non-cash items | 8,593 | 1,915 |
| Change in working capital | (18,586) | 7,103 |
| Income taxes paid | (7,707) | (9,023) |
| Net cash flows from operating activities | 120,993 | 112,770 |
| Purchase of intangible assets | (1,306) | (4,565) |
| Purchase of property, plant and equipment | (37,213) | (41,711) |
| Proceeds from other financial assets | 72 | 11 |
| Purchase of other financial assets | (108) | (225) |
| Proceeds from sale of associated companies | 44 | — |
| Interest received1 | 636 | 962 |
| Purchase of marketable securities | (1,701) | (498) |
| Sale of marketable securities | — | 10,642 |
| Net cash flows from investing activities | (39,576) | (35,384) |
| Purchase of treasury shares | (10,002) | (1,388) |
| Dividends paid | (51,896) | (51,763) |
| Interest paid1 | (3,253) | (2,249) |
| Proceeds from borrowings | 35,284 | 73,311 |
| Repayment of borrowings | (33,720) | (78,035) |
| Net cash flows from financing activities | (63,587) | (60,124) |
| Net cash generated from activities | 17,830 | 17,262 |
| Cash and cash equivalents at the beginning of the year | 26,464 | 15,655 |
| Exchange gain/(loss) on cash and cash equivalents | (143) | (833) |
| Cash and cash equivalents at the end of the period | 44,151 | 32,084 |
| 1) Effective 1 January 2026, 'Interest received' is presented in 'Net cash flows from in investing activities' and 'Interest paid' is presented in 'Net cash flows from financing activities' to better reflect the nature of these cash flows. In prior years, these amounts were included in 'Net cash flows from operating activities'. | ||
| 2030 ambitions | Performance highlights | Commercial execution | Financials | Cash flow and capital allocation | Outlook | R&D pipeline progress | Sustainability | Corporate Governance | Legal matters | Financial information |
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| Financial report for the period 1 January 2026 to 30 September 2026 | Page 26 of 35 |
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