Three-month interim report (Q1) 2021  
(Unaudited)  
Company release No. 11/2021  
ALK reports 9% sales growth in Q1 fuelled by better than expected tablet growth of 32%  
The first three months of 2021 represented ALK’s best-ever quarter, with revenue exceeding DKK 1 billion for the first  
time, despite the continuing effects of COVID. ALK saw revenue growth of 9% and tablet sales growth of 32%, driven  
by strong performances across the tablet portfolio in Europe and Japan. This comes on top of a strong first quarter  
last year that was largely unaffected by COVID. Operating profit (EBITDA) increased 14% despite increased activity  
levels across the organisation. ALK updates its financial outlook for 2021 on stronger tablet sales.  
Q1 2021 highlights  
Total revenue was up 9% in local currencies at DKK 1,021 million (956).  
Tablet sales grew by 32% to DKK 466 million (356) and continued to be the primary driver of growth. Combined  
SCIT and SLIT-drops sales were down 10% on the dual effects of COVID and planned product discontinuations.  
ALK saw revenue growth from all of its regions with sales in Europe up 5%, sales in North America up 16% and  
revenue from International markets up 29%. Planned product discontinuations impacted growth in Europe by  
approximately 4 percentage points.  
Operating profit (EBITDA) increased 14% to DKK 226 million (198), benefiting from operational leverage despite a  
planned, significant increase in R&D costs.  
Free cash flow improved to DKK 86 million (21) largely driven by the improved earnings.  
Key events and strategic progress  
ALK continues to execute on its four strategic priorities in order to deliver sustained, high growth and improve  
profitability. The tablet portfolio now accounts for more than 50% of ALK’s allergy immunotherapy sales, with the  
most significant contribution coming from Europe, and Germany in particular, as the transition to registered,  
evidence-based medicines accelerated.  
COVID continues to distort the allergy market to some extent, primarily in Europe, with some countries  
experiencing a further wave of infections and taking measures to contain the virus which continues to affect  
patients’ ability and willingness to visit allergy clinics. ALK is continuously monitoring the impact of COVID on its  
overall clinical development programme. Importantly, patient recruitment for the key European and North American  
clinical trial of the house dust mite tablet for allergic rhinitis in children is now proceeding according to plan.  
Manufacturing and supply remained resilient, and product inventories are still robust.  
Improved 2021 financial outlook  
ALK is updating its financial outlook for 2021 based on solid Q1 earnings, and a stronger full-year outlook for tablet  
sales, which is still partly offset by continuing uncertainty around COVID and its ongoing impact on sales of ALK’s  
legacy products. ALK assumes that patients’ ability and willingness to visit health care professionals will remain  
somewhat constrained in selected countries over the coming months. As a result:  
Revenue is now expected to grow 9-12% in local currencies (previously: 8-12), driven by tablet sales growth of  
~25% (previously: >20%).  
EBITDA is now expected at DKK 375-425 million (previously: 325-425), benefiting from the improved tablet sales  
outlook. ALK still expects an increased gross margin, a significant increase in R&D expenses and a gradual  
normalisation of sales and marketing activities.  
Free cash flow is now expected at ~DKK minus 200 million (previously: minus 200-300) reflecting the revised  
earnings outlook.  
Hørsholm, 5 May 2021  
ALK-Abelló A/S  
Comparative figures for 2020 are shown in brackets. Revenue growth rates are stated in local currencies, unless otherwise indicated  
For further information, contact:  
Investor Relations: Per Plotnikof, tel. +45 4574 7527, mobile +45 2261 2525  
Media: Jeppe Ilkjær, mobile +45 3050 2014  
Today, ALK is hosting a conference call for analysts and investors at 2.00 p.m. (CEST) at which Management will review the  
financial results and the outlook. The conference call will be audio cast on https://ir.alk.net. Please call in before 1.55 p.m.  
(CEST). Danish participants should call in on tel. +45 3544 5577 and international participants should call in on tel. +44 333  
300 0804 or +1 631 913 1422. Please use the Participant Pin Code: 84819816#. The conference call will also be webcast  
live on our website, where the related presentation will be made available shortly before the call begins.  
Page 1 of 15  
Company release No 11/2021 – 5 May 2021  
ALK-Abelló A/S – Bøge Allé 6-8 – DK-2970 Hørsholm – Denmark – www.alk.net  
Tel +45 4574 7576 – CVR No 63 71 79 16 – LEI code: 529900SGCREUZCZ7P020  
 
FINANCIAL HIGHLIGHTS AND KEY RATIOS FOR THE ALK GROUP  
3M  
2021  
3M  
2020  
Full year  
2020  
Amounts in DKKm  
Income statement  
Revenue  
1,021  
226  
166  
6
956  
198  
3,491  
395  
Operating profit before depreciation (EBITDA)  
Operating profit (EBIT)  
Net financial items  
Profit before tax (EBT)  
Net profit  
137  
150  
(15)  
122  
(49)  
101  
172  
127  
2,459  
86  
25  
Average number of employees (FTE)  
2,404  
2,419  
Balance sheet  
Total assets  
Invested capital  
Equity  
5,785  
2,859  
3,323  
5,639  
2,814  
3,279  
5,563  
2,664  
3,153  
Cash flow and investments  
Depreciations, amortisation and impairment  
Cash flow from operating activities  
Cash flow from investing activities  
- of which investment in intangible assets  
- of which investment in tangible assets  
Free cash flow  
60  
127  
(41)  
(7)  
61  
70  
245  
301  
(49)  
(4)  
(245)  
(26)  
(196)  
56  
(31)  
86  
(45)  
21  
Information on shares  
Share capital  
111  
11,141  
2,410  
298  
111  
11,141  
1,542  
294  
111  
11,141  
2,500  
283  
Shares in thousands of DKK 10 each  
Share price, end of period  
Net asset value per share  
Key figures  
Gross margin – %  
62  
22  
61  
21  
58  
11  
EBITDA margin – %  
Equity ratio – %  
57  
58  
57  
Earnings per share (EPS)  
Earnings per share (DEPS), diluted  
Share price/Net asset value  
11.6  
11.5  
8.1  
7.9  
7.8  
5.2  
2.3  
2.3  
8.8  
Page 2 of 15  
Company release No 11/2021 – 5 May 2021  
ALK-Abelló A/S – Bøge Allé 6-8 – DK-2970 Hørsholm – Denmark – www.alk.net  
Tel +45 4574 7576 – CVR No 63 71 79 16 – LEI code: 529900SGCREUZCZ7P020  
 
INCOME STATEMENT  
3M  
3M  
2021  
%
2020  
%
Amounts in DKKm  
Revenue  
1,021  
391  
100  
956  
371  
585  
100  
Cost of sales  
Gross profit  
38  
62  
39  
61  
630  
Research and development expenses  
Sales, marketing and administrative expenses  
Operating profit (EBIT)  
133  
331  
166  
13  
33  
16  
113  
335  
137  
12  
35  
14  
Net financial items  
Profit before tax (EBT)  
6
172  
1
(15)  
122  
(2)  
13  
17  
Tax on profit  
45  
4
36  
86  
4
9
Net profit  
127  
13  
Operating profit before depreciation  
and amortisation (EBITDA)  
22  
21  
226  
198  
Patient recruitment for the key European and North  
American trial of the house dust mite tablet for allergic  
rhinitis in children is now proceeding according to plan,  
while recruitment for the pivotal registration trial for  
China of the house dust mite tablet is expected to  
resume in the second half of the year. ALK is also  
currently as planned finalising an adolescents’ safety  
trial involving 250 participants with the aim of  
extending the approval of the house dust mite tablet in  
the USA. Later in 2021, ALK will assess the potential  
impact of COVID on its European and North American  
paediatric trial of the house dust mite tablet in allergic  
asthma, as ALK is currently seeing a reduced rate of  
respiratory virus-induced asthma exacerbations in the  
trial due to pandemic-containment measures. The trial  
is currently due to complete in mid-2022. Furthermore,  
the Phase III paediatric trial of the tree tablet for  
allergic rhinitis in Europe and Canada has now been  
initiated and is proceeding according to plan.  
PROGRESS ON THE STRATEGIC  
PRIORITIES  
During Q1, ALK continued its pursuit of sustainable,  
high growth and improved profitability by executing on  
its four strategic priorities: succeed in North America,  
complete and commercialise the tablet portfolio, digital  
consumer engagement & new horizons, and optimise  
for excellence. Through these, ALK seeks to extend its  
leadership in respiratory allergy, expand its position in  
anaphylaxis and establish a presence in food allergy.  
In North America, ALK saw encouraging progress for  
its tablet portfolio in Canada. In the USA, despite the  
easing of COVID restrictions, the higher financial  
incentives for prescribing legacy products continued to  
represent a significant factor. This was particularly  
noticeable towards the end of Q1, and provided a  
boost to sales of legacy products while challenging the  
sales growth of tablets. Even so, ALK continued to see  
increased prescription depth among existing  
ALK continued to progress its ‘new horizons’ initiatives  
– with the ability to accelerate ALK’s long-term growth.  
These include an expanded offering in anaphylaxis,  
and an entry into food allergy treatment.  
prescribers as it also worked to overcome barriers that  
were preventing the fulfilment of some tablet  
prescriptions. In February, ALK launched a new  
telehealth partnership giving patients direct access to  
an allergy health professional. While initially the pilot is  
focused on the New York area, the initiative has scope  
for further expansion. In April, ALK received approval  
from the FDA for the use of RAGWITEK® in US  
paediatric patients following recent similar approvals in  
Europe and Canada.  
For anaphylaxis, the target remains a first submission  
of a registration application for a next-generation  
adrenaline solution to the US FDA no later than 2024.  
In support of this milestone, ALK’s internal next-  
generation adrenaline solution is progressing  
according to plan. Meanwhile, ALK continued to work  
with Windgap on its adrenaline solution and expects to  
have sufficient information to make a decision on the  
next steps for this development project later in 2021.  
ALK continued to advance its clinical development  
activities in support of the tablets, targeting their use in  
all relevant ages and new geographies.  
Page 3 of 15  
Company release No 11/2021 – 5 May 2021  
ALK-Abelló A/S – Bøge Allé 6-8 – DK-2970 Hørsholm – Denmark – www.alk.net  
Tel +45 4574 7576 – CVR No 63 71 79 16 – LEI code: 529900SGCREUZCZ7P020  
 
Early development of the peanut allergy product  
continued according to plan via a formulation feasibility  
study in partnership with Catalent, which aims to  
confirm the suitability of ALK’s tablet technology for  
the project. The results of this are expected to be  
available later in 2021.  
requirements for adrenaline auto-injectors to be on  
hand when administering COVID vaccines.  
With many European countries experiencing a further  
wave of infections and re-introducing containment  
measures, ALK continued to see fluctuating sales of  
legacy products as many of these rely on more  
frequent clinic visits, and patients were either unable  
or unwilling to visit clinics and, in any case, capacity at  
many clinics – especially in southern Europe – was  
significantly reduced. Venom treatments were  
particularly affected since they are almost exclusively  
administered within hospitals.  
Patient engagement activities continued to show  
progress, with a near-doubling of consumers mobilised  
via digital channels to approximately 50,000 across all  
markets, around 3,000 of which were in the USA.  
Meanwhile, final preparations for an expansion of  
ALK’s klarify digital patient engagement platform into  
Canada were completed ahead of a planned Q2  
launch.  
Sales in Germany grew strongly as the shift towards  
registered, evidence-based allergy medicines  
accelerated. This has been supported by recent  
changes to the fee model which have mitigated  
unintended disincentives for prescribing tablets, and  
an update to national reimbursement guidelines  
recommending that AIT patients in each region should  
be initiated onto registered products only. These  
changes to the market structure in Germany represent  
a significant commercial opportunity for ALK.  
ALK continued to progress its optimisation programme  
of portfolio rationalisation, manufacturing site  
specialisation, and other initiatives. To support these  
efforts, during Q1, ALK submitted a total of 482  
regulatory changes covering 86 products to 30  
different regulatory authorities.  
Q1 SALES AND MARKET TRENDS  
(Comparative figures for Q1 2020 are shown in brackets.  
Revenue growth rates are stated in local currencies, unless  
otherwise indicated)  
Meanwhile, there was strong sales growth from the  
tablets in the important French market, where ALK  
secured a reimbursement agreement for the use of  
ACARIZAX® in adolescent patients, although overall  
revenue decreased on the impact of COVID and the  
transition of some sales to the tablets from legacy  
products. The Nordic markets and several other  
central European markets also saw strong  
performances.  
Revenue by geography  
DKKm  
Q1-  
2021  
753  
Share of  
revenue  
74%  
Q1-  
2020  
720  
150  
86  
Growth*  
5%  
Europe  
North America  
Int’l markets  
160  
108  
1,021  
16%  
29%  
9%  
16%  
10%  
100%  
Revenue  
956  
North America  
* In local currencies  
Revenue in North America increased by 16% in local  
currencies to DKK 160 million (150).  
Europe  
Revenue in Europe increased by 5% in local  
Tablet sales grew by 12%, driven by Canada, where  
ALK is seeing an increasing acceptance of the tablet  
portfolio, boosted by the recent introduction of  
ITULATEK®.  
currencies to DKK 753 million (720). Planned product  
discontinuations impacted growth in Europe by  
approximately 4 percentage points.  
The primary driver of growth was tablet sales, which  
increased by 34% on several factors. These included  
the continuing successful roll-out of ITULAZAX®, a  
clear uplift in sales of other tablets in markets where  
ITULAZAX® has been launched – especially for  
GRAZAX® – as well as the continuing benefits of  
ALK’s salesforce excellence programme.  
Sales of bulk SCIT products increased by 4% while  
sales of other products were up 37%, both largely on  
the gradual normalisation of access to clinics and  
hospitals towards the end of the quarter in the wake of  
the USA’s mass COVID-vaccination programme,  
which is leading to an easing of virus containment  
measures. ALK estimates that patient consultations in  
Q1 were at around 80% of pre-COVID levels.  
Combined sales of SCIT and SLIT-drops were down  
11% on the ongoing impact of COVID, the effects of  
portfolio rationalisation, and the transition of some  
sales to the tablets from legacy products.  
Sales of other products were down 19%, largely due to  
COVID, with European Jext® sales impacted in the UK  
in particular, by lower pen replacement rates by  
patients, likely because of COVID lockdowns. Global  
sales of Jext® increased in Q1 following good  
performance in International markets due to local  
Page 4 of 15  
Company release No 11/2021 – 5 May 2021  
ALK-Abelló A/S – Bøge Allé 6-8 – DK-2970 Hørsholm – Denmark – www.alk.net  
Tel +45 4574 7576 – CVR No 63 71 79 16 – LEI code: 529900SGCREUZCZ7P020  
 
International markets  
EBITDA (operating profit before depreciation and  
amortisation) increased 14% to DKK 226 million  
(198), benefiting from operational leverage despite a  
significant increase in R&D expenditure. Exchange  
rates did not have an impact on operating profit.  
Revenue in International markets increased by 29% to  
DKK 108 million (86), reflecting strong tablet sales  
growth in Japan, especially from MITICURETM to the  
extent that some tablet shipments to ALK’s partner  
Torii which had been planned for Q2, were brought  
forward to Q1. There was also strong, double-digit, in-  
market growth from legacy products in China, although  
this was not reflected in revenue due to the phasing of  
product shipments.  
Net financials were a gain of DKK 6 million (loss of  
15) mainly relating to currency fluctuations on  
intercompany loans. Tax on the profit totalled DKK  
45 million (36) and net profit was DKK 127 million  
(86).  
Global revenue by product line  
DKKm  
Q1-  
2021  
Share of  
revenue  
Q1-  
2020  
Cash flow from operating activities improved to  
DKK 127 million (70) mainly as a consequence of the  
increased EBITDA. Furthermore, cash flow was  
negatively impacted by changes in working capital as  
a consequence of the company’s growth momentum.  
Cash flow from investment activities was DKK  
minus 41 million (minus 49) mainly relating to  
upgrades to legacy production and the build-up of  
capacity for SLIT-tablet production. Free cash flow  
was positive, at DKK 86 million (21).  
Growth*  
SCIT and  
SLIT-drops  
SLIT-tablets  
Other  
products and  
services  
433  
466  
-10%  
32%  
42%  
46%  
487  
356  
122  
15%  
12%  
113  
Revenue  
1,021  
9%  
100%  
956  
* In local currencies  
Cash flow from financing activities was DKK minus  
3 million (minus 14), relating to the settlement of  
incentive programmes and minor repayments of debt  
obligations.  
3M FINANCIAL REVIEW  
(Comparative figures for 2020 are shown in brackets. Revenue  
growth rates are stated in local currencies, unless otherwise  
indicated)  
3M revenue increased by 7% in reported currency to  
DKK 1,021 million (956) and was better than expected.  
Exchange rate fluctuations reduced reported revenue  
growth by 2 percentage points. Planned product  
discontinuations, which mostly involved SCIT/SLIT-  
drops products in Europe, impacted overall growth  
negatively by 3 percentage points.  
At the end of March, cash and marketable securities  
totalled DKK 384 million, versus DKK 298 million at  
the end of 2020 and DKK 322 million at the end of Q1  
2020. In addition, ALK has an unused credit facility of  
DKK 600 million which runs until 2022.  
At the end of March, ALK held 164,498 of its own  
shares or 1.5% of the share capital, versus 1.9% at  
the end of 2020, and 2.0% at the end of March 2020.  
Cost of sales increased 8% in local currencies to  
DKK 391 million (371). The gross profit of DKK 630  
million (585) yielded an improved gross margin of 62%  
(61%), and mainly reflected increased sales –  
especially from tablets in Europe – somewhat reduced  
by increasing shipments to Torii in Japan with lower  
margins and also lower sales of legacy products in  
Europe. ALK continues to see significant costs  
associated with compliance efforts to secure  
Equity totalled DKK 3,323 million (3,279) at the end of  
the period, and the equity ratio was 57% (58%).  
Outlook for 2021  
ALK is updating its financial outlook for 2021 based on  
solid Q1 earnings, and a stronger full-year outlook for  
tablet sales, which is still partly offset by continuing  
uncertainty around COVID and its ongoing impact on  
sales of ALK’s legacy products:  
robustness in product supply, as well as the  
implementation of the product and site strategy.  
Capacity costs increased 7% in local currencies to  
DKK 464 million (448). As planned, R&D expenses  
increased by 20% in local currencies in support of  
increasing activities related to clinical trials. Sales and  
marketing expenses increased by 2% in local  
currencies, following a gradual normalisation of activity  
levels following the impact of COVID on the business,  
but also operational leverage of ALK’s commercial  
activities. Administrative expenses increased 2% in  
local currencies.  
Revenue is now expected to grow 9-12% in local  
currencies (previously: 8-12%).  
Tablet sales are now expected to grow by ~25%  
(previously: >20%).  
Operating profit (EBITDA) is now expected at DKK  
375-425 million (previously: 325-425).  
Free cash flow is now expected to be at ~DKK  
minus 200 million (previously: minus 200-300),  
reflecting the revised earnings outlook.  
Page 5 of 15  
Company release No 11/2021 – 5 May 2021  
ALK-Abelló A/S – Bøge Allé 6-8 – DK-2970 Hørsholm – Denmark – www.alk.net  
Tel +45 4574 7576 – CVR No 63 71 79 16 – LEI code: 529900SGCREUZCZ7P020  
 
The updated financial outlook is based on the  
following assumptions:  
The CAPEX projection is unchanged at approximately  
DKK 300 million.  
Revenue  
Other assumptions  
ALK assumes that COVID will continue to be a factor  
in patients’ ability and willingness to visit healthcare  
professionals in selected countries over the coming  
months. This is likely to continue to impact sales of  
treatments that rely on more frequent clinic visits,  
while tablet sales are expected to be resilient. In H2,  
ALK assumes that patients will gradually be more able  
and willing to visit healthcare professionals again  
without significant limitations.  
The outlook does not include any revenue from  
acquisitions, new partnerships, or in-licensing, nor  
does it include any sizeable payments related to M&A  
or in-licensing. The outlook is based on current  
exchange rates, resulting in a negative effect of  
approximately 1 percentage point on reported revenue  
growth and an immaterial effect on reported EBITDA.  
RISK FACTORS  
As before, the continued tablet sales momentum will  
remain key to overall growth in 2021, while ALK now  
expects muted sales growth across its legacy product  
portfolio. Discontinuations of legacy products are still  
expected to impact growth negatively by ~1 percent-  
age point.  
This interim report contains forward-looking  
statements, including forecasts of future revenue,  
operating profit and cash flow, as well as expected  
business-related events. Such statements are, by their  
very nature, subject to risks and uncertainties, as  
various factors, some of which are beyond the control  
of ALK, may cause actual results and performance to  
differ materially from the forecasts made in this report.  
Without being exhaustive, such factors include, e.g.,  
consequences of the global COVID pandemic, general  
economic and business-related conditions, including:  
legal issues, uncertainty relating to demand, pricing,  
reimbursement rules, partners’ plans and forecasts,  
fluctuations in exchange rates, competitive factors and  
reliance on suppliers. Additional factors include the  
risks associated with the sourcing and manufacturing  
of ALK’s products as well as the potential for side  
effects from the use of ALK’s existing and future  
products, as allergy immunotherapy may be  
Operating profit  
The gross margin is still expected to increase by 1-2  
percentage points, driven by efficiencies and higher  
sales – especially from tablets. Capacity costs will as  
planned be influenced by a significant increase in R&D  
costs to complete the clinical development of the tablet  
portfolio. Estimated R&D costs remain at around DKK  
650 million, of which, around DKK 100 million relates  
to activities originally scheduled for 2020 but  
postponed due to COVID. Sales and marketing  
activities are expected to gradually return to normal in  
second half of 2021.  
associated with allergic reactions of differing extents,  
durations and severities.  
Free cash flow  
Free cash flow will still be impacted by changes in  
working capital, including a one-off repayment of up to  
DKK 175 million in accrued rebates and a deadline  
extension for the settlement of around DKK 50 million  
related to 2020 tax payments for Danish employees.  
Financial calendar  
Silent period  
Six-month interim report (Q2)  
Silent period  
Nine-month interim report (Q3)  
14 July 2021  
11 August 2021  
14 October 2021  
11 November 2021  
Page 6 of 15  
Company release No 11/2021 – 5 May 2021  
ALK-Abelló A/S – Bøge Allé 6-8 – DK-2970 Hørsholm – Denmark – www.alk.net  
Tel +45 4574 7576 – CVR No 63 71 79 16 – LEI code: 529900SGCREUZCZ7P020  
 
R&D PIPELINE STATUS  
ALK aims to globalise a portfolio of SLIT-tablets for all relevant ages, covering five of the most common respiratory  
allergies: house dust mite, grass, tree, ragweed and Japanese cedar.  
Phase I  
Phase II  
Phase III  
Filing  
Marketed  
GRAZAX® Europe  
Adults and children – Allergic rhinitis (grass)  
2007  
GRASTEK® North America  
2014  
2017  
Adults and children – Allergic rhinitis (grass)  
GRAZAX® International marketsi  
Adults and children – Allergic rhinitis (grass)  
RAGWITEK® North America  
2014/21  
2020  
Adults and children – Allergic rhinitis (ragweed)  
RAGWIZAX® Europe & International markets  
Adults and children – Allergic rhinitis (ragweed)  
ACARIZAX® Europe  
2016/17  
2017/18  
Adults – Allergic rhinitis and allergic asthma (HDM)  
Adolescents – Allergic rhinitis (HDM)  
ACARIZAX®/ODACTRA® North America  
Adults – Allergic rhinitis (HDM)  
MITICURE™ Japanii  
Adults and children – Allergic rhinitis (HDM)  
2015/18  
iii  
ACARIZAX® International marketsi  
Adults - Allergic rhinitis and allergic asthma (HDM)  
ACARIZAX® China  
Adults – Allergic rhinitis (HDM)  
ACARIZAX®/ODACTRA® Europe & North America  
Children – Allergic asthma (HDM)  
ACARIZAX®/ODACTRA® Europe & North America  
Children – Allergic rhinitis (HDM)  
ODACTRA® North America  
Adolescents – Allergic rhinitis (HDM)  
CEDARCURE™ Japanii  
Adults and children – Allergic rhinitis (Japanese cedar)  
2018  
ITULAZAX®/ITULATEK™ Europe & Canada  
Adults – Allergic rhinitis (tree: birch family)  
2019/20  
ITULAZAX®/ITULATEK™ Europe & Canada  
Children– Allergic rhinitis (tree: birch family)  
i. Licensed to Abbott for south-east Asia and Seqirus for Australia/New Zealand  
ii. Licensed to Torii for Japan  
iii. Already marketed in selected markets  
Page 7 of 15  
Company release No 11/2021 – 5 May 2021  
ALK-Abelló A/S – Bøge Allé 6-8 – DK-2970 Hørsholm – Denmark – www.alk.net  
Tel +45 4574 7576 – CVR No 63 71 79 16 – LEI code: 529900SGCREUZCZ7P020  
 
STATEMENT BY MANAGEMENT
The Board of Directors and Board of Management today considered and approved the interim report of ALK-Abelló
A/S for the period 1 January to 31 March 2021. The interim report has not been audited or reviewed by the company's
independent auditor.
The consolidated interim report has been prepared in accordance with IAS 34 'Interim financial reporting' and
additional Danish disclosure requirements for the presentation of quarterly interim reports by listed companies.
In our opinion, the interim report gives a true and fair view of the ALK Group's assets, equity and liabilities, financial
position, results of operations and cash flow for the period 1 January to 31 March 2021. We further consider that the
Management review in the preceding pages gives a true and fair statement of the development in the ALK Group's
activities and business, the profit for the period and the ALK Group's financial position as a whole, and a description of
the most significant risks and uncertainties to which the ALK Group is subject. Besides what has been disclosed in the
interim report, no changes in the ALK Group’s most significant risks and uncertainties have occurred relative to what
was disclosed in the consolidated annual report 2020.
Hørsholm, 5 May 2021  
Board of Management  
Carsten Hellmann  
President & CEO  
Henrik Jacobi  
Executive Vice President  
Research & Development  
Søren Jelert  
CFO & Executive Vice President  
Søren Daniel Niegel  
Executive Vice President  
Commercial Operations  
Board of Directors  
Anders Hedegaard  
Chairman  
Lene Skole  
Vice Chairman  
Gitte Aabo  
Katja Barnkob  
Bertil Lindmark  
Vincent Warnery  
Nanna Rassov Carlson  
Jakob Riis  
Lars Holmqvist  
Johan Smedsrud  
Page 8 of 15  
Company release No 11/2021 – 5 May 2021  
ALK-Abelló A/S – Bøge Allé 6-8 – DK-2970 Hørsholm – Denmark – www.alk.net  
Tel +45 4574 7576 – CVR No 63 71 79 16 – LEI code: 529900SGCREUZCZ7P020  
 
INCOME STATEMENT FOR THE ALK GROUP  
3M  
3M  
2021  
2020  
Amounts in DKKm  
Revenue  
1,021
391
956
371
585
Cost of sales  
Gross profit  
630
Research and development expenses  
Sales and marketing expenses  
Administrative expenses  
133
277
54
113
281
54
Operating profit (EBIT)  
166
137
Net financial items  
6
(15)
122
Profit before tax (EBT)  
172
Tax on profit  
45
36
86
Net profit  
127
Earnings per share (EPS)  
Earnings per share (EPS)  
Earnings per share (DEPS), diluted  
11.6  
11.5  
7.9  
7.8  
STATEMENT OF COMPREHENSIVE INCOME  
3M  
3M  
Amounts in DKKm  
2021  
2020  
Net profit  
127
86
Other comprehensive income  
Items that will subsequently be reclassified to the income statement,  
when specific conditions are met:  
Foreign currency translation adjustment of foreign affiliates  
Tax related to other comprehensive income, that will subsequently be  
reclassified to the income statement  
45
19
-
45
-
19
Total  
Total comprehensive income  
172
105
Page 9 of 15  
Company release No 11/2021 – 5 May 2021  
ALK-Abelló A/S – Bøge Allé 6-8 – DK-2970 Hørsholm – Denmark – www.alk.net  
Tel +45 4574 7576 – CVR No 63 71 79 16 – LEI code: 529900SGCREUZCZ7P020  
 
CASH FLOW STATEMENT FOR THE ALK GROUP  
3M  
3M  
Amounts in DKKm  
2021  
2020  
Net profit/(loss)  
127
86
Adjustments for non-cash items (note 3)  
Changes in working capital  
118
(80)
1
129
(135)
1
Financial income, received  
Financial expenses, paid  
(4)
(6)
Income taxes, paid (net)  
(35)
127
(5)
Cash flow from operating activities  
70
Investments in intangible assets  
Investments in tangible assets  
(7)
(31)
(3)
(4)
(45)
-
Investments in other financial assets  
Cash flow from investing activities  
(41)
(49)
Free cash flow  
86
21
Sale of treasury shares  
17
(10)
(6)
-
(4)
Exercised share options, paid  
Repayment of lease liabilities  
Repayment of borrowings  
(6)
(4)
(4)
Cash flow from financing activities  
(3)
(14)
Net cash flow  
83
7
Cash at beginning of year  
298
316
Cash beginning of year  
298  
316  
Unrealised gains/(losses) on cash held in foreign currency and financial  
assets carried as cash  
3
(1)
7
Net cash flow  
83  
Cash end of period  
384
322
322  
Cash end of period  
384  
The consolidated statement of cash flow is compiled using the indirect method. As a result, the individual figures in  
the cash flow statement cannot be reconciled directly to the income statement and the balance sheet.  
Page 10 of 15  
Company release No 11/2021 – 5 May 2021  
ALK-Abelló A/S – Bøge Allé 6-8 – DK-2970 Hørsholm – Denmark – www.alk.net  
Tel +45 4574 7576 – CVR No 63 71 79 16 – LEI code: 529900SGCREUZCZ7P020  
 
BALANCE SHEET - ASSETS FOR THE ALK GROUP  
31 Mar  
2021  
31 Mar  
2020  
31 Dec  
2020  
Amounts in DKKm  
Non-current assets  
Intangible assets  
Goodwill  
455
170
625
461
214
675
452
172
624
Other intangible assets  
Tangible assets  
Land and buildings  
942
456
1,011
321
921
442
Plant and machinery  
Other fixtures and equipment  
Property, plant and equipment in progress  
73
68
72
250
355
269
1,721
1,755
1,704
Other non-current assets  
Receivables  
33
737
152
922
47
643
174
864
30
697
168
895
Deferred tax assets  
Income tax receivables  
Total non-current assets  
3,268
3,294
3,223
Current assets  
Inventories  
1,110
623
20
1,060
498
116
13
1,093
544
20
Trade receivables  
Receivables from group companies  
Income tax receivables  
Other receivables  
Prepayments  
26
24
79
107
229
322
2,345
96
275
384
2,517
265
298
2,340
Cash  
Total current assets  
Total assets  
5,785
5,639
5,563
Page 11 of 15  
Company release No 11/2021 – 5 May 2021  
ALK-Abelló A/S – Bøge Allé 6-8 – DK-2970 Hørsholm – Denmark – www.alk.net  
Tel +45 4574 7576 – CVR No 63 71 79 16 – LEI code: 529900SGCREUZCZ7P020  
 
BALANCE SHEET - EQUITY AND LIABILITIES FOR THE ALK GROUP  
31 Mar  
2021  
31 Mar  
2020  
31 Dec  
2020  
Amounts in DKKm  
Equity  
Share capital  
111
(80)
111
-
111
(125)
3,167
3,153
Currency translation adjustment  
Retained earnings  
Total equity  
3,292
3,323
3,168
3,279
Liabilities  
Non-current liabilities  
Mortgage debt  
236
446
347
211
-
255
448
314
231
2
240
446
345
207
-
Bank loans  
Pensions and similar liabilities  
Lease liabilities  
Deferred tax liabilities  
Income taxes  
142
1,382
142
1,392
143
1,381
Current liabilities  
Mortgage debt  
Trade payables  
Lease liabilities  
Other provisions  
Income taxes  
18
112
33
18
106
33
18
74
32
4
9
3
64
72
21
Other payables  
Deferred income  
848
1
729
1
880
1
1,080
968
1,029
Total liabilities  
2,462
5,785
2,360
5,639
2,410
5,563
Total equity and liabilities  
Page 12 of 15  
Company release No 11/2021 – 5 May 2021  
ALK-Abelló A/S – Bøge Allé 6-8 – DK-2970 Hørsholm – Denmark – www.alk.net  
Tel +45 4574 7576 – CVR No 63 71 79 16 – LEI code: 529900SGCREUZCZ7P020  
 
EQUITY FOR THE ALK GROUP  
Currency  
translation  
adjustment  
Share  
capital  
Retained  
earnings  
Total  
equity  
Amounts in DKKm  
Equity at 1 January 2021  
111
(125)
3,167
3,153
Net profit  
Other comprehensive income  
Total comprehensive income  
-
-
-
-
45
45
127
-
127
127
45
172
Share-based payments  
-
-
-
-
-
-
-
-
-
-
6
(10)
17
6
(10)
17
Share options settled  
Sale of treasury shares  
Tax related to items recognised directly in equity  
Other transactions  
(15)
(2)
(15)
(2)
Equity at 31 March 2021  
111
(80)
3,292
3,323
Equity at 1 January 2020  
111
(19)
3,084
3,176
Net profit  
-
-
-
-
19
19
86
-
86
19
Other comprehensive income  
Total comprehensive income  
86
105
Share-based payments  
-
-
-
-
-
-
-
-
6
6
Share options settled  
(4)
(4)
(2)
(4)
(4)
(2)
Tax related to items recognised directly in equity  
Other transactions  
Equity at 31 March 2020  
111
-
3,168
3,279
Page 13 of 15  
Company release No 11/2021 – 5 May 2021  
ALK-Abelló A/S – Bøge Allé 6-8 – DK-2970 Hørsholm – Denmark – www.alk.net  
Tel +45 4574 7576 – CVR No 63 71 79 16 – LEI code: 529900SGCREUZCZ7P020  
 
NOTES  
1 ACCOUNTING POLICIES  
This non-audited interim report for the first three months of 2021 has been prepared in accordance with IAS 34 and  
the additional Danish regulations for the presentation of quarterly interim reports by listed companies. The Interim  
report for the first three months of 2021 follows the same accounting policies as the annual report for 2020, except for  
new, amended or revised accounting standards and interpretations (IFRSs) endorsed by the EU effective for the  
accounting period beginning on 1 January 2021. These IFRSs have not had any impact on the Group’s interim report.  
2 REVENUE AND SEGMENT INFORMATION  
North  
International  
Markets  
Europe  
3M 2021  
America  
Total  
3M 2021  
Amounts in DKKm  
SCIT/SLIT-drops  
3M 2020  
391  
3M 2021  
3M 2020  
74  
3M 2021  
3M 2020  
3M 2020  
347  
360  
46  
71  
27  
62  
15  
79  
14  
22  
59  
5
433  
466  
122  
487  
SLIT-tablets  
271  
58  
26  
50  
356  
113  
Other products and services  
Total revenue  
753  
720  
160  
150  
108  
86  
1,021  
956  
Sale of goods  
Royalties  
1,005  
16  
944  
12  
Total revenue  
1,021  
956  
International  
Markets  
North  
America  
Growth local  
Europe  
Total  
Growth local  
currencies  
Growth local  
currencies  
Growth local  
currencies  
Growth  
Growth  
Growth  
currencies  
Growth, 3M 2021  
SCIT/SLIT-drops  
Growth  
-11%  
31%  
-11%  
34%  
-11%  
33%  
4%  
12%  
37%  
-4%  
4%  
-29%  
35%  
-32%  
34%  
-10%  
32%  
15%  
SLIT-tablets  
Other products and services  
-19%  
-21%  
24%  
200%  
180%  
8%  
Total revenue  
5%  
5%  
16%  
7%  
29%  
26%  
9%  
7%  
Geographical markets (based on customer location):  
o Europe comprises the EU, the UK, Norway and Switzerland  
o North America comprises the USA and Canada  
o International Markets comprise Japan, China and all other countries  
Page 14 of 15  
Company release No 11/2021 – 5 May 2021  
ALK-Abelló A/S – Bøge Allé 6-8 – DK-2970 Hørsholm – Denmark – www.alk.net  
Tel +45 4574 7576 – CVR No 63 71 79 16 – LEI code: 529900SGCREUZCZ7P020  
 
NOTES  
3 ADJUSTMENTS FOR NON-CASH ITEMS  
3M  
3M  
Amounts in DKKm  
2021  
2020  
Tax on profit/ (loss)  
45  
(7)  
6
36  
15  
6
Financial income and expenses  
Share-based payments  
Depreciation, amortisation and impairment  
Other adjustments*  
60  
61  
11  
129  
14  
Total  
118  
* Other adjustments include non-cash transactions related to the divestment of ALK´s part-share of a formulation  
production line for tablets to production partner Catalent. In 2020, it further includes provision for transition period for the  
Danish Holiday act.  
Page 15 of 15  
Company release No 11/2021 – 5 May 2021  
ALK-Abelló A/S – Bøge Allé 6-8 – DK-2970 Hørsholm – Denmark – www.alk.net  
Tel +45 4574 7576 – CVR No 63 71 79 16 – LEI code: 529900SGCREUZCZ7P020