Financial Overview
| 2020 | 20191 | 20181 | 20171 | 2016 | |
|---|---|---|---|---|---|
| Income statement (DKKm) | |||||
| Revenue | 17,672 | 17,036 | 18,117 | 17,234 | 15,634 |
| Research and development costs | 4,545 | 3,116 | 3,277 | 2,705 | 2,967 |
| Reversal of impairment loss | - | - | - | 3,766 | - |
| Operating profit before depreciation and amortization (EBITDA) | 4,783 | 4,823 | 6,436 | 9,190 | 3,846 |
| Profit/(loss) from operations (EBIT) | 1,990 | 3,153 | 4,846 | 8,174 | 2,292 |
| Net financials, expenses | 84 | 127 | 12 | 131 | 135 |
| Profit/(loss) before tax | 1,906 | 3,026 | 4,834 | 8,043 | 2,157 |
| Profit/(loss) for the year | 1,581 | 2,313 | 3,553 | 5,560 | 1,211 |
| Assets (DKKm) | |||||
| Non-current assets | 25,924 | 29,095 | 13,944 | 13,893 | 12,686 |
| Inventories | 2,163 | 2,204 | 1,753 | 1,376 | 1,528 |
| Receivables | 4,018 | 3,822 | 3,261 | 3,791 | 3,779 |
| Cash, bank balances and securities | 3,924 | 3,012 | 6,635 | 3,677 | 2,217 |
| Total assets | 36,029 | 38,133 | 25,593 | 22,737 | 20,210 |
| Equity and liabilities (DKKm) | |||||
| Equity | 16,973 | 16,782 | 16,833 | 15,117 | 9,694 |
| Non-current liabilities | 9,044 | 11,071 | 1,184 | 1,141 | 2,740 |
| Current liabilities | 10,012 | 10,280 | 7,576 | 6,479 | 7,776 |
| Total equity and liabilities | 36,029 | 38,133 | 25,593 | 22,737 | 20,210 |
| Cash flow statement (DKKm) | |||||
| Cash flows from operating activities | 3,837 | 2,609 | 5,981 | 4,045 | 3,126 |
| Cash flows from investing activities | -467 | -7,755 | -2,907 | -2,907 | -1,830 |
| Cash flows from operating and investing activities (free cash flow) | 3,370 | -5,146 | 3,074 | 2,215 | 2,789 |
| Cash flows from financing activities | -2,394 | 4,548 | -1607 | -2,235 | -2,006 |
| Interest-bearing debt, cash, bank balances and securities, net at year-end | |||||
| - Net cash/(net debt) | -4,106 | -6,566 | 6,635 | 3,677 | 326 |
| Key figures | 2020 | 20191 | 20181 | 20171 | 2016 |
| EBIT margin (%) | 11.3 | 18.5 | 26.7 | 47.4 | 14.7 |
| Research and development ratio (%) | 25.7 | 18.3 | 18.1 | 15.7 | 19 |
| Return on equity (%) | 9.4 | 13.8 | 22.2 | 44.8 | 13.1 |
| Equity ratio (%) | 47.1 | 44.0 | 65.8 | 66.5 | 48.0 |
| Invested capital (DKKm) | 21,079 | 23,348 | 10,198 | 11,440 | 9,368 |
| Net debt/EBITDA | 0.9 | 1.4 | -1 | -0.7 | -0.1 |
| Effective tax rate (%) | 17.0 | 23.6 | 26.5 | 30.9 | 43.9 |
| Purchase of intangible assets, gross (DKKm) | 114 | 88 | 1,149 | 480 | 104 |
| Purchase of property, plant and equipment, gross (DKKm) | 364 | 356 | 300 | 245 | 238 |
| Purchase of financial assets, gross (DKKm) | 17 | 18 | 1,524 | 1,509 | 16 |
| Average number of employees | 5,717 | 5,475 | 5,060 | 4,980 | 5,120 |
| Share data 2 | |||||
| Number of shares for the calculation of EPS (millions) | 198.7 | 198.7 | 198.7 | 197.5 | 197.2 |
| Earnings per share, basic (EPS) (DKK)3 | 7.95 | 11.64 | 17.88 | 28.14 | 6.12 |
| Earnings per share, diluted (DEPS) (DKK)3 | 7.95 | 11.64 | 17.87 | 28.10 | 6.11 |
| Proposed dividend per share (DKK) | 2.50 | 4.10 | 12.00 | 8.00 | 2.45 |
| Cash flow from operating activities per share, diluted (DKK)3 | 19.31 | 13.13 | 30.09 | 20.44 | 15.77 |
| Net asset value per share, diluted (DKK)3 | 85.42 | 84.45 | 84.67 | 76.03 | 48.87 |
| Market capitalization (DKKm) | 41,582 | 50,660 | 56,825 | 62,700 | 56,776 |
| Price/Earnings, diluted (DKK)3 | 26.25 | 21.86 | 15.97 | 11.21 | 47.03 |
| Price/Cash flow, diluted (DKK)3 | 10.82 | 19.38 | 9.48 | 15.41 | 18.22 |
| Price/Net asset value, diluted (DKK)3 | 2.44 | 3.01 | 3.37 | 4.14 | 5.88 |
1) 2017-2019 have been restated to reflect the reversal of an impairment loss on the Rexulti® product rights in 2017.
2) The calculation is based on a share denomination of DKK 5.
3) Comparative figures including number of shares have been restated using a factor 0.9999 for the effect of employees’ exercise of warrants.