Financial Overview

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.

 

 

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