Six-month interim report (Q2) 2021 (unaudited)  
Company release No. 16/2021  
ALK reports revenue up 13% with sales growth across its portfolio, outlook updated  
ALK’s revenue growth increased during Q2 on continued strong momentum for tablet sales and a recovery in sales of  
legacy products. ALK saw overall revenue growth of 13% for the quarter and tablet sales growth of 23% with better than  
expected earnings, despite a significant, planned increase in R&D spend. Based on year-to-date results, and improved  
forecasts for H2, ALK has upgraded its 2021 financial outlook.  
Q2 2021 financial highlights  
Total revenue was up 13% in local currencies at DKK 868 million (772). This compares against a Q2 last year that  
showed flat overall growth due to the negative impact of COVID, especially on legacy products. Currency effects  
reduced reported growth by 1 percentage point.  
Tablet sales grew by 23% to DKK 401 million (last year: 324 with 25% growth). Growth was held back slightly by the  
phasing of product shipments to Japan. Combined sales of SCIT and SLIT-drops increased 4%, with other products  
up 13%.  
Revenue growth in Europe increased to 14%, with North America up 33% and International revenue down 15% on  
the phasing of product shipments to Japan and China.  
Operating profit (EBITDA) was better than expected at DKK 48 million (75), reflecting an improved gross margin but  
also a planned DKK 69 million increase in R&D spend.  
Revenue for the first six months was up 11% with tablet sales growth of 28%, while EBITDA was almost unchanged  
at DKK 274 million (273). Free cash flow was positive at DKK 128 million (27) and the improvement was driven by the  
phasing of investments and changes to working capital.  
Key events and strategic progress  
ALK continues to make good progress on its strategic priorities:  
The adolescent safety clinical trial for ODACTRA® was completed as planned in support of a future US application to  
expand its use to include adolescents.  
A further 22 approvals were secured for ALK’s tablet portfolio.  
ALK finalised a development and licensing agreement with Catalent on the use of a proprietary tablet formulation  
technology in ALK’s food AIT programme.  
ALK has refinanced its loan facilities so that it now has DKK 1.5 billion in credit facilities, of which, DKK 1.2 billion is  
currently unused.  
After the quarter ended, ALK and China-based pharmaceutical company Grandpharma announced an agreement  
that will see ALK’s adrenaline autoinjector, Jext®, registered and launched in China.  
2021 financial outlook  
As announced on 9 August 2021, based on its H1 performance and latest forecasts for H2 2021, ALK has upgraded its  
full-year financial outlook especially with regards to increasing earnings to reflect an improved sales forecast, as well as  
cost savings and a minor adjustment to the anticipated timing of clinical development activities. As a result:  
Revenue is now expected to grow 10-12% in local currencies (previously: 9-12), to reflect an improved sales forecast.  
EBITDA is now increased to DKK 450-500 million (previously: 375-425), benefiting from the improved sales outlook,  
cost savings and timing of clinical development activities. ALK still expects an increased gross margin, a significant  
increase in R&D expenses although slightly lower than previously assumed and a gradual normalisation of sales and  
marketing activities compared to last year, which was affected by COVID.  
Free cash flow is now expected at ~DKK minus 100 million (previously: ~minus 200) mainly reflecting the revised  
earnings outlook.  
Hørsholm, 11 August 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 1.30 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 1.25 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: 91659552#. 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 16/2021 – 11 August 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  
H1  
2021  
H1  
2020  
Q2  
2021  
Q2  
2020  
Full year  
2020  
Amounts in DKKm  
Income statement  
Revenue  
1,889  
274  
1,728  
273  
868  
48  
772  
75  
3,491  
395  
Operating profit before depreciation (EBITDA)  
Operating profit/(loss) (EBIT)  
Net financial items  
Profit/(loss) before tax (EBT)  
Net profit/(loss)  
158  
153  
(8)  
16  
150  
(7)  
(25)  
128  
(13)  
(21)  
(21)  
2,481  
(10)  
6
(49)  
101  
151  
106  
76  
(10)  
2,418  
25  
Average number of employees (FTE)  
2,469  
2,405  
2,419  
Balance sheet  
Total assets  
Invested capital  
Equity  
5,575  
2,803  
3,249  
5,683  
2,748  
3,243  
5,575  
2,803  
3,249  
5,683  
2,748  
3,243  
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  
116  
211  
(83)  
(11)  
(69)  
128  
120  
154  
(127)  
(4)  
56  
84  
59  
84  
(78)  
-
245  
301  
(42)  
(4)  
(245)  
(26)  
(196)  
56  
(98)  
27  
(38)  
42  
(53)  
6
Information on shares  
Share capital  
111  
11,141  
2,992  
292  
111  
11,141  
1,771  
291  
111  
11,141  
2,992  
292  
111  
11,141  
1,771  
291  
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 – %  
60  
15  
59  
16  
58  
6
56  
10  
58  
11  
EBITDA margin – %  
Equity ratio – %  
58  
57  
58  
57  
57  
Earnings/(loss) per share (EPS)  
Earnings/(loss) per share (DEPS), diluted  
Share price/Net asset value  
9.7  
9.6  
10.3  
7.0  
6.9  
6.1  
(1.9)  
(1.9)  
10.3  
(0.9)  
(0.9)  
6.1  
2.3  
2.3  
8.8  
Page 2 of 15  
Company release No 16/2021 – 11 August 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  
Q2  
Q2  
H1  
H1  
2021  
%
2020  
%
2021  
%
2020  
%
Amounts in DKKm  
868  
362  
506  
100  
772  
336  
436  
100  
Revenue  
1,889  
753  
100  
1,728  
707  
100  
42  
58  
44  
56  
Cost of sales  
Gross profit  
40  
60  
41  
59  
1,136  
1,021  
172  
343  
1
20  
39  
0
103  
317  
-
13  
41  
-
Research and development expenses  
Sales, marketing and administrative expenses  
Other operating income and expenses  
Operating profit/(loss) (EBIT)  
305  
674  
1
16  
36  
0
216  
652  
-
12  
38  
-
(8)  
(1)  
16  
2
158  
8
153  
9
(13)  
(21)  
(1)  
(10)  
6
(1)  
1
Net financial items  
Profit/(loss) before tax (EBT)  
(7)  
151  
(0)  
8
(25)  
128  
(2)  
7
(2)  
-
-
16  
2
Tax on profit/ (loss)  
45  
2
6
52  
76  
3
4
(21)  
(2)  
(10)  
(1)  
Net profit/ (loss)  
106  
Operating profit before depreciation  
and amortisation (EBITDA)  
6
10  
15  
16  
48  
75  
274  
273  
There were also UK approvals for ACARIZAX® for  
allergic rhinitis and allergic asthma, and ITULAZAX®  
for allergic rhinitis, which will result in both products  
PROGRESS ON THE STRATEGIC  
PRIORITIES  
being made available in hospitals. As stated in the Q1  
report, in April, ALK also received FDA approval in the  
USA for paediatric use of RAGWITEK®. Furthermore,  
the clinical trial of ODACTRA® in adolescent patients  
was completed as planned in support of an application  
to the FDA for an expanded indication. ODACTRA®  
was previously approved by the FDA for use in adults  
in 2017. The restart of the Phase III clinical trial of  
allergic rhinitis in adults for China is still pending  
further lifting of COVID-19 related travel restrictions to  
and from China.  
In Q2, ALK maintained its pursuit of sustainable high  
growth and improved profitability by continuing to  
execute 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, sales of the tablet portfolio grew  
strongly again in Canada, fuelled by ITULAZAX®. In  
the USA, the lifting of COVID-related restrictions  
further boosted sales of legacy products, which offer  
higher margins to allergists, and emphasised the  
market barriers facing the tablets in this market.  
Despite the challenges, ALK continued its approach of  
targeting high-volume tablet prescribers to build  
prescription depth, and of building a position in other  
specialities. In line with this, in June, ALK acquired the  
product OTIPRIO®, a treatment for swimmer’s ear,  
from Otonomy, Inc., for a minor consideration,  
enhancing its offering to ear, nose and throat (ENT)  
specialists, and paediatricians. ALK previously had an  
exclusive agreement with Otonomy for the co-  
promotion of OTIPRIO®. ALK also added new regions  
to a pilot telehealth partnership in the USA which gives  
consumers direct access to an allergy health  
professional.  
Patient engagement activities continued to advance  
with a launch of the klarify digital engagement platform  
in Canada during Q2. ALK continues to demonstrate  
an ability to engage directly with consumers at scale  
and, by the end of Q2, approximately 160,000  
consumers had been mobilised via its digital platforms  
worldwide against a full-year target of 250,000, with  
around 10,000 of these in the USA versus a full-year  
target of 20,000. Mobilising relevant consumers  
towards AIT treatment remains the ultimate goal of  
these activities and in Q2, ALK tested and progressed  
a number of ‘end-to-end’ concepts and events – to  
better connect consumers directly with AIT prescribers  
– in several countries.  
Work on the ‘new horizons’ priority progressed well,  
including on the entry into food allergy with a peanut  
allergy product, which remains on course to  
commence Phase I clinical development in 2022. In  
Q2, ALK finalised a development and licensing  
agreement with Catalent on the use of Catelent’s  
proprietary, fast-dissolving, freeze-dried tablet  
formulation technology, Zydis® – as used in ALK’s  
Further clinical development of the tablets also  
continued, targeting their use in new geographies and  
all relevant ages. Q2 saw adolescent approval for  
ACARIZAX® in nine further countries, GRAZAX®  
approval in eight countries and RAGWIZAX® approval  
in two – the majority of these were in eastern Europe.  
Page 3 of 15  
Company release No 16/2021 – 11 August 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  
 
current portfolio of tablets – in ALK’s food AIT  
programme.  
up promotion of the tablets to other prescribers,  
including ear, nose and throat, and paediatric  
specialists with an interest in allergy treatment. In the  
Nordic countries, a similar approach resulted in an  
uptick in sales from new prescribers of AIT in Q2.  
Just after Q2 ended, ALK announced an exclusive  
licensing agreement with China-based pharmaceutical  
company, Grandpharma, that will see ALK’s current  
adrenaline autoinjector (AAI), Jext®, registered and  
launched in China. Under the long-term agreement,  
Grandpharma will be responsible for the registration,  
import and commercialisation of Jext® in mainland  
China, Macau and Taiwan, while ALK will be  
responsible for product supply and will offer marketing  
support based on its extensive experience in Europe  
and other markets. Meanwhile, ALK’s in-house  
development project for a next-generation AAI also  
made positive progress, according to plan.  
Sales of SCIT and SLIT-drops were up 3%, reflecting  
strong growth in SCIT sales, especially in Germany  
and the Nordics, as the market gradually returned to  
pre-COVID activity levels in many countries. In  
France, sales were still down on the impact of COVID  
plus the transition of some sales to the tablets from  
legacy products.  
Sales of other products were up 12%, largely due to a  
sales recovery for diagnostic products, with Jext®  
sales seeing only modest growth on reduced pen  
renewals in the UK, likely due to COVID restrictions  
resulting in a perceived lower exposure to allergens.  
In Q2, ALK continued its optimisation programme by  
rationalising its portfolio and driving increased site  
specialisation, among other initiatives. As part of this  
work, for the year-to-date, ALK has submitted a total of  
1,037 regulatory variations covering 95 products to 36  
regulatory authorities around the world.  
North America  
Revenue in North America increased 33% in local  
currencies to DKK 161 million (130) in Q2, as sales  
recovered in response to the lifting of COVID-related  
restrictions.  
ALK’s strategic focus areas are underpinned by  
initiatives in organisational agility and sustainability.  
Over the past year, ALK has implemented a  
programme to support employee engagement and  
retention, covering leadership development,  
connectivity, learning and development, and talent  
identification. A company-wide survey in Q2 showed  
that ALK now has employee engagement levels that  
are above the pharmaceutical industry benchmark.  
Tablet sales grew 59% and are now ahead of pre-  
COVID levels in the USA. There was also continued  
strong take-up in Canada. Sales of bulk SCIT products  
increased 34% as patients returned to US allergy  
clinics for SCIT treatments, which currently dominate  
the US market.  
Revenue from other products climbed 22% as sales of  
non-allergy-related life science products stabilised,  
and on returning PRE-PEN® sales, as hospitals  
reopened for non-emergency surgeries.  
Q2 SALES AND MARKET TRENDS  
(Comparative figures for Q2 2020 are shown in brackets.  
Revenue growth rates are stated in local currencies, unless  
otherwise indicated)  
International markets  
Revenue in International markets fell by 15% in local  
currencies to DKK 86 million (102) which reflected the  
phasing of shipments to the most important markets of  
China and Japan, where strong in-market sales growth  
was nevertheless reported. In China, the in-market  
growth was attributable to salesforce expansion and  
the benefits of ALK’s salesforce excellence  
programme. In Japan, ALK’s partner Torii continued to  
see strong in-market sales growth from MITICURETM  
five years after the product’s introduction.  
Revenue by geography  
DKKm  
Q2-  
2021  
621  
161  
86  
Share of  
revenue  
72%  
Q2-  
2020  
540  
130  
102  
Growth*  
14%  
Europe  
North America  
Int’l markets  
33%  
-15%  
13%  
18%  
10%  
100%  
Revenue  
868  
772  
* In local currencies  
Europe  
CEDARCURETM also performed well ahead of the  
forthcoming Japanese cedar allergy season. For the  
full year, ALK expects revenue growth from this region  
of more than 10%.  
Revenue in Europe increased by 14% in local  
currencies to DKK 621 million (540). As expected,  
planned product discontinuations are now having a  
negligible impact on growth.  
Tablets continued to be the primary driver of growth  
during Q2, up 27% with ITULAZAX® leading the way  
and a strong performance from GRAZAX®. This  
growth was further supported by the ongoing shift in  
favour of evidence-based allergy medicines, and by  
market share gains, especially in Germany, which is  
becoming ALK’s largest single market. The gradual  
easing of COVID restrictions also allowed ALK to ramp  
Page 4 of 15  
Company release No 16/2021 – 11 August 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  
 
Global revenue by product line  
Cash flow from operating activities improved to  
DKK 211 million (154) driven by changes in working  
capital due to the timing of payments. Cash flow from  
investment activities was DKK minus 83 million  
(minus 127), mainly on upgrades to legacy production  
and the build-up of capacity for SLIT-tablet production.  
Free cash flow was positive at DKK 128 million (27).  
DKKm  
Q2-  
Share of  
revenue  
Q2-  
2020  
2021  
Growth*  
SCIT and  
SLIT-drops  
SLIT-tablets  
Other  
351  
401  
4%  
23%  
41%  
46%  
342  
324  
products and  
services  
116  
13%  
13%  
106  
Cash flow from financing activities was DKK minus  
225 million (minus 45), relating to the settlement of  
incentive programmes and a refinancing of ALK’s loan  
and credit facilities, which were extended so that ALK  
now has DKK 1.5 billion in credit facilities running until  
2024, of which, DKK 1.2 billion is currently unused.  
Revenue  
868  
13%  
100%  
772  
* In local currencies  
6M FINANCIAL REVIEW  
(Comparative figures for 2020 are shown in brackets. Revenue  
growth rates are stated in local currencies, unless otherwise  
indicated)  
At the end of June, cash totalled DKK 203 million,  
versus DKK 298 million at the end of 2020 and DKK  
292 million at the end of H1 2020.  
6M revenue increased by 9% in reported currency to  
DKK 1,889 million (1,728). Exchange rate fluctuations  
reduced reported revenue growth by 2 percentage  
points. Planned product discontinuations, which mostly  
involved SCIT/SLIT-drops products in Europe during  
Q1, impacted overall growth negatively by 2  
At the end of June, 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 June 2020.  
percentage points. The effect was negligible in Q2.  
Equity totalled DKK 3,249 million (3,243) at the end of  
the period, and the equity ratio was 58% (57%).  
Cost of sales increased 9% in local currencies to  
DKK 753 million (707). The gross profit of DKK 1,136  
million (1,021) yielded an improved gross margin of  
60% (59%), and mainly reflected increased sales –  
especially from tablets in Europe – although this was  
somewhat reduced by increased shipments to Torii in  
Japan, which yield lower gross margins, as well as  
lower sales of legacy products, mainly in Europe  
during Q1. ALK continues to see significant costs for  
compliance efforts to secure robustness in product  
supply, as well as the implementation of the product  
and site strategy.  
Outlook for 2021  
Based on its H1 performance and latest forecasts for  
H2 2021, ALK has upgraded its full-year financial  
outlook especially with regards to increasing earnings  
to reflect an improved sales forecast, as well as cost  
savings and a minor adjustment to the anticipated  
timing of clinical development activities. As a result:  
Revenue is now expected to grow 10-12% in local  
currencies (previously: 9-12), to reflect an  
improved sales growth forecast.  
Capacity costs increased 15% in local currencies to  
DKK 979 million (868). As planned, R&D expenses  
increased by 42% in local currencies in support of a  
planned increase in clinical trial activities. Sales and  
marketing expenses increased by 9% in local  
currencies, reflecting a gradual normalisation of  
activity levels following the impact of COVID on  
business activities, but also operational leverage of  
ALK’s commercial activities. Administrative expenses  
decreased 8% in local currencies.  
EBITDA is now increased to DKK 450-500 million  
(previously: 375-425), benefiting from the  
improved sales outlook, cost savings and timing of  
clinical development activities. ALK still expects an  
increased gross margin, a significant increase in  
R&D expenses although slightly lower than  
previously assumed and a gradual normalisation  
of sales and marketing activities compared to last  
year, which was affected by COVID.  
Free cash flow is now expected at ~DKK minus  
100 million (previously: ~minus 200) mainly  
reflecting the revised earnings outlook.  
EBITDA (operating profit before depreciation and  
amortisation) ended at DKK 274 million (273),  
impacted by a planned, significant increase in R&D  
expenditure. Exchange rates had no effect on  
operating profit.  
The updated financial outlook is based on the  
following assumptions:  
Revenue  
Net financials were a loss of DKK 7 million (loss of  
25), mainly relating to interest payments and loan  
fees. Tax on the profit totalled DKK 45 million (52)  
and net profit was DKK 106 million (76).  
ALK still expects broad-based growth across all sales  
regions in 2021 with tablets key to overall growth.  
Tablet sales growth is now expected at 25% or slightly  
above (previously: approximately 25%) and this is now  
Page 5 of 15  
Company release No 16/2021 – 11 August 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  
 
supported by an improved H2 sales outlook for the  
combined SCIT/SLIT-drops portfolio.  
Other assumptions  
Other than the newly established partnership in China,  
the outlook does not include any revenue from  
acquisitions, additional 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.  
ALK’s current assumption for H2 is that, in general,  
patients will remain able and willing to visit healthcare  
professionals without significant limitations. However,  
ALK cannot rule out that COVID may affect selected  
countries over the coming months.  
Operating profit  
The gross margin is still expected to increase by 1-2  
percentage points, driven by efficiencies and higher  
sales – especially from tablets. The increase in  
capacity costs will be lower than previously expected  
due to cost savings and the timing of clinical  
development activities. Capacity costs will still be  
influenced by a significant increase in R&D costs to  
complete the clinical development of the tablet  
portfolio, although R&D costs are now estimated to be  
slightly lower than the previously guided level of  
around DKK 650 million. Sales and marketing  
activities are expected to gradually return to normal in  
second half of 2021.  
RISK FACTORS  
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  
Free cash flow  
The improved free cash flow now reflects the revised  
earnings outlook and reduced CAPEX projections of  
DKK 250-300 million (previously: ~300), as well as the  
upfront payment related to the new partnership in  
China. Free cash flow is still assumed be impacted by  
changes in working capital, and the outlook still  
includes a one-off repayment of up to DKK 175 million  
in accrued rebates.  
associated with allergic reactions of differing extents,  
durations and severities.  
Financial calendar  
Silent period  
14 October 2021  
Nine-month interim report (Q3)  
11 November 2021  
Page 6 of 15  
Company release No 16/2021 – 11 August 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.  
Page 7 of 15  
Company release No 16/2021 – 11 August 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 30 June 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 30 June 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, 11 August 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  
Nanna Rassov Carlson  
Jakob Riis  
Lars Holmqvist  
Johan Smedsrud  
Page 8 of 15  
Company release No 16/2021 – 11 August 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  
Q2  
Q2  
H1  
H1  
2021  
2020  
2021  
2020  
Amounts in DKKm  
868
362
506
772
336
436
Revenue  
1,889
753
1,728
707
Cost of sales  
Gross profit  
1,136
1,021
172
291
52
103
254
63
-
Research and development expenses  
Sales and marketing expenses  
Administrative expenses  
305
568
106
1
216
535
117
-
1
Other operating items, net  
(8)
16
Operating profit/(loss) (EBIT)  
158
153
(13)
(10) Net financial items
(7)
(25)
128
Profit/(loss) before tax (EBT)  
(21)
6
151
Tax on profit/ (loss)  
-
16
45
52
76
(21)
(10) Net profit/ (loss)
106
Earnings per share (EPS)  
(1.9)
(1.9)
(0.9) Earnings/(loss) per share (EPS)
(0.9) Earnings/(loss) per share (DEPS), diluted
9.7
9.6
7.0
6.9
STATEMENT OF COMPREHENSIVE INCOME  
Q2  
Q2  
H1  
H1  
2021  
2020 Amounts in DKKm  
2021  
2020  
(21)
(10) Net profit/(loss)
106
76
Other comprehensive income  
Items that will subsequently be reclassified to the income statement,  
when specific conditions are met:  
(13)
(27) Foreign currency translation adjustment of foreign affiliates
Tax related to other comprehensive income, that will subsequently be  
32
(8)
-
-
reclassified to the income statement  
-
32
-
(8)
68
(13)
(34)
(27) Total
(37) Total comprehensive income
138
Page 9 of 15  
Company release No 16/2021 – 11 August 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  
H1  
H1  
Amounts in DKKm  
2021  
2020  
Net profit/(loss)  
106
76
Adjustments for non-cash items (note 3)  
Changes in working capital  
210
(5)
245
(79)
1
Financial income, received  
-
Financial expenses, paid  
(16)
(84)
211
(9)
Income taxes, paid (net)  
(80)
154
Cash flow from operating activities  
Investments in intangible assets  
Investments in tangible assets  
(11)
(69)
(3)
(4)
(98)
Investments in other financial assets  
Cash flow from investing activities  
(25)
(83)
(127)
Free cash flow  
128
27
Sale of treasury shares  
17
(71)
-
(24)
(11)
-
Exercised share options, paid  
Repayment of lease liabilities  
Proceeds from borrowings  
Repayment of borrowings  
(13)
297
(455)
(225)
(10)
(45)
Cash flow from financing activities  
Net cash flow  
(97)
(18)
Cash 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  
2
(6)
Net cash flow  
(97)  
(18)  
Cash end of period  
203
292
292  
Cash end of period  
203  
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 16/2021 – 11 August 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  
30 Jun  
2021  
30 Jun  
2020  
31 Dec  
2020  
Amounts in DKKm  
Non-current assets  
Intangible assets  
Goodwill  
454
164
618
460
200
660
452
172
624
Other intangible assets  
Tangible assets  
Land and buildings  
946
458
980
330
921
442
Plant and machinery  
Other fixtures and equipment  
Property, plant and equipment in progress  
72
67
72
229
363
269
1,705
1,740
1,704
Other non-current assets  
Receivables  
33
747
162
942
54
689
174
917
30
697
168
895
Deferred tax assets  
Income tax receivables  
Total non-current assets  
3,265
3,317
3,223
Current assets  
Inventories  
1,152
525
20
1,110
504
121
4
1,093
544
20
Trade receivables  
Receivables from group companies  
Income tax receivables  
Other receivables  
Prepayments  
47
24
67
75
96
296
203
2,310
260
292
2,366
265
298
2,340
Cash  
Total current assets  
Total assets  
5,575
5,683
5,563
Page 11 of 15  
Company release No 16/2021 – 11 August 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  
30 Jun  
2021  
30 Jun  
2020  
31 Dec  
2020  
Amounts in DKKm  
Equity  
Share capital  
111
(93)
111
(27)
111
(125)
3,167
3,153
Currency translation adjustment  
Retained earnings  
Total equity  
3,231
3,249
3,159
3,243
Liabilities  
Non-current liabilities  
Mortgage debt  
231
-
250
447
333
224
1
240
446
345
207
-
Bank loans  
Pensions and similar liabilities  
Lease liabilities  
349
202
-
Deferred tax liabilities  
Income taxes  
152
934
142
1,397
143
1,381
Current liabilities  
Mortgage debt  
Bank loans  
18
298
102
33
17
-
18
-
Trade payables  
Lease liabilities  
Other provisions  
Income taxes  
130
33
74
32
2
5
3
37
41
21
Other payables  
Deferred income  
901
1
816
1
880
1
1,392
1,043
1,029
Total liabilities  
2,326
5,575
2,440
5,683
2,410
5,563
Total equity and liabilities  
Page 12 of 15  
Company release No 16/2021 – 11 August 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/ (loss)  
Other comprehensive income/ (loss)  
Total comprehensive income/ (loss)  
-
-
-
-
32
32
106
-
106
106
32
138
Share-based payments  
-
-
-
-
-
-
-
-
-
-
17
(71)
17
17
(71)
17
Share options settled  
Sale of treasury shares  
Tax related to items recognised directly in equity  
Other transactions  
(5)
(5)
(42)
(42)
Equity at 30 June 2021  
111
(93)
3,231
3,249
Equity at 1 January 2020  
111
(19)
3,084
3,176
Net profit/(loss)  
-
-
-
-
76
-
76
(8)
68
Other comprehensive income/ (loss)  
Total comprehensive income/ (loss)  
(8)
(8)
76
Share-based payments  
-
-
-
-
-
-
-
-
14
(24)
9
14
(24)
9
Share options settled  
Tax related to items recognised directly in equity  
Other transactions  
(1)
(1)
Equity at 30 June 2020  
111
(27)
3,159
3,243
Page 13 of 15  
Company release No 16/2021 – 11 August 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 six 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 six 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  
H1 2021  
America  
Total  
H1 2021  
Amounts in DKKm  
SCIT/SLIT-drops  
H1 2020  
649  
H1 2021  
H1 2020  
132  
H1 2021  
H1 2020  
H1 2020  
614  
662  
98  
142  
58  
28  
147  
19  
48  
127  
13  
784  
867  
238  
829  
SLIT-tablets  
507  
104  
46  
680  
219  
Other products and services  
121  
102  
Total revenue  
1,374  
1,260  
321  
280  
194  
188  
1,889  
1,728  
Sale of goods  
Royalties  
1,855  
34  
1,701  
27  
Total revenue  
1,889  
1,728  
International  
Markets  
North  
America  
Growth local  
Europe  
Total  
Growth local  
currencies  
Growth local  
currencies  
Growth local  
currencies  
Growth  
Growth  
Growth  
currencies  
Growth, H1 2021  
SCIT/SLIT-drops  
Growth  
-5%  
-5%  
30%  
-5%  
-5%  
31%  
-6%  
17%  
33%  
29%  
8%  
26%  
19%  
-40%  
16%  
57%  
-42%  
16%  
46%  
-4%  
28%  
14%  
SLIT-tablets  
28%  
9%  
Other products and services  
Total revenue  
9%  
9%  
24%  
15%  
5%  
3%  
11%  
9%  
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 16/2021 – 11 August 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  
2 REVENUE AND SEGMENT INFORMATION (CONTINUED)  
North  
America  
International  
Markets  
Europe  
Total  
Q2 2021  
Amounts in DKKm  
SCIT/SLIT-drops  
Q2 2021  
Q2 2020  
258  
Q2 2021  
Q2 2020  
Q2 2021  
Q2 2020  
Q2 2020  
342  
267  
71  
31  
59  
58  
20  
52  
13  
68  
5
26  
68  
8
351  
401  
116  
SLIT-tablets  
302  
236  
324  
Other products and services  
52  
46  
106  
Total revenue  
621  
540  
161  
130  
86  
102  
868  
772  
Sale of goods  
Royalties  
850  
18  
757  
15  
Total revenue  
868  
772  
North  
America  
International  
Markets  
Europe  
Total  
Growth local  
currencies  
Growth local  
currencies  
Growth local  
currencies  
Growth local  
currencies  
Growth  
3%  
Growth  
22%  
Growth  
-50%  
0%  
Growth  
3%  
Growth, Q2 2021  
SCIT/SLIT-drops  
3%  
27%  
12%  
34%  
-48%  
4%  
23%  
13%  
SLIT-tablets  
28%  
13%  
59%  
55%  
-1%  
24%  
9%  
Other products and services  
22%  
13%  
-38%  
-38%  
Total revenue  
14%  
15%  
33%  
24%  
-15%  
-16%  
13%  
12%  
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  
3 ADJUSTMENTS FOR NON-CASH ITEMS  
H1  
H1  
Amounts in DKKm  
2021  
2020  
Tax on profit/ (loss)  
45  
7
52  
25  
Financial income and expenses  
Share-based payments  
Depreciation, amortisation and impairment  
Other adjustments*  
17  
14  
116  
25  
120  
34  
Total  
210  
245  
* 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 16/2021 – 11 August 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