Income statement (DKKm) | 2021 | 2020 | 2019 | 2018 | 2017 |
Revenue | 16,299 | 17,672 | 17,036 | 18,117 | 17,234 |
Research and development costs | 3,823 | 4,545 | 3,116 | 3,277 | 2,705 |
Operating profit before depreciation and amortization (EBITDA) | 3,720 | 4,783 | 4,823 | 6,436 | 9,190 |
Profit/(loss) from operations (EBIT) | 2,010 | 1,990 | 3,153 | 4,846 | 8,174 |
Net financials | 429 | 84 | 127 | 12 | 131 |
Profit/(loss) before tax | 1,581 | 1,906 | 3,026 | 4,834 | 8,043 |
Profit/(loss) for the year | 1,318 | 1,581 | 2,313 | 3,553 | 5,560 |
Assets (DKKm) | 2021 | 2020 | 2019 | 2018 | 2017 |
Non-current assets |
26,041 | 25,924 | 29,095 | 13,944 | 13,893 |
Inventories |
2,775 | 2,163 | 2,204 | 1,753 | 1,376 |
Receivables | 3,558 | 4,018 | 3,822 | 3,261 | 3,791 |
Cash, bank balances and securities | 2,279 | 3,924 | 3,012 | 6,635 | 3,677 |
Total assets | 34,653 | 36,029 | 38,133 | 25,593 | 22,737 |
Equity and liabilities (DKKm) | 2021 | 2020 | 20191 | 20181 | 20171 |
Equity |
18,279 | 16,973 | 16,782 |
16,833 | 15,117 |
Non-current liabilities |
7,556 | 9,044 | 11,071 | 1,184 | 1,141 |
Current liabilities | 8,818 | 10,012 | 10,280 | 7,576 | 6,479 |
Total equity and liabilities | 34,653 | 36,029 | 38,133 | 25,593 | 22,737 |
statement of Cash flows (DKKm) | 2021 | 2020 | 2019 | 2018 | 2017 |
Cash flows from operating activities |
2,272 | 3,837 | 2,609 | 5,981 | 4,045 |
Cash flows from investing activities | -610 | -467 | -7,755 | -2,907 | -1,830 |
Cash flows from operating and investing activities (free cash flow) | 1,662 | 3,370 | -5,146 | 3,074 | 2,215 |
Cash flows from financing activities | -3,336 | -2,394 | 4,548 | -1607 | -2,235 |
Interest-bearing debt, cash, bank balances and securities, net, year-end - net cash/(net debt) | -3,189 | -4,106 | -6,566 | 6,635 | 3,677 |
1) 2017-2019 have been restated to reflect the reversal of an impairment loss on the Rexulti® product rights in 2017.
2) In 2020 and 2021, securites amounted to DKK 0.
Key figures | 2021 | 2020 | 20191 | 20181 | 20171 |
EBIT margin (%) |
12.3 | 11.3 | 18.5 | 26.7 | 47.4 |
Research and development ratio (%) | 23.5 | 25.7 | 18.3 | 18.1 | 15.7 |
Return on equity (%) | 7.5 | 9.4 | 13.8 | 22.2 | 44.8 |
Equity ratio (%) | 52.7 | 47.1 | 44.0 | 65.8 | 66.5 |
Invested capital (DKKm) | 21,468 | 21,079 | 23,348 | 10,198 | 11,440 |
Net debt/EBITDA | 0.9 | 0.9 | 1.4 | -1.0 | -0.7 |
Effective tax rate (%) | 16.6 | 17.0 | 23.6 | 26.5 | 30.9 |
Purchase of intangible assets, gross (DKKm) | 202 | 114 | 88 | 1,149 | 480 |
Purchase of property, plant and equipment, gross (DKKm) | 410 | 364 | 356 | 300 | 245 |
Purchase of financial assets, gross (DKKm) | - | 17 | 18 | 1,524 | 1,509 |
Average number of employees | 5,488 | 5,717 | 5,475 | 5,060 | 4,980 |
Share data | 2021 | 2020 | 20192 | 20182 | 20172 |
Number of shares for the calculation of EPS (millions) | 198.7 | 198.7 | 198.7 | 198.7 | 197.5 |
Earnings per share, basic (EPS) (DKK) | 6.63 | 7.95 | 11.64 | 17.88 | 28.14 |
Earnings per share, diluted (DEPS) (DKK) | 6.63 | 7.95 | 11.64 | 17.87 | 28.10 |
Proposed dividend per share (DKK) | 2.00 | 2.50 | 4.10 | 12.00 | 8.00 |
Cash flow from operating activities per share, diluted (DKK) | 11.44 | 19.31 | 13.13 | 30.09 | 20.44 |
Net asset value per share, diluted (DKK) | 92.01 | 85.42 | 84.45 | 84.67 | 76.03 |
Market capitalization (DKKm) | 33.626 | 41,582 | 50,660 | 56,825 | 62,700 |
Price/Earnings, diluted (DKK) | 25.47 | 26.25 | 21.86 | 15.97 | 11.21 |
Price/Cash flow, diluted (DKK) | 14.76 | 10.82 | 19.38 | 9.48 | 15.41 |
Price/Net asset value, diluted (DKK) | 1.84 | 2.44 | 3.01 | 3.37 | 4.14 |
1) 2017-2019 have been restated to reflect the reversal of an impairment loss on the Rexulti® product rights in 2017.
Detailed information related to Lundbeck’s financial performance. Contact Palle Olesen, VP Investor Relations. + 45 3083 2426
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