v3.25.2
Details to the consolidated statements of cash flows
 6 Months Ended
Jun. 30, 2025
Disclosure of details to the consolidated statements of cash flows [abstract]  
Details to the consolidated statements of cash flows
6. Details to the consolidated statements of cash flows
6.1. Non-cash items and other adjustments
The following tables show the reversal of non-cash items and other adjustments in the consolidated statements of cash flows.
(USD millions)
Q2 2025
Q2 2024
Depreciation, amortization and impairments on:
   Property, plant and equipment
245
228
   Right-of-use assets
68
61
   Intangible assets
943
873
   Financial assets 1
-4
-22
Change in provisions and other non-current liabilities
665
204
(Gains)/losses on disposal on property, plant and equipment; intangible assets; other non-current assets; and other adjustments on financial assets and other non-current assets, net
-67
72
Equity-settled compensation expense
267
257
Loss from associated companies
3
2
Income taxes
507
595
Net financial expense
330
171
Other
-3
-41
Total
2 954
2 400
 1  Includes fair value changes
(USD millions)
H1 2025
H1 2024
Depreciation, amortization and impairments on:
   Property, plant and equipment
462
447
   Right-of-use assets
133
124
   Intangible assets
1 815
1 905
   Financial assets 1
37
6
Change in provisions and other non-current liabilities
847
367
(Gains)/losses on disposal on property, plant and equipment; intangible assets; other non-current assets; and other adjustments on financial assets and other non-current assets, net
-45
142
Equity-settled compensation expense
529
517
Loss from associated companies
6
31
Income taxes
1 305
1 036
Net financial expense
583
386
Other
-6
-64
Total
5 666
4 897
 1  Includes fair value changes
6.2. Cash flows from changes in working capital and other operating items included in the net cash flows from operating activities
(USD millions)
Q2 2025
Q2 2024
H1 2025
H1 2024
(Increase)/decrease in inventories
-44
-18
11
-146
Increase in trade receivables
-167
-501
-1 210
-1 421
Decrease in trade payables
-143
-142
-315
-551
Change in other current and non-current assets
172
-105
-252
-377
Change in other current liabilities
624
1 004
440
744
Total
442
238
-1 326
-1 751
6.3. Cash flows related to acquisitions and divestments of businesses, net
The following table is a summary of the cash flow impact of acquisitions and divestments of businesses.
(USD millions)
Q2 2025
Q2 2024
H1 2025
H1 2024
Total purchase consideration for acquisitions of businesses
0
-3 807
0
-4 105
Acquired cash and cash equivalents
234
236
Contingent consideration payable, net
-127
233
-127
280
Deferred considerations and other adjustments, net
47
55
Cash flows used for acquisitions of businesses 1
-127
-3 293
-127
-3 534
Cash flows used for divestments of businesses, net 2
-11
-26
-15
-64
Cash flows used for acquisitions and divestments of businesses, net
-138
-3 319
-142
-3 598
 1  The second quarter and first half of 2024 included the payments for purchases of MorphoSys shares by Novartis during the Offer period totaling EUR 0.3 billion (USD 0.3 billion), see Note 3 for further information.
 2  In the first half of 2025, USD 15 million represented the net cash outflows from divestments in previous years, including an advance receipt of a portion of sale proceeds in the second quarter. In that quarter, net cash outflows amounted to USD 11 million from divestments in previous years, which included this advance receipt.
     In the first half of 2024, USD 64 million (Q2 2024: USD 26 million) represented the net cash outflows from divestments in previous years.
Note 3 provides disclosure of the fair value of assets and liabilities acquired though business combinations. All consideration paid for acquisitions were in cash.
6.4. Cash flows used for acquisitions by applying the optional concentration test
In 2025, the total cash consideration paid for acquisitions where the Company elected to apply the optional concentration test to determine that the transaction is not a business combination within the meaning of IFRS Accounting Standards, and to account for the acquisition as assets separately acquired amounted to USD 1.5 billion, net of cash and cash equivalents acquired of USD 70 million (2024: nil).
Note 3 provides disclosure of the identifiable net assets acquired through acquisitions where the Company elected to apply the optional concentration test. All consideration paid for acquisitions were in cash.