Nine-month interim report (Q3) 2021 (unaudited)  
Company release No. 18/2021  
ALK delivers Q3 sales growth of 20%, with tablet sales up 41%  
ALK’s revenue grew strongly during Q3 following broad-based growth in all of its regions. Total revenue increased 20%  
for the quarter, as tablet sales growth surged to 41% and legacy products continued their sales recovery as allergy  
markets normalised further. These positive results contributed to an EBITDA increase of 114% in reported currency. The  
outlook has been updated to reflect the year-to-date performance.  
Q3 2021 financial highlights  
Total revenue was up 20% in local currencies at DKK 928 million (772).  
Tablet sales increased 41% to DKK 398 million (281) after strong growth in all regions, while combined SCIT and  
SLIT-drops sales grew 5%.  
Revenue growth in Europe increased to 15%, with North America up 23% and International markets up 51%.  
Operating profit (EBITDA) was ahead of expectations and increased 114% in reported currency to DKK 124 million  
(58), largely on the strong sales growth and improved gross margin, while R&D and sales and marketing costs  
increased as planned.  
Revenue for the first nine months was up 14% in local currencies, and EBITDA was up 20% in reported currency at  
DKK 398 million (331). Free cash flow improved to DKK 149 million (minus 67) driven by the earnings development,  
a milestone payment and other changes to working capital.  
Key events and strategic progress  
ALK continues to make good progress on its strategic priorities with highlights in Q3 including:  
In ALK’s biggest market, Germany, ALK’s position was further strengthened by the latest update to national drug  
prescription guidelines, reinforcing the recommendation to initiate new patients on registered AIT products.  
Early in Q4, ALK successfully completed a formulation feasibility study, confirming the suitability of the Zydis™ fast  
dissolving tablet technology for use in the clinical development of a peanut allergy product.  
ALK’s supply chain, inventory levels and distribution channels remained robust despite the raw materials and  
logistical challenges that have been reported by multiple industries.  
2021 financial outlook  
Based on its performance in the first nine months, ALK has updated its full-year financial outlook to reflect improvement  
to both sales and gross margin. As a result:  
Revenue is now expected to grow 11-12% in local currencies (previously: 10-12).  
EBITDA is now expected to increase to DKK 500-550 million (previously: 450-500) with a gross margin improvement  
over last year of ~2 p.p. (previously: 1-2 p.p.). ALK still expects an unchanged increase in R&D expenses and a  
gradual normalisation of sales and marketing activities compared to last year, which was affected by COVID.  
Free cash flow is now expected to be positive at ~DKK 200 million (previously: ~minus 100) mainly reflecting the  
revised earnings outlook and timing of repayment of accrued rebates.  
Hørsholm, 11 November 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. (CET) 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.  
(CET). 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: 25705608#. 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 18/2021 – 11 November 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  
9M  
2021  
9M  
2020  
Q3  
2021  
Q3  
2020  
Full year  
2020  
Amounts in DKKm  
Income statement  
Revenue  
2,817  
398  
2,500  
331  
928  
124  
55  
772  
58  
3,491  
395  
Operating profit before depreciation (EBITDA)  
Operating profit (EBIT)  
Net financial items  
Profit/(loss) before tax (EBT)  
Net profit/(loss)  
213  
159  
6
150  
(8)  
(44)  
115  
(1)  
(19)  
(13)  
(20)  
2,419  
(49)  
101  
205  
54  
143  
56  
37  
25  
Average number of employees (FTE)  
2,480  
2,405  
2,502  
2,419  
Balance sheet  
Total assets  
Invested capital  
Equity  
5,718  
2,908  
3,314  
5,573  
2,827  
3,203  
5,718  
2,908  
3,314  
5,573  
2,827  
3,203  
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  
185  
310  
172  
106  
69  
99  
52  
245  
301  
(48)  
(46)  
(7)  
(161)  
(22)  
(173)  
(11)  
(78)  
(11)  
(67)  
21  
(245)  
(26)  
(196)  
56  
(136)  
149  
(137)  
(67)  
(39)  
(94)  
Information on shares  
Share capital  
111  
11,141  
2,698  
297  
111  
11,141  
2,098  
287  
111  
11,141  
2,698  
297  
111  
11,141  
2,098  
287  
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  
14  
58  
13  
60  
13  
55  
8
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  
13.0  
12.9  
9.1  
5.1  
5.1  
7.3  
3.4  
3.4  
9.1  
(1.8)  
(1.8)  
7.3  
2.3  
2.3  
8.8  
Page 2 of 15  
Company release No 18/2021 – 11 November 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  
Q3  
Q3  
9M  
9M  
2021  
%
2020  
%
2021  
%
2020  
%
Amounts in DKKm  
928  
369  
559  
100  
772  
344  
428  
100  
Revenue  
2,817  
1,122  
1,695  
100  
2,500  
1,051  
1,449  
100  
40  
60  
45  
55  
Cost of sales  
Gross profit  
40  
60  
42  
58  
147  
357  
-
16  
38  
-
121  
300  
(1)  
6
16  
39  
(0)  
(0)  
Research and development expenses  
Sales, marketing and administrative expenses  
Other operating income and expenses  
Operating profit/(loss) (EBIT)  
452  
1,031  
1
16  
37  
0
337  
952  
(1)  
12  
38  
(0)  
8
55  
6
213  
7
159  
(1)  
54  
(0)  
6
(19)  
(13)  
(2)  
Net financial items  
Profit/(loss) before tax (EBT)  
(8)  
205  
(0)  
7
(44)  
115  
(3)  
5
(2)  
17  
2
4
7
1
Tax on profit/ (loss)  
62  
2
5
59  
56  
2
3
37  
(20)  
(3)  
Net profit/ (loss)  
143  
Operating profit before depreciation  
and amortisation (EBITDA)  
13  
7
14  
13  
124  
58  
398  
331  
development programme, including alternative  
solutions.  
PROGRESS ON THE STRATEGIC  
PRIORITIES  
ALK continued to make effective progress on its  
strategic priorities:  
In Q3, ALK continued to support its long-term sales  
and market expansion ambitions by developing and  
leveraging a digital ecosystem for consumers, patients  
and healthcare professionals. By the end of Q3, ALK  
had mobilised more than 300,000 consumers  
worldwide via its digital channels to take action on  
their allergies, with more than 40,000 of these in the  
USA. This was against full-year targets of 250,000 and  
20,000, respectively. However, conversions of these  
mobilisations into prescriptions for AIT treatment  
remained at a low level. To address this, ALK  
continues to trial several concepts in various countries  
aimed at eliminating friction points on the path to an  
AIT prescription by better connecting the relevant  
patients with prescribers.  
In Q3, ALK continued its progress towards 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, tablet revenue grew 67%, primarily  
due to improved margins. However, sales volumes  
continued to be modest in the USA. ALK continues to  
build prescription depth among existing high  
prescribers, while working to increase adoption in  
other medical specialities.  
Work on the ‘new horizons’ priority also continued to  
advance. ALK recently successfully completed a  
formulation feasibility study, confirming the suitability  
of its tablet technology for use in the development of a  
peanut allergy product. This paves the way for the  
initiation of Phase I clinical development in the first half  
of 2022. Work also continued on two parallel  
adrenaline auto-injector projects, with the aim of a  
submission to the US Food and Drug Administration in  
2024.  
Further clinical development of the tablets also  
continued, with the aim of securing registrations  
covering new geographies and additional patient  
groups. In Q3, recruitment for ALK’s key paediatric  
clinical trials in house dust mite and tree pollen allergic  
rhinitis progressed as planned and will continue into  
2022. Furthermore, ALK now expects to be able to  
conclude on the potential impact of COVID on its  
ongoing European and North American paediatric trial  
of the house dust mite tablet in allergic asthma by mid-  
2022 at the latest. Meanwhile, the Phase III  
Efforts to further optimise the ALK business continued  
and, as part of its portfolio rationalisation efforts, so far  
in 2021, ALK has submitted a total of 1,334 regulatory  
changes covering 133 products to 40 regulatory  
authorities around the world.  
registration trial for China of the house dust mite tablet  
in adult allergic rhinitis remains paused due to travel  
restrictions and ALK is in dialogue with the authorities  
in China to assess the possible next steps for this local  
Page 3 of 15  
Company release No 18/2021 – 11 November 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  
In Q3, the cumulative value of ALK’s optimisation  
efforts was further demonstrated as its supply chain,  
inventory levels and distribution channels remained  
robust despite the raw materials and logistical  
challenges that have been reported by multiple  
industries.  
Revenue from International markets increased 51% to  
DKK 119 million (78). In-market growth remained  
strong in the key markets of Japan and China.  
MITICURETM and CEDARCURETM benefitted from  
strong prescription trends in Japan for paediatric  
patients in particular. Meanwhile, in China, ALK’s SCIT  
product for house dust mite allergy continues to build  
momentum. As previously noted, revenue in  
International markets is subject to occasional  
fluctuations due to the timing of shipments to Japan  
and China.  
Q3 SALES AND MARKET TRENDS  
(Comparative figures for Q3 2020 are shown in brackets.  
Revenue growth rates are stated in local currencies, unless  
otherwise indicated)  
Global revenue by product line  
Revenue by geography  
DKKm  
Q3-  
Share of  
revenue  
Q3-  
2020  
DKKm  
Q3-  
2021  
640  
Share of  
revenue  
69%  
Q3-  
2020  
556  
138  
78  
2021 Growth*  
Growth*  
15%  
SCIT and  
SLIT-drops  
SLIT-tablets  
Other  
Europe  
388  
398  
5%  
41%  
42%  
43%  
367  
281  
North America  
Int’l markets  
169  
119  
23%  
51%  
20%  
18%  
13%  
100%  
Revenue  
928  
772  
* In local currencies  
products and  
services  
142  
15%  
15%  
124  
Europe  
Revenue  
928  
20%  
100%  
772  
* In local currencies  
Revenue in Europe increased by 15% in local  
currencies during Q3 to DKK 640 million (556), with  
tablets as the primary driver of growth, with sales up  
32% overall. This was fuelled, in particular, by  
ITULAZAX® in Central and Northern Europe and by  
GRAZAX®, which continued to benefit from the halo  
effect of ITULAZAX® and the recent introduction of the  
ACARIZAX® adolescent indication in France.  
9M FINANCIAL REVIEW  
(Comparative figures for 2020 are shown in brackets. Revenue  
growth rates are stated in local currencies, unless otherwise  
indicated)  
9M revenue increased by 13% in reported currency to  
DKK 2,817 million (2,500). Exchange rate fluctuations  
reduced reported revenue growth by 1 percentage  
point. Planned product discontinuations, which mostly  
involved SCIT/SLIT-drops products in Europe during  
Q1, impacted overall growth negatively by ~1  
percentage point. The effect was negligible in Q2 and  
Q3.  
In ALK’s biggest market, Germany, ALK continued to  
increase its market share and its market position was  
further strengthened by a new update to the national  
drug prescription guidelines, reinforcing the  
recommendation that only documented, registered AIT  
products, should be prescribed for new patients.  
Sales of SCIT and SLIT-drops increased 4% during  
the quarter, as a strong post-COVID recovery for SCIT  
products outweighed the expected decline in SLIT-  
drops sales due to the ongoing transition of some  
sales in France to tablets.  
Cost of sales increased 8% in local currencies to  
DKK 1,122 million (1,051). The gross profit of DKK  
1,695 million (1,449) yielded an improved gross  
margin of 60% (58%), 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. 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.  
Income from other products was up 5% as sales of  
Jext® strengthened following a period of subdued  
growth.  
North America  
Revenue in North America increased 23% in local  
currencies to DKK 169 million (138), boosted by a  
recovery in sales across the portfolio. Tablet sales  
were up 67%, while bulk SCIT products increased  
sales by 11% on the post-COVID return of patients to  
allergy clinics – although these have still not fully  
returned to pre-pandemic levels. Sales of other  
products increased 26%, led by penicillin diagnostics  
PRE-PEN® and life sciences products.  
Capacity costs increased 17% in local currencies to  
DKK 1,483 million (1,289). As planned, R&D expenses  
increased by 35% in local currencies in support of a  
planned increase in clinical trial activities. Sales and  
marketing expenses increased by 11% 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  
increased 4% in local currencies.  
Page 4 of 15  
Company release No 18/2021 – 11 November 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  
 
EBITDA (operating profit before depreciation and  
amortisation) increased 20% in reported currency to  
DKK 398 million (331), driven by the higher sales and  
improving gross margin. Exchange rates had only a  
minor effect on operating profit.  
The updated financial outlook is based on the  
following assumptions:  
Revenue  
ALK still expects broad-based growth across all sales  
regions in 2021 with tablets key to overall growth.  
Tablet sales growth is still expected at 25% or slightly  
above and this is now supported by further  
improvement to the sales outlook for the combined  
SCIT/SLIT-drops portfolio.  
Net financials were a loss of DKK 8 million (loss of  
44), mainly relating to interest payments and loan  
fees. Tax on the profit totalled DKK 62 million (59)  
and net profit was DKK 143 million (56).  
Cash flow from operating activities improved to  
DKK 310 million (106) driven by higher earnings,  
receipt of a milestone payment related to the recently  
established Jext® partnership for China and other  
changes in working capital due to the timing of  
payments. Cash flow from investment activities  
was DKK minus 161 million (minus 173), mainly on  
upgrades to legacy production and the build-up of  
capacity for SLIT-tablet production. Free cash flow  
was positive at DKK 149 million (minus 67).  
ALK’s current assumption for Q4 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 now expected to increase by ~2  
p.p. (previously: 1-2 p.p.), driven by efficiencies and  
higher sales – especially from tablets. Capacity costs  
will still be influenced by a gradual normalisation of  
sales and marketing expenditure and a significant  
increase in R&D costs to complete the clinical  
development of the tablet portfolio. R&D costs are still  
estimated at around DKK 625 million.  
Cash flow from financing activities was DKK minus  
236 million (minus 61), relating to the settlement of  
incentive programmes and a refinancing of ALK’s loan  
and credit facilities. Currently, ALK has DKK 1.5 billion  
in credit facilities running until 2024, of which, DKK 1.2  
billion is currently unused.  
Free cash flow  
The improved free cash flow now reflects the revised  
earnings outlook and a recent deferment to 2022 of a  
one-off repayment of up to DKK 175 million in accrued  
rebates. Free cash flow is assumed be impacted  
positively by other changes in working capital, mainly  
related to timing of various payments. CAPEX  
projections are now expected at ~DKK 250 million  
(previously: 250-300). The outlook also still includes  
the upfront payment related to the new Jext®  
partnership in China.  
At the end of September, ALK held 163,365 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 September  
2020.  
Equity totalled DKK 3,314 million (3,203) at the end of  
the period, and the equity ratio was 58% (57%).  
Outlook for 2021  
Based on its performance in the first nine months, ALK  
has updated its full-year financial outlook to reflect  
improvement to both sales and gross margin. As a  
result:  
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 less  
than 1 percentage point on reported revenue growth  
and an immaterial effect on reported EBITDA.  
Revenue is now expected to grow 11-12% in local  
currencies (previously: 10-12).  
EBITDA is now expected to increase to DKK 500-  
550 million (previously: 450-500) with a gross  
margin improvement over last year of ~2 p.p.  
(previously: 1-2 p.p.). ALK still expects an  
unchanged increase in R&D expenses and a  
gradual normalisation of sales and marketing  
activities compared to last year, which was affected  
by COVID.  
Free cash flow is now expected to be positive at  
~DKK 200 million (previously: ~minus 100) mainly  
reflecting the revised earnings outlook and timing  
of repayment of accrued rebates.  
Page 5 of 15  
Company release No 18/2021 – 11 November 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  
 
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  
associated with allergic reactions of differing extents,  
durations and severities.  
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,  
Financial calendar  
Silent period  
Annual report 2021  
11 January 2022  
8 February 2022  
Page 6 of 15  
Company release No 18/2021 – 11 November 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 18/2021 – 11 November 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 September 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 September 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 November 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 18/2021 – 11 November 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  
Q3  
Q3  
9M  
9M  
2021  
2020  
2021  
2020  
Amounts in DKKm  
928
369
559
772
344
428
Revenue  
2,817
1,122
1,695
2,500
1,051
1,449
Cost of sales  
Gross profit  
147
294
63
-
121
252
48
Research and development expenses  
Sales and marketing expenses  
Administrative expenses  
452
862
169
1
337
787
165
(1)
(1) Other operating items, net
Operating profit (EBIT)  
55
6
213
159
(1)
(19) Net financial items
(8)
(44)
115
Profit/(loss) before tax (EBT)  
54
(13)
205
Tax on profit/ (loss)  
17
7
62
59
56
37
(20) Net profit/ (loss)
143
Earnings per share (EPS)  
3.4
3.4
(1.8) Earnings/(loss) per share (EPS)
(1.8) Earnings/(loss) per share (DEPS), diluted
13.0
12.9
5.1
5.1
STATEMENT OF COMPREHENSIVE INCOME  
Q3  
Q3  
9M  
9M  
2021  
2020 Amounts in DKKm  
2021  
2020  
37
(20) Net profit/(loss)
143
56
Other comprehensive income  
Items that will subsequently be reclassified to the income statement,  
when specific conditions are met:  
27
(45) Foreign currency translation adjustment of foreign affiliates
Tax related to other comprehensive income, that will subsequently be  
59
(53)
-
27
64
1
reclassified to the income statement  
-
59
1
(52)
4
(44) Total
(64) Total comprehensive income
202
Page 9 of 15  
Company release No 18/2021 – 11 November 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  
9M  
9M  
Amounts in DKKm  
2021  
2020  
Net profit  
143  
56  
Adjustments for non-cash items (note 3)  
Changes in working capital  
316
(15)
-
346
(169)
3
Financial income, received  
Financial expenses, paid  
(19)
(115)
310
(15)
(115)
106
Income taxes, paid (net)  
Cash flow from operating activities  
Investments in intangible assets  
Investments in tangible assets  
(22)
(136)
(3)
(11)
(137)
(25)
Investments in other financial assets  
Cash flow from investing activities  
(161)
(173)
Free cash flow  
149
(67)
Sale of treasury shares  
17
(72)
-
(24)
(22)
-
Exercised share options, paid  
Repayment of lease liabilities  
Proceeds from borrowings  
Repayment of borrowings  
(19)
297
(459)
(236)
(15)
(61)
Cash flow from financing activities  
Net cash flow  
(87)
298
(128)
Cash beginning of year  
316
Unrealised gains/(losses) on cash held in foreign currency and financial  
assets carried as cash  
4
(8)
Net cash flow  
(87)
(128)
Cash end of period  
215
180
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 18/2021 – 11 November 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 Sep  
2021  
30 Sep  
2020  
31 Dec  
2020  
Amounts in DKKm  
Non-current assets  
Intangible assets  
Goodwill  
456
152
608
456
197
653
452
172
624
Other intangible assets  
Tangible assets  
Land and buildings  
951
446
956
330
921
442
Plant and machinery  
Other fixtures and equipment  
Property, plant and equipment in progress  
77
64
72
276
365
269
1,750
1,715
1,704
Other non-current assets  
Receivables  
29
694
162
885
54
677
174
905
30
697
168
895
Deferred tax assets  
Income tax receivables  
Total non-current assets  
3,243
3,273
3,223
Current assets  
Inventories  
1,180
588
26
1,125
502
132
54
1,093
544
20
Trade receivables  
Receivables from group companies  
Income tax receivables  
Other receivables  
Prepayments  
123
68
24
62
96
275
215
2,475
245
180
2,300
265
298
2,340
Cash  
Total current assets  
Total assets  
5,718
5,573
5,563
Page 11 of 15  
Company release No 18/2021 – 11 November 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 Sep  
2021  
30 Sep  
2020  
31 Dec  
2020  
Amounts in DKKm  
Equity  
Share capital  
111
(66)
111
(72)
111
(125)
3,167
3,153
Currency translation adjustment  
Retained earnings  
Total equity  
3,269
3,314
3,164
3,203
Liabilities  
Non-current liabilities  
Mortgage debt  
226
-
245
447
343
217
-
240
446
345
207
-
Bank loans  
Pensions and similar liabilities  
Lease liabilities  
351
205
45
Deferred income  
Income taxes  
152
979
142
1,394
143
1,381
Current liabilities  
Mortgage debt  
Bank loans  
18
298
125
34
17
-
18
-
Trade payables  
Lease liabilities  
Other provisions  
Income taxes  
109
32
5
74
32
2
3
62
45
767
1
21
Other payables  
Deferred income  
885
1
880
1
1,425
976
1,029
Total liabilities  
2,404
5,718
2,370
5,573
2,410
5,563
Total equity and liabilities  
Page 12 of 15  
Company release No 18/2021 – 11 November 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  
-
-
-
-
59  
59  
143  
-
143  
143  
59  
202  
Share-based payments  
-
-
-
-
-
-
-
-
-
-
22  
(72)  
17  
22  
(72)  
17  
Share options settled  
Sale of treasury shares  
Tax related to items recognised directly in equity  
Other transactions  
(8)  
(8)  
(41)  
(41)  
Equity at 30 September 2021  
Equity at 1 January 2020  
111  
(66)  
3,269  
3,314  
111  
(19)  
3,084  
3,176  
Net profit  
-
-
-
-
56  
1
56  
(52)  
4
Other comprehensive income/ (loss)  
Total comprehensive income/ (loss)  
(53)  
(53)  
57  
Share-based payments  
-
-
-
-
-
-
-
-
21  
(24)  
26  
21  
(24)  
26  
Share options settled  
Tax related to items recognised directly in equity  
Other transactions  
23  
23  
Equity at 30 September 2020  
111  
(72)  
3,164  
3,203  
Page 13 of 15  
Company release No 18/2021 – 11 November 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 nine 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 nine 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.  
NOTES  
2 REVENUE AND SEGMENT INFORMATION  
North  
International  
markets  
Europe  
9M 2021  
America  
Total  
9M 2021  
Amounts in DKKm  
SCIT/SLIT-drops  
9M 2020  
929  
9M 2021  
9M 2020  
200  
9M 2021  
9M 2020  
9M 2020  
907  
940  
167  
216  
87  
49  
238  
26  
67  
180  
19  
1,172  
1,265  
380  
1,196  
SLIT-tablets  
718  
169  
63  
961  
343  
Other products and services  
187  
155  
Total revenue  
2,014  
1,816  
490  
418  
313  
266  
2,817  
2,500  
Sale of goods  
Royalties  
2,762  
55  
2,455  
41  
Services  
-
4
Total revenue  
2,817  
2,500  
International  
markets  
North  
America  
Growth local  
Europe  
Total  
Growth local  
currencies  
Growth local  
currencies  
Growth local  
currencies  
Growth  
Growth  
Growth  
currencies  
Growth, 9M 2021  
SCIT/SLIT-drops  
Growth  
-2%  
-2%  
31%  
-1%  
-2%  
31%  
-1%  
15%  
43%  
28%  
8%  
38%  
21%  
-26%  
32%  
47%  
-27%  
32%  
37%  
-1%  
32%  
14%  
SLIT-tablets  
32%  
Other products and services  
11%  
Total revenue  
11%  
11%  
24%  
17%  
19%  
18%  
14%  
13%  
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 18/2021 – 11 November 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  
Q3 2021  
Amounts in DKKm  
SCIT/SLIT-drops  
Q3 2021  
Q3 2020  
280  
Q3 2021  
Q3 2020  
Q3 2021  
Q3 2020  
Q3 2020  
367  
293  
74  
29  
66  
68  
17  
53  
21  
91  
7
19  
53  
6
388  
398  
142  
SLIT-tablets  
278  
211  
281  
Other products and services  
69  
65  
124  
Total revenue  
640  
556  
169  
138  
119  
78  
928  
772  
Sale of goods  
Royalties  
907  
21  
-
754  
14  
Services  
4
Total revenue  
928  
772  
North  
America  
International  
markets  
Europe  
Total  
Growth local  
currencies  
Growth local  
currencies  
Growth local  
currencies  
Growth local  
currencies  
Growth, Q3 2021  
SCIT/SLIT-drops  
Growth  
5%  
Growth  
9%  
Growth  
11%  
Growth  
6%  
4%  
32%  
5%  
11%  
7%  
5%  
41%  
15%  
SLIT-tablets  
32%  
6%  
67%  
71%  
25%  
69%  
72%  
42%  
Other products and services  
26%  
22%  
17%  
15%  
Total revenue  
15%  
15%  
23%  
22%  
51%  
53%  
20%  
20%  
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  
9M  
9M  
Amounts in DKKm  
2021  
2020  
Tax on profit/ (loss)  
62  
8
59  
44  
Financial income and expenses  
Share-based payments  
Depreciation, amortisation and impairment  
Other adjustments*  
22  
21  
185  
39  
172  
50  
Total  
316  
346  
* 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 18/2021 – 11 November 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