Cash flow H. Lundbeck A/S

Equities

HLUN B

DK0061804770

Pharmaceuticals

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04-13	Lundbeck to present new neurology data at upcoming congress	FW
03-23	H. Lundbeck Price Target Down as AlphaValue/Baader Europe Expects Patent Expirations to Weigh on Growth	MT

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Published financial data: H. LUNDBECK A/S

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	16.3B	18.25B	19.91B	22B	24.63B
Total Revenues	16.3B	18.25B	19.91B	22B	24.63B
Cost of Goods Sold, Total	3.61B	3.95B	4.48B	4.23B	4.26B
Gross Profit	12.69B	14.3B	15.43B	17.77B	20.36B
Selling General & Admin Expenses, Total	6.62B	7.82B	8.71B	9.43B	9.23B
R&D Expenses	3.82B	3.76B	3.46B	3.95B	4.26B
Other Operating Expenses	-	-	-	-	997M
Other Operating Expenses, Total	10.44B	11.58B	12.16B	13.39B	14.48B
Operating Income	2.24B	2.71B	3.26B	4.39B	5.88B
Interest Expense, Total	-153M	-103M	-54M	-113M	-514M
Interest And Investment Income	7M	22M	86M	218M	199M
Net Interest Expenses	-146M	-81M	32M	105M	-315M
Currency Exchange Gains (Loss)	-31M	-30M	-164M	-14M	-349M
Other Non Operating Income (Expenses)	-61M	-62M	-43M	-41M	-32M
EBT, Excl. Unusual Items	2B	2.54B	3.09B	4.44B	5.19B
Restructuring Charges	-233M	138M	-	-	-
Merger & Related Restructuring Charges	-	-	-	-420M	28M
Gain (Loss) On Sale Of Investments	-58M	24M	-21M	378M	-3M
Gain (Loss) On Sale Of Assets	-	-	-	-	-
Asset Writedown	-	-	-	-547M	-635M
Legal Settlements	-	-	-69M	-150M	-
Other Unusual Items	-133M	-229M	-6M	21M	-89M
EBT, Incl. Unusual Items	1.58B	2.47B	2.99B	3.72B	4.49B
Income Tax Expense	263M	558M	703M	576M	1.3B
Earnings From Continuing Operations	1.32B	1.92B	2.29B	3.14B	3.19B
Net Income to Company	1.32B	1.92B	2.29B	3.14B	3.19B
Net Income - (IS)	1.32B	1.92B	2.29B	3.14B	3.19B
Net Income to Common Incl Extra Items	1.32B	1.92B	2.29B	3.14B	3.19B
Net Income to Common Excl. Extra Items	1.32B	1.92B	2.29B	3.14B	3.19B
Per Share Items
Net EPS - Basic	1.33	1.93	2.31	3.17	3.22
Basic EPS - Continuing Operations	1.33	1.93	2.31	3.17	3.22
Basic Weighted Average Shares Outstanding	993M	993M	992M	991M	992M
Net EPS - Diluted	1.33	1.93	2.31	3.17	3.22
Diluted EPS - Continuing Operations	1.33	1.93	2.31	3.17	3.22
Diluted Weighted Average Shares Outstanding	993M	993M	992M	991M	992M
Normalized Basic EPS	1.26	1.6	1.95	2.8	3.27
Normalized Diluted EPS	1.26	1.6	1.95	2.8	3.27
Dividend Per Share	0.4	0.58	0.7	0.95	1.15
Payout Ratio	37.71	20.72	25.15	22.08	29.54
American Depositary Receipts Ratio (ADR)	0.25	0.25	0.25	0.25	0.25
Supplemental Items
EBITDA	3.87B	4.43B	5.19B	6.17B	7.66B
EBITA	3.58B	4.15B	4.88B	5.87B	7.36B
EBIT	2.24B	2.71B	3.26B	4.39B	5.88B
EBITDAR	3.87B	4.43B	5.19B	6.18B	7.66B
Effective Tax Rate - (Ratio)	16.64	22.55	23.49	15.49	28.86
Normalized Net Income	1.25B	1.59B	1.93B	2.77B	3.24B
Interest on Long-Term Debt	7M	7M	11M	13M	17M
Non-Cash Pension Expense	3M	4M	4M	5M	49M
Supplemental Operating Expense Items
Selling and Marketing Expenses	5.72B	6.74B	7.48B	8.15B	7.74B
General and Administrative Expenses	902M	1.09B	1.22B	1.29B	1.48B
Research And Development Expense From Footnotes	3.82B	3.75B	3.46B	4.5B	4.9B
Net Rental Expense, Total	2M	2M	1M	3M	2M
Imputed Operating Lease Interest Expense	371K	302K	88.79K	260K	580K
Imputed Operating Lease Depreciation	1.63M	1.7M	911K	2.74M	1.42M
Stock-Based Comp., Other (Total)	41M	34M	41M	47M	60M
Total Stock-Based Compensation	41M	34M	41M	47M	60M

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	2.28B	3.55B	5.01B	4.66B	3.43B
Trading Asset Securities, Total	-	-	-	-	-
Total Cash And Short Term Investments	2.28B	3.55B	5.01B	4.66B	3.43B
Accounts Receivable, Total	2.46B	2.71B	2.96B	3.43B	3.6B
Other Receivables	472M	854M	661M	591M	945M
Total Receivables	2.93B	3.56B	3.63B	4.02B	4.55B
Inventory	2.78B	4.05B	4.43B	3.98B	4.47B
Prepaid Expenses	627M	255M	226M	340M	327M
Total Current Assets	8.61B	11.41B	13.29B	13.01B	12.78B
Gross Property Plant And Equipment	7.14B	7.31B	7.63B	8.07B	8.17B
Accumulated Depreciation	-4.84B	-5.08B	-5.39B	-5.71B	-6.33B
Net Property Plant And Equipment	2.3B	2.24B	2.25B	2.37B	1.83B
Long-term Investments	57M	173M	99M	67M	32M
Goodwill	5.38B	5.67B	5.51B	9.83B	7.01B
Other Intangibles, Total	17.37B	16.83B	15.18B	30.34B	28.77B
Deferred Tax Assets Long-Term	193M	230M	238M	266M	236M
Other Long-Term Assets, Total	746M	901M	843M	1.1B	1.39B
Total Assets	34.65B	37.45B	37.41B	56.98B	52.05B
Liabilities
Accounts Payable, Total	3.91B	4.25B	4.41B	4.37B	4.66B
Accrued Expenses, Total	924M	1.79B	1.84B	2.16B	2B
Current Portion of Long-Term Debt	-	-	-	-	-
Current Portion of Leases	86M	88M	86M	82M	74M
Current Income Taxes Payable	519M	535M	571M	316M	693M
Other Current Liabilities	3.38B	1.53B	1.08B	1.65B	1.43B
Total Current Liabilities	8.82B	8.2B	7.99B	8.58B	8.85B
Long-Term Debt	4.78B	5.1B	3.71B	16.17B	11.18B
Long-Term Leases	453M	395M	351M	437M	395M
Pension & Other Post Retirement Benefits	288M	213M	216M	223M	188M
Deferred Tax Liability Non Current	1.45B	2.15B	2.28B	5.53B	5.34B
Other Non Current Liabilities	584M	618M	808M	1.02B	1.19B
Total Liabilities	16.37B	16.67B	15.36B	31.97B	27.15B
Common Stock, Total	996M	996M	996M	996M	996M
Retained Earnings	16.57B	18.19B	19.88B	22.33B	24.61B
Comprehensive Income and Other	712M	1.59B	1.17B	1.68B	-706M
Total Common Equity	18.28B	20.78B	22.04B	25.01B	24.9B
Total Equity	18.28B	20.78B	22.04B	25.01B	24.9B
Total Liabilities And Equity	34.65B	37.45B	37.41B	56.98B	52.05B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	993M	993M	992M	991M	991M
ECS Total Common Shares Outstanding	993M	993M	992M	991M	991M
Book Value / Share	18.4	20.93	22.22	25.23	25.12
Tangible Book Value	-4.47B	-1.72B	1.35B	-15.16B	-10.88B
Tangible Book Value Per Share	-4.5	-1.73	1.36	-15.29	-10.97
Total Debt	5.32B	5.58B	4.15B	16.69B	11.65B
Net Debt	3.04B	2.03B	-859M	12.03B	8.22B
Debt Equivalent of Unfunded Proj. Benefit Obligation	254M	115M	132M	120M	111M
Debt Equivalent Oper. Leases	16M	16M	8M	24M	16M
Account Code - Inventory Valuation	5	5	5	5	5
Inventories - Raw Materials, Total	207M	209M	214M	197M	135M
Inventories - Work In Process, Total	1.53B	2.21B	2.58B	2.34B	2.37B
Inventories - Finished Goods, Total	1.03B	1.56B	1.63B	1.45B	1.96B
Inventories - Others	-	73M	-	-	-
Land - (BS)	3.54B	3.68B	3.83B	3.98B	4.06B
Machinery, Total	2.89B	2.9B	3.05B	3.18B	3.19B
Full Time Employees	5.35K	5.45K	5.68K	5.44K	5.04K
Accumulated Allowance for Doubtful Accounts (Supple)	25M	24M	25M	40M	48M

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	1.32B	1.92B	2.29B	3.14B	3.19B
Depreciation & Amortization - CF	365M	373M	393M	391M	382M
Amortization of Goodwill and Intangible Assets - (CF)	1.34B	1.43B	1.62B	1.48B	1.48B
Depreciation & Amortization, Total	1.71B	1.81B	2.01B	1.88B	1.86B
(Gain) Loss on Sale of Investments - (CF)	-	-	-	-	-
Asset Writedown & Restructuring Costs	3M	4M	-	547M	644M
Stock-Based Compensation (CF)	-	-	-	-	-
Other Operating Activities, Total	-451M	197M	707M	726M	53M
Change In Accounts Receivable	540M	-504M	-167M	-630M	-501M
Change In Inventories	-572M	-979M	-760M	497M	-355M
Change in Other Net Operating Assets	-273M	1.08B	-2M	-2.83B	583M
Cash from Operations	2.27B	3.52B	4.08B	3.33B	5.48B
Capital Expenditure	-410M	-371M	-277M	-508M	-554M
Sale of Property, Plant, and Equipment	2M	4M	3M	5M	7M
Cash Acquisitions	-	-1.08B	-	-15.7B	-
Sale (Purchase) of Intangible assets	-202M	-449M	-224M	-57M	-64M
Investment in Marketable and Equity Securities, Total	-	-	-	978M	-
Cash from Investing	-610M	-1.89B	-498M	-15.29B	-611M
Long-Term Debt Issued, Total	400M	1.23B	-	12.46B	3.72B
Total Debt Issued	400M	1.23B	-	12.46B	3.72B
Long-Term Debt Repaid, Total	-3.2B	-1.18B	-1.47B	-89M	-8.82B
Total Debt Repaid	-3.2B	-1.18B	-1.47B	-89M	-8.82B
Issuance of Common Stock	-	-	-	-	-
Repurchase of Common Stock	-34M	-45M	-43M	-46M	-20M
Common Dividends Paid	-497M	-397M	-576M	-694M	-943M
Common & Preferred Stock Dividends Paid	-497M	-397M	-576M	-694M	-943M
Cash from Financing	-3.34B	-387M	-2.08B	11.63B	-6.06B
Foreign Exchange Rate Adjustments	29M	29M	-35M	-15M	-39M
Net Change in Cash	-1.64B	1.27B	1.46B	-346M	-1.23B
Supplemental Items
Cash Interest Paid	200M	643M	156M	91M	563M
Cash Income Tax Paid (Refund)	449M	-71M	466M	583M	1.42B
Levered Free Cash Flow	3.09B	501M	2.94B	4.56B	3.94B
Unlevered Free Cash Flow	3.18B	565M	2.97B	4.63B	4.26B
Change In Net Working Capital	-645M	2.15B	622M	-527M	723M
Net Debt Issued / Repaid	-2.8B	55M	-1.47B	12.37B	-5.1B

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	3.97	4.7	5.45	5.81	6.7
Return on Total Capital	5.79	6.79	7.76	8.08	9.39
Return On Equity %	7.48	9.81	10.69	13.36	12.79
Return on Common Equity	7.48	9.81	10.69	13.36	12.79
Margin Analysis
Gross Profit Margin %	77.85	78.35	77.48	80.78	82.68
SG&A Margin	40.65	42.87	43.72	42.87	37.46
EBITDA Margin %	23.73	24.29	26.04	28.06	31.08
EBITA Margin %	22	22.73	24.52	26.69	29.9
EBIT Margin %	13.76	14.87	16.39	19.94	23.88
Income From Continuing Operations Margin %	8.09	10.5	11.5	14.28	12.96
Net Income Margin %	8.09	10.5	11.5	14.28	12.96
Net Avail. For Common Margin %	8.09	10.5	11.5	14.28	12.96
Normalized Net Income Margin	7.69	8.7	9.7	12.6	13.16
Levered Free Cash Flow Margin	18.94	2.75	14.75	20.71	15.99
Unlevered Free Cash Flow Margin	19.53	3.1	14.92	21.03	17.3
Asset Turnover
Asset Turnover	0.46	0.51	0.53	0.47	0.45
Fixed Assets Turnover	7.19	8.05	8.89	9.54	11.73
Receivables Turnover (Average Receivables)	6.5	7.06	7.02	6.88	7
Inventory Turnover (Average Inventory)	1.46	1.12	1.06	1.01	1.01
Short Term Liquidity
Current Ratio	0.98	1.39	1.66	1.52	1.44
Quick Ratio	0.59	0.87	1.08	1.01	0.9
Operating Cash Flow to Current Liabilities	0.26	0.43	0.51	0.39	0.62
Days Sales Outstanding (Average Receivables)	56.12	51.69	52	53.2	52.14
Days Outstanding Inventory (Average Inventory)	249.57	326.89	344.78	363.84	361.83
Average Days Payable Outstanding	330.77	300.06	324.83	424.39	346.69
Cash Conversion Cycle (Average Days)	-25.09	78.52	71.95	-7.35	67.28
Long Term Solvency
Total Debt/Equity	29.12	26.85	18.83	66.75	46.8
Total Debt / Total Capital	22.55	21.17	15.85	40.03	31.88
LT Debt/Equity	28.64	26.43	18.44	66.42	46.5
Long-Term Debt / Total Capital	22.19	20.83	15.52	39.83	31.68
Total Liabilities / Total Assets	47.25	44.52	41.07	56.1	52.16
EBIT / Interest Expense	14.66	26.35	60.44	38.82	11.44
EBITDA / Interest Expense	25.82	43.89	97.7	55.42	15.07
(EBITDA - Capex) / Interest Expense	23.14	40.29	92.57	50.93	13.99
Total Debt / EBITDA	1.35	1.23	0.79	2.67	1.5
Net Debt / EBITDA	0.77	0.45	-0.16	1.92	1.06
Total Debt / (EBITDA - Capex)	1.5	1.34	0.83	2.9	1.62
Net Debt / (EBITDA - Capex)	0.86	0.49	-0.17	2.09	1.14
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-7.77	11.95	9.13	10.51	11.93
Gross Profit, 1 Yr. Growth %	-6.38	12.67	7.92	12.82	14.58
EBITDA, 1 Yr. Growth %	-19.37	14.61	13.48	11.99	27.08
EBITA, 1 Yr. Growth %	-20.32	15.7	13.93	12.71	28.71
EBIT, 1 Yr. Growth %	-22.33	21	14.45	22.17	38.82
Earnings From Cont. Operations, 1 Yr. Growth %	-16.64	45.37	19.52	37.25	1.56
Net Income, 1 Yr. Growth %	-16.64	45.37	19.52	37.25	1.56
Normalized Net Income, 1 Yr. Growth %	-26.31	26.73	15.3	29.89	11.12
Diluted EPS Before Extra, 1 Yr. Growth %	-16.66	45.44	19.6	37.35	1.5
Accounts Receivable, 1 Yr. Growth %	-3.68	10.17	9.45	15.75	5.04
Inventory, 1 Yr. Growth %	28.29	33.49	9.42	-10.03	12.3
Net Property, Plant and Equip., 1 Yr. Growth %	2.41	-2.57	0.45	5.34	-22.53
Total Assets, 1 Yr. Growth %	-3.82	8.08	-0.12	52.31	-9.72
Tangible Book Value, 1 Yr. Growth %	-22.45	-61.51	-178.62	-1.22K	-32.1
Common Equity, 1 Yr. Growth %	7.69	13.68	6.09	13.45	-0.43
Cash From Operations, 1 Yr. Growth %	-40.79	54.89	15.94	-18.48	64.79
Capital Expenditures, 1 Yr. Growth %	12.64	-9.51	-25.34	83.39	9.06
Levered Free Cash Flow, 1 Yr. Growth %	9.48	-83.78	400.11	45.07	-11.73
Unlevered Free Cash Flow, 1 Yr. Growth %	8.52	-82.24	355.87	45.76	-6.02
Dividend Per Share, 1 Yr. Growth %	-20	45	20.69	35.71	21.05
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-2.19	1.61	10.53	9.82	11.22
Gross Profit, 2 Yr. CAGR %	-1.94	2.7	10.27	11.51	13.7
EBITDA, 2 Yr. CAGR %	-14.31	-3.87	15.81	16.23	17.84
EBITA, 2 Yr. CAGR %	-15.69	-3.98	16.71	17.05	18.9
EBIT, 2 Yr. CAGR %	-21.79	-3.06	20.63	24.02	27.98
Earnings From Cont. Operations, 2 Yr. CAGR %	-24.51	10.09	31.81	28.08	18.06
Net Income, 2 Yr. CAGR %	-24.51	10.09	31.81	28.08	18.06
Normalized Net Income, 2 Yr. CAGR %	-25.01	-3.36	24.12	28.69	23.21
Diluted EPS Before Extra, 2 Yr. CAGR %	-24.53	10.13	31.88	28.17	18.07
Accounts Receivable, 2 Yr. CAGR %	-5.75	3.01	9.81	12.56	10.27
Inventory, 2 Yr. CAGR %	12.21	36.77	20.85	-0.78	0.52
Net Property, Plant and Equip., 2 Yr. CAGR %	0.88	-0.11	-1.07	2.87	-9.66
Total Assets, 2 Yr. CAGR %	-4.67	1.96	3.9	23.34	17.96
Tangible Book Value, 2 Yr. CAGR %	-31.3	-45.36	-44.99	196.77	183.53
Common Equity, 2 Yr. CAGR %	4.36	10.65	9.82	9.71	6.28
Cash From Operations, 2 Yr. CAGR %	-6.68	-4.23	34.01	-2.78	15.9
Capital Expenditures, 2 Yr. CAGR %	7.32	0.96	-17.8	17.02	41.42
Levered Free Cash Flow, 2 Yr. CAGR %	-0.63	-57.85	-2.48	178.57	11.99
Unlevered Free Cash Flow, 2 Yr. CAGR %	0.27	-56.1	-3.4	166.49	15.85
Dividend Per Share, 2 Yr. CAGR %	-30.16	7.7	32.29	27.98	28.17
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-3.46	2.31	4.06	10.52	10.52
Gross Profit, 3 Yr. CAGR %	-4.7	2.7	4.41	11.89	12.52
EBITDA, 3 Yr. CAGR %	-15.72	-5.59	2.64	16.88	18.76
EBITA, 3 Yr. CAGR %	-16.81	-6.31	2.77	17.88	19.78
EBIT, 3 Yr. CAGR %	-25.13	-9.54	4.16	25.06	27.29
Earnings From Cont. Operations, 3 Yr. CAGR %	-30.39	-6.08	13.14	33.6	18.55
Net Income, 3 Yr. CAGR %	-30.39	-6.08	13.14	33.6	18.55
Normalized Net Income, 3 Yr. CAGR %	-27.88	-10.67	4.32	30.31	24.63
Diluted EPS Before Extra, 3 Yr. CAGR %	-30.39	-6.06	13.2	33.68	18.58
Accounts Receivable, 3 Yr. CAGR %	-3.82	-0.72	5.11	11.75	9.99
Inventory, 3 Yr. CAGR %	16.54	22.44	26.97	9.53	3.4
Net Property, Plant and Equip., 3 Yr. CAGR %	10.63	-0.28	0.07	1.02	-6.41
Total Assets, 3 Yr. CAGR %	14.62	-0.6	1.26	18.03	11.6
Tangible Book Value, 3 Yr. CAGR %	-10.46	-43.36	-38.32	50.22	84.89
Common Equity, 3 Yr. CAGR %	8.65	7.38	9.11	11.02	6.22
Cash From Operations, 3 Yr. CAGR %	-27.58	10.49	2.07	13.55	15.92
Capital Expenditures, 3 Yr. CAGR %	10.97	1.39	-8.7	7.41	14.3
Levered Free Cash Flow, 3 Yr. CAGR %	-14.92	-45.69	1.36	13.85	88.6
Unlevered Free Cash Flow, 3 Yr. CAGR %	-14.13	-43.69	0.42	13.28	87
Dividend Per Share, 3 Yr. CAGR %	-44.97	-10.9	11.87	33.42	25.63
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	0.84	1.15	1.91	5.25	6.87
Gross Profit, 5 Yr. CAGR %	1.89	1.37	1.02	6.14	8.48
EBITDA, 5 Yr. CAGR %	1.25	-3.93	-4.3	3.23	9.8
EBITA, 5 Yr. CAGR %	1.11	-4.34	-4.74	3.09	10.36
EBIT, 5 Yr. CAGR %	-0.43	-8.21	-9.39	3.65	15.29
Earnings From Cont. Operations, 5 Yr. CAGR %	1.71	-6.1	-10.13	6.32	15.09
Net Income, 5 Yr. CAGR %	1.71	-6.1	-10.13	6.32	15.09
Normalized Net Income, 5 Yr. CAGR %	-1.39	-8.84	-10.39	4.47	13.77
Diluted EPS Before Extra, 5 Yr. CAGR %	1.57	-6.17	-10.11	6.37	15.12
Accounts Receivable, 5 Yr. CAGR %	-4.54	-1.48	1.41	4.39	7.14
Inventory, 5 Yr. CAGR %	12.68	24.07	20.36	12.56	15.64
Net Property, Plant and Equip., 5 Yr. CAGR %	2.62	5.01	5.79	0.97	-3.94
Total Assets, 5 Yr. CAGR %	11.39	13.65	10.21	8.36	7.64
Tangible Book Value, 5 Yr. CAGR %	39.22	-17.91	-26.31	9.86	13.54
Common Equity, 5 Yr. CAGR %	13.52	11.27	9.12	8.31	7.97
Cash From Operations, 5 Yr. CAGR %	-6.18	-2.75	-7.36	4.98	7.39
Capital Expenditures, 5 Yr. CAGR %	11.49	8.65	-1.58	7.37	8.76
Levered Free Cash Flow, 5 Yr. CAGR %	-0.75	-25.18	-10.15	7.82	6.91
Unlevered Free Cash Flow, 5 Yr. CAGR %	-0.37	-23.78	-9.99	7.88	7.75
Dividend Per Share, 5 Yr. CAGR %	-3.98	-18.37	-21.84	2.99	18.13