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Consolidated Statements of Cash Flows - DKK (kr)
kr in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:      
Net profit before tax kr 7,035 kr 3,983 kr 5,904
Reversal of financial items, net (678) (965) 409
Adjustment for non-cash transactions 801 526 459
Change in operating assets and liabilities (1,930) (770) 987
Cash flows from operating activities before financial items 5,228 2,774 7,759
Interest received 283 208 170
Interest elements of lease payments (15) (12) (9)
Interest paid (1)   (11)
Corporate taxes paid (1,583) (742) (1,476)
Net cash provided by operating activities 3,912 2,228 6,433
Cash flows from investing activities:      
Investment in tangible assets (317) (252) (307)
Marketable securities bought (9,659) (15,514) (12,414)
Marketable securities sold 7,254 14,469 10,370
Other investments bought (39) (102)  
Other investments sold   438  
Net cash (used in) investing activities (2,761) (961) (2,351)
Cash flows from financing activities:      
Warrants exercised 280 135 140
Principal elements of lease payments (73) (58) (44)
Purchase of treasury shares (908) (447)  
Payment of withholding taxes on behalf of employees on net settled RSUs (88) (50) (25)
Net cash provided by (used in) financing activities (789) (420) 71
Changes in cash and cash equivalents 362 847 4,153
Cash and cash equivalents at the beginning of the period 8,957 7,260 3,552
Exchange rate adjustments 574 850 (445)
Cash and cash equivalents at the end of the period 9,893 8,957 7,260
Cash and cash equivalents include:      
Bank deposits 9,299 8,661 5,054
Short-term marketable securities kr 594 kr 296 kr 2,206