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Consolidated Statements of Cash Flows - DKK (kr)
kr in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:      
Net profit before tax kr 3,983 kr 5,904 kr 2,859
Reversal of financial items, net (965) 409 (221)
Adjustment for non-cash transactions 526 459 291
Change in operating assets and liabilities (770) 987 (1,218)
Cash flows from operating activities before financial items 2,774 7,759 1,711
Interest received 208 170 111
Interest elements of lease payments (12) (9) (7)
Interest paid   (11) (13)
Corporate taxes paid (742) (1,476) (476)
Net cash provided by operating activities 2,228 6,433 1,326
Cash flows from investing activities:      
Investment in intangible assets     (32)
Investment in tangible assets (252) (307) (79)
Marketable securities bought (15,514) (12,414) (5,812)
Marketable securities sold 14,469 10,370 3,940
Other investments bought (102)    
Other investments sold 438    
Net cash (used in) investing activities (961) (2,351) (1,983)
Cash flows from financing activities:      
Warrants exercised 135 140 65
Shares issued for cash     3,873
Costs related to issuance of shares     (238)
Principal elements of lease payments (58) (44) (31)
Purchase of treasury shares (447)    
Payment of withholding taxes on behalf of employees on net settled RSUs (50) (25) (9)
Net cash provided by (used in) financing activities (420) 71 3,660
Changes in cash and cash equivalents 847 4,153 3,003
Cash and cash equivalents at the beginning of the period 7,260 3,552 533
Exchange rate adjustments 850 (445) 16
Cash and cash equivalents at the end of the period 8,957 7,260 3,552
Cash and cash equivalents include:      
Bank deposits 8,661 5,054 2,884
Short-term marketable securities kr 296 kr 2,206 kr 668