Nine-month interim report (Q3) 2022 (unaudited)  
Company release No. 17/2022  
ALK reports Q3 revenue up 11% and updates its full-year outlook  
ALK’s revenue grew by 11% in Q3 driven by tablets and Jext®, with growth in all regions. Year-to-date revenue grew  
13%, with tablet sales up 19% and profits up 27%. Based on stronger sales in the non-tablet portfolio, ALK is updating  
its full-year outlook.  
Q3 2022 financial highlights  
Total revenue was up 11% in local currencies at DKK 1,062 million (928). Currencies had a positive effect of 3  
percentage points, resulting in reported growth of 14%.  
Tablet sales increased 13% to DKK 458 million (398) which were slightly lower than expected. In addition, it  
builds on a very strong Q3 last year where sales were up 41%.  
Sales of Other products increased by 29%, primarily on strong sales of Jext® in Europe and life sciences products  
in North America, while combined sales of SCIT and SLIT-drops grew by 1%.  
Revenue in Europe was up 6%, with North America increasing 16%, and International markets up 24%.  
Operating profit (EBITDA) for the quarter was DKK 128 million (124), leading to an increase of 27% for the first  
nine months to DKK 507 million (398) on the double-digit sales growth and improved gross margin, while R&D  
and sales & marketing expenses grew largely as planned.  
Key events and strategic progress  
ALK continued to make progress on its strategic priorities and remained resilient in the light of world events. In Q3:  
The ongoing paediatric Phase III trials in allergic rhinitis (MT-12 and TT-06) progressed as planned and the first  
patients have been recruited for the Phase I trial (PT-01) with the SLIT-tablet treatment for peanut allergy.  
2022 financial outlook  
Based on current performance and expectations to sales of the non-tablet portfolio, ALK has updated its full-year  
outlook:  
Revenue is now expected to grow 11-13% in local currencies (previously: 10-13%) with higher-than-expected  
sales of the non-tablet portfolio. Tablet sales growth is now expected to be below 20% (previously: 20% or more),  
primarily based on a somewhat weaker performance in Europe.  
EBITDA is still expected to increase to DKK 675-750 million.  
Hørsholm, 10 November 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. (CET) 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. (CET). Danish participants should call in on tel. +45  
7877 4197 and international participants should call in on tel. +44 808 101 1183 or +1 785 424 1603. Please use the  
Participant Pin Code: 40721#  
Page 1 of 15  
Company release No 17/2022 – 10 November 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  
9M  
2022  
9M  
2021  
Q3  
2022  
Q3  
2021  
Full year  
2021  
Amounts in DKKm  
Income statement  
Revenue  
3,262  
507  
332  
11  
2,817  
398  
1,062  
128  
68  
928  
124  
55  
3,916  
534  
Operating profit before depreciation (EBITDA)  
Operating profit (EBIT)  
Net financial items  
Profit before tax (EBT)  
Net profit  
213  
292  
(8)  
2
(1)  
(13)  
279  
343  
257  
2,604  
205  
70  
54  
143  
52  
37  
219  
Average number of employees (FTE)  
2,480  
2,655  
2,502  
2,492  
Balance sheet  
Total assets  
Invested capital  
Equity  
6,282  
3,292  
3,948  
5,718  
2,908  
3,314  
6,282  
3,292  
3,948  
5,718  
2,908  
3,314  
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  
175  
331  
185  
310  
60  
95  
69  
99  
242  
468  
(233)  
(31)  
(204)  
98  
(161)  
(22)  
(90)  
(13)  
(75)  
5
(78)  
(11)  
(67)  
21  
(266)  
(45)  
(136)  
149  
(218)  
202  
Information on shares  
Share capital  
111  
222,824  
121  
111  
222,824  
135  
111  
222,824  
121  
111  
222,824  
135  
111  
222,824  
172  
Shares in thousands of DKK 0.5 each *  
Share price, end of period *  
Net asset value per share *  
18  
15  
18  
15  
16  
Key figures  
Gross margin – %  
62  
16  
60  
14  
60  
12  
60  
13  
61  
14  
EBITDA margin – %  
Equity ratio – %  
63  
58  
63  
58  
60  
Earnings per share (EPS) *  
Earnings per share (DEPS), diluted *  
Share price/Net asset value *  
1.17  
1.16  
6.8  
0.65  
0.65  
9.1  
0.24  
0.23  
6.8  
0.17  
0.17  
9.1  
1.00  
0.99  
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 15  
Company release No 17/2022 – 10 November 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  
Q3  
Q3  
9M  
9M  
2022  
%
2021  
%
2022  
%
2021  
%
Amounts in DKKm  
1,062  
422  
100  
928  
369  
559  
100  
Revenue  
3,262  
1,242  
2,020  
100  
2,817  
1,122  
1,695  
100  
40  
60  
40  
60  
Cost of sales  
Gross profit  
38  
62  
40  
60  
640  
161  
412  
1
15  
39  
0
147  
357  
-
16  
38  
-
Research and development expenses  
Sales, marketing and administrative expenses  
Other operating income and expenses  
Operating profit (EBIT)  
480  
1,209  
1
15  
37  
0
452  
1,031  
1
16  
37  
0
68  
6
55  
6
332  
10  
213  
7
2
70  
0
6
(1)  
54  
(0)  
6
Net financial items  
Profit before tax (EBT)  
11  
343  
0
(8)  
205  
(0)  
7
10  
18  
1
5
17  
37  
2
4
Tax on profit  
86  
2
8
62  
2
5
52  
Net profit  
257  
143  
Operating profit before depreciation  
and amortisation (EBITDA)  
12  
13  
16  
14  
128  
124  
507  
398  
between active and placebo treated subjects did not  
reach statistical significance.  
PROGRESS ON THE STRATEGIC  
PRIORITIES  
ALK continued to make progress on its strategic  
priorities in Q3 – succeed in North America, complete  
and commercialise the tablet portfolio, consumer  
engagement and new horizons, and optimise for  
excellence:  
Meanwhile, in China, ALK continued its preparations  
ahead of a regulatory submission of a Biologics  
Licence Application (BLA) for the house dust mite  
tablet, which is planned for late 2022. ALK’s partner in  
China, Grandpharma, also continued its preparatory  
work ahead of a planned local registration and launch  
for Jext®.  
In North America, fundamental barriers to market  
evolution remain a challenge for the adoption of  
tablets in the USA. However, ALK remains committed  
to the market and continues to work with prescribers  
and engage digitally with consumers to mobilise  
allergy patients and increase tablet sales. Work to  
secure paediatric and adolescent indications for  
ACARIZAX®/ODACTRA® remained on track. In  
addition, ALK continued to assess new business  
models for its tablets in the USA.  
Initiatives on the ‘New horizons’ priority also  
progressed and the first patients have been recruited  
for the Phase I trial (PT-01) with the SLIT-tablet  
treatment for peanut allergy. Work also continued on  
the two parallel adrenaline auto-injector (AAI) projects  
ahead of the planned submission to the US FDA in  
2024.  
In Q3, ALK continued to develop and leverage its  
digital ecosystem for consumers, patients and  
healthcare professionals with a focus on connecting  
candidates for allergy immunotherapy treatment with  
suitable doctors. In addition, ALK continued to pilot  
various approaches to ensuring mobilisation leads to  
treatment, where appropriate.  
Clinical development of the tablet portfolio continued.  
The paediatric Phase III trial in allergic rhinitis in  
Europe and North America for the house dust mite  
tablet (MT-12) stayed on track and, despite including  
participants from Ukraine and Russia, the number of  
patient dropouts has been minimal. The paediatric  
Phase III trial of the tree pollen tablet in Europe and  
Canada (TT-06) also included some participants in  
Russia, but this trial too saw minimal dropouts.  
Ongoing patient recruitment remained the primary  
focus in Q3, and both trials remain on course for  
completion in 2023. Top-line results for the paediatric  
Phase III trial of the house dust mite tablet (MT-11) in  
allergic asthma have now, as expected, confirmed that  
the COVID-related reductions in asthma exacerbations  
impaired the trial. Consequently, the total number of  
asthma exacerbations was significantly lower than  
originally planned for and the observed difference  
Page 3 of 15  
Company release No 17/2022 – 10 November 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  
 
effects of COVID. Sales growth in China was also  
strong, despite intermittent regional measures to  
contain the spread of COVID.  
Q3 SALES AND MARKET TRENDS  
(Comparative figures for Q3 2021 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  
2021  
DKKm  
Q3  
2022  
683  
Share of  
revenue  
64%  
Q3  
2021  
640  
169  
119  
2022 Growth*  
Growth*  
6%  
SCIT and  
SLIT-drops  
SLIT-tablets  
Other  
Europe  
407  
458  
1%  
13%  
38%  
43%  
388  
398  
North America  
Int’l markets  
228  
151  
16%  
24%  
11%  
22%  
14%  
100%  
Revenue  
1,062  
928  
products and  
services  
197  
29%  
19%  
142  
* In local currencies  
Revenue  
1,062  
11%  
100%  
928  
Europe  
* In local currencies  
Revenue in Europe increased 6% in local currencies  
to DKK 683 million (640).  
9M FINANCIAL REVIEW  
Sales of tablets increased 13%, with growth impacted  
by destocking by wholesalers. Growth was also held  
back somewhat by a weak tree pollen season resulting  
in a slower start to the initiation season.  
(Comparative figures for 2021 are shown in brackets. Revenue  
growth rates are stated in local currencies, unless otherwise  
indicated)  
9M revenue increased by 13% in local currencies to  
DKK 3,262 million (2,817). Exchange rate fluctuations  
increased reported revenue growth for the first nine  
months by 3 percentage points so that reported growth  
was 16%.  
Combined SCIT and SLIT-drops sales were down 5%,  
largely due to the ongoing market transition in France  
and lower SCIT maintenance sales – a consequence  
of lost new patient initiations previously flagged in Q1  
due to COVID and the temporary unavailability of  
some venom initiation products.  
Cost of sales increased 7% in local currencies to  
DKK 1,242 million (1,122). The gross profit of DKK  
2,020 million (1,695) yielded an improved gross  
margin of 62% (60%), mainly reflecting increasing  
tablet sales and production efficiencies – 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. In Q3, costs of sales included one-  
time, extraordinary costs related to the discontinuation  
of a non-strategic product.  
Income from other products was up 30%,  
predominantly on further strong sales for the  
adrenaline auto-injector, Jext®, which were up 36% in  
Europe and 40% globally, and which continue to  
benefit from supply issues in the wider market.  
Pricing and reimbursement conditions remained stable  
across Europe, however a temporary mandatory  
rebate increase for 2023 of 5 percentage points for all  
prescription drugs has recently been decided by the  
authorities in Germany.  
Capacity costs increased 11% in local currencies to  
DKK 1,689 million (1,483). As planned, R&D expenses  
were slightly above the level of 2021, reflecting  
ongoing clinical trial activities. Sales and marketing  
expenses increased by 13% in local currencies, and  
reflected investments in market expansion in China, a  
generally high activity level including medical events  
and congresses as well as restructuring costs  
North America  
Sales in North America were up 16% in local  
currencies to DKK 228 million (169). Growth was seen  
across the portfolio but was strongest for other  
products, with a 32% increase attributable to  
continued demand for non-allergy-related life science  
products and for the penicillin allergy test, Pre-Pen®.  
associated with closing down activities in Turkey in  
Q2. Administrative expenses increased mainly due to  
IT and organisational development activities.  
Tablet sales were up 8% in North America, as double-  
digit growth in Canada is still counteracted by a weak  
market development in the USA due to the above-  
mentioned, long-standing market barriers in the USA.  
EBITDA (operating profit before depreciation and  
amortisation) increased 27% in reported currency to  
DKK 507 million (398), driven by higher sales and  
improved gross margin. Exchange rates had only a  
minor effect on operating profit.  
International markets  
Revenue from International markets increased by 24%  
in local currencies to DKK 151 million (119), which  
was broadly in line with in-market growth.  
Net financials were a gain of DKK 11 million (a loss of  
8). Tax on the profit totalled DKK 86 million (62), and  
net profit increased 80% in reported currency to DKK  
257 million (143).  
In Japan, growth was maintained for both  
MITICURE™ and CEDARCURE™ although new  
patient initiations were impacted by the ongoing  
Page 4 of 15  
Company release No 17/2022 – 10 November 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 from operating activities was DKK 331  
million (310) driven by higher earnings which were  
partly offset by changes in working capital due to the  
timing of payments. Cash flow from investment  
activities was DKK minus 233 million (minus 161), on  
the build-up of additional capacity for SLIT-tablet  
production, upgrades to legacy production, and  
investments for the in-house next generation  
In light of the current performance in Europe, North  
America and International markets, ALK now expects  
global tablet sales growth to be below 20%  
(previously: 20% or more) in 2022. In addition, ALK  
expects above 5% growth (previously: mid single-digit)  
from the remaining non-tablet portfolio, mainly driven  
by sales of SCIT products, the adrenaline auto-  
injector, Jext® and other life science products.  
adrenaline auto-injector, currently in development.  
Free cash flow was positive at DKK 98 million (149).  
The higher end of the revenue range assumes  
continued strong revenue growth, across regions, with  
improved sales of legacy products and/or tablets. The  
lower end of the range incorporates further destocking  
in Europe, further negative effects from COVID, and/or  
lower demand e.g. as a consequence of the weak tree  
pollen season.  
Cash flow from financing activities was DKK minus  
80 million (minus 236), mainly relating to the  
repayment of borrowings.  
At the end of September, ALK held 1,877,606 of its  
own shares, or 0.8% of the share capital, versus  
1.3% at the end of 2021, and 1.5% at the end of  
September 2021.  
Margins  
The gross margin is now expected to improve by  
approximately 1 percentage point (previously: 1-2 p.p.)  
from 61% in 2021, driven by efficiencies and higher  
sales – especially from tablets. This now includes  
extraordinary, one-time costs related to the  
discontinuation of a non-strategic product and  
unplanned facility maintenance.  
Equity totalled DKK 3,948 million (3,314) at the end of  
September, and the equity ratio was 63% (58%).  
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. After 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.  
Capacity costs  
R&D costs are still expected at DKK 650-700 million.  
Sales and marketing costs are still expected to  
increase, reflecting investments in current and future  
growth drivers, including China. The ratio to revenue is  
still expected to improve versus 2021.  
Other assumptions  
The outlook assumes that patients in general will  
remain able and willing to visit healthcare  
professionals without significant limitations,  
although fluctuations may occur in some markets  
e.g. due to COVID.  
Outlook for 2022  
Based on current performance and expectations to  
sales of the non-tablet portfolio, ALK has updated its  
full-year outlook:  
Revenue is now expected to grow 11-13% in local  
currencies (previously: 10-13%) with higher-than-  
expected sales of the non-tablet portfolio. Tablet  
sales growth is now expected to be below 20%  
(previously: 20% or more), primarily based on a  
somewhat weaker performance in Europe.  
CAPEX is still projected to be slightly below DKK  
400 million, and free cash flow is now expected to  
be positive, influenced by strategic investments  
and changes in working capital, including timing of  
payments.  
The impact from the ongoing inflationary pressure  
on gross margin and capacity costs is still  
projected to be modest in 2022.  
EBITDA is still expected to increase to DKK 675-  
750 million.  
The updated financial outlook is based on the  
following assumptions:  
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.  
Revenue  
Revenue growth is expected to be broad-based across  
all sales regions. The mid-point of the projected  
revenue range assumes that sales growth in Europe  
will be slightly below 10% (previously: around 10%)  
based on a somewhat weaker tablet performance.  
Sales growth in North America is now expected to  
exceed 10% (previously: around 10%), and growth in  
International markets is still expected to significantly  
exceed 10%.  
The outlook is based on current exchange rates,  
resulting in a positive effect of approximately 3  
percentage points on reported revenue growth and  
an immaterial effect on reported EBITDA.  
Revenue growth rates are stated in local currencies,  
unless otherwise indicated.  
Page 5 of 15  
Company release No 17/2022 – 10 November 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  
 
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 2022  
6 January 2023  
3 February 2023  
Page 6 of 15  
Company release No 17/2022 – 10 November 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 and the most common food allergy.  
Phase I  
Phase II  
Phase III  
Filing  
Marketed  
GRAZAX® / GRASTEK® Europe, North America  
& International markets  
Adults and children – Allergic rhinitis (grass)  
2007-17  
RAGWIZAX® / RAGWITEK® Europe, North  
America & International markets  
Adults and children – Allergic rhinitis (ragweed)  
2014-21  
2016-21  
ACARIZAX® Europe & International markets  
Adults – Allergic rhinitis and allergic asthma (HDM)  
Adolescents – Allergic rhinitis (HDM)  
ACARIZAX® / ODACTRA® North America  
2017-18  
2015-18  
Adults – Allergic rhinitis (HDM)  
MITICURE  Japan*  
Adults and children – Allergic rhinitis (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  Japan*  
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)  
Peanut SLIT-tablet North America & Europe  
Adults, adolescents and children – food allergy (accidential peanut exposure)  
* Licensed to Torii for Japan  
Page 7 of 15  
Company release No 17/2022 – 10 November 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 30 September 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 30 September 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, 10 November 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 15  
Company release No 17/2022 – 10 November 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  
Q3  
Q3  
9M  
9M  
2022  
2021  
2022  
2021  
Amounts in DKKm  
1,062
422
928
369
559
Revenue  
3,262
1,242
2,020
2,817
1,122
1,695
Cost of sales  
Gross profit  
640
161
345
67
147
294
63
-
Research and development expenses  
Sales and marketing expenses  
Administrative expenses  
480
1,009
200
1
452
862
169
1
1
Other operating items, net  
Operating profit (EBIT)  
68
55
332
213
2
(1) Net financial items
11
(8)
Profit before tax (EBT)  
70
54
343
205
Tax on profit  
18
17
37
86
62
52
Net profit  
257
143
Earnings per share (EPS)  
Earnings per share (EPS)  
Earnings per share (DEPS), diluted  
0.24
0.23
0.17
0.17
1.17
1.16
0.65
0.65
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  
Q3  
Q3  
9M  
9M  
2022  
2021 Amounts in DKKm  
2022  
2021  
52
37
Net profit  
257
143
Other comprehensive income  
Items that will subsequently be reclassified to the income statement,  
when specific conditions are met:  
78
27
64
Foreign currency translation adjustment of foreign affiliates  
171
59
130
Total comprehensive income  
428
202
Page 9 of 15  
Company release No 17/2022 – 10 November 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  
9M  
9M  
Amounts in DKKm  
2022  
2021  
Net profit  
257
143
Adjustments for non-cash items (note 3)  
Changes in working capital  
279
(88)
4
316
(15)
-
Financial income, received  
Financial expenses, paid  
(11)
(110)
331
(19)
(115)
310
Income taxes, paid (net)  
Cash flow from operating activities  
Investments in intangible assets  
Investments in tangible assets  
(31)
(204)
2
(22)
(136)
(3)
Investments in other financial assets  
Cash flow from investing activities  
(233)
(161)
Free cash flow  
98
149
Sale of treasury shares  
40
(10)
(22)
-
17
(72)
Exercised share options, paid  
Repayment of lease liabilities  
Proceeds from borrowings  
Repayment of borrowings  
(19)
297
(88)
(80)
(459)
(236)
Cash flow from financing activities  
Net cash flow  
18
(87)
Cash beginning of year  
194
298
Unrealised gains/(losses) on cash held in foreign currency and financial  
assets carried as cash  
12
18
4
Net cash flow  
(87)
Cash end of period  
224
215
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 17/2022 – 10 November 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  
30 Sep  
2022  
30 Sep  
2021  
31 Dec  
2021  
Amounts in DKKm  
Non-current assets  
Intangible assets  
Goodwill  
467
174
641
456
152
608
457
165
622
Other intangible assets  
Tangible assets  
Land and buildings  
1,033
439
951
446
958
451
Plant and machinery  
Other fixtures and equipment  
Property, plant and equipment in progress  
76
77
80
474
276
325
2,022
1,750
1,814
Other non-current assets  
Receivables  
29
767
181
977
29
694
162
885
29
790
172
991
Deferred tax assets  
Income tax receivables  
Total non-current assets  
3,640
3,243
3,427
Current assets  
Inventories  
1,301
701
53
1,180
588
26
1,204
583
12
Trade receivables  
Receivables from group companies  
Income tax receivables  
Other receivables  
Prepayments  
60
123
68
14
63
82
240
224
2,642
275
215
2,475
314
194
2,403
Cash  
Total current assets  
Total assets  
6,282
5,718
5,830
Page 11 of 15  
Company release No 17/2022 – 10 November 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  
30 Sep  
2022  
30 Sep  
2021  
31 Dec  
2021  
Amounts in DKKm  
Equity  
Share capital  
111
130
111
(66)
111
(41)
Currency translation adjustment  
Retained earnings  
Total equity  
3,707
3,948
3,269
3,314
3,410
3,480
Liabilities  
Non-current liabilities  
Mortgage debt  
208
333
237
-
226
351
205
-
222
324
207
1
Pensions and similar liabilities  
Lease liabilities  
Deferred tax liabilities  
Deferred income  
50
45
42
Income taxes  
169
997
152
979
169
965
Current liabilities  
Mortgage debt  
Bank loans  
18
150
124
40
18
298
125
34
18
226
115
37
Trade payables  
Lease liabilities  
Deferred income  
Provisions  
4
1
4
2
2
12
Income taxes payables  
Other payables  
76
62
23
923
1,337
885
1,425
950
1,385
Total liabilities  
2,334
6,282
2,404
5,718
2,350
5,830
Total equity and liabilities  
Page 12 of 15  
Company release No 17/2022 – 10 November 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  
-
-
-
-
171
171
257
-
257
257
171
428
Other comprehensive income  
Total comprehensive income  
Share-based payments  
-
-
-
-
-
-
-
-
-
-
23
(10)
40
23
(10)
40
Share options settled  
Sale of treasury shares  
Tax related to items recognised directly in equity  
Other transactions  
(13)
40
(13)
40
Equity at 30 September 2022  
Equity at 1 January 2021  
111
130
3,707
3,948
111
(125)
3,167
3,153
Net profit  
-
-
-
-
59
59
143
-
143
59
Other comprehensive income  
Total comprehensive income  
143
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  
111
(66)
3,269
3,314
Page 13 of 15  
Company release No 17/2022 – 10 November 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 nine 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 nine 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  
9M 2022  
America  
Total  
9M 2022  
Amounts in DKKm  
SCIT/SLIT-drops  
9M 2021  
907  
9M 2022  
9M 2021  
216  
9M 2022  
9M 2021  
9M 2021  
872  
1,098  
217  
256  
114  
261  
108  
309  
27  
49  
238  
26  
1,236  
1,521  
505  
1,172  
SLIT-tablets  
940  
167  
87  
1,265  
380  
Other products and services  
187  
Total revenue  
2,187  
2,014  
631  
490  
444  
313  
3,262  
2,817  
Sale of goods  
Royalties  
3,191  
64  
2,762  
55  
Services  
7
-
Total revenue  
3,262  
2,817  
International  
Markets  
Organic  
North  
America  
Organic  
Europe  
Total  
Organic  
Growth growth local  
Organic  
growth local  
currencies  
Growth growth local  
currencies  
Growth growth local  
currencies  
Growth, 9M 2022  
SCIT/SLIT-drops  
currencies  
Growth  
5%  
-4%  
16%  
29%  
-4%  
17%  
30%  
5%  
18%  
24%  
19%  
31%  
40%  
107%  
30%  
0%  
120%  
30%  
4%  
2%  
19%  
24%  
SLIT-tablets  
20%  
Other products and services  
33%  
Total revenue  
8%  
9%  
14%  
29%  
40%  
42%  
13%  
16%  
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 17/2022 – 10 November 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  
2 REVENUE AND SEGMENT INFORMATION (CONTINUED)  
North  
America  
International  
Markets  
Europe  
Total  
Q3 2022  
Amounts in DKKm  
SCIT/SLIT-drops  
Q3 2022  
Q3 2021  
293  
Q3 2022  
Q3 2021  
Q3 2022  
Q3 2021  
Q3 2021  
388  
279  
91  
36  
74  
29  
66  
37  
108  
6
21  
91  
7
407  
458  
197  
SLIT-tablets  
314  
278  
398  
Other products and services  
90  
69  
101  
142  
Total revenue  
683  
640  
228  
169  
151  
119  
1,062  
928  
Sale of goods  
Royalties  
1,040  
22  
907  
21  
-
Services  
-
Total revenue  
1,062  
928  
North  
America  
Organic  
International  
Markets  
Europe  
Total  
Organic  
growth local  
currencies  
Organic  
growth local  
currencies  
Organic  
growth local  
currencies  
growth local  
currencies  
Growth, Q3 2022  
SCIT/SLIT-drops  
Growth  
-5%  
Growth  
23%  
Growth  
76%  
Growth  
5%  
-5%  
13%  
30%  
5%  
8%  
64%  
18%  
-8%  
1%  
13%  
29%  
SLIT-tablets  
13%  
24%  
19%  
15%  
Other products and services  
30%  
32%  
53%  
-14%  
39%  
Total revenue  
6%  
7%  
16%  
35%  
24%  
27%  
11%  
14%  
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  
2022  
2021  
Tax on profit  
86  
(11)  
23  
62  
8
Financial income and expenses  
Share-based payments  
Depreciation, amortisation and impairment  
Other adjustments  
22  
175  
6
185  
39  
Total  
279  
316  
Page 15 of 15  
Company release No 17/2022 – 10 November 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