Nine-month interim report (Q3) 2025 (unaudited)  
Company release No 17/2025  
ALK delivers 18% global organic revenue growth with operating profit up 41% in Q3  
Results were better than expected, driven by a strong momentum for tablets, adrenaline autoinjectors, and  
SCIT/SLIT-drops. Operating profit increased as sales growth, improved gross margin, and optimisations yielded a  
profit margin of 28%. The full-year outlook has been upgraded.  
Q3 performance highlights  
Comparative figures for Q3 2024 are shown in brackets. Growth rates are stated in local currencies (l.c.), unless otherwise indicated.  
Total revenue increased by 18% to DKK 1,530 million (1,313) on double-digit sales growth in all regions.  
Tablet sales grew by 17% to DKK 737 million (634), on higher volumes. Europe and North America delivered  
growth of 23% and 20%, respectively. International markets reported a 4% decrease and was impacted by  
phasing of product shipments, whereas in-market sales in the main markets continued to perform well.  
SCIT/SLIT-drops sales grew by 11% to DKK 557 million (510) mainly driven by increasing sales in China and  
France.  
Sales of Other products and services grew by 42% to DKK 236 million (169). The anaphylaxis portfolio delivered  
68% growth, mainly fuelled by higher Jext® sales.  
Operating profit (EBIT) increased by 41% to DKK 423 million (306) with an EBIT margin of 28% (23%). Progress  
was attributable to sales growth, improved gross margin, and the impact from last year’s optimisation initiatives.  
Free cash flow of DKK 290 million (153) was mainly driven by higher earnings. Cash flow from investing activities  
was minus DKK 96 million (minus 65).  
Financial highlights  
Growth  
Growth  
In DKKm  
Q3 2025  
1,530  
423  
l.c.  
18%  
41%  
r.c.  
17%  
38%  
9M 2025  
4,579  
1,267  
28%  
l.c.  
14%  
44%  
r.c.  
13%  
43%  
Revenue  
EBIT  
EBIT margin – %  
28%  
l.c.: local currency; r.c.: reported currency  
Allergy+ strategy highlights  
Market response to the paediatric roll-out of the house dust mite (HDM) and tree pollen allergy tablets exceeds  
expectations. Particularly the HDM tablet for children contributed to the inflow of new patients in Q3.  
The phase 3 bridging trial with ACARIZAX® has been initiated in China. The newly formed Chinese partnership  
with GenSci is being operationalised to accelerate the market uptake of ALK’s HDM products.  
In October, the EURneffy® nasal adrenaline spray was launched in the UK, Europe’s largest anaphylaxis market.  
Additional launches in Europe are imminent.  
The US FDA has granted a Fast Track designation to the peanut SLIT-tablet development programme. The  
ongoing phase 2 trial is on track to report topline results in H1 2026.  
2025 full-year outlook  
Today, ALK upgraded the full-year outlook based on the performance in Q3 and the outlook for the remainder of the  
year. The changes mainly reflect the current business momentum in Europe:  
Revenue is now expected to grow by 13-15% in local currencies (previously: 12-14%), driven by growth in all sales  
regions and product lines. Growth will predominantly be attributable to higher volumes, as ALK expects to treat  
more patients with its allergy immunotherapy (AIT) and anaphylaxis products.  
The EBIT margin is now projected to improve to approximately 26% (previously: 25%), fuelled by revenue growth,  
gross margin improvements, and optimisations. ALK’s long-term financial earnings ambition remains unchanged.  
Page 1 of 16  
Company release No 17/2025 – 12 November 2025  
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  
 
Commenting on the Q3 results, CEO Peter Halling said: “In Q3, we saw a continued positive momentum in the  
execution of key strategic growth initiatives, most notably the roll-out of respiratory tablets for young children, which  
are ahead of plan. While still at an early stage, the children indications are increasingly contributing to growth, and we  
look forward to making these important treatments available to many more patients in the years ahead. This  
reinforces our confidence in our ability to deliver sustained, profitable growth by reaching more patients with evidence-  
based allergy and anaphylaxis solutions."  
Hørsholm, 12 November 2025  
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  
ALK is hosting a conference call for analysts and investors at 1.30 p.m. (CET) on 13 November 2025 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 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 well in advance and to call in before  
1.25 p.m. (CET).  
Page 2 of 16  
Company release No 17/2025 – 12 November 2025  
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  
2025  
Q3  
2024  
9M  
2025  
9M  
2024  
Full year  
2024  
Amounts in DKKm  
Income statement  
1,530  
4,579  
Revenue  
1,313  
18%  
18%  
306  
4,038  
16%  
16%  
886  
5,537  
15%  
15%  
1,091  
65%  
64%  
1,363  
(34)  
Revenue growth (local currencies)  
Revenue growth (reported)  
Operating profit (EBIT)  
18%  
17%  
423  
14%  
13%  
1,267  
EBIT growth (local currencies)  
EBIT growth (reported)  
41%  
38%  
510  
107%  
108%  
369  
44%  
43%  
91%  
88%  
1,082  
(27)  
1,500  
(25)  
Operating profit before depreciation and amortisation (EBITDA)  
Net financial items  
(4)  
(25)  
419  
1,242  
931  
Profit before tax (EBT)  
281  
859  
1,057  
815  
314  
Net profit  
212  
645  
2,794  
2,764  
Average number of employees (FTE)  
2,778  
2,795  
2,789  
Balance sheet  
Total assets  
8,474  
5,075  
(202)  
6,173  
8,474  
5,075  
(202)  
6,173  
7,149  
4,025  
(46)  
7,149  
4,025  
(46)  
8,246  
5,003  
598  
Invested capital  
Net interest bearing debt (NIBD)  
Equity  
5,086  
5,086  
5,373  
Cash flow and investments  
386  
(96)  
(11)  
(74)  
(10)  
290  
1,095  
(259)  
(68)  
Cash flow from operating activities  
Cash flow from investing activities  
- of w hich investment in intangible assets  
- of w hich investment in tangible assets  
- of w hich acquisitions of companies and operations  
Free cash flow  
218  
(65)  
(11)  
(54)  
-
760  
(335)  
(34)  
1,213  
(1,417)  
(1,043)  
(260)  
(180)  
(10)  
(187)  
(115)  
425  
(115)  
836  
153  
(204)  
Information on shares  
Share capital  
111  
222,824  
208  
111  
222,824  
208  
111  
222,824  
172  
111  
222,824  
172  
111  
222,824  
159  
Shares in thousands of DKK 0.5 each  
Share price, end of period  
Net asset value per share  
28  
28  
23  
23  
24  
Key figures  
68  
28  
67  
28  
Gross margin – %  
64  
23  
64  
22  
64  
20  
EBIT margin – %  
73  
73  
Equity ratio – %  
71  
71  
65  
32  
32  
Return on invested capital (ROIC) % - rolling four quarters  
Earnings per share (EPS)  
Earnings per share (DEPS), diluted  
NIBD/EBITDA - rolling four quarters  
Share price/Net asset value  
28  
28  
25  
1.4  
1.4  
(0.1)  
7.5  
4.2  
4.2  
(0.1)  
7.5  
1.0  
1.0  
(0.0)  
7.5  
2.9  
2.9  
(0.0)  
7.5  
3.7  
3.7  
0.4  
6.6  
Page 3 of 16  
Company release No 17/2025 – 12 November 2025  
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  
2025  
revenue  
2024  
revenue  
Amounts in DKKm  
2025  
revenue  
2024  
revenue  
1,530  
487  
100  
32  
1,313  
471  
100  
36  
Revenue  
4,579  
1,525  
3,054  
100  
33  
4,038  
1,440  
2,598  
100  
36  
Cost of sales  
Gross profit  
1,043  
68  
842  
64  
67  
64  
145  
475  
-
9
31  
-
109  
427  
-
8
33  
-
Research and development expenses  
Sales, marketing and administrative expenses  
Other operating items, net  
420  
1,367  
-
9
30  
-
364  
1,351  
3
9
33  
-
423  
28  
306  
23  
Operating profit (EBIT)  
1,267  
28  
886  
22  
(4)  
(1)  
27  
(25)  
281  
(2)  
Net financial items  
(25)  
(1)  
27  
(27)  
859  
(1)  
21  
419  
21  
Profit before tax (EBT)  
1,242  
105  
6
69  
5
Tax on profit  
311  
7
214  
645  
5
314  
21  
212  
16  
Net profit  
931  
20  
16  
Operating profit before depreciation  
and amortisation (EBITDA)  
510  
33  
369  
28  
1,500  
33  
1,082  
27  
patients initiated, interactions with caregivers, doctor  
visits, and number of prescribers. At the end of  
September, around 3,000 prescribers in markets  
served directly by ALK were estimated to have  
prescribed the HDM and/or the tree pollen tablets for  
children. An increased uptake was seen among  
paediatric prescribers, particularly in Germany.  
ALLERGY+ STRATEGIC PRIORITIES  
Strategic progress in Q3 reflected solid execution  
across all disease areas, reinforced by last year’s  
recalibration of the business platform to focus on high-  
growth levers. Efforts were particularly centred around  
paediatric tablet launches, the commercialisation of  
neffy®, and a new partnership in China.  
Further to the roll-out of tablets for children, ALK  
continued its expansion efforts in selected  
geographies, including the UK, North America, and  
Japan, where the ongoing phase 3 trial to support the  
approval of GRAZAX® is on track.  
Respiratory allergy  
The roll-out of the house dust mite (HDM) allergy  
tablet for children continued to progress in Q3. The  
new children indication contributed positively to the  
strong inflow of new HDM patients in key European  
markets.  
In China, the country with the highest number of  
people with HDM allergy world-wide, ALK initiated a  
bridging trial to facilitate the approval of ACARIZAX®.  
Recruitment of around 300 subjects is progressing  
well, and the trial is scheduled to complete around  
year-end 2026 and could, subject to regulatory  
approval, lead to a launch of ACARIZAX® in Mainland  
China in 2028.  
At the end of Q3, the HDM tablet was approved for  
paediatric use in 30 countries. Based on these  
approvals and subsequent market access processes,  
the HDM tablet has so far been launched in 21 of  
these countries, including 10 EU member states,  
Norway, Switzerland, Canada, the USA as well as  
seven international markets served by ALK’s partners.  
ALK’s new Chinese partnership with Changchun  
GeneScience Pharmaceutical Co. Ltd. (“GenSci”) is  
now operational. GenSci has taken over sales and  
marketing of ALK’s Alutard® SCIT product and skin  
prick tests, and ACARIZAX® will be added to the  
portfolio upon regulatory approval. ALK and GenSci  
will co-operate to finalise the ongoing clinical  
The roll-out of the tree pollen allergy tablet  
ITULAZAX® for children and adolescents gathered  
speed in Q3, following regulatory approvals in Q2. At  
the end of Q3, ITULAZAX® was approved for children  
and adolescent use in 20 countries, and the tablet has  
so far been launched in 11 of these markets: nine EU  
member states, Switzerland and Canada. New market  
introductions are scheduled for Q4 in Norway and  
Finland.  
development to facilitate the approval of ACARIZAX®.  
The partnership strengthens ALK’s access to China.  
GenSci plans to allocate a significant sales force and  
conduct a wide range of market building activities to  
promote ALK’s products and become AIT market  
leader in China.  
In Q3, at the onset of the main initiation season for  
pollen tablets, the new children indication for  
ITULAZAX® started to contribute positively to the  
patient inflow.  
Anaphylaxis  
So far, key indicators for the paediatric tablet launches  
continue to perform well across metrics, including  
endorsements from key opinion leaders, number of  
In October, ALK launched the EURneffy® nasal  
adrenaline spray in the UK, Europe’s – and ALK’s –  
largest anaphylaxis market. The nasal spray is  
Page 4 of 16  
Company release No 17/2025 – 12 November 2025  
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  
 
indicated for adults and children (≥ 30 kg) facing  
potentially life-threatening type 1 allergic reactions,  
including anaphylaxis.  
Q3 SALES AND MARKET TRENDS  
(Comparative figures for Q3 2024 are shown in brackets. Growth  
rates are stated in local currencies, unless otherwise indicated)  
Revenue by geography  
Additional introductions are imminent in other  
European markets, based on ongoing market access  
processes. In the markets, where pricing and  
reimbursement have been settled, EURneffy® has  
secured a price premium relative to existing adrenaline  
autoinjectors.  
DKKm  
Q3  
2025  
1,048  
252  
Share of  
revenue  
69%  
Q3  
2024  
884  
Growth*  
18%  
Europe  
North America  
Int’l markets  
20%  
16%  
219  
230  
14%  
15%  
210  
Revenue  
1,530  
18%  
100% 1,313  
* In local currencies  
In Germany, where EURneffy® was launched during  
summer, an encouraging initial market position has  
been established. However, ALK continues to observe  
long-standing clinical practices favoring traditional  
adrenaline products.  
Europe  
Revenue in Europe exceeded expectations and  
increased by 18% in local currencies to DKK 1,048  
million (884). Sales grew by double digits in most  
markets, including the main markets Germany and  
France, driven by tablets, anaphylaxis products and  
SCIT/SLIT-drops. Growth was to a minor extent  
positively influenced by phasing of sales between the  
quarters.  
The regulatory review of the 1 mg version of  
EURneffy® for children weighing 15-30 kg is still  
pending in the EU, with approval anticipated in H1  
2026. Outside Europe, a regulatory review is ongoing  
in Canada. ALK also intends to make neffy® available  
in other territories covered by the license agreement  
with ARS Pharma.  
Tablet sales increased by 23% due to broad-based  
growth across markets and tablet brands, driven  
primarily by higher volumes linked to more patients  
starting treatment as ALK continued to engage  
prescribers and patients, and strengthen advocacy for  
evidence-based, registered AIT products. ALK also  
observed that wholesalers carry slightly higher  
inventories than usual, potentially indicating increased  
stocking and other trading pattern movements. The  
highest contribution to growth came from new patient  
initiations of ACARIZAX® and ITULAZAX ®over the  
past year. The new paediatric indication for  
The agreement with ARS Pharma to co-promote  
neffy® to US paediatricians is now fully up and  
running. Customer engagement steadily progresses,  
and market feedback remains positive, despite market  
access conditions not having yet reached the targeted  
level. The agreement has allowed ALK to accelerate  
the ramp-up of a dedicated US paediatric sales force  
based on performance-based cost and revenue  
sharing with ARS Pharma.  
ACARIZAX® contributed positively to this development  
in 2025, while the recent launches of ITULAZAX® for  
children and adolescents showed promising early  
indications at the beginning of the current initiation  
season.  
Food allergy and new disease areas  
The ongoing phase 2 trial with the peanut SLIT-tablet,  
involving 150 subjects in North America, is on track  
with topline results expected in H1 2026. Subject to  
the outcome, ALK plans to advance the programme  
into phase 3 after which the tablet can be submitted  
for regulatory approval.  
Progress was also achieved in the UK, where  
ACARIZAX® and ITULAZAX® are the first AIT tablets  
to be admitted to the public National Health Service  
Systems with general reimbursement, following the  
2025 endorsements from the National Institute for  
Health and Care Excellence (‘NICE’). The  
endorsements have been well-received by local key  
opinion leaders and tablet sales are seeing improved  
momentum, although of a low base.  
The US Food and Drug Administration (FDA) has  
granted a so-called Fast Track designation to ALK’s  
peanut tablet development programme. Amongst other  
things, this allows ALK to benefit from more frequent  
interactions with the FDA.  
In contrast to previous years, the impact of pricing  
adjustments in Q3 was limited.  
Patient recruitment is ongoing for a phase 2b trial to  
investigate neffy®’s efficacy in acute flares associated  
with chronic spontaneous urticaria. Topline results  
are anticipated in 2026. The agreement with ARS  
Pharma grants ALK exclusive rights to this and other  
new indications in the licensed territory.  
Combined sales of subcutaneous immunotherapy  
(SCIT) and sublingual immunotherapy (SLIT) drops  
increased by 7%. Sales of SLIT-drops, primarily  
marketed in France, benefited from a growing number  
of new patients and an expanded prescriber base as  
well as some quarterly sales fluctuations. SCIT sales  
grew more modestly, mainly on one-off changes to  
patient supply patterns. The underlying growth  
ALK continues the efforts to develop treatments for  
other, adjacent diseases through in-house  
innovation, licensing, and partnerships.  
Page 5 of 16  
Company release No 17/2025 – 12 November 2025  
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  
 
continues to be impacted by fewer patients having  
started SCIT treatment.  
Global revenue by product line  
DKKm  
Q3  
2025  
737  
Share of  
revenue  
48%  
Q3  
2024  
634  
Growth*  
17%  
Sales of Other products and services (anaphylaxis,  
diagnostics, etc.) increased by 39%, driven by the  
anaphylaxis portfolio, which reported a 44% growth.  
Sales of Jext® autoinjectors benefited from tender wins  
among healthcare providers and a competitor’s supply  
issues. As expected, sales of EURneffy® were modest  
due to the early stages of the launch phase.  
SLIT tablets  
SCIT/  
SLIT-drops  
Others incl.  
anaphylaxis  
557  
11%  
36%  
16%  
510  
169  
236  
42%  
Revenue  
1,530  
18%  
100% 1,313  
* In local currencies  
North America  
Revenue in North America increased by 20% in local  
currencies to DKK 252 million (219).  
NINE-MONTH FINANCIAL REVIEW  
(Comparative figures for 9M 2024 are shown in brackets. Growth  
rates are stated in local currencies, unless otherwise indicated)  
Tablet sales in the region grew by 20%. US tablet  
sales maintained momentum from the new paediatric  
indication for ODACTRA® obtained earlier in the year,  
leading to improved adoption among both current  
allergist prescribers and, to a minor extent, new  
paediatric prescribers. Sales growth in Canada was  
higher, reflecting sustained underlying demand  
combined with anticipated destocking at wholesalers  
linked to a price increase at the end of Q2.  
Revenue increased by 14% in local currencies to DKK  
4,579 million (4,038), driven by a strong growth in  
sales of tablets and Other products, including  
anaphylaxis. Exchange rates impacted reported  
revenue growth negatively by approximately 1  
percentage point.  
Cost of sales increased by 6% in local currencies to  
DKK 1,525 million (1,440). The gross profit of DKK  
3,054 million (2,598) yielded a gross margin of 67%  
(64%), driven by increased sales volumes, a more  
favourable sales mix, and production efficiencies.  
Sales of SCIT bulk allergen extracts to primarily US  
allergists grew by 1% based on pricing optimisations  
whereas volumes are decreasing.  
Capacity costs to R&D, Sales & Marketing, and  
Administration increased by 5% in local currencies to  
DKK 1,787 million (1,715).  
Sales of Other products increased by 41% driven by  
both the US neffy® co-promotion cost compensation  
from ARS Pharma, and sales of life science products  
such as vials and diluents. The recent focus on  
gaining new life science customers with higher margin  
products have started producing results.  
R&D expenses increased by 16% to DKK 420 million  
(364), mainly reflected funding of the peanut tablet  
clinical trial, pre-clinical development projects, and the  
bridging trial of ACARIZAX® in China. Sales and  
marketing expenses increased by 3% to DKK 1,111  
million (1,090), driven by the launches of paediatric  
tablets and neffy®. Administrative costs of DKK 256  
million (261) decreased by 2% compared to 9M 2024,  
which included certain one-off costs linked to the  
Allergy+ strategy process. The increase in capacity  
costs was lower than originally planned due to phasing  
of certain sales & marketing activities, including the  
hiring of additional sales resources.  
International markets  
Revenue in International markets grew by 14% in local  
currencies to DKK 230 million (210), mainly reflecting  
the timing of shipments of products to China and  
Japan.  
Tablet revenue decreased by 4% mainly caused by  
fluctuations in shipments to minor markets. In the  
primary market of the region, Japan, revenue from  
product shipments and sales royalties was  
unchanged, partly impacted by the phasing of product  
shipments. In-market sales in Japan grew by double  
digits but remain constrained by CEDARCURE™  
capacity limits at ALK’s partner Torii, pending that a  
new API manufacturing facility becomes fully  
operational. As of 1 September 2025, Shionogi & Co.,  
Ltd completed the acquisition of Torii Pharmaceutical.  
Shionogi has expressed its intention to position their  
Quality of Life disease area, including allergen  
immunotherapy, as a core business pillar.  
EBIT (operating profit) improved by 44% in local  
currencies to DKK 1,267 million (886), raising the EBIT  
margin to 28% from 22%. Progress was driven by  
higher sales, improved gross margin, and a lower  
capacity cost-to-revenue ratio of 39% (42%). The first  
nine months of 2024 included DKK 49 million of one-  
off costs for optimisation efforts, while no such costs  
were recognised this year. Exchange rates impacted  
growth in reported EBIT negatively by approximately 1  
percentage point.  
Net financials showed a loss of DKK 25 million (a  
loss of 27) related to interest expenses and currency  
losses.  
SCIT revenue increased by 43% reflecting resumed  
shipments to China, the region’s largest SCIT market,  
after the recent renewal of ALK’s import license.  
Chinese in-market sales of SCIT continued to grow by  
double digits based on existing wholesaler inventories.  
Tax on the profit totalled DKK 311 million (214), and  
net profit increased to DKK 931 million (645).  
Page 6 of 16  
Company release No 17/2025 – 12 November 2025  
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 1,095  
million (760) mainly driven by higher earnings. Cash  
flow from investing activities was DKK minus 259  
million (minus 335 which included the DKK 115 million  
PRE-PEN® acquisition) reflecting the continued build-  
up of capacity for tablet production, upgrades to  
legacy production, as well as a milestone payment to  
ARS Pharma of DKK 32 million related to the first  
commercial sale of EURneffy® in the licensed territory  
and investments in the next generation adrenaline  
auto-injector. Free cash flow was positive at DKK 836  
million (positive at 425).  
Sales of Other products (anaphylaxis, diagnostics, and  
life science products) are projected to grow by double  
digits, primarily driven by the anaphylaxis portfolio  
(Jext® and EURneffy®). EURneffy® is still expected to  
contribute only modestly to revenue growth.  
Full-year costs and margins  
The gross margin is projected to extraordinarily  
improve in 2025, driven by higher revenue, sales mix  
changes, and production efficiencies. The temporary  
lower growth in product shipments to international  
markets also enhances the gross margin.  
Cash flow from financing activities amounted to DKK  
minus 736 million (minus 344), mainly related to  
repayment of loans.  
R&D expenses are expected to increase by double  
digits in support of the peanut tablet programme, the  
clinical trial with ACARIZAX® in China, and pre-clinical  
development projects. R&D expenses are expected at  
around 10% of the projected revenue. Sales and  
marketing as well as administrative expenses are  
expected to increase.  
At the end of September, ALK held 1,261,283 of its  
own shares or 0.6% of the share capital, which is 0.1  
percentage point down compared to year-end and  
September 2024.  
Q4 performance  
Equity totalled DKK 6,173 million (5,086) at the end of  
September, and the equity ratio was 71% (71%).  
While still early in the main initiation season for tablets  
in Europe, the updated forecast assumes that the  
number of new patients initiating treatment with tablets  
in 2025 will increase well above 10%, especially driven  
by ACARIZAX® and ITULAZAX®. Nevertheless, Q4  
growth in global tablet sales is expected to be slightly  
lower than in the first nine months of the year due to  
the timing of product shipments to Japan, as well as  
potential inventory fluctuations at wholesalers in  
Europe.  
OUTLOOK FOR 2025  
Today, ALK upgraded the full-year outlook based on  
the performance in Q3 and the outlook for the  
remainder of the year. The changes mainly reflect the  
current business momentum in Europe:  
Revenue is now expected to grow by 13-15% in  
local currencies (previously: 12-14%), driven by  
growth in all sales regions and product lines.  
Growth will predominantly be attributable to higher  
volumes, as ALK expects to treat more patients  
with its allergy immunotherapy (AIT) and  
anaphylaxis products.  
ALK will increasingly allocate additional funds to  
strategic growth initiatives in Q4. The additional costs  
are expected to lead to a lower EBIT margin in Q4 in  
isolation compared to the first nine months of the year.  
Price and rebate adjustments mandated by healthcare  
providers, mainly in Europe, may have a minor  
negative impact on ALKs financial performance in  
2025.  
The EBIT margin is now projected to improve to  
approximately 26% (previously: 25%), fuelled by  
revenue growth, gross margin improvements, and  
optimisations.  
Other assumptions  
Except for neffy® and the new Chinese partnership,  
no revenue is included from acquisitions,  
partnerships, or in-licensing activities, nor does the  
outlook include additional payments to M&A or in-  
licensing activities.  
ALK’s long-term financial earnings ambition to  
maintain an EBIT margin of approximately 25% until  
2028 remains unchanged.  
The outlook is based on the following assumptions:  
CAPEX investments are now projected at around  
DKK 300-350 million (previously 350-400),  
excluding neffy® milestone payments, while free  
cash flow is expected to be positive and exceed  
DKK 1 billion (previously: 600-800 million),  
including the upfront payment associated with the  
recently established partnership for China.  
Full-year revenue  
Tablet sales are expected to grow by double digits.  
Growth will mainly be fuelled by an increasing number  
of patients in treatment, including children and  
adolescents.  
Combined SCIT/SLIT drops sales are projected to  
grow by single digits with growth in all three sales  
regions, although timing of SCIT shipments to China  
may influence growth in International markets.  
The USA’s new tariff agreements with the EU and  
other trade partners are not expected to  
significantly impact ALK’s growth or earnings due  
to its business footprint.  
Page 7 of 16  
Company release No 17/2025 – 12 November 2025  
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  
 
The outlook is based on current exchange rates,  
which are expected to negatively impact reported  
revenue growth by approximately 1 percentage  
point and to have only a minor effect on the EBIT  
result.  
results and performance to differ materially from the  
forecasts made. Such factors include, but are not  
limited to, consequences of pandemics, 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,  
reliance on suppliers and tariffs. 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  
products, as allergy immunotherapy may be  
associated with allergic reactions of differing extent,  
duration, and severity.  
RISK FACTORS  
This interim report contains forward-looking  
statements, including forecasts of future revenue,  
operating profit, and cash flows as well as expected  
business-related events. Such statements are subject  
to risks and uncertainties, as various factors, some of  
which are outside ALK's control, may cause actual  
R&D PIPELINE  
ALK maintains focus on broadening its core business within respiratory allergies and gradually expanding into the  
wider allergy field, including anaphylaxis, food allergy, and new adjacent disease areas.  
FINANCIAL CALENDAR  
Silent period  
23 January 2026  
20 February 2026  
Annual Report (2025)  
Page 8 of 16  
Company release No 17/2025 – 12 November 2025  
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 2025. 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 2025. 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 2024.  
Hørsholm, 12 November 2025
Board of Management  
Peter Halling
Claus Steensen Sølje
Henriette Mersebach
President & CEO
CFO & Executive Vice President
Executive Vice President
Research & Development
Board of Directors  
Anders Hedegaard
Chair
Lene Skole
Vice Chair
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 17/2025 – 12 November 2025  
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  
2025  
2024 Amounts in DKKm  
2025  
2024  
1,530
487
1,313
Revenue  
4,579
1,525
3,054
4,038
1,440
2,598
471
842
Cost of sales  
Gross profit  
1,043
145
387
88
109
349
78
Research and development expenses  
Sales and marketing expenses  
Administrative expenses  
420
1,111
256
364
1,090
261
3
-
-
Other operating items, net  
Operating profit (EBIT)  
-
423
306
1,267
886
(4)
(25)
Net financial items
(25)
(27)
859
419
281
Profit before tax (EBT)  
1,242
105
69
Tax on profit  
311
214
645
314
212
Net profit  
931
Earnings per share (EPS)  
1.4
1.4
1.0
1.0
Earnings per share (EPS)  
4.2
4.2
2.9
2.9
Earnings per share (DEPS), diluted  
STATEMENT OF COMPREHENSIVE INCOME  
Q3  
Q3  
9M  
9M  
2025  
2024 Amounts in DKKm  
2025  
2024  
314
212
Net profit  
931
645
Other comprehensive income  
Items that will subsequently be reclassified to the income statement,  
when specific conditions are met:  
(2)
(61)
Foreign currency translation adjustment of foreign affiliates
151
Total comprehensive income
(167)
(19)
626
312
764
Page 10 of 16  
Company release No 17/2025 – 12 November 2025  
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  
 
Page 11 of 16  
Company release No 17/2025 – 12 November 2025  
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  
2025  
30 Sep  
2024  
31 Dec  
2024  
Amounts in DKKm  
Non-current assets  
Intangible assets  
Goodw ill  
454
1,324
1,778
458
324
782
463
1,329
1,792
Other intangible assets  
Tangible assets  
Land and buildings  
1,049
671
1,007
505
1,137
603
Plant and machinery  
Other fixtures and equipment  
Property, plant and equipment in progress  
71
76
79
474
670
528
2,265
2,258
2,347
Other non-current assets  
Prepayments  
33
641
109
783
29
658
209
896
26
642
145
813
Deferred tax assets  
Income tax receivables  
Total non-current assets  
4,826
3,936
4,952
Current assets  
Inventories  
1,734
1,050
28
1,608
861
15
1,716
812
10
Trade receivables  
Income tax receivables  
Other receivables  
Prepayments  
48
38
49
122
135
556
3,213
118
589
3,294
Cash  
666
Total current assets  
3,648
Total assets  
8,474
7,149
8,246
Page 12 of 16  
Company release No 17/2025 – 12 November 2025  
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  
2025  
30 Sep  
2024  
31 Dec  
2024  
Amounts in DKKm  
Equity  
Share capital  
111
(102)
6,164
6,173
111
(37)
111
65
Currency translation adjustment  
Retained earnings  
Total equity  
5,012
5,086
5,197
5,373
Liabilities  
Non-current liabilities  
Mortgage debt  
155
257
244
1
170
251
274
1
166
251
285
1
Pensions and similar liabilities  
Lease liabilities  
Provisions  
Deferred tax liabilities  
Deferred income  
6
2
3
42
45
45
Income tax payables  
173
878
231
974
173
924
Current liabilities  
Mortgage debt  
Bank loans  
17
-
19
-
19
671
165
46
Trade payables  
Lease liabilities  
Deferred income  
Provisions  
113
48
118
47
6
4
4
19
20
38
Income tax payables  
Other payables  
236
984
1,423
146
735
1,089
124
882
1,949
Total liabilities  
2,301
8,474
2,063
7,149
2,873
8,246
Total equity and liabilities  
Page 13 of 16  
Company release No 17/2025 – 12 November 2025  
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 2025  
111
65
5,197
5,373
Net profit  
-
-
-
-
931
-
931
931
(167)
764
Other comprehensive income  
Total comprehensive income  
(167)
(167)
Share-based payments  
-
-
-
-
-
-
-
-
34
(7)
9
34
(7)
9
Share options settled  
Tax related to items recognised directly in equity  
Other transactions  
36
36
Equity at 30 September 2025  
Equity at 1 January 2024  
111
(102)
6,164
6,173
111
(18)
4,354
4,447
Net profit  
-
-
-
-
645
-
645
(19)
626
Other comprehensive income  
Total comprehensive income  
(19)
(19)
645
Share-based payments  
-
-
-
-
-
-
-
-
-
-
37
(38)
5
37
(38)
5
Share options settled  
Sale of treasury shares  
Tax related to items recognised directly in equity  
Other transactions  
9
9
13
13
Equity at 30 September 2024  
111
(37)
5,012
5,086
Page 14 of 16  
Company release No 17/2025 – 12 November 2025  
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 2025 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 2025 follows  
the same accounting policies as the annual report for 2024, except for new, amended or revised accounting standards and interpretations  
(IFRSs) endorsed by the EU effective for the accounting period beginning on 1 January 2025. These IFRSs have not had any impact on  
the Group’s interim report.  
2 REVENUE AND SEGMENT INFORMATION  
North  
International  
markets  
Europe  
9M 2025  
America  
Total  
9M 2025  
Amounts in DKKm  
SLIT-tablets  
9M 2024  
1,468  
1,098  
210  
9M 2025  
9M 2024  
161  
9M 2025  
9M 2024  
427  
9M 2024  
2,056  
1,500  
482  
1,746  
1,139  
278  
194  
264  
309  
485  
135  
29  
2,425  
1,538  
616  
SCIT/SLIT-drops  
264  
138  
Other products and services  
246  
26  
Total revenue  
3,163  
2,776  
767  
671  
649  
591  
4,579  
4,038  
Sale of goods  
Royalties  
4,484  
72  
3,963  
73  
Services  
23  
2
Total revenue  
4,579  
4,038  
International  
markets  
Organic  
North  
America  
Organic  
Europe  
Total  
Organic  
growth local  
currencies  
Organic  
growth local  
currencies  
Growth  
(reported)  
growth local  
currencies  
Growth  
(reported)  
growth local  
currencies  
Growth  
Growth  
Growth, 9M 2025  
SLIT-tablets  
(reported)  
(reported)  
19%  
4%  
19%  
4%  
25%  
2%  
20%  
0%  
14%  
2%  
14%  
-2%  
12%  
18%  
3%  
18%  
3%  
SCIT/SLIT-drops  
Other products and services  
32%  
32%  
28%  
26%  
11%  
29%  
28%  
Total revenue  
14%  
14%  
17%  
14%  
11%  
10%  
14%  
13%  
Geographical markets (based on customer location):  
o Europe comprises the EU, the UK, Norway and Switzerland  
o North America comprises the USA and Canada  
o International Markets comprise Japan, China and all other countries  
Page 15 of 16  
Company release No 17/2025 – 12 November 2025  
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  
 
2 REVENUE AND SEGMENT INFORMATION (CONTINUED)  
North  
America  
Q3 2025  
International  
markets  
Europe  
Q3 2025  
Total  
Q3 2025  
Amounts in DKKm  
SLIT-tablets  
Q3 2024  
450  
Q3 2024  
46  
Q3 2025  
Q3 2024  
Q3 2024  
634  
557  
380  
111  
52  
87  
128  
90  
138  
67  
5
737  
557  
236  
SCIT/SLIT-drops  
354  
89  
510  
Other products and services  
80  
113  
84  
12  
169  
Total revenue  
1,048  
884  
252  
219  
230  
210  
1,530  
1,313  
Sale of goods  
Royalties  
1,493  
21  
1,287  
25  
Services  
16  
1
Total revenue  
1,530  
1,313  
North  
America  
Organic  
Grow th grow th local  
International  
markets  
Organic  
Grow th grow th local  
Europe  
Total  
Organic  
Grow th growth local  
Organic  
grow th local  
currencies  
Growth  
(reported)  
Grow th, Q3 2025  
SLIT-tablets  
(reported)  
currencies  
(reported)  
currencies  
(reported)  
currencies  
23%  
7%  
24%  
20%  
13%  
-4%  
-7%  
17%  
16%  
9%  
SCIT/SLIT-drops  
7%  
1%  
-2%  
43%  
34%  
11%  
Other products and services  
39%  
39%  
41%  
35%  
112%  
140%  
42%  
40%  
Total revenue  
18%  
19%  
20%  
15%  
14%  
10%  
18%  
17%  
Geographical markets (based on customer location):  
o Europe comprises the EU, the UK, Norwayand Switzerland  
o North America comprises the USAand Canada  
o International markets comprise Japan, China and all other countries  
3 ADJUSTMENTS FOR NON-CASH ITEMS  
Amounts in DKKm  
9M  
2025  
9M  
2024  
Tax on profit  
311  
25  
214  
27  
Financial income and expenses  
Share-based payments  
Depreciation, amortisation and impairment  
Other adjustments  
35  
37  
233  
(13)  
591  
196  
23  
Total  
497  
Page 16 of 16  
Company release No 17/2025 – 12 November 2025  
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