Three-month interim report (Q1) 2022 (unaudited)  
Company release No. 9/2022  
ALK reports Q1 revenue growth of 11% with tablet sales up 24% and earnings up 20%  
ALK delivered strong financial performance in Q1, with revenue up 11% and tablets as the primary driver of growth with  
sales up 24%. Sales growth and efficiencies led to a further improvement in gross margin, and operating profit (EBITDA)  
increased by 20%. ALK’s financial outlook for 2022 is maintained.  
Q1 2022 financial highlights  
Total revenue increased 11% organically in local currencies to DKK 1,155 million (1,021).  
Currencies had a positive effect of 2 percentage points, resulting in reported growth of 13%.  
Tablet sales increased by 24% to DKK 583 million (466) on broad-based growth, particularly from Japan, and tablets  
now account for 50% of overall revenue.  
Combined SCIT and SLIT-drops sales increased 2% on strong growth from International markets, especially China,  
while sales of other products were down 5%.  
Gross margin improved by 2 percentage points to 64% on sales growth and efficiencies.  
Operating profit (EBITDA) increased 20% in reported currency to DKK 272 million (226), largely on the strong sales  
growth and improved gross margin, while R&D and sales and marketing expenses increased as planned.  
Free cash flow was DKK 38 million (86) impacted by changes in working capital.  
Key events and strategic progress  
ALK continued to make good progress on its strategic priorities and remained robust in the face of other challenges. In  
Q1:  
ALK received a clinical trial waiver from China’s authorities, permitting ALK to submit a registration filing for its house  
dust mite allergy tablet in 2022, without finalising the paused, local Phase III trial.  
ALK is finalising plans for the early clinical development of its peanut allergy tablet and expects to initiate a Phase I  
trial soon.  
ALK has established an exclusive licensing agreement with Dr Reddy’s Laboratories that will lead to the future  
introduction of ALK’s house dust mite tablet in India.  
As expected, COVID continued to somewhat distort allergy markets in Q1, with infections once again restricting  
allergy patients’ ability and willingness to seek treatment to varying degrees, especially in certain European markets.  
2022 financial outlook maintained  
Based on performance in the first three months and forecasts for the remainder of the year, ALK is maintaining its full-  
year outlook:  
Revenue is still expected to grow 8-12% in local currencies with tablet sales up by ~20%.  
EBITDA is still expected to increase to DKK 625-725 million (2021: DKK 534 million) on sales growth, improved gross  
margin and efficiencies.  
Hørsholm, 12 May 2022  
ALK-Abelló A/S
Comparative figures for 2021 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 where the relevant presentation is  
available shortly before the call begins. 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: 67379541#.  
Page 1 of 14  
Company release No 9/2022 – 12 May 2022  
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  
2022  
3M  
2021  
Full year  
2021  
Amounts in DKKm  
Income statement  
1,155  
272  
215  
2
Revenue  
1,021  
226  
166  
6
3,916  
534  
Operating profit before depreciation (EBITDA)  
Operating profit (EBIT)  
Net financial items  
292  
(13)  
279  
217  
163  
2,566  
Profit before tax (EBT)  
Net profit  
172  
127  
2,459  
219  
Average number of employees (FTE)  
2,492  
Balance sheet  
Total assets  
Invested capital  
Equity  
5,967  
3,067  
3,656  
5,785  
2,859  
3,323  
5,830  
2,931  
3,480  
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  
57  
91  
60  
127  
(41)  
(7)  
242  
468  
(53)  
(8)  
(266)  
(45)  
(218)  
202  
(47)  
38  
(31)  
86  
Information on shares  
111  
222,824  
149  
Share capital  
111  
222,824  
121  
111  
222,824  
172  
Shares in thousands of DKK 0.5 each *  
Share price, end of period *  
Net asset value per share *  
16  
15  
16  
Key figures  
64  
24  
Gross margin – %  
62  
22  
61  
14  
EBITDA margin – %  
61  
Equity ratio – %  
57  
60  
0.7  
0.7  
9.1  
Earnings per share (EPS) *  
Earnings per share (DEPS), diluted *  
Share price/Net asset value *  
0.6  
0.6  
8.1  
1.0  
1.0  
11.0  
In March 2022, ALK-Abelló A/S has completed a share split at a ratio of 1:20, each existing share of a nominal value of DKK 10  
has been split into 20 new shares of a nominal value of DKK 0.50 each. The company’s share capital remains DKK 111,411,960.  
As a result of the share split, comparison figures for EPS, DEPS, share price, share number, net asset value per share and Share  
price/Net asset ratio have been restated accordingly.  
Page 2 of 14  
Company release No 9/2022 – 12 May 2022  
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  
2022  
%
2021  
%
Amounts in DKKm  
Revenue  
1,155  
416  
100  
1,021  
391  
100  
Cost of sales  
Gross profit  
36  
64  
38  
62  
739  
630  
Research and development expenses  
Sales, marketing and administrative expenses  
Operating profit (EBIT)  
157  
367  
215  
13  
32  
19  
133  
331  
166  
13  
33  
16  
Net financial items  
2
0
6
1
Profit before tax (EBT)  
217  
19  
172  
17  
Tax on profit  
54  
5
45  
4
Net profit  
163  
14  
127  
13  
Operating profit before depreciation  
and amortisation (EBITDA)  
24  
22  
272  
226  
ongoing war in Ukraine, ALK expects a number of  
Ukrainian patients to drop out, but will continue to  
supply medicines to allow the completion of treatment  
for others. The paediatric Phase III trial of the tree  
pollen tablet in Europe and Canada has no Ukraine-  
based participants, but does have some in Russia.  
ALK will continue to supply medicines to allow the  
completion of treatment. Currently, ALK does not  
expect the robustness of the trials to be significantly  
impacted and both trials remain on course for  
completion in 2023 as planned.  
PROGRESS ON THE STRATEGIC  
PRIORITIES  
ALK continued to make good progress on its strategic  
priorities in Q1, to succeed in North America, complete  
and commercialise the tablet portfolio, consumer  
engagement and new horizons, and optimise for  
excellence:  
In North America, the long-standing market barriers  
remain a challenge for the adoption of tablets in the  
USA, however, ALK continued efforts to mobilise  
allergy patients, accelerate tablet sales, and to secure  
paediatric and adolescent indications for  
ACARIZAX®/ODACTRA®. Meanwhile, in Canada,  
tablet sales maintained their strong growth  
momentum.  
The paediatric Phase III trial of ALK’s house dust mite  
tablet in allergic asthma, which was affected by a  
significant reduction in the frequency of asthma  
exacerbations during the pandemic versus pre-  
pandemic levels, remains the subject of dialogue with  
authorities on possible next steps.  
Clinical development of the tablet portfolio continued.  
In China, ALK secured a trial waiver from Chinese  
authorities for the Phase III, local registration trial of its  
house dust mite tablet in adult allergic rhinitis, which  
has been paused since 2020 as a consequence of the  
COVID pandemic. The waiver permits relevant data in  
Chinese patients to be obtained as a follow-up activity,  
after the tablet’s potential approval and launch, and  
opens the path for ALK to submit a Biologics Licence  
Application (BLA) in China in late 2022.  
‘New horizons’ initiatives also progressed well, and  
ALK remained on course to initiate a Phase I trial of its  
peanut allergy tablet in mid-2022, with an expected  
trial completion date in 2023. In addition, work on two  
parallel adrenaline auto-injector (AAI) projects – one  
in-house, and one in partnership with Windgap –  
continued to advance towards a planned submission  
to the US FDA in 2024.  
In Q1, ALK continued to develop and leverage its  
digital ecosystem for consumers, patients and  
healthcare professionals through its work on a  
behavioural analysis tool allowing it to identify and  
prioritise consumers most likely to be suitable for, and  
to seek, allergy immunotherapy treatment. Meanwhile,  
ALK’s paediatric Phase III trial in allergic rhinitis in  
Europe and North America for the house dust mite  
tablet continued, and has completed recruitment and  
randomisation. The trial includes a number of  
participants from Ukraine and Russia. Given the  
Page 3 of 14  
Company release No 9/2022 – 12 May 2022  
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  
 
ALK’s tablets continue to benefit from the updated  
national drug prescription guidelines, which reinforce  
the recommendation that only registered products  
should be prescribed for new allergy immunotherapy  
patients.  
final preparations were made for Q2 launches of the  
klarify digital engagement ecosystem in Austria,  
Slovakia and Switzerland.  
In Q1, ALK established an exclusive, long-term  
licensing agreement with Dr Reddy’s Laboratories, a  
leading company in India’s fast-developing allergy  
treatment market. Under the agreement, which will  
lead to the future introduction of ALK’s house dust  
mite tablet in India, Dr Reddy’s Laboratories will be  
responsible for the registration, import and  
commercialisation of the product, while ALK will be  
responsible for product supply. In return, ALK receives  
upfront and registration milestone payments, which  
have no material effect on ALK's 2022 outlook.  
Sales in ALK’s second largest market, France, were  
down as COVID infections reduced the number of new  
patients initiated on AIT.  
Elsewhere, ALK saw double-digit growth in the Nordic  
region as its digital engagement strategy continued to  
successfully mobilise patients to seek treatment for  
their allergies.  
North America  
Revenue in North America increased 8% in local  
currencies to DKK 186 million (160).  
Finally, optimisation work, to safeguard ALK’s core  
portfolio of legacy products, by ensuring it remains  
viable in the long term, saw ALK submit a total of 266  
regulatory variations covering 73 products to 30  
authorities around the world.  
Revenue from tablet sales grew by 27% on sales  
margin improvements in the USA and strong sales  
growth momentum in Canada where, as in Europe, the  
success of ITULAZAX® is also boosting take-up of the  
wider tablet portfolio.  
Q1 SALES AND MARKET TRENDS  
(Comparative figures for Q1 2021 are shown in brackets.  
Revenue growth rates are stated in local currencies, unless  
otherwise indicated)  
Sales of bulk SCIT products increased by 3% held  
back slightly by temporary backorders which are  
expected to be fulfilled in the coming quarters. Sales  
of other products increased by 6%, with strong sales  
of diagnostics and other non-allergy related life  
science products.  
Revenue by geography  
DKKm  
Q1  
2022  
791  
Share of  
revenue  
69%  
Q1  
2021  
753  
Growth*  
4%  
Europe  
North America  
Int’l markets  
186  
178  
1,155  
8%  
62%  
11%  
16%  
15%  
100% 1,021  
160  
108  
International markets  
Revenue from International markets increased by 62%  
to DKK 178 million (108), reflecting continued strong  
in-market sales growth and high levels of shipments to  
the region’s main markets of Japan and China. As with  
other markets, however, further waves of COVID have  
the ability to cause short-term interruptions to this  
momentum.  
Revenue  
* In local currencies  
Europe  
Revenue in Europe increased by 4% to DKK 791  
million (753). The main driver of growth was the tablet  
portfolio, which saw sales increase 15%, fuelled by the  
continuing uptake of ITULAZAX®.  
Global revenue by product line  
DKKm  
Q1  
Share of  
revenue  
Q1  
2021  
Combined sales of SCIT and SLIT-drops were down  
6%, primarily as the resurgence of COVID again  
restricted the ability of some allergy patients to visit  
clinics, particularly impacting SCIT venom AIT and  
SLIT-drops. In addition, for some of ALK’s SCIT  
venom initiation products, distribution and release  
were halted due to rare production deviations on a  
single filling line. Corrective actions have been  
implemented and supply is now being re-established,  
however, there is expected to be a minor negative  
effect on full-year SCIT venom sales in Europe.  
2022 Growth*  
SCIT and  
SLIT-drops  
SLIT-tablets  
Other  
products and  
services  
449  
583  
2%  
24%  
39%  
50%  
433  
466  
123  
-5%  
11%  
122  
Revenue  
1,155  
11%  
100% 1,021  
* In local currencies  
3M FINANCIAL REVIEW  
Sales of other products were down 1%, largely on  
lower replacement rates for Jext® pens – an effect  
which is expected to end in Q2.  
(Comparative figures for 2021 are shown in brackets. Revenue  
growth rates are stated in local currencies, unless otherwise  
indicated)  
3M revenue increased by 13% in reported currency to  
DKK 1,155 million (1,021). Exchange rate fluctuations  
increased reported revenue growth by 2 percentage  
points.  
There was double-digit sales growth in ALK’s largest  
market, Germany, as tablet sales maintained their  
upwards trajectory confirming that they have now  
become the benchmark treatment for allergy care.  
Page 4 of 14  
Company release No 9/2022 – 12 May 2022  
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  
 
Cost of sales increased 4% in local currencies to  
DKK 416 million (391). The gross profit of DKK 739  
million (630) yielded an improved gross margin of 64%  
(62%), mainly reflecting increasing tablet sales and  
efficiencies in tablet production – although the gross  
margin was reduced somewhat 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.  
Outlook for 2022  
Based on performance in the first three months and  
forecasts for the remainder of the year, ALK is  
maintaining its full-year outlook:  
Revenue is still expected to grow 8-12% in local  
currencies with tablet sales up by ~20%.  
EBITDA is still expected to increase to DKK 625-  
725 million (2021: DKK 534 million) on sales  
growth, improved gross margin and efficiencies.  
The updated financial outlook is based on the  
following assumptions:  
Capacity costs increased 11% in local currencies to  
DKK 524 million (464). As planned, R&D expenses  
increased by 17% in local currencies reflecting  
planned clinical trial activities. Sales and marketing  
expenses increased by 7% in local currencies, and  
included investments in market expansion in China.  
Administrative expenses increased 13% in local  
currencies.  
Revenue  
Revenue growth is expected to be broad-based across  
all sales regions. The mid-point of the projected  
revenue range still assumes that sales in Europe will  
increase in high single digits, whereas sales growth in  
North America is expected at around 10%, and growth  
in International markets is expected to exceed 10%.  
EBITDA (operating profit before depreciation and  
amortisation) increased 20% in reported currency to  
DKK 272 million (226), driven by the higher sales and  
improved gross margin. Exchange rates had only a  
minor effect on operating profit.  
Tablets remain key to growth, and ALK still sees  
global sales growth of ~20% in 2022. In addition, ALK  
still expects low single-digit growth from the remaining  
non-tablet portfolio, mainly driven by SCIT products  
and the adrenaline auto-injector, Jext®.  
Net financials were an income of DKK 2 million (6).  
Tax on the profit totalled DKK 54 million (45), and net  
profit increased to DKK 163 million (127).  
The higher end of the revenue range assumes  
continued strong sales growth, with tablets leading the  
way, as well as improved sales of legacy AIT products.  
The lower end of the range incorporates pricing  
pressures, particularly in selected markets in Europe,  
more pronounced, negative effects from COVID,  
and/or continued impact from minor supply  
Cash flow from operating activities was DKK 91  
million (127) as higher earnings were offset by  
changes in working capital due to the timing of  
payments. Cash flow from investment activities  
was DKK minus 53 million (minus 41), mainly on  
upgrades to legacy production and the build-up of  
capacity for SLIT-tablet production. Free cash flow  
was positive at DKK 38 million (86).  
interruptions to certain legacy products.  
Margins  
The gross margin is still expected to improve by 1-2  
percentage points on 61% in 2021, driven by  
efficiencies and higher sales – especially from tablets.  
Cash flow from financing activities was DKK minus  
96 million (minus 3), mainly relating to repayment of  
borrowings.  
Operating profit  
R&D costs are still expected at DKK 650-700 million.  
Sales and marketing costs are also expected to  
increase, reflecting investments in current and future  
growth drivers, including China. Nevertheless, the ratio  
to revenue is still expected to improve slightly versus  
2021. On this basis, ALK continues to expect  
operating profit (EBITDA) to be in the range of DKK  
625-725 million.  
At the end of March, ALK held 2,614,080 of its own  
shares or 1.2% of the share capital, versus 1.3% at  
the end of 2021, and 1.5% at the end of March 2021.  
Following the Annual General Meeting in March 2022,  
ALK completed a share split at a ratio of 1:20, so that  
each existing share, with a nominal value of DKK 10,  
was split into 20 new shares with a nominal value of  
DKK 0.50 each. Following the share split, the  
company’s share capital of DKK 111,411,960 was  
divided into 18,415,200 A shares, 1,841,520 AA  
shares and 202,567,200 B shares, each having a  
nominal value of DKK 0.50. Following the share split,  
each A share and AA share of a nominal value of DKK  
0.50 now has 10 votes, and each B share of a nominal  
value of DKK 0.50 has one vote.  
Other assumptions  
The outlook assumes that COVID will not affect  
home-based tablet treatments, and that patients in  
general will remain able and willing to visit  
healthcare professionals without significant  
limitations, although fluctuations may occur in  
some markets.  
CAPEX is still projected at around DKK 400 million,  
Equity totalled DKK 3,656 million (3,323) at the end of  
March, and the equity ratio was 61% (57%).  
and free cash flow is still expected to be negative,  
Page 5 of 14  
Company release No 9/2022 – 12 May 2022  
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  
 
mainly due to investments and changes in working  
capital.  
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  
The outlook does not include any revenue from  
acquisitions, new partnerships or the in-licensing of  
adjacent products and services, nor does it include  
any sizeable payments related to M&As or in-  
licensing activities.  
The outlook is based on current exchange rates,  
resulting in a positive effect of approximately 2  
percentage points on reported revenue growth and  
an immaterial effect on reported EBITDA.  
associated with allergic reactions of differing extents,  
durations and severities.  
RISK FACTORS  
Financial calendar  
Silent period  
Six-month interim report (Q2) 2022  
Silent period  
Nine-month interim report (Q3) 2022 10 November 2022  
This interim report contains forward-looking  
14 July 2022  
11 August 2022  
13 October 2022  
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  
Page 6 of 14  
Company release No 9/2022 – 12 May 2022  
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  
2007  
Adults and children – Allergic rhinitis (grass)  
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  
2015/18  
Adults and children – Allergic rhinitis (HDM)  
ACARIZAX® International marketsi  
iii  
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  
Licensed to Torii for Japan  
ii.  
iii.  
Already marketed in selected markets  
Page 7 of 14  
Company release No 9/2022 – 12 May 2022  
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 2022. 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 2022. 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 2021.
Hørsholm, 12 May 2022
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
Johan Smedsrud
Nanna Rassov Carlson
Alan Main
Lars Holmqvist
Jakob Riis
Page 8 of 14  
Company release No 9/2022 – 12 May 2022  
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  
Amounts in DKKm  
3M  
2022  
3M  
2021  
Revenue  
1,155
416
1,021
391
Cost of sales  
Gross profit  
739
630
Research and development expenses  
Sales and marketing expenses  
Administrative expenses  
157
306
61
133
277
54
Operating profit (EBIT)  
215
166
Net financial items  
2
6
Profit before tax (EBT)  
217
172
Tax on profit  
54
45
Net profit  
163
127
Earnings per share (EPS)  
Earnings per share (EPS)  
Earnings per share (DEPS), diluted  
0.74
0.74
0.58
0.58
In March 2022, ALK-Abelló A/S has completed a share split at a ratio of 1:20, each existing share of a nominal value of  
DKK 10 has been split into 20 new shares of a nominal value of DKK 0.50 each. The company’s share capital remains  
DKK 111,411,960. As a result of the share split, comparison figures for EPS and DEPS have been restated  
accordingly.  
STATEMENT OF COMPREHENSIVE INCOME  
3M  
3M  
Amounts in DKKm  
2022  
2021  
Net profit  
163
127
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  
24
45
Total comprehensive income  
187
172
Page 9 of 14  
Company release No 9/2022 – 12 May 2022  
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  
2022  
2021  
Net profit  
163
127
Adjustments for non-cash items (note 3)  
Changes in working capital  
109
(153)
-
118
(80)
1
Financial income, received  
Financial expenses, paid  
(3)
(4)
Income taxes, paid (net)  
(25)
91
(35)
127
Cash flow from operating activities  
Investments in intangible assets  
Investments in tangible assets  
(8)
(47)
2
(7)
(31)
(3)
Investments in other financial assets  
Cash flow from investing activities  
(53)
(41)
Free cash flow  
38
86
Sale of treasury shares  
-
17
(10)
(6)
Exercised share options, paid  
Repayment of lease liabilities  
Repayment of borrowings  
(10)
(7)
(79)
(96)
(4)
Cash flow from financing activities  
(3)
Net cash flow  
(58)
194
83
Cash beginning of year  
298
Unrealised gains/(losses) on cash held in foreign currency and financial  
assets carried as cash  
2
3
Net cash flow  
(58)
83
Cash end of period  
138
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 14  
Company release No 9/2022 – 12 May 2022  
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  
2022  
31 Mar  
2021  
31 Dec  
2021  
Amounts in DKKm  
Non-current assets  
Intangible assets  
Goodwill  
458
166
624
455
170
625
457
165
622
Other intangible assets  
Tangible assets  
Land and buildings  
953
449
942
456
958
451
Plant and machinery  
Other fixtures and equipment  
Property, plant and equipment in progress  
81
73
80
347
250
325
1,830
1,721
1,814
Other non-current assets  
Receivables  
28
796
33
737
152
922
29
790
172
991
Deferred tax assets  
Income tax receivables  
181
1,005
Total non-current assets  
3,459
3,268
3,427
Current assets  
Inventories  
1,190
752
12
1,110
623
20
1,204
583
12
Trade receivables  
Receivables from group companies  
Income tax receivables  
Other receivables  
Prepayments  
17
26
14
68
79
82
331
138
2,508
275
384
2,517
314
194
2,403
Cash  
Total current assets  
Total assets  
5,967
5,785
5,830
Page 11 of 14  
Company release No 9/2022 – 12 May 2022  
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  
2022  
31 Mar  
2021  
31 Dec  
2021  
Amounts in DKKm  
Equity  
Share capital  
111
(17)
111
(80)
111
(41)
Currency translation adjustment  
Retained earnings  
Total equity  
3,562
3,656
3,292
3,323
3,410
3,480
Liabilities  
Non-current liabilities  
Mortgage debt  
217
-
236
446
347
211
-
222
-
Bank loans  
Pensions and similar liabilities  
Lease liabilities  
327
204
1
324
207
1
Deferred tax liabilities  
Deferred income  
Income taxes  
42
-
42
169
960
142
1,382
169
965
Current liabilities  
Mortgage debt  
Bank loans  
18
149
130
37
18
-
18
226
115
37
Trade payables  
Lease liabilities  
Deferred income  
Provisions  
112
33
4
1
4
3
4
12
Income taxes payables  
Other payables  
70
64
23
940
1,351
848
1,080
950
1,385
Total liabilities  
2,311
5,967
2,462
5,785
2,350
5,830
Total equity and liabilities  
Page 12 of 14  
Company release No 9/2022 – 12 May 2022  
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 2022  
111  
(41)  
3,410  
3,480  
Net profit  
Other comprehensive income  
Total comprehensive income  
-
-
-
-
24  
24  
163  
-
163  
163  
24  
187  
Share-based payments  
-
-
-
-
-
-
-
-
7
(10)  
(8)  
7
(10)  
(8)  
Share options settled  
Tax related to items recognised directly in equity  
Other transactions  
(11)  
(11)  
Equity at 31 March 2022  
111  
(17)  
3,562  
3,656  
Equity at 1 January 2021  
111  
(125)  
3,167  
3,153  
Net profit  
-
-
-
-
45  
45  
127  
-
127  
45  
Other comprehensive income  
Total comprehensive income  
127  
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  
Page 13 of 14  
Company release No 9/2022 – 12 May 2022  
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 2022 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 2022 follows the same accounting policies as the annual report for 2021, except for  
new, amended or revised accounting standards and interpretations (IFRSs) endorsed by the EU effective for the  
accounting period beginning on 1 January 2022. These IFRSs have not had any impact on the Group’s interim report.  
2 REVENUE AND SEGMENT INFORMATION  
North  
International  
markets  
Europe  
3M 2022  
America  
Total  
3M 2022  
Amounts in DKKm  
SCIT/SLIT-drops  
3M 2021  
347  
3M 2022  
3M 2021  
71  
3M 2022  
3M 2021  
15  
3M 2021  
326  
418  
47  
79  
37  
70  
44  
128  
6
449  
583  
123  
433  
SLIT-tablets  
360  
46  
27  
62  
79  
14  
466  
122  
Other products and services  
Total revenue  
791  
753  
186  
160  
178  
108  
1,155  
1,021  
Sale of goods  
Royalties  
1,134  
21  
1,005  
16  
Total revenue  
1,155  
1,021  
International  
markets  
North  
America  
Growth local  
Europe  
Total  
Growth local  
currencies  
Growth local  
currencies  
Growth local  
currencies  
Growth  
Growth  
Growth  
currencies  
Growth, 3M 2022  
SCIT/SLIT-drops  
Growth  
4%  
-6%  
15%  
-1%  
-6%  
16%  
2%  
3%  
27%  
6%  
11%  
37%  
13%  
179%  
63%  
193%  
62%  
2%  
24%  
-5%  
SLIT-tablets  
25%  
1%  
Other products and services  
-61%  
-57%  
Total revenue  
4%  
5%  
8%  
16%  
62%  
65%  
11%  
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  
3 ADJUSTMENTS FOR NON-CASH ITEMS  
3M  
3M  
Amounts in DKKm  
2022  
2021  
Tax on profit  
54  
(2)  
7
45  
(7)  
6
Financial income and expenses  
Share-based payments  
Depreciation, amortisation and impairment  
Other adjustments  
57  
60  
(7)  
109  
14  
Total  
118  
Page 14 of 14  
Company release No 9/2022 – 12 May 2022  
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