1.7 Cash flow statement

The evolution of cash flow generated by bio-pharmaceuticals activities is affected by the following:

  • Cash flow from operating activities amounted to € 1 089 million, of which € 1 098 million from continuing operations, compared to € 896 million in 2017 and stemming from underlying net profitability, offset with a higher need of commercial and development inventory.
  • Cash flow from investing activities showed an outflow of € 320 million (continuing operations), compared to € 228 million in 2017 after investing in assets such as midazolam acquired from Proximagen and the last milestone payment to Dermira, offset with the sale of non-core assets.
  • Cash flow from financing activities has an outflow of € 538 million, which includes the dividend paid to UCB shareholders (€ 222 million), the acquisition of treasury shares (€ 51 million) and the repayment of borrowings (€ 169 million).