Three-month interim report (Q1) 2023 (unaudited)  
Company release No. 10/2023  
Revenue up 7%, full-year outlook maintained  
ALK’s overall results in Q1 2023 were largely as expected, with 7% organic revenue growth in local currencies and  
increased operating profit with an EBIT margin of 18%. Combined SCIT and SLIT-drops sales exceeded expectations,  
while tablet sales were around DKK 35 million lower than planned on slower growth in new patient initiations. The full-  
year revenue and earnings outlook remains unchanged.  
Q1 2023 financial highlights  
Comparative figures for Q1 2022 are shown in brackets. Revenue growth rates are stated in local currencies, unless otherwise indicated  
Revenue increased 7% to DKK 1,234 million (1,155) on high, single-digit growth from all sales regions. The one-  
year, mandatory rebate increase of 5 percentage points in Germany lowered revenue growth by approximately  
1 percentage point. Currencies had a minor negative effect on reported growth.  
Sales in Europe grew by 7%. Sales were up 9% in North America and 8% in International markets.  
Combined SCIT and SLIT-drops sales increased by 13% to DKK 510 million (449) driven by solid growth in  
Europe and China.  
Tablet sales increased overall by 1% to DKK 581 million (583), reflecting 0% growth in Europe, 23% growth in  
North America and a 4% decline in International markets. Sales in North America and International markets were  
as expected, the latter reflecting the phasing of tablet shipments to Japan, where ALK’s partner continued to  
record double-digit growth from in-market sales. Sales in Europe were lower than expected, most notably in  
Germany and the Nordics following the initiation of only approximately 95% of the expected number of new  
patients. Initiatives have been launched to restore momentum in both markets, while at the same time unlocking  
further countries as meaningful growth contributors.  
Sales of Other products were up by 14% to DKK 143 million (123).  
Operating profit (EBIT) increased on sales growth, margin improvements and efficiencies, partly offset by higher  
sales and marketing expenses. EBIT was DKK 228 million (215), corresponding to an EBIT margin of 18%.  
Strategic progress  
ALK continued to make progress on its strategic priorities in the quarter.  
Top-line results from the paediatric MT-12 Phase III trial with the house dust mite tablet are now expected in mid-  
2023, while top-line results from the TT-06 paediatric trial with the tree tablet are still expected in Q4 2023.  
First readouts from the Phase I trial with the SLIT-tablet treatment for peanut allergy are expected in 2023, as  
planned.  
Unchanged 2023 revenue and earnings outlook  
As announced on 17 April, ALK confirms its full-year revenue and earnings outlook, albeit with changes in the  
anticipated product mix, where SCIT and SLIT-drops sales are now expected to exceed the original expectations,  
while tablet sales are now expected to grow by 9-14% (previously: up to 15%).  
Total revenue is still expected to grow by 7-11% organically in local currencies, corresponding to 8-12% growth,  
disregarding the one-year temporary mandatory rebate increase for prescription drugs in ALK’s largest market,  
Germany.  
The operating margin (EBIT) is still expected to increase on sales growth, efficiencies, economies of scale and  
lower R&D costs, despite tougher market conditions. The EBIT margin is still expected at 13-15%.  
Hørsholm, 9 May 2023  
ALK-Abelló A/S
For further information, contact:  
Investor Relations: Per Plotnikof, tel. +45 4574 7527, mobile +45 2261 2525  
Media: Maiken Riise Andersen, tel. +45 5054 1434  
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 7877 4197 and international participants should call in on tel. +44 0 808 101 1183 or +1 785 424 1102. Please use the  
Participant Pin Code: 65699#  
Page 1 of 14  
Company release No 10/2023 – 9 May 2023  
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  
2023  
3M  
2022  
Full year  
2022  
Amounts in DKKm  
Income statement  
Revenue  
1,234  
288  
1,155  
272  
215  
2
4,511  
708  
Operating profit before depreciation (EBITDA)  
Operating profit (EBIT)  
Net financial items  
Profit before tax (EBT)  
Net profit  
228  
470  
(11)  
217  
(23)  
447  
217  
163  
2,566  
163  
335  
Average number of employees (FTE)  
2,712  
2,609  
Balance sheet  
Total assets  
Invested capital  
Equity  
6,356  
3,486  
4,118  
5,967  
3,067  
3,656  
6,308  
3,400  
3,988  
Cash flow and investments  
Depreciations, amortisation and impairment  
Cash flow from operating activities  
Cash flow from investing activities  
- of which investment in intangible assets  
- of which investment in tangible assets  
Free cash flow  
60  
154  
(91)  
(17)  
(74)  
63  
57  
91  
238  
416  
(53)  
(8)  
(351)  
(55)  
(298)  
65  
(47)  
38  
Information on shares  
Share capital  
111  
222,824  
106  
111  
222,824  
149  
111  
222,824  
96  
Shares in thousands of DKK 0.5 each  
Share price, end of period  
Net asset value per share  
18  
16  
18  
Key figures  
Gross margin – %  
65  
18  
64  
19  
62  
10  
EBIT margin – %  
Equity ratio – %  
65  
61  
63  
Earnings per share (EPS)  
Earnings per share (DEPS), diluted  
Share price/Net asset value  
0.7  
0.7  
5.7  
0.7  
0.7  
9.1  
1.5  
1.5  
5.4  
Page 2 of 14  
Company release No 10/2023 – 9 May 2023  
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  
2023  
%
2022  
%
Amounts in DKKm  
Revenue  
1,234  
435  
100  
1,155  
416  
100  
Cost of sales  
Gross profit  
35  
65  
36  
64  
799  
739  
Research and development expenses  
Sales, marketing and administrative expenses  
Operating profit (EBIT)  
158  
413  
228  
13  
34  
18  
157  
367  
215  
13  
32  
19  
Net financial items  
Profit before tax (EBT)  
(11)  
217  
(1)  
17  
2
217  
0
19  
Tax on profit  
54  
4
54  
5
Net profit  
163  
13  
163  
14  
Operating profit before depreciation  
and amortisation (EBITDA)  
23  
24  
288  
272  
the house dust mite tablet ACARIZAX®/ODACTRA®  
for the treatment of allergic rhinitis in adolescents.  
Safety data from the paediatric Phase III trial of the  
house dust mite tablet (MT-11) in allergic asthma is  
now available and confirms that the tablet is well  
tolerated with a safety profile supporting daily at-home  
administration.  
PROGRESS ON THE STRATEGIC  
PRIORITIES  
In Q1, ALK continued to make progress on each of its  
four strategic priorities: succeed in North America,  
complete and commercialise the tablet portfolio,  
consumer engagement and new horizons, and  
optimise for excellence.  
ALK continued to develop its suite of digital tools  
under the ‘klarify’ banner, offering information,  
education and guidance on managing allergies, while  
providing ALK with deeper insights into the lives of  
those affected. A Q1 launch in Norway brought the  
total number of countries covered by this initiative to  
12. Analysis demonstrates that ALK is increasingly  
able to funnel patients from its digital engagement  
platforms to allergy clinics, which advances ALK’s  
ambition of bridging from initial engagement, to  
mobilisation, and eventually conversion to AIT  
treatment where appropriate. Work also continued on  
the global roll-out of a new customer relationship  
management (CRM) system following last year’s  
successful test phase in the Nordic countries. This will  
allow ALK to further optimise its sales activities.  
In North America, ALK continued to adapt its business  
model for tablets in the USA with the aim of unlocking  
the market via new channels, such as paediatricians  
and new commercial partnerships.  
Clinical development of the tablet portfolio continued,  
and ALK’s two large-scale, pivotal Phase III trials in  
children remained on track for completion in 2023.  
Results from the paediatric Phase III trial in allergic  
rhinitis for the house dust mite tablet in Europe and  
North America (MT-12) are now expected slightly  
earlier, in mid-2023, while results from the paediatric  
Phase III trial of the tree pollen tablet in Europe and  
Canada (TT-06) are expected in Q4. Subject to  
approval, both tablets could be available with  
indications covering children in 2024/25.  
The ‘new horizons’ priority covers initiatives designed  
to accelerate long-term growth for ALK. Progress on  
the two parallel adrenaline auto-injector (AAI)  
development projects continued, as did the work by  
Grandpharma in China ahead of a planned local  
registration and launch of ALK’s existing AAI, Jext®.  
Meanwhile, patient recruitment for the Phase I trial of a  
new tablet for peanut allergy continued, and mitigating  
actions to minimise any delays to the trial timeline are  
In Q1, the Biologics Licence Application for ALK’s  
house dust mite tablet was accepted for review by  
authorities in China. Subject to approval, a launch  
could take place in 2024/25. Ahead of the planned  
launch, ALK has made the tablet available in China’s  
Boao Lecheng Medical Pilot Zone, where the first  
prescriptions were issued in January. Also in Q1, ALK  
received approval in Canada and the USA for use of  
Page 3 of 14  
Company release No 10/2023 – 9 May 2023  
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  
 
Activities include the digital mobilisation of patients  
e.g. via the patient support and klarify platforms and  
social media campaigns, targeted efforts to increase  
the number of tablet prescribers and mobilise existing  
prescribers to generate increased prescription depth,  
initiatives to strengthen advocacy among key opinion  
leaders and payers, and efforts to extend the initiation  
season to avoid conflicts with potential other external  
factors.  
progressing as planned. First readouts are still  
expected in 2023, with study completion in 2024.  
Finally, ‘optimise for excellence’ covers initiatives to  
safeguard ALK’s portfolio of legacy products while  
building overall capacity for the future. In Q1, the work  
to increase capacity in the USA for the production of  
house dust mite source materials, and in Denmark for  
the production of active pharmaceutical ingredients  
(APIs) for the house dust mite and pollen tablets,  
continued. Also in Q1, as part of its product and site  
strategy (PASS) programme, ALK submitted a total of  
361 regulatory changes covering 20 products to 36  
regulatory authorities around the world.  
At the same time, ALK is working to unlock further  
countries as meaningful growth contributors through  
long-term initiatives to gain effective market access.  
Indications covering children for the entire tablet  
portfolio will also be important as ALK seeks to make  
the benefits of AIT treatment available earlier in life  
and thus expand the prescriber and patient bases.  
Q1 SALES AND MARKET TRENDS  
(Comparative figures for Q1 2022 are shown in brackets.  
Revenue growth rates are stated in local currencies, unless  
otherwise indicated)  
Sales of Other products were up 25% on increased  
sales of Jext® pens relative to the soft sales in Q1  
2022. ALK continues to expect lower full-year sales of  
Jext®, in part due to relatively low organic replacement  
rates in 2023 in line with the expiry dates of pens  
currently in the market.  
Revenue by geography  
DKKm  
Q1  
2023  
837  
Share of  
revenue  
68%  
Q1  
2022  
791  
186  
178  
Growth*  
7%  
Europe  
North America  
Revenue in North America increased 9% in local  
currencies to DKK 209 million (186).  
North America  
Int’l markets  
209  
188  
9%  
8%  
17%  
15%  
Revenue  
1,234  
7%  
100% 1,155  
* In local currencies  
Tablet sales were up 23% on double-digit growth in  
the USA, as well as in Canada.  
Europe  
Revenue in Europe increased by 7% to DKK 837  
million (791). SCIT and SLIT-drops sales exceeded  
expectations, while tablet sales were lower than  
planned.  
Sales of bulk SCIT products increased 6%, but growth  
was held back slightly by temporary backorders, which  
are expected to be fulfilled in the coming quarters.  
Sales of Other products increased by 5%, with growth  
from diagnostics, PRE-PEN® and life science  
Combined SCIT and SLIT-drops sales were up 13%  
from Q1 2022. SCIT sales benefited from improved  
pricing and market share gains, supported by the  
return to full availability of certain venom initiation  
products versus Q1 2022.  
products. Effective as of Q3, ALK will discontinue  
sales and marketing of the in-licensed PRE-PEN®.  
International markets  
Revenue in International markets increased 8% in  
local currencies to DKK 188 million (178).  
Tablet sales were unchanged in local currencies, and  
saw 2% growth when disregarding the temporary,  
mandatory German rebate increase. In Germany and  
the Nordics in particular, ALK saw a continuing effect  
from the wave of respiratory infections – which limited  
capacities in clinics and crowded out some AIT  
patients during the AIT treatment initiation season – in  
combination with a weak pollen season in 2022.  
Together these factors contributed to the initiation of  
only approximately 95% of the expected number of  
new patients.  
In-market sales in China and Japan are bouncing back  
after the COVID-led headwinds in 2022. ALK’s SCIT  
shipments to China increased by double digits,  
supported by ALK’s ongoing activities to expand the  
AIT market in China. In-market sales of tablets in  
Japan grew in double digits in Q1 on a high number of  
new patient initiations. However, ALK’s tablet  
shipments to Japan were slightly down in Q1 because  
of the planned phasing of product shipments. For  
context, Q4 2022 saw a high level of tablet shipments  
to Japan.  
ALK remains confident in its commercial strategy and  
is intensifying its sales execution activities in response  
to the temporary market challenges, with the aim of  
restoring growth rates from the second half of 2023  
onwards by further increasing its market share and  
expanding the overall AIT market.  
Page 4 of 14  
Company release No 10/2023 – 9 May 2023  
ALK-Abelló A/S – Bøge Allé 6-8 – DK-2970 Hørsholm – Denmark – www.alk.net  
Tel +45 4574 7576 – CVR No 63 71 79 16 – LEI code: 529900SGCREUZCZ7P020  
 
Global revenue by product line  
in development. Free cash flow was positive at DKK  
63 million (38). Cash flow from financing activities was  
DKK minus 93 million (minus 96), mainly relating to  
repayment of borrowings.  
DKKm  
Q1  
Share of  
revenue  
Q1  
2022  
2023  
Growth*  
SCIT/  
SLIT-drops  
SLIT-tablets  
Other  
products and  
services  
510  
581  
13%  
1%  
41%  
47%  
449  
583  
At the end of March, ALK held 1,634,673 of its own  
shares, or 0.7% of the share capital, versus 0.8% at  
the end of 2022, and 1.2% at the end of March 2022.  
143  
14%  
12%  
123  
Revenue  
1,234  
7%  
100% 1,155  
Equity totalled DKK 4,118 million (3,656) at the end of  
March, and the equity ratio was 65% (61%).  
* In local currencies  
Outlook for 2023  
As announced on 17 April, ALK confirms its full-year  
revenue and earnings outlook, albeit with changes in  
the anticipated product mix:  
3M FINANCIAL REVIEW  
(Comparative figures for Q1 2022 are shown in brackets.  
Revenue growth rates are stated in local currencies, unless  
otherwise indicated)  
Total revenue is still expected to grow 7-11% in  
local currencies, equalling 8-12% growth when  
disregarding the one-year, temporary mandatory  
rebate increase for prescription drugs in ALK’s  
largest market, Germany.  
3M revenue increased by 7% in reported currency to  
DKK 1,234 million (1,155). Exchange rate fluctuations  
had a minor negative impact on reported revenue of  
approximately half a percentage point.  
Cost of sales increased 4% in local currencies to  
DKK 435 million (416). The gross profit of DKK 799  
million (739) yielded an improved gross margin of 65%  
(64%), mainly reflecting increasing sales and  
efficiencies in production. ALK continues with  
implementing the product and site strategy covering  
investments in upgrading products and associated  
manufacturing facilities to secure quality and  
robustness in product supply.  
EBIT is still expected to increase on sales growth,  
efficiencies, economies of scale and lower R&D  
costs, despite tougher market conditions. The EBIT  
margin is still expected at 13-15% versus 10% in  
2022.  
The financial outlook is based on the following  
assumptions:  
Revenue  
Revenue growth is expected to be broad-based across  
all sales regions.  
Capacity costs increased 8% in local currencies to  
DKK 571 million (524). As planned, R&D expenses  
were almost unchanged at DKK 158 million (157)  
reflecting planned clinical trial activities. Sales and  
marketing expenses increased by 11% in local  
currencies, reflecting the organisational build-up to  
support expansion in China and a generally high  
activity level across ALK’s markets. Administration  
costs increased to DKK 70 million (61) on minor,  
increased activity levels.  
SCIT and SLIT-drops sales are expected to exceed  
original expectations and, together with life science  
products, lead the growth in the non-tablet portfolio,  
whereas Jext® sales are still expected to decline  
somewhat after the exceptional performance in 2022.  
Global tablet sales are expected to grow by 9-14%  
with the upper end of the range assuming a positive  
outcome of ongoing price discussions in Europe.  
EBIT (operating profit) increased 6% in reported  
currency to DKK 228 million (215), driven by higher  
sales and improved gross margin. Exchange rates had  
only a minor effect on operating profit.  
Margins  
The gross margin is still expected to increase by up to  
1 percentage point. The gross margin is projected to  
benefit from higher tablet and SCIT sales volumes and  
efficiencies in product supply. However, this impact  
will be somewhat offset by various factors, including  
the increased rebate in Germany, higher tablet  
shipments to Japan at lower margins, changes to the  
product mix and modest cost inflation.  
Net financials were a loss of DKK 11 million (a gain of  
2) related to interest expenses and currency losses.  
Tax on the profit totalled DKK 54 million (54), and net  
profit was unchanged at DKK 163 million (163).  
Capacity costs  
Cash flow from operating activities was DKK 154  
million (91) on changes in working capital. Cash flow  
from investment activities was DKK minus 91 million  
(minus 53), mainly on the build-up of capacity for  
SLIT-tablet production, upgrades for legacy  
The overall capacity to revenue ratio is still expected  
to improve as ALK further leverages its existing  
platforms to drive efficiencies and normalises its  
R&D spend. R&D costs are planned to decline to  
around DKK 600 million, while sales and marketing  
production, and investments for the in-house next  
generation adrenaline auto-injector, which is currently  
Page 5 of 14  
Company release No 10/2023 – 9 May 2023  
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  
 
costs are planned to increase in the mid-single digits  
to support growth initiatives.  
RISK FACTORS  
This interim report contains forward-looking  
statements, including forecasts of future revenue,  
operating profit and cash flow, as well as expected  
business-related events. Such statements are, by their  
very nature, subject to risks and uncertainties, as  
various factors, some of which are beyond the control  
of ALK, may cause actual results and performance to  
differ materially from the forecasts made in this report.  
Without being exhaustive, such factors include, e.g.,  
consequences of the global COVID pandemic, general  
economic and business-related conditions, including  
legal issues, uncertainty relating to demand, pricing,  
reimbursement rules, partners’ plans and forecasts,  
fluctuations in exchange rates, competitive factors and  
reliance on suppliers. Additional factors include the  
risks associated with the sourcing and manufacturing  
of ALK’s products as well as the potential for side  
effects from the use of ALK’s existing and future  
products, as allergy immunotherapy may be  
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.  
New respiratory infection waves are not assumed  
to materially affect clinical and commercial  
activities, sales, nor investments.  
No additional pressure is expected on pricing and  
reimbursement schemes, except for the one-year  
rebate increase in Germany and minor adjustments  
in certain Southern European markets.  
ALK’s exposure to inflationary pressure on its cost  
base is expected to remain modest.  
Capital expenditure (CAPEX) is projected at  
around DKK 400 million, and free cash flow is  
expected to be positive.  
associated with allergic reactions of differing extents,  
durations and severities.  
The outlook does not include any revenue from  
acquisitions, new partnerships or in-licensing of  
products and services, nor does it include  
payments in relation to mergers and acquisitions or  
in-licensing activities.  
Financial calendar  
Silent period  
27 July 2023  
24 August 2023  
18 October 2023  
The outlook is based on current exchange rates,  
resulting in a negative effect of approximately 1.5  
percentage points on reported revenue growth and  
an immaterial effect on reported EBIT.  
Six-month interim report (Q2) 2023  
Silent period  
Nine-month interim report (Q3) 2023 15 November 2023  
Page 6 of 14  
Company release No 10/2023 – 9 May 2023  
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 TABLET PORTFOLIO 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, peanut.  
* Licensed to Torii for Japan  
Page 7 of 14  
Company release No 10/2023 – 9 May 2023  
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 2023. 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 2023. 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 2022.
Hørsholm, 9 May 2023
Board of Management  
Carsten Hellmann
President & CEO
Henriette Mersebach
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
Nanna Rassov Carlson
Bertil Lindmark
Lars Holmqvist
Alan Main
Jesper Høiland
Johan Smedsrud
Lise Lund Mærkedahl
Page 8 of 14  
Company release No 10/2023 – 9 May 2023  
ALK-Abelló A/S – Bøge Allé 6-8 – DK-2970 Hørsholm – Denmark – www.alk.net  
Tel +45 4574 7576 – CVR No 63 71 79 16 – LEI code: 529900SGCREUZCZ7P020  
 
INCOME STATEMENT FOR THE ALK GROUP  
3M  
3M  
2023  
2022  
Amounts in DKKm  
Revenue  
1,234
435
1,155
416
Cost of sales  
Gross profit  
799
739
Research and development expenses  
Sales and marketing expenses  
Administrative expenses  
158
343
70
157
306
61
Operating profit (EBIT)  
228
215
Net financial items  
(11)
2
Profit before tax (EBT)  
217
217
Tax on profit  
54
54
Net profit  
163
163
Earnings per share (EPS)  
Earnings per share (EPS)  
Earnings per share (DEPS), diluted  
0.7
0.7
0.7
0.7
STATEMENT OF COMPREHENSIVE INCOME  
3M  
3M  
Amounts in DKKm  
2023  
2022  
Net profit  
163
163
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  
(22)
24
Total comprehensive income  
141
187
Page 9 of 14  
Company release No 10/2023 – 9 May 2023  
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  
2023  
2022  
Net profit  
163
163
Adjustments for non-cash items (note 3)  
Changes in working capital  
133
(122)
2
109
(153)
-
Financial income, received  
Financial expenses, paid  
(6)
(3)
Income taxes, paid (net)  
(16)
154
(25)
91
Cash flow from operating activities  
Investments in intangible assets  
Investments in tangible assets  
(17)
(74)
-
(8)
(47)
2
Investments in other financial assets  
Cash flow from investing activities  
(91)
(53)
Free cash flow  
63
38
Exercised share options, paid  
Repayment of lease liabilities  
Repayment of borrowings  
(17)
(12)
(64)
(93)
(10)
(7)
(79)
(96)
Cash flow from financing activities  
Net cash flow  
(30)
221
(58)
Cash beginning of year  
194
Unrealised gains/(losses) on cash held in foreign currency and financial  
assets carried as cash  
-
2
Net cash flow  
(30)
(58)
Cash end of period  
191
138
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 10/2023 – 9 May 2023  
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  
2023  
31 Mar  
2022  
31 Dec  
2022  
Amounts in DKKm  
Non-current assets  
Intangible assets  
Goodwill  
459
189
648
458
166
624
460
182
642
Other intangible assets  
Tangible assets  
Land and buildings  
982
442
953
449
991
440
Plant and machinery  
Other fixtures and equipment  
Property, plant and equipment in progress  
75
81
76
547
347
511
2,046
1,830
2,018
Other non-current assets  
Prepayments  
83
724
28
796
94
716
Deferred tax assets  
Income tax receivables  
204
181
193
1,011
1,005
1,003
Total non-current assets  
3,705
3,459
3,663
Current assets  
Inventories  
1,320
836
18
1,190
752
12
1,297
764
18
Trade receivables  
Receivables from group companies  
Income tax receivables  
Other receivables  
Prepayments  
24
17
24
60
68
82
202
191
2,651
331
138
2,508
239
221
2,645
Cash  
Total current assets  
Total assets  
6,356
5,967
6,308
Page 11 of 14  
Company release No 10/2023 – 9 May 2023  
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  
2023  
31 Mar  
2022  
31 Dec  
2022  
Amounts in DKKm  
Equity  
Share capital  
111
(2)
111
(17)
111
20
Currency translation adjustment  
Retained earnings  
Total equity  
4,009
4,118
3,562
3,656
3,857
3,988
Liabilities  
Non-current liabilities  
Mortgage debt  
199
238
232
1
217
327
204
1
203
236
226
4
Pensions and similar liabilities  
Lease liabilities  
Deferred tax liabilities  
Deferred income  
49
42
49
Income taxes  
203
922
169
960
203
921
Current liabilities  
Mortgage debt  
Bank loans  
18
149
125
41
18
149
130
37
18
208
131
41
Trade payables  
Lease liabilities  
Deferred income  
Provisions  
4
4
4
4
3
3
Income taxes payables  
Other payables  
63
70
16
912
1,316
940
1,351
978
1,399
Total liabilities  
2,238
6,356
2,311
5,967
2,320
6,308
Total equity and liabilities  
Page 12 of 14  
Company release No 10/2023 – 9 May 2023  
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 2023  
111
20
3,857
3,988
Net profit  
-
-
-
-
163
-
163
163
(22)
141
Other comprehensive income  
Total comprehensive income  
(22)
(22)
Share-based payments  
-
-
-
-
-
-
-
-
5
(17)
1
5
(17)
1
Share options settled  
Tax related to items recognised directly in equity  
Other transactions  
(11)
(11)
Equity at 31 March 2023  
Equity at 1 January 2022  
111
(2)
4,009
4,118
111
(41)
3,410
3,480
Net profit  
-
-
-
-
24
24
163
-
163
24
Other comprehensive income  
Total comprehensive income  
163
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
Page 13 of 14  
Company release No 10/2023 – 9 May 2023  
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 2023 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 2023 follows the same accounting policies as the annual report for 2022, except for  
new, amended or revised accounting standards and interpretations (IFRSs) endorsed by the EU effective for the  
accounting period beginning on 1 January 2023. These IFRSs have not had any impact on the Group’s interim report.  
2 REVENUE AND SEGMENT INFORMATION  
North  
International  
Markets  
Europe  
3M 2023  
America  
Total  
3M 2023  
Amounts in DKKm  
SCIT/SLIT-drops  
3M 2022  
326  
3M 2023  
3M 2022  
79  
3M 2023  
3M 2022  
3M 2022  
366  
414  
57  
87  
45  
77  
57  
122  
9
44  
128  
6
510  
581  
143  
449  
SLIT-tablets  
418  
47  
37  
70  
583  
123  
Other products and services  
Total revenue  
837  
791  
209  
186  
188  
178  
1,234  
1,155  
Sale of goods  
Royalties  
1,212  
22  
1,134  
21  
Total revenue  
1,234  
1,155  
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, 3M 2023  
SCIT/SLIT-drops  
currencies  
Growth  
14%  
13%  
0%  
12%  
-1%  
21%  
6%  
23%  
5%  
10%  
22%  
10%  
35%  
-4%  
45%  
30%  
-5%  
50%  
13%  
1%  
SLIT-tablets  
0%  
Other products and services  
25%  
14%  
16%  
Total revenue  
7%  
6%  
9%  
12%  
8%  
6%  
7%  
7%  
Geographical markets (based on customer location):  
o Europe comprises the EU, the UK, Norway and Switzerland  
o North America comprises the USA and Canada  
o International markets comprise Japan, China and all other countries  
3 ADJUSTMENTS FOR NON-CASH ITEMS  
Amounts in DKKm  
3M  
2023  
3M  
2022  
Tax on profit  
54  
11  
5
54  
(2)  
7
Financial income and expenses  
Share-based payments  
Depreciation, amortisation and impairment  
Other adjustments  
60  
3
57  
(7)  
109  
Total  
133  
Page 14 of 14  
Company release No 10/2023 – 9 May 2023  
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