Nine-month interim report (Q3) 2023 (unaudited)  
Company release No. 15/2023  
ALK delivers 8% revenue growth with operating profit up 128% in Q3  
ALK saw growth in all sales regions in Q3, led by sales of tablets and SCIT. As expected, European tablet sales  
picked up and grew by 14%, mainly driven by new patient initiations. Operating profit (EBIT) increased by 128% in  
local currencies on sales growth and gross margin improvements.  
Q3 2023 financial highlights  
Comparative figures for Q3 2022 are shown in brackets. Revenue growth rates are stated in local currencies, unless otherwise indicated  
Total revenue increased by 8% in local currencies to DKK 1,110 million (1,062), equalling 9% growth when  
disregarding the one-year rebate increase in Germany. Currencies lowered reported growth by 3 p.p.  
Tablet sales increased by 10% to DKK 491 million (458) on 14% growth in Europe and 26% growth in North  
America while sales in International markets decreased 5% due to phasing of product shipments to Japan.  
Combined SCIT/SLIT-drops sales increased by 23% to DKK 484 million (407), fuelled by continued growth across  
Europe and an extraordinarily high level of product shipments to China.  
Sales of Other products and services decreased by 28% to DKK 135 million (197) as Jext® sales, as anticipated,  
declined steeply due to intermittent supply shortages from ALK’s contract manufacturer of adrenaline-filled  
cartridges. The decline in Jext® sales lowered overall revenue growth by 4 p.p. in Q3.  
Operating profit (EBIT) increased by 128% in local currencies and by 116% in reported currency to DKK 147  
million (68) on sales growth, gross margin improvements and a modest decline in capacity costs, as certain sales  
and marketing activities saw some phasing between Q3 and Q4.  
Financial performance for the first nine months 2023  
9M  
2023  
3,479  
472  
9M  
2022  
3,262  
332  
Growth  
Growth  
(reported)  
7%  
In DKKm  
(local currencies)  
Revenue  
EBIT  
9%  
55%  
42%  
14%  
10%  
EBIT margin – %  
Progress on strategic priorities  
Based on the recent successfully completed Phase 3 trial, ALK has started preparing a registration application for  
authorities in Europe and Canada with the aim of expanding the indication of the tree tablet (ITULAZAX®) to  
include patients aged five to 17.  
Registration applications with the aim of expanding indications for the house dust mite (HDM) tablet (ACARIZAX®)  
to include children are expected to be submitted to the European and American authorities in the near future.  
First interim readouts from the Phase 1 trial of the tablet treatment for peanut allergy are still expected end-2023.  
The regulatory review of the BLA for the HDM tablet in China is ongoing.  
Unchanged 2023 outlook  
The full-year revenue and earnings outlook remains unchanged:  
Revenue is expected to grow by 8-10% organically in local currencies, equivalent to 9-11% growth, disregarding  
the one-year, temporary mandatory rebate increase in Germany.  
Global tablet sales and SCIT/SLIT-drops sales are still expected to grow by double digits respectively in the  
second half of the year. ALK still expects ~10% growth in tablet sales in Europe for the second half year. Full-year  
tablet growth is still expected within the previously communicated range.  
The EBIT margin is still expected to increase from 10% in 2022 to 13-15% on sales growth, efficiencies,  
economies of scale and lower R&D costs.  
Commenting on the Q3 results, ALK’s new CEO Peter Halling said: “ALK’s Q3 results met our expectations, and we  
remain on course to deliver on our full-year sales and earnings outlook. We are pleased to see sales growth in every  
region, particularly the increasing tablet growth in Europe due to the introduction of AIT treatments to more patients.  
Additionally, we are excited about the positive results from the recent Phase 3 paediatric studies, reinforcing our long-  
term growth prospects. Being new to the company, I want to thank all employees for their warm welcome and for their  
dedicated efforts.”  
Hørsholm, 15 November 2023  
ALK-Abelló A/S
Page 1 of 16  
Company release No 15/2023 – 15 November 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  
 
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. (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  
will be available shortly before the call begins.  
To register for the conference call, please use this link https://dpregister.com/sreg/10183783/fad25cbd21 and follow the  
registration instructions. You will receive an email from diamondpass@choruscall.com with dial-in details, including a  
passcode and a pin code. Please make sure to whitelist diamondpass@choruscall.com and/or check your spam filter. We  
advise you to register on the day before the call at the latest.  
Page 2 of 16  
Company release No 15/2023 – 15 November 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  
Q3  
2023  
Q3  
2022  
9M  
2023  
9M  
2022  
Full year  
2022  
Amounts in DKKm  
Income statement  
Revenue  
1,110  
8%  
1,062  
11%  
14%  
68  
3,479  
9%  
3,262  
13%  
16%  
332  
4,511  
13%  
15%  
470  
Revenue growth (local currencies)  
Revenue growth (reported)  
Operating profit (EBIT)  
EBIT growth (local currencies)  
EBIT growth (reported)  
Operating profit before depreciation (EBITDA)  
Net financial items  
5%  
7%  
147  
472  
128%  
116%  
208  
20%  
24%  
128  
2
55%  
42%  
653  
54%  
56%  
507  
66%  
61%  
708  
8
(11)  
461  
11  
(23)  
447  
Profit before tax (EBT)  
155  
70  
343  
Net profit  
117  
52  
346  
257  
335  
Average number of employees (FTE)  
2,787  
2,655  
2,740  
2,604  
2,609  
Balance sheet  
Total assets  
Invested capital  
Equity  
6,568  
3,771  
4,341  
6,282  
3,292  
3,948  
6,568  
3,771  
4,341  
6,282  
3,292  
3,948  
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  
61  
178  
(79)  
(15)  
(63)  
99  
60  
95  
181  
341  
175  
331  
238  
416  
(90)  
(13)  
(75)  
5
(290)  
(52)  
(239)  
51  
(233)  
(31)  
(204)  
98  
(351)  
(55)  
(298)  
65  
Information on shares  
Share capital  
111  
222,824  
79  
111  
222,824  
121  
111  
222,824  
79  
111  
222,824  
121  
111  
222,824  
96  
Shares in thousands of DKK 0.5 each  
Share price, end of period  
Net asset value per share  
19  
18  
19  
18  
18  
Key figures  
Gross margin – %  
62  
13  
60  
6
63  
14  
62  
10  
62  
10  
EBIT margin – %  
Equity ratio – %  
66  
63  
0.2  
0.2  
6.8  
66  
63  
63  
Earnings per share (EPS)  
Earnings per share (DEPS), diluted  
Share price/Net asset value  
0.5  
0.5  
4.1  
1.6  
1.6  
4.1  
1.2  
1.2  
6.8  
1.5  
1.5  
5.4  
Page 3 of 16  
Company release No 15/2023 – 15 November 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  
Q3  
%of  
Q3  
% of  
9M  
%of  
9M  
% of  
2023 revenue  
2022 revenue  
2023  
revenue  
2022  
revenue  
Amounts in DKKm  
1,110  
100  
38  
1,062  
100  
40  
Revenue  
3,479  
1,288  
2,191  
100  
37  
3,262  
1,242  
2,020  
100  
38  
425  
422  
640  
Cost of sales  
Gross profit  
685  
62  
60  
63  
62  
149  
390  
1
14  
35  
0
161  
412  
1
15  
39  
0
Research and development expenses  
Sales, marketing and administrative expenses  
Other operating income and expenses  
Operating profit (EBIT)  
467  
1,253  
1
13  
36  
0
480  
1,209  
1
15  
37  
0
147  
13  
68  
6
472  
14  
332  
10  
8
155  
1
2
70  
0
Net financial items  
Profit before tax (EBT)  
(11)  
461  
(1)  
13  
11  
343  
0
14  
6
10  
38  
3
18  
52  
1
5
Tax on profit  
115  
3
86  
2
8
117  
11  
Net profit  
346  
10  
257  
Operating profit before depreciation  
and amortisation (EBITDA)  
19  
12  
19  
16  
208  
128  
653  
507  
In October, ALK reported results from a Phase 3  
UPDATE ON STRATEGIC PRIORITIES  
clinical trial which confirmed the benefits of treating  
tree pollen allergy with the ITULAZAX® tablet  
(ITULATEK® in Canada) from early childhood. The trial  
involved 952 children aged five to 17 with moderate to  
severe allergic rhinitis and/or conjunctivitis induced by  
pollen from birch and other trees in the birch  
homologous group. The trial met its primary endpoint  
of reducing the patient’s symptoms and use of allergy  
pharmacotherapy.  
In Q3, ALK continued executing its strategy plan and  
advanced its four key priorities: succeed in North  
America, complete and commercialise the tablet  
portfolio, consumer engagement and new horizons,  
and optimise for excellence.  
The imminent strategic priority is still to restore  
sustainable tablet sales growth in Europe mainly  
via increasing the number of new patients on  
treatment, especially in the key markets of Germany  
and the Nordics. In response to the latest initiation  
season, during which ALK enrolled fewer new patients  
onto tablet treatment than anticipated, the company  
continued its efforts to engage consumers, capture  
market shares, and broaden the overall Allergy  
Immunotherapy (AIT) markets.  
The results were consistent with previous trials,  
including the recently completed Phase 3 paediatric  
trial with the house dust mite tablet (ACARIZAX®) in  
Europe and North America. These positive trial  
outcomes are essential for ALK’s ambitions to make  
tablets available for patients earlier in life and thereby  
expand patient and prescriber bases. Globally, more  
than 10 million children are estimated to have  
uncontrolled respiratory allergies.  
Leading indicators from these activities continued to  
show encouraging results with regards to disease  
burden, patient mobilisation and confirmed doctor  
visits, treatment initiations, improved market access  
and stabilisation of key AIT markets.  
ALK is preparing registration applications to expand  
the indications for the two tablets to include  
children. ALK expects to submit applications for the  
HDM tablet in Europe around year-end and in the USA  
in H1 2024, so that, subject to approvals, the HDM  
tablet could become available for children in these  
regions in 2024/25. Regulatory submissions for the  
tree tablet in Europe and Canada are planned for mid-  
2024, so that this tablet could become available for  
children in Europe and Canada in 2025.  
At the beginning of the current initiation season, the  
number of new patient initiations year-to-date in key  
markets exceeded last year’s numbers by more than  
10% following efforts to deepen and broaden the  
prescriber bases and work with doctors to initiate  
patients earlier to avoid conflicts with e.g. other  
respiratory infections. Moreover, KPIs for digital  
engagement remain above target. For instance,  
~670,000 consumers in the first nine months used the  
digital tools in ALK’s klarify universe to take allergy  
tests or to find a doctor, a 40% growth over last year.  
To facilitate the expected growth in tablet sales, efforts  
are on track to expand manufacturing capacity,  
primarily related to the manufacturing of source  
materials in the USA and active pharmaceutical  
ingredients (APIs) in Denmark. ALK’s contract  
manufacturer is also expanding tablet formulation  
capacity.  
In parallel to the short-term efforts to revive growth in  
European tablet sales, progress was also made in Q3  
with efforts to strengthen the respiratory tablet  
portfolio’s long-term commercial potential globally.  
Page 4 of 16  
Company release No 15/2023 – 15 November 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  
 
Meanwhile, geographic expansion continues. The  
regulatory review of the Biologics Licence Application  
for the HDM tablet in China is ongoing and, subject to  
approval, the tablet could become available in China in  
2024/25. In the USA, ALK continues to execute its  
adjusted business strategy to unlock the tablet market  
via new sales channels, especially paediatricians. In  
Japan, ALK and its partner Torii continue to work on  
potential expansions of production capacity to support  
the wide-spread burden of allergy, especially caused  
by pollen from Japanese cedar trees. Focus is on  
securing increased supply of cedar tree pollen as  
basis for upscaling production of active  
some stocking at wholesalers in anticipation of a more  
robust initiation season.  
Combined SCIT/SLIT-drops sales were up 21%. SCIT  
sales benefited from improved pricing and market  
share gains, particularly in the venom sub-segment.  
Additionally, the growth benefitted from rebate  
adjustments. SLIT-drops sales continued to decline  
modestly as part of the ongoing market transition in  
France.  
European sales of Other products and services  
decreased 53% on lower sales of Jext® pens. On top  
of the anticipated decline due to relatively low organic  
replacement rates in 2023, Jext® sales were impacted  
by intermittent supply shortages in selected markets,  
caused by temporary restrictions to the supply of  
adrenaline-filled cartridges from ALK’s contract  
manufacturer. The supply from the contract  
manufacturer is currently improving, and ALK  
anticipates a normalised supply to the markets by the  
beginning of next year.  
pharmaceutical ingredients and finished products.  
The Phase 1 trial of a new tablet for peanut allergy –  
ALK’s first move into food allergy – is progressing as  
planned and first interim readouts are expected  
around year-end with Phase 1 completion expected in  
2024.  
Efforts to update and further standardise the portfolio  
of legacy products also continued to progress.  
North America  
Revenue in North America increased 2% in local  
currencies to DKK 218 million (228).  
MANAGEMENT CHANGE  
Peter Halling succeeded Carsten Hellman as  
President & CEO of ALK on 1 November 2023.  
Tablet sales were up 26%, equally driven by the USA  
and Canada. Sales of bulk SCIT products, mainly in  
the USA, increased by 3%, while sales of Other  
products and services decreased 7% due to  
Q3 SALES AND MARKET TRENDS  
(Comparative figures for Q3 2022 are shown in brackets.  
Revenue growth rates are stated in local currencies, unless  
otherwise indicated)  
fluctuations in sales of life science products.  
Furthermore, the agreement for sales and marketing  
of the in-licensed PRE-PEN®, which previously was  
anticipated to end in Q3, has been extended.  
Revenue by geography  
DKKm  
Q3  
2023  
730  
Share of  
revenue  
66%  
Q3  
2022  
683  
228  
151  
Growth*  
8%  
Europe  
International markets  
North America  
Int’l markets  
218  
162  
2%  
17%  
8%  
20%  
14%  
100% 1,062  
Revenue in International markets was up 17% in local  
currencies at DKK 162 million (151), driven by  
increasing SCIT product shipments to China, where  
ALK continues to build its market position ahead of the  
planned launch of ACARIZAX®. Growth was also seen  
in minor, overseas tablet markets. Oppositely, revenue  
from the region’s largest tablet market, Japan,  
decreased by single digits, reflecting the phasing of  
product shipments to Torii.  
Revenue  
1,110  
* In local currencies  
Europe  
Revenue in Europe was up 8% in local currencies at  
DKK 730 million (683), equivalent to 9% growth  
disregarding the one-year rebate increase in  
Germany. ALK delivered solid growth in Germany and  
the Nordics as well as other central European  
markets, whereas sales were largely unchanged in  
France and the Benelux. By contrast, revenue  
declined in the UK and a few smaller markets.  
Global revenue by product line  
DKKm  
Q3  
Share of  
revenue  
Q3  
2022  
2023 Growth*  
SCIT/  
SLIT-drops  
SLIT-tablets  
Other  
products and  
services  
484  
491  
23%  
10%  
44%  
44%  
407  
458  
European tablet sales grew by 14%, corresponding to  
16% growth on a like-for-like basis, disregarding the  
temporary, German rebate increase. The negative  
impact from the lower-than-expected intake of new  
patients in Germany and the Nordics during the last  
initiation season faded, reflecting the success of  
several initiatives implemented by ALK to improve  
momentum in the current treatment initiation period.  
The number of new patient initiations increased as  
planned, and sales growth was further supported by  
135  
1,110  
-28%  
8%  
12%  
100% 1,062  
197  
Revenue  
* In local currencies  
Page 5 of 16  
Company release No 15/2023 – 15 November 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  
 
0.8% at the end of 2022, and 0.8% at the end of  
September 2022.  
NINE-MONTH FINANCIAL REVIEW  
(Comparative figures for the first nine months 2022 are shown in  
brackets. Revenue growth rates are stated in local currencies,  
unless otherwise indicated)  
Equity totalled DKK 4,341 million (3,948) at the end of  
September, and the equity ratio was 66% (63%).  
Revenue was up 9% in local currencies at DKK 3,479  
million (3,262). Exchange rates impacted reported  
revenue growth negatively by 2 p.p.  
OUTLOOK FOR 2023  
The full-year revenue and earnings outlook is  
unchanged.  
Cost of sales increased 4% in local currencies to  
DKK 1,288 million (1,242). The gross profit of DKK  
2,191 million (2,020) yielded an improved gross  
margin of 63% (62%), mainly reflecting higher sales  
and production efficiencies, partly offset by increasing  
tablet shipments to Torii at lower margins in H1. ALK  
continued to implement its product and site strategy,  
involving investments in upgrading products and  
associated manufacturing facilities to secure quality  
and robustness in product supply.  
Total revenue is still expected to grow by 8-10%  
organically in local currencies. This equals 9-11%  
growth when disregarding the mandatory rebate  
increase in ALK’s largest market, Germany.  
The EBIT margin is still expected to improve from  
10% in 2022 to 13-15% on growth, efficiencies,  
economies of scale and lower R&D costs.  
The outlook is based on the following assumptions:  
Capacity costs increased 3% in local currencies to  
DKK 1,720 million (1,689). As planned, R&D expenses  
decreased 3% in local currencies to DKK 467 million  
(480) reflecting the recent completion of late-stage  
clinical trials of the respiratory tablet portfolio. Sales  
and marketing expenses were up 2% in local  
currencies, as certain sales and marketing activities  
saw some phasing between Q3 and Q4.  
Administration costs increased 19% in local  
currencies, mainly reflecting one-off costs in Q2  
associated with the leadership changes as well as  
increased activity levels.  
Revenue  
Revenue growth is expected to be broad-based across  
all three sales regions.  
Global tablet sales are still expected to grow by double  
digits in the second half of the year. Full-year tablet  
growth is still expected within the previously  
communicated range. The previously communicated,  
pending price adjustments in parts of Europe are still  
undetermined and no longer projected to materially  
impact 2023. In Europe, full-year tablet sales are still  
expected to grow by single digits and growth in Q4 is  
anticipated to be lower than in Q3. ALK still expects  
~10% growth in Europe for the second half year.  
Double-digit sales growth for tablets is still anticipated  
for the full year in North America and International  
markets.  
EBIT (operating profit) increased 55% in local  
currencies to DKK 472 million (332), improving the  
EBIT margin from 10% to 14%. Progress was due to  
higher sales, improved gross margin and a lower  
capacity cost to revenue ratio. Exchange rates  
impacted growth in reported EBIT negatively by 13  
p.p.  
Combined full-year sales of SCIT/SLIT-drops are still  
expected to grow by double digits, led by SCIT.  
Net financials were a loss of DKK 11 million (a gain of  
11) related to interest expenses and currency losses.  
Tax on the profit totalled DKK 115 million (86), and  
the net profit increased to DKK 346 million (257).  
Full-year sales of other products are expected to  
decline due to Jext® mainly as a consequence of  
intermittent supply shortages in selected markets  
although this impact will expectedly decrease  
somewhat in Q4 relative to Q3.  
Cash flow from operating activities was DKK 341  
million (331), as higher earnings were offset by  
changes in working capital, mainly related to inventory  
build-up. Cash flow from investment activities was  
DKK minus 290 million (minus 233), mainly reflecting  
the build-up of capacity for tablet production, upgrades  
for legacy production, and investments in the next  
generation adrenaline auto-injector. Free cash flow  
was positive at DKK 51 million (positive at 98), as  
planned.  
Margins  
The full-year gross margin is expected to increase by  
approximately 1 p.p., as the margin benefits from  
higher tablet and SCIT sales as well as efficiencies in  
product supply. However, this impact will be somewhat  
offset by various factors, including the temporary  
mandatory 5 p.p. rebate increase in Germany, higher  
tablet shipments to Japan at lower margins, as well as  
modest cost inflation.  
Cash flow from financing activities was DKK minus 65  
million (minus 80).  
Capacity costs  
The overall capacity cost to revenue ratio is still  
expected to improve as ALK normalises R&D spend  
and further leverages existing platforms to drive  
efficiencies. R&D costs are still planned to be around  
DKK 600 million for the full-year, while sales and  
At the end of September, ALK held 1,634,673 of its  
own shares, or 0.7% of the share capital, versus  
Page 6 of 16  
Company release No 15/2023 – 15 November 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  
 
marketing costs are still planned to increase in mid-  
single digits in support of growth initiatives. Q4 will  
expectedly see increased sales and marketing costs  
relative to Q3, reflecting the phasing of certain  
activities between Q3 and Q4.  
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 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  
Other assumptions  
The outlook assumes that patients will remain able  
and willing to visit healthcare professionals without  
significant limitations, although temporary changes  
may be seen 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 in 2023 on  
pricing and reimbursement schemes, except for the  
one-year rebate increase in Germany and minor  
adjustments in certain southern European markets.  
immunotherapy may be associated with allergic  
reactions of differing extents, durations and severities.  
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.  
Financial calendar  
Silent period  
9 January 2024  
8 February 2024  
The outlook does not include any revenue from  
acquisitions, new partnerships or the in-licensing of  
products and services, nor does it include  
payments in relation to mergers and acquisitions or  
in-licensing activities.  
Annual report 2023  
The outlook is based on current exchange rates,  
resulting in a negative effect of approximately 2  
p.p. on reported revenue growth and a minor  
negative effect on reported growth in EBIT.  
Page 7 of 16  
Company release No 15/2023 – 15 November 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.  
Ongoing clinical trials and regulatory approvals  
Phase 1  
Phase 2  
Phase 3  
Filing  
Product  
Age groups and indications  
ACARIZAX® China  
ACARIZAX® / ODACTRA® Europe & North America  
Adults – Allergic rhinitis (HDM)  
Children – Allergic rhinitis (HDM)  
ITULAZAX® / ITULATEK™ Europe & Canada  
Children – Allergic rhinitis (tree: birch family)  
Adults, adolescents, and children  
Food allergy (accidental peanut exposure)  
Peanut SLIT-tablet North America & Europe  
Product approvals  
Marketed  
Product  
Age groups and indications  
GRAZAX® / GRASTEK® Europe, North America  
& International markets  
Adults and children – Allergic rhinitis (grass)  
2007-17  
2014-21  
2016-21  
RAGWIZAX® / RAGWITEK® Europe, North  
America & International markets  
ACARIZAX® Europe & International markets  
Adults and children – Allergic rhinitis (ragweed)  
Adults – Allergic rhinitis and allergic asthma (HDM)  
Adolescents – Allergic rhinitis (HDM)  
ACARIZAX® / ODACTRA® North America  
2017-18  
2015-18  
Adults and adolescents – Allergic rhinitis (HDM)  
Adults and children – Allergic rhinitis (HDM)  
Adolescents – Allergic rhinitis (HDM)  
MITICURE™ Japan*  
ODACTRA® North America  
2023  
Adults and children – Allergic rhinitis  
(Japanese cedar)  
CEDARCURE™ Japan*  
2018  
2019-20  
ITULAZAX® / ITULATEK™ Europe & Canada  
Adults – Allergic rhinitis (tree: birch family)  
* Licensed to Torii for Japan  
Page 8 of 16  
Company release No 15/2023 – 15 November 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 30 September 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 30 September 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, 15 November 2023
Board of Management  
Peter Halling
Henriette Mersebach
Søren Daniel Niegel
President & CEO
Executive Vice President
Research & Development
Executive Vice President
Commercial Operations
Claus Steensen Sølje
CFO & Executive Vice President
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 9 of 16  
Company release No 15/2023 – 15 November 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  
Q3  
Q3  
9M  
9M  
2023  
2022  
2023  
2022  
Amounts in DKKm  
1,110
425
1,062
422
Revenue  
3,479
1,288
2,191
3,262
1,242
2,020
Cost of sales  
Gross profit  
685
640
149
321
69
161
345
67
Research and development expenses  
Sales and marketing expenses  
Administrative expenses  
467
1,015
238
1
480
1,009
200
1
1
1
Other operating items, net  
Operating profit (EBIT)  
147
68
472
332
8
2
Net financial items  
(11)
11
Profit before tax (EBT)  
155
70
461
343
Tax on profit  
38
18
52
115
86
117
Net profit  
346
257
Earnings per share (EPS)  
Earnings per share (EPS)  
Earnings per share (DEPS), diluted  
0.5
0.5
0.2
0.2
1.6
1.6
1.2
1.2
STATEMENT OF COMPREHENSIVE INCOME  
Q3  
Q3  
9M  
9M  
2023  
2022 Amounts in DKKm  
2023  
2022  
117
52
Net profit  
346
257
Other comprehensive income  
Items that will subsequently be reclassified to the income statement,  
when specific conditions are met:  
33
78
Foreign currency translation adjustment of foreign affiliates  
14
171
428
150
130
Total comprehensive income  
360
Page 10 of 16  
Company release No 15/2023 – 15 November 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  
9M  
9M  
Amounts in DKKm  
2023  
2022  
Net profit  
346
257
Adjustments for non-cash items (note 3)  
Changes in working capital  
329
(251)
5
279
(88)
4
Financial income, received  
Financial expenses, paid  
(17)
(71)
341
(11)
(110)
331
Income taxes, paid (net)  
Cash flow from operating activities  
Investments in intangible assets  
Investments in tangible assets  
(52)
(239)
1
(31)
(204)
2
Investments in other financial assets  
Cash flow from investing activities  
(290)
(233)
Free cash flow  
51
98
Sale of treasury shares  
-
40
(10)
(22)
-
Exercised share options, paid  
Repayment of lease liabilities  
Proceeds from borrowings  
Repayment of borrowings  
(20)
(26)
75
(94)
(65)
(88)
(80)
Cash flow from financing activities  
Net cash flow  
(14)
221
18
Cash beginning of year  
194
Unrealised gains/(losses) on cash held in foreign currency and financial  
assets carried as cash  
-
12
18
Net cash flow  
(14)
Cash end of period  
207
224
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 11 of 16  
Company release No 15/2023 – 15 November 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  
30 Sep  
2023  
30 Sep  
2022  
31 Dec  
2022  
Amounts in DKKm  
Non-current assets  
Intangible assets  
Goodwill  
461
206
667
467
174
641
460
182
642
Other intangible assets  
Tangible assets  
Land and buildings  
1,021
476
1,033
439
991
440
Plant and machinery  
Other fixtures and equipment  
Property, plant and equipment in progress  
73
76
76
607
474
511
2,177
2,022
2,018
Other non-current assets  
Prepayments  
65
729
188
982
29
767
181
977
94
716
Deferred tax assets  
Income tax receivables  
193
1,003
Total non-current assets  
3,826
3,640
3,663
Current assets  
Inventories  
1,413
824
14
1,301
701
53
1,297
764
18
Trade receivables  
Receivables from group companies  
Income tax receivables  
Other receivables  
Prepayments  
52
60
24
58
63
82
174
207
2,742
240
224
2,642
239
221
2,645
Cash  
Total current assets  
Total assets  
6,568
6,282
6,308
Page 12 of 16  
Company release No 15/2023 – 15 November 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  
30 Sep  
2023  
30 Sep  
2022  
31 Dec  
2022  
Amounts in DKKm  
Equity  
Share capital  
111
34
111
130
111
20
Currency translation adjustment  
Retained earnings  
Total equity  
4,196
4,341
3,707
3,948
3,857
3,988
Liabilities  
Non-current liabilities  
Mortgage debt  
189
243
259
3
208
333
237
-
203
236
226
4
Pensions and similar liabilities  
Lease liabilities  
Deferred tax liabilities  
Deferred income  
48
50
49
Income tax payables  
203
945
169
997
203
921
Current liabilities  
Mortgage debt  
Bank loans  
18
206
116
46
18
150
124
40
18
208
131
41
Trade payables  
Lease liabilities  
Deferred income  
Provisions  
4
4
4
3
2
3
Income tax payables  
Other payables  
85
76
16
804
1,282
923
1,337
978
1,399
Total liabilities  
2,227
6,568
2,334
6,282
2,320
6,308
Total equity and liabilities  
Page 13 of 16  
Company release No 15/2023 – 15 November 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  
-
-
-
-
14
14
346
-
346
346
14
360
Other comprehensive income  
Total comprehensive income  
Share-based payments  
-
-
-
-
-
-
-
-
15
(20)
(2)
15
(20)
(2)
Share options settled  
Tax related to items recognised directly in equity  
Other transactions  
(7)
(7)
Equity at 30 September 2023  
111
34
4,196
4,341
Equity at 1 January 2022  
111
(41)
3,410
3,480
Net profit  
-
-
-
-
171
171
257
-
257
171
428
Other comprehensive income  
Total comprehensive income  
257
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  
111
130
3,707
3,948
Page 14 of 16  
Company release No 15/2023 – 15 November 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 nine 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 nine 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  
9M 2023  
America  
Total  
9M 2023  
Amounts in DKKm  
SCIT/SLIT-drops  
9M 2022  
872  
9M 2023  
9M 2022  
256  
9M 2023  
9M 2022  
9M 2022  
1,001  
1,127  
160  
262  
135  
262  
154  
357  
21  
108  
309  
27  
1,417  
1,619  
443  
1,236  
SLIT-tablets  
1,098  
217  
114  
261  
1,521  
505  
Other products and services  
Total revenue  
2,288  
2,187  
659  
631  
532  
444  
3,479  
3,262  
Sale of goods  
Royalties  
3,409  
69  
3,191  
64  
Services  
1
7
Total revenue  
3,479  
3,262  
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 2023  
SCIT/SLIT-drops  
currencies  
Growth  
15%  
15%  
4%  
15%  
3%  
4%  
23%  
2%  
2%  
18%  
0%  
54%  
19%  
43%  
16%  
16%  
9%  
SLIT-tablets  
6%  
Other products and services  
-26%  
-26%  
-18%  
-22%  
-10%  
-12%  
Total revenue  
6%  
5%  
7%  
4%  
25%  
20%  
9%  
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  
Page 15 of 16  
Company release No 15/2023 – 15 November 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  
2 REVENUE AND SEGMENT INFORMATION (CONTINUED)  
North  
America  
International  
Markets  
Europe  
Total  
Q3 2023  
Amounts in DKKm  
SCIT/SLIT-drops  
Q3 2023  
Q3 2022  
279  
Q3 2023  
Q3 2022  
91  
Q3 2023  
Q3 2022  
Q3 2022  
407  
335  
87  
43  
88  
62  
96  
4
37  
108  
6
484  
491  
135  
SLIT-tablets  
352  
314  
36  
458  
Other products and services  
43  
90  
101  
197  
Total revenue  
730  
683  
218  
228  
162  
151  
1,110  
1,062  
Sale of goods  
Royalties  
1,087  
23  
1,040  
22  
Services  
-
-
Total revenue  
1,110  
1,062  
North  
America  
Organic  
International  
Markets  
Europe  
Total  
Organic  
growth local  
currencies  
Organic  
growth local  
currencies  
Organic  
growth local  
currencies  
growth local  
currencies  
Growth, Q3 2023  
SCIT/SLIT-drops  
Growth  
20%  
Growth  
-4%  
Growth  
68%  
Growth  
19%  
21%  
14%  
3%  
26%  
-7%  
87%  
-5%  
23%  
10%  
SLIT-tablets  
12%  
19%  
-11%  
-33%  
7%  
Other products and services  
-53%  
-52%  
-13%  
-21%  
-28%  
-31%  
Total revenue  
8%  
7%  
2%  
-4%  
17%  
7%  
8%  
5%  
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  
2023  
2022  
Tax on profit  
115  
11  
86  
(11)  
23  
Financial income and expenses  
Share-based payments  
Depreciation, amortisation and impairment  
Other adjustments  
15  
181  
7
175  
6
Total  
329  
279  
Page 16 of 16  
Company release No 15/2023 – 15 November 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