ALK-Abelló A/S
Bøge Allé 6-8, DK-2970 Hørsholm, Denmark,
CVR no. 63 71 79 16
Pioneers
of allergy
solutions
Annual report 2025
Contents
Introduction
5 Letter from the Chair and CEO
7 ALK's global presence
8 Business model
9 Financial highlights
10 Sustainability highlights
11 2026 outlook
Business strategy
12 Review of Allergy
+
implementation
18 Financial ambitions
Financial performance
19 Sales and market trends
21 Financial highlights and key
ratios for the ALK Group
22 Financial review
24 Q4 review
Corporate matters
25 Risk management
29 Corporate governance and ownership
33 Board of Directors
35 Executive Leadership Team
Consolidated financial statements
87 Income statement
87 Statement of comprehensive income
88 Cash flow statement
89 Balance sheet
90 Statement of changes in equity
91 Notes
125 Definitions
Parent company financial statements
127 Income statement
128 Balance sheet
129 Statement of changes in equity
130 Notes
Statements
137 Statement by Management
on the annual report
138 Independent Auditor’s Reports
141 Independent auditor’s limited assurance
report on the Sustainability Statement
Other information
1
143 Financial highlights and key ratios by
quarter for the ALK Group (unaudited)
Sustainability statement
1
Management's review Financial statements
1
Part of Management's review
General information
38 Basis for preparation
39 Sustainability governance
41 Stakeholder engagement
42 Materiality assessment process
43 Material impacts, risks and opportunities
Environmental information
44 Climate change
50 Pollution
51 Water
53 Biodiversity and ecosystems
54 Resource use and circular economy
56 EU Taxonomy
57 Accounting policies –
Environmental information
Social information
59 Own workforce
65 Workers in the value chain
67 Consumers and end-users
70 Accounting policies – Social information
Governance information
72 Business conduct
76 Accounting policies –
Governance information
Appendix
77 Incorporation by reference
78 Core elements of due diligence
78 Content index of ESRS
disclosure requirements
81 List of datapoints that derive
from other EU legislation
83 EU Taxonomy
Management's
review
Sustainability
statement
Financial
statements
Annual Report 2025 2
Find more information
www.alk.net
LinkedIn
X
About this report
This is ALK Abelló A/S’ (“ALK” or “the company”) integrated annual report for 2025, consisting of the two main
sections Management’s review including Sustainability statement and Financial statements.
Pioneers of allergy solutions
Pioneering in respiratory allergies for more than a
century, ALK has embarked on a mission to help more
people, with more solutions, more efficiently
Other 2025 reports
Remuneration report
Corporate Governance report
ALK markets a diversified portfolio of products, including allergy immunotherapy (AIT) tablets,
injections, and drops as well as adrenaline autoinjectors and nasal sprays.
ALK’s therapy areas
Respiratory allergy
Disease-modifying treatment of
severe allergy (ALK's core business)
Anaphylaxis
Emergency treatment of severe
allergic reactions
Food allergy and
new disease areas
Novel treatments addressing high
unmet medical needs (in development)
Management's
review
Sustainability
statement
Financial
statements
Annual Report 2025 3
In 2025, ALK delivered above its original expectations with
strong commercial execution. Expanded reach to new
patient groups, launch of a broader product portfolio, and
new partnerships bolstered progress on ALK’s strategic
priorities and mission to help more people, with more
solutions, more efficiently.
Management's
review
Management's
review
IntroductionIntroduction
Business Business
strategystrategy
Financial Financial
performanceperformance
Corporate Corporate
mattersmatters
Sustainability
statement
Financial
statements
Annual Report 2025 4
2025 marked the seventh consecutive year of revenue and earn-
ings growth in ALK. Results clearly exceeded initial expectations
with revenue growing by 15% in local currencies and the EBIT
margin improving by 6 percentage points to 26%.
Delivering on our 25-in-25 EBIT margin target was a significant
milestone. We set this target in February 2021 on the back of the
2020 accounts which showed an EBIT margin of merely 4%.This
means that we have been growing the EBIT margin by more than
20 percentage points, while still allocating significant resources
to ongoing growth investments. This has only been possible
through careful prioritisation and resource allocation to high-im-
pact growth levers.
ALK now has a solid earnings platform and is well-positioned
to continue delivering stable, high organic growth while main-
taining an EBIT margin of around 25% in the coming years. As we
continue to upscale the company, ALK’s strong financial position
enables us to increasingly look at inorganic growth opportuni-
ties such as in-licensing and acquisitions, while also distributing
excess cash to shareholders.
Expanding patient bases
Progress in 2025 was driven by strong commercial execution
of particularly tablet and anaphylaxis sales across Europe and
North America. We expanded our prescriber and patient bases,
increasing the number of people treated with ALK’s products by
500,000 to an estimated 3.1 million.
The recalibration of ALK’s business platform allowed us to pursue
priorities in the Allergy
+
strategy more rigorously. Key actions
included strengthening the footprint in high-growth markets and
putting more weight behind the launches of paediatric tablets and
the nasal adrenaline spray
neffy
®
, while also improving earnings.
Children make a difference
The paediatric approvals of ACARIZAX
®
and ITULAZAX
®
added
to the tablets’ strong momentum suggesting that children and
adolescents will become important catalysts for ALK’s future
growth. As expected, contribution from the adrenaline nasal
spray
neffy
®
was modest, reflecting the early stage of the
roll-out, but the feedback from key opinion leaders, healthcare
professionals, and patients indicates high interest, supporting
the many market introductions in 2026.
Our European business continued to deliver solid, double-digit
growth, and the US business made a comeback after the soft
performance in 2024. US tablet sales continued to grow by double
digits, and we are still working to find new ways to overcome long-
standing structural barriers among allergists who have a financial
incentive to protect their legacy business. Our global partnership
with ARS Pharma – the company that developed
neffy
®
– showed
progress in its first year and further enabled ALK to accelerate
the build-up of a dedicated paediatric sales force in the USA.
While focus initially has been on
neffy
®
, the extended sales reach
is expected to benefit US sales of respiratory tablets and future
prescription-based products, including potentially a tablet for
peanut allergy currently in development.
Partnering for growth
Partnerships are a central element in the Allergy
+
strategy. In
2025, we enjoyed good progress with existing partnerships and
entered new ones.
In China, we partnered with the biopharmaceutical company
GenSci to fast-track sales of ALK’s products in this important,
yet complex market. GenSci was an obvious choice given their
capacity of expanding product portfolios, their commitment to
deploy significant resources to succeed with ALK’s products, and
their understanding of the paediatric field. GenSci has already
started selling our Alutard SCIT product and diagnostics, and
we collaborate closely to bring the ACARIZAX
®
tablet to market
for both adults and children. ALK and GenSci will also explore
possible future collaborations on innovations as there are many
innovation efforts targeting new medicines in China, also within
GenSci. To stay close to these opportunities, we have maintained
Letter from
the Chair and CEO
ALK delivered on its long-term financial
targets in 2025 following strong execution of
strategic initiatives across disease areas.
Based on the strong momentum and the
solid financial position, the Board of Directors
recommends resuming dividend payments to
reward the shareholders directly.
Peter Halling,
President & CEO
Anders Hedegaard,
Chair of the Board
Management's
review
IntroductionIntroduction
Letter from Letter from
the Chair and CEOthe Chair and CEO
ALK's global ALK's global
presencepresence
Business modelBusiness model
Financial highlightsFinancial highlights
Sustainability Sustainability
highlightshighlights
2026 outlook2026 outlook
Business Business
strategystrategy
Financial Financial
performanceperformance
Corporate Corporate
mattersmatters
Sustainability
statement
Financial
statements
Annual Report 2025Letter from the Chair and CEO 5
Introduction
a local team, while more than 95% of our employees in China were
transferred to GenSci.
In Japan, a new facility has become fully operational, significantly
increasing the production capacity of cedar tablets and we are
experiencing a strong commitment towards our products from
Shionogi, the new owner of Torii. The performance in Japan and
– on a smaller scale – other international markets proves that
partnerships are an excellent way to develop markets, seed oppor-
tunities, and establish leading positions for ALK’s tablets without
investing in resource-intensive local organisations and registration
trials.
We have the right setup to further progress with partners in
selected markets. This approach allows us to allocate ALK’s
investments to the strategic levers expected to yield the highest
returns for the company – i.e. high-growth markets in Europe and
North America, in-house R&D, in-licensing, and M&A – and still
maintain a 25% EBIT margin.
Strengthening innovation and pipeline
In line with ALK’s revenue growth, we continue to increase invest-
ments in R&D and activities to develop a balanced pipeline and
drive innovations in existing and adjacent disease areas to expand
ALK’s addressable markets. The ambition within each therapy
area is to push the frontiers of innovation and build product port-
folios with the potential to establish ALK as market leader and help
more patients. We aim to generate significant revenue streams to
complement ALK’s current core business within respiratory allergy.
Besides targeting significant unmet needs, new products must be
strongly linked to ALK’s current product portfolio and prescribers.
To balance investments, risks, and in alignment with our Allergy
+
strategy, we combine in-house development with partnerships
on early-stage product candidates and commercial assets, such
as
neffy
®
. Late 2025, we partnered with the Swiss-based biotech
company Allegria, and ALK will continue to explore other partner
opportunities.
Important data read-outs are expected in 2026 from the two most
advanced development programmes – ALK’s phase 2 trial with the
tablet for treating peanut allergy and our partner ARS Pharma’s
phase 2b trial with
neffy
®
for treatment of acute flares associated
with chronic spontaneous urticaria. We also expect to progress
pre-clinical programmes towards clinical development in 2026.
Shareholder remuneration
ALK enters 2026 with a comfortable net cash position and pros-
pects of strong cash flows in the years to come. This leaves ample
room for continued, value-creating capital allocation to sustain
ALK’s growth, while also remunerating our shareholders.
The Board of Directors recommends distributing around 30% of net
profit after tax for 2025 as dividends, corresponding to a distribu-
tion of DKK 355 million or DKK 1.6 per share.
Progress to continue in 2026
Commercial execution also tops the agenda for 2026. The roll-out
of paediatric tablets continues to expand prescription breadth
and depth in existing markets, while also launching in additional
markets. Within anaphylaxis, we are dedicated to making
neffy
®
a success and working carefully across markets to change habits
and automated prescription patterns to build the market position
that
neffy
®
deserves.
We will also execute on other strategic priorities in 2026. We
continue to invest in expanding European prescriber bases,
strengthening the commercial platform in key growth markets,
advancing strategic R&D projects, and upscaling tablet produc-
tion capacity to facilitate sustained growth. These efforts will be
supported by recent changes in the Executive Leadership Team
which has been expanded to include ALK’s two most important
sales regions, Europe and North America.
Scaling ALK for future growth is another priority which entails
ongoing investments in digitalisation and AI, upskilling of
employees, as well as initiatives to achieve economies of scale,
for instance in procurement. We are equally committed to our
sustainability goals. ALK decreased its CO
2
emissions from own
operations by 11% compared to 2022, despite the significant
growth of the business. This is in line with the decarbonisation
plans supporting ALK’s science-based target to reduce CO
2
emissions by 42% by 2030.
We expect strategic execution to reinforce ALK’s growth trajec-
tory in 2026. The outlook sustains the double-digit growth
momentum, as revenue is expected to grow by 11-15% with tablet
sales as the key driver. The EBIT margin is expected at around
25%, fully aligned with ALK’s long-term targets. Continuing the
positive momentum from 2025 into 2026 will support further
progress of the Allergy
+
execution and bring ALK one step closer
to our goal of annually helping 5 million people with allergy live
better lives by 2030.
Strong commitment from employees
As Board of Directors and executive management, we are pleased
to see that performance and execution have become part of
ALK’s culture – of the way we think and act. The annual engage-
ment survey among employees highlighted progress across key
domains, and the overall engagement score’s increase from 8.3 to
8.6 strengthened ALK’s position in top 5% of the global healthcare
industry. We would like to thank our employees and leaders for
their ongoing commitment to executing on the Allergy
+
strategy.
We also wish to thank our commercial and scientific partners,
whose collaboration is part of our success, as well as the
growing number of payers, patients and prescribers who place
their trust in our products. Finally, we would like to thank our
shareholders. As ALK’s performance continues to improve, we
look forward to rewarding our owners through sustained, long-
term value creation.
Anders Hedegaard Peter Halling
Chair of the Board President & CEO
Management's
review
Introduction
Letter from
the Chair and CEO
ALK's global
presence
Business model
Financial highlights
Sustainability
highlights
2026 outlook
Business
strategy
Financial
performance
Corporate
matters
Sustainability
statement
Financial
statements
Annual Report 2025Letter from the Chair and CEO 6
ALK's global presence
~3.1m
Patients in treatment with ALK products
(Covering AIT and adrenaline)
6,312m
Revenue, DKK
Europe: 71%
North America: 16%
International markets: 13%
2,711
Employees
Eu r o p e: 2,161
North America: 533
International markets: 17
Production sites in
Europe
and USA
R&D centres in
USA, Denmark,
and Spain
Own commercial footprint
Partnerships and
distributors
44 markets covered
Strategic partnerships
GenSci
Mainland China
Shionogi
Japan
Dr. Reddy's
India
Abbott
Selected markets in
Southeast Asia
ARS Pharma
Global rights to
neffy
®
(excluding
USA, China, Japan, Australia, and
New Zealand)
Management's
review
Introduction
Letter from
the Chair and CEO
ALK's global
presence
Business model
Financial highlights
Sustainability
highlights
2026 outlook
Business
strategy
Financial
performance
Corporate
matters
Sustainability
statement
Financial
statements
Annual Report 2025ALK's global presence 7
Business model
ALK's business model is based on
immunology insights, strong research
and development skills, commitment to
applying modern science to allergies,
unique manufacturing and standardisation
capabilities, as well as a comprehensive
commercial infrastructure, especially in
Europe.
ALK's activities cover the entire value chain of developing,
sourcing, producing, and marketing a diversified portfolio
of products for diagnosing and treating allergies, allergic
asthma, and acute anaphylactic reactions. Natural aller-
genic source materials are the basis for manufacturing
active pharmaceutical ingredients in ALK's core allergy
immunotherapy (AIT) products.
1
Management's
review
Introduction
Letter from
the Chair and CEO
ALK's global
presence
Business model
Financial highlights
Sustainability
highlights
2026 outlook
Business
strategy
Financial
performance
Corporate
matters
Sustainability
statement
Financial
statements
Annual Report 2025Business model 8
15%
Financial highlights
ALK’s full-year revenue grew by 15% in local currencies to DKK 6,312
million (5,537), following double digit growth in all sales regions.
Operating profit (EBIT) increased by 53% in local currencies to DKK
1,654 million (1,091). The outlook was adjusted upwards twice
during 2025.
Revenue, DKK
6,312 million
15% organic growth in local
currencies, in line with
latest guidance
Gross profit, DKK
4,234 million
67% gross margin, driven by
higher sales, efficiencies, and
favourable product mix
Free cash flow, DKK
1,432 million
Strong cash flow driven by
higher earnings
Net interest-bearing debt (NIBD), DKK
-822 million
Positive net cash position from
strong cash flow generation
3,916
292
4,824
666
4, 511
470
5,537
1,091
6,312
1,654
2024 20242021 20212025 20252022 20222023 2023
2,396
202
516
61%
1.0
3,035
292
291
63%
0.3
2,791
65
475
62%
0.7
3,552
-204
598
64%
0.4
4,234
1,432
-822
67%
-0.4
2024 2024 20242021 2021 20212025 2025 20252022 2022 20222023 2023 2023
12%
7%
9%
14%
13%
10%
15%
20%
26%
Revenue
Organic growth
EBIT
EBIT margin
Gross profit
Gross profit margin Free cash flow
NIBD
NIBD/EBITDA
Earnings (EBIT), DKK
1,654 million
26% EBIT margin, in line
with latest guidance
Management's
review
Introduction
Letter from
the Chair and CEO
ALK's global
presence
Business model
Financial highlights
Sustainability
highlights
2026 outlook
Business
strategy
Financial
performance
Corporate
matters
Sustainability
statement
Financial
statements
Annual Report 2025Financial highlights 9
Sustainability highlights
Scope 1 and 2 emissions, CO
2
e
4,883 tonnes CO
2
e
11% decrease compared
to 2022
Patients in treatment
~3.1 million
Net increase of 500,000 patients
Employee headcount
2,711 employees
12% employee turnover
Suppliers with science-based targets, %
50%
share of suppliers with
science-based targets.
Target: 80% by 2028
Gender diversity, %
38%
Underrepresented gender
in Executive Leadership
Team and direct reports in
management positions
Target: 40% by 2028
Work-related accidents with absence
4
1.0 lost time injury
frequency rate
Employee headcount
Employee turnover
Carbon emissions
Development compared
to 2022
Million patients in treat-
ment (estimated)
Work-related accidents
with absence
Lost time injury
frequency rate
Underrepresented
gender (f)
Suppliers with science-
based targets
2,889
42
3
12%
0.8
2,731
42
6
13%
1.7
2,812
45 6
17%
1.5
2,711
38
4
12%
1.0
2024 2024 2024
35
50
2024 2025 2025 2025 20252022
2
2022
2
2022
2
2023
2
2023
2
2023
2
2.4
5,492
2.6
5,384
2.4
5,7093.1
4,883
5.0
3,18 5
2024 20242028 20282025 20252029 20292030 20302022
2
20222026 20262023
2
2023
2
2027 2027
0%
-2%
4%
-11%
-42%
Management's
review
Introduction
Letter from
the Chair and CEO
ALK's global
presence
Business model
Financial highlights
Sustainability
highlights
2026 outlook
Business
strategy
Financial
performance
Corporate
matters
Sustainability
statement
Financial
statements
Annual Report 2025Sustainability highlights 10
(Revenue growth rates are stated as organic
growth in local currencies, unless otherwise
indicated)
Revenue is expected to grow by 11-15% organ-
ically in local currencies, based on growth
across all sales regions and product groups.
The EBIT margin is expected at around 25%,
consistent with ALK’s long-term earnings ambi-
tions, as additional funds will be allocated to
initiatives to bolster long-term growth.
The outlook is based on the following main
assumptions:
Revenue
Growth will predominantly be volume-driven,
as ALK expects to treat more patients with AIT
and anaphylaxis products. The lower end of
the revenue range reflects a potential negative
impact of price and rebate adjustments, mainly
driven by European authorities. The upper end
of the range assumes stable price and rebate
conditions as well as potential upsides related
to tablet and anaphylaxis sales.
Tablet sales are expected to grow by double
digits across sales regions. Growth will
be fuelled by the continued expansion of
prescriber and patient bases with children and
adolescents projected to account for a higher
share of sales.
SCIT/SLIT drops sales are projected to grow by
single digits, driven by higher SCIT volumes to
China, modest volume growth in Europe (SCIT
and SLIT drops), and improved SCIT pricing in
North America.
Sales of Anaphylaxis & other products are
projected to grow by double digits, led by the
commercialisation of
neffy
®
. Sales of diag-
nostics and life science products are also
expected to contribute positively.
As usual, the timing of product shipments to
China and Japan may lead to quarterly fluctua-
tions in revenue.
Margins and costs
After the extraordinary margin improve-
ments in 2025, the gross margin is expected
to decrease slightly in 2026, although the
gross profit is expected to increase. The
underlying margin will benefit from favour-
able volume/mix changes, especially higher
tablet sales in Europe, but this factor will be
offset by growth in partner-related revenue
at lower margins, primarily product ship-
ments to Japan and China, as well as
neffy
®
sales. Production efficiencies, reduced
scrapping, and procurement savings are
expected to largely compensate for infla-
tionary pressure on the gross margin.
Capacity costs are projected to increase
but their ratio to revenue is expected to
remain largely unchanged as ALK reinvests
the benefits of increased scale into key stra-
tegic growth opportunities. R&D expenses
are planned to increase in support of
pre-clinical and clinical programmes but
remain at around 10% of revenue. Sales
and marketing expenses are expected
to increase in support of market-building
activities for particularly
neffy
®
and tablets
for children, while administrative expenses
are planned to decrease slightly.
2026 outlook
ALK expects to continue its
trajectory of double-digit revenue
growth in 2026, while the EBIT
margin is planned to remain on
par with ALK’s long-term earnings
ambitions.
Forward-looking statements
The 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 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. Please refer to the Risk management section on pages 25-28.
Other assumptions
• The outlook is based on ALK’s current
portfolio and does not include revenue from
and/or payments to new partnerships,
in-licensing activities, or acquisitions.
• Potential changes to international tariff
agreements are not expected to materially
impact growth or earnings due to ALK’s
current geographical footprint.
• Free cash flow is expected to be positive
at DKK 800-1,000 million representing a
decrease compared to last year, partly due
to the upfront payment from ALK’s Chinese
partner GenSci in 2025. CAPEX is projected
at around DKK 500 million, as ALK expands
capacity for tablet production, upgrades
legacy production, and strengthens the
supply chain for anaphylaxis. The build-up
of inventories is broadly assumed in line
with revenue growth. Tax payments are
expected to be higher than in 2025 as old
tax losses now have been utilised.
• No non-recurring costs for optimisation
and prioritisation initiatives are planned.
• The outlook is based on current exchange
rates, resulting in a negative impact of
approximately 1 percentage point on
reported revenue growth and an immate-
rial impact on EBIT.
Management's
review
Introduction
Letter from
the Chair and CEO
ALK's global
presence
Business model
Financial highlights
Sustainability
highlights
2026 outlook
Business
strategy
Financial
performance
Corporate
matters
Sustainability
statement
Financial
statements
Annual Report 20252026 outlook 11
Respiratory
allergy
Food allergy
New disease
areas
Anaphylaxis
Review of Allergy
+
implementation
Strategic progress in 2025 reflected solid execution
across all disease areas with particular focus on
paediatric tablet launches, the commercialisation of
neffy
®
, new partnerships, and strategic R&D projects.
ALK’s long-term ambition is to become category leader
in each disease area via in-house R&D development,
partnerships and in-licensing activities, and thereby
build new revenue streams to complement the current
core business within respiratory allergy.
Respiratory allergy
• Launches of house dust
mite (HDM) and tree pollen
allergy tablets for children
and adolescents
• Expansion of patient and
prescriber bases
• Partnership to accelerate
Chinese AIT sales
• Geographic expansion in
selected markets, incl.
registration trials in partner
markets
• ALK’s HDM and tree pollen
tablets recommended by
NICE for use in the UK health
system
Food allergy and new disease areas
• Phase 2 clinical trial with peanut
SLIT-tablet initiated
• Fast track designation to peanut
SLIT tablet programme by FDA
• Pre-clinical development
programmes targeting tree nut
and other food allergy indications,
including the ALK014 programme
with a new antibody like-molecule
(biologic) for the treatment of allergy
and associated co-morbidities.
• Phase 2b clinical trial with
neffy
®
in the treatment of acute flares in
patients with chronic spontaneous
urticaria (CSU)initiated
Anaphylaxis
• Initial roll-out of
neffy
®
nasal adrenaline spray
with price premium relative
to autoinjectors
• EUR
neffy
®
reached market
share of close to 18% in
Germany after 6 months
• EUR
neffy
®
approved in UK
and launch in progress
• Ongoing regulatory review
of
neffy
®
in Canada
• EUR
neffy
®
market access
settled in other markets
with imminent launches
• Co-promotion agreement
with ARS Pharma in the USA
In 2025, ALK took steps to expand its addressable
markets by further unlocking the potential within
respiratory allergy, transforming anaphylaxis care, and
expanding into new therapy areas with high unmet needs.
Strategic focus was particularly on market expansion,
partnerships, innovation, scalability, and capacity
build-up. The execution of the Allergy
+
strategy delivered
the anticipated results, supported by a re-allocation
of resources to initiatives with the highest potential to
impact patients and prescribers positively, while also
generating the highest returns for ALK.
An estimated 3.1 million people, an increase of 500,000,
were treated with ALK’s products. The increase was
mainly organically driven by more patients treated with
ALK's tablets. This is an important step forward towards
the ambition of annually helping 5 million people with
allergy live better lives by 2030.
Key Allergy
+
progress in 2025
Management's
review
IntroductionIntroduction
Business Business
strategystrategy
Review of AllergyReview of Allergy
++
implementationimplementation
Financial ambitionsFinancial ambitions
Financial Financial
performanceperformance
Corporate Corporate
mattersmatters
Sustainability
statement
Financial
statements
Annual Report 2025Review of Allergy+ implementation 12
Business strategy
Roll-out of paediatric tablets
The paediatric roll-out of the house dust mite
(HDM) tablet ACARIZAX
®
/ODACTRA
®
began in
Europe in January and progressed market by
market, following subsequent approvals and
market access processes. Year-end, the house
dust mite tablet was approved for paediatric
use in 30 countries and launched in 21 of them
– 10 EU member states, Norway, Switzerland,
Canada, the USA, and seven partner markets.
The roll-out of the tree pollen allergy tablet
ITULAZAX
®
/ITULATEK
®
for children and adoles-
cents started in April, based on regulatory
approvals from the EU and Canada. Year-end,
the tablet was approved for children and
adolescent use in 20 countries and launched
in 12 of these markets – 10 EU member states,
Switzerland, and Canada.
Respiratory allergy
In 2025, ALK expanded its leadership in respiratory
allergy through targeted expansion of the tablets
to new patient groups and geographies, digital
mobilisation of patients and prescribers, and
investments in high-impact markets. The new
paediatric indications for the house dust mite (HDM)
allergy tablet and the tree pollen allergy tablet
contributed more than expected to sales growth.
Children make a difference
All key indicators related to the paediatric
launches performed well, including endorse-
ments from key opinion leaders, patient
initiations, caregiver interactions, doctor
visits, reimbursement, and prescriber uptake.
Year-end, more than 4,000 prescribers in
markets served directly by ALK were estimated
to have prescribed one of the two tablets to
children. Cross-tablet adoption was high, with
more than 90% of ITULAZAX
®
prescribers in key
European markets also prescribing ACARIZAX
®
.
In the key German market, paediatrician
doctors emerged as an important prescriber
group. This group included doctors who have
previously not been prescribing ALK's tablets,
underlining the tablets’ potential to expand
ALK’s addressable markets. Positive signs of a
Allergy
+
strategy
Launched in June 2024, the Allergy
+
strategy sets the framework and goals
for ALK’s development until 2028. The
strategy builds on ALK’s promise to
provide life-changing solutions to the
millions of people with allergy. The
strategy is based on four pillars:
Focus – Innovate – Optimise – Cultivate.
FOCUS ALK will prioritise and focus the
commercial activities to strengthen its
global leadership in respiratory allergy.
INNOVATE ALK will innovate and expand
its R&D pipeline in a balanced way to
help more people with allergy.
Innovate
We will inno-
vate to create
a balanced
pipeline
Cultivate
We will
cultivate
our unique
capabilities
to stay ahead
and to grow
sustainably
Focus
We will grow by focusing on
new patient groups and
high-impact markets
Optimise
We will optimise to create
the right foundation
for scaling
Life-changing
allergy solutions
for millions of
people
OPTIMISE ALK will further optimise oper-
ations and scale for growth to reduce
complexity and maintain competitiveness.
CULTIVATE ALK will cultivate the capa-
bilities of its people and organisation to
foster a strong performance culture.
Management's
review
Introduction
Business
strategy
Review of Allergy
+
implementation
Financial ambitions
Financial
performance
Corporate
matters
Sustainability
statement
Financial
statements
Annual Report 2025Review of Allergy+ implementation 13
portfolio effect also emerged, as children and
adolescents accounted for an increasing share
of new GRAZAX
®
patients in e.g. Germany.
The paediatric tablet roll-out continues in 2026
to further increase children and adolescents’
share of sales. Besides expanding prescription
breadth and depth in current markets, ALK is
also planning to launch the tablets in additional
markets.
Expanding the tablets’ reach
Beyond paediatric roll-outs, ALK and its part-
ners continued to expand the tablet portfolio’s
reach in selected geographies.
ALK’s Japanese partner Torii (now a fully
owned subsidiary of Shionogi) initiated a
phase 3 trial with ALK’s grass tablet. Sched-
uled to complete in 2027, the trial is intended to
support a regulatory approval in Japan, which
is the largest contributor to tablet sales outside
Europe. Moreover, Torii expanded API produc-
tion capacity for CEDARCURE™, the tablet for
Japanese cedar pollen-induced allergy. The
new facility has recently become operational,
with first shipments anticipated in the first half
of 2026, allowing Torii to incrementally meet
the high demand for CEDARCURE™ in 2026.
In India, ALK’s partner Dr. Reddy’s Laboratories
launched the HDM tablet branded Sensimune
®
.
Expanding footprints in
the USA and the UK
In the USA, a dedicated paediatric sales
force (see ‘Anaphylaxis’ section) is expected
to boost ALK’s relevance among paediatric
prescribers who historically have not been
involved in AIT. The extended sales force is
expected to support sales of ALK’s respiratory
tablets and a future peanut allergy tablet.
ALK is also exploring other steps to grow its
prescription-based business in the USA.
In the UK, ACARIZAX
®
and ITULAZAX
®
were the
first AIT tablets to be admitted to the public
National Health Service (NHS) systems with
general reimbursement after endorsements
from the National Institute for Health and Care
Excellence. This represents a major shift in
this historically underpenetrated AIT market.
Furthermore, ALK is in the process of extending
these approvals to include children while also
making GRAZAX
®
available in the NHS systems.
New partner to expand
market in China
In China, ALK partnered with Changchun
GeneScience Pharmaceutical Co. Ltd.
(“GenSci”) to accelerate sales of ALK’s HDM
products in the country with the highest
number of house dust mite allergy sufferers
world-wide. GenSci plans to allocate a signif-
icant sales force and conduct a wide range
of market building activities to promote ALK’s
products and become AIT market leader.
GenSci has taken over sales and marketing
of ALK’s Alutard
®
SCIT product and skin prick
tests, and ACARIZAX
®
will expectedly be added
to the portfolio in 2028, subject to regulatory
approval. To facilitate this approval, a phase
3 trial involving around 300 Chinese patients
is ongoing with completion scheduled around
year-end 2026. Patient recruitment for the trial
is currently being completed.
ALK received DKK 244 million in upfront
payment from GenSci. Until 2039 (the expected
lifetime of the partnership), ALK is further
eligible for DKK ~300 million in milestone
payments related to regulatory progress
with ACARIZAX
®
and commercial milestone
payments of up to DKK ~780 million, subject
to future in-market sales in Mainland China.
Furthermore, ALK will receive income from
supplying GenSci with products.
Management's
review
Introduction
Business
strategy
Review of Allergy
+
implementation
Financial ambitions
Financial
performance
Corporate
matters
Sustainability
statement
Financial
statements
Annual Report 2025Review of Allergy+ implementation 14
ALK’s roll-out initially focused on Germany and
the UK, the markets expected to become the
most important contributors to
neffy
®
sales
growth.
EUR
neffy
®
was launched In Germany late June
and had gained a market share of close to 18%
(by value) by the end of the year. The launch
in the UK followed in October and attracted
significant interest from healthcare profes-
sionals, key opinion leaders, and media. Given
the early stage of the UK launch, the commer-
cial impact was modest, reflecting the time
needed to settle market access locally.
neffy
®
is currently under regulatory review in Canada
and the outcome of this process is expected in
the first half of 2026.
By the end of the year, EUR
neffy
®
market
access was also settled in Greece, Denmark,
and Slovenia and launches are imminent.
Ongoing price negotiations
In markets, where pricing and reimbursement
have been settled, EUR
neffy
®
has secured a
price premium over existing adrenaline auto-
Anaphylaxis
In 2025, ALK started launching the first-ever nasal adrenaline spray
neffy
®
(branded EUR
neffy
®
in Europe) for emergency treatment of
potentially life-threatening allergic reactions (anaphylaxis). Under a
license agreement with US-based ARS Pharma, ALK holds exclusive
rights to the product in all territories outside the USA, Australia,
New Zealand, Japan, and China.
injectors, reflecting the nasal spray’s benefits
with regards to shelf life, temperature stability,
user-friendliness, and needle-free adminis-
tration. In 2025, the first real-world evidence
confirmed that its efficacy during anaphy-
laxis is similar to what historically has been
observed with injection-based solutions.
Co-promotion agreement in the USA
In the USA, ALK and ARS Pharma expanded
their partnership with a co-promotion agree-
ment where ALK is responsible for selling
neffy
®
to approximately 9,000 named paedi-
atricians. This has enabled ALK to accelerate
ramp-up of a dedicated paediatric sales
force with 65 sales representatives, based on
performance-based cost and revenue sharing
with ARS Pharma, subject to sales exceeding
certain market share thresholds among the
paediatricians.
Although market access conditions did not
meet the targets, customer engagement and
other KPIs for ALK’s efforts largely developed
as planned, and feedback from paediatricians
has been positive.
Ongoing roll-out in 2026
Further launches of
neffy
®
are scheduled for
2026. Subject to regulatory approvals and
market access, the current roadmap involves
launches in Canada and up to 15 European
markets covered by the EU approval as well as
countries outside the EU. ALK also intends to
make
neffy
®
available in International markets.
Across markets, ALK will work with key opinion
leaders and others to challenge long-standing
clinical practices favouring needle-based
adrenaline products.
To accommodate different preferences among
prescribers and patients, ALK will address
the anaphylaxis market with a portfolio span-
ning both needle-free solutions (
neffy
®
) and
autoinjectors (the already marketed Jext
®
and
the second generation ‘Genesis’ autoinjector
currently in development). The portfolio will
be adapted to evolving market dynamics to
secure a strong position in patient-centric
anaphylaxis care.
EUR
neffy
®
2 mg is currently indicated for adults
and children ≥30 kg. Recently, ALK received a
positive recommendation from the European
authorities regarding its application for a 1 mg
version for children aged 4 and older weighing
15 to 30 kg with approvals anticipated in the
first half of 2026.
Management's
review
Introduction
Business
strategy
Review of Allergy
+
implementation
Financial ambitions
Financial
performance
Corporate
matters
Sustainability
statement
Financial
statements
Annual Report 2025Review of Allergy+ implementation 15
Ongoing phase 2 clinical trials
The phase 2 trial for dose finding and efficacy
of the peanut SLIT tablet enrolled 150 North
American patients and is on track to deliver
topline data in the second quarter of 2026.
Subject to these results, ALK plans to progress
into phase 3, and preparations are ongoing,
including selection of Contract Research
Organisations and manufacturing of source
material. The US FDA has granted a Fast
Track designation to the peanut programme,
enabling ALK to benefit from more frequent
interactions and additional guidance from the
FDA.
ALK’s partner ARS Pharma initiated a phase 2b
clinical trial with patients in the USA and Europe
to evaluate
neffy
®
in the treatment of acute
flares associated with chronic spontaneous
urticaria. First read-outs from this trial are
expected in 2026. ALK holds exclusive rights to
this and any other new indications for
neffy
®
in
the licensed territories.
New discovery and innovation
Building on ALK’s core capabilities within
clinical allergology and immunology, in-house
development focusses on allergic inflam-
matory conditions and so-called mast cell
driven pathologies. Pre-clinical development
programmes include a SLIT tablet for tree nut
allergy and the biological treatment concept
ALK014, which is potentially applicable for both
food allergy and other diseases.
In late 2025, to complement internal discovery
programmes, ALK partnered with Allegria
Therapeutics, a Swiss early-stage biotech
company focusing on allergy and inflammatory
diseases associated with mast cell dysfunc-
tion. Against a seed investment, ALK secured
the rights to negotiate in-licensing of up to
three first-in-class disease targets.
ALK and Chinese GenSci also intend to explore
innovations of common interest, based on a
reciprocal right of first negotiation for R&D
projects.
Moreover, based on a thorough screening of
external pipeline opportunities and commer-
cial assets, ALK is exploring other partnership
opportunities, including in-licensing, acquisi-
tions and/or joint development projects.
Food allergy and new therapy areas
In the wider allergy space, innovation targets new therapy areas with
significant unmet needs as well as strong scientific and commercial links
to ALK’s current portfolio and prescribers. In 2025, clinical phase 2 trials
were initiated with the two most advanced product candidates.
ALK is investing in supply chain expansions and
optimisations to support margins and facilitate
planned revenue growth. A key initiative in
this respect is the ongoing efforts to increase
tablet production capacity to 800 million
units per year by 2030 within the existing
footprint, optimise inventory management,
minimise scrap, and reduce delivery times,
all while maintaining compliance and quality
standards. Legacy production is also being
upgraded, while the supply chain for anaphy-
laxis is being strengthened through insourcing
of certain tasks.
Scaling the business for growth
ALK’s growth ambitions across therapy areas is supported by
efforts to scale the business and realise economies of scale.
Strengthening of procurement and IT processes and capabilities
to exploit economies of scale and streamline the supplier
landscape continue in 2026, and ALK will increasingly invest
in digital solutions and AI with multiple projects being initiated
across functional areas.
ALK also continues to execute initiatives
under the Cultivate strategic pillar, including
work to deliver on science-based CO
2
targets,
strengthening organisational capabilities to
support future growth and conducting busi-
ness in a responsible manner. 2025 brought
broad-based progress for these priorities.
Please refer to the Sustainability section on pages
37-84.
Management's
review
Introduction
Business
strategy
Review of Allergy
+
implementation
Financial ambitions
Financial
performance
Corporate
matters
Sustainability
statement
Financial
statements
Annual Report 2025Review of Allergy+ implementation 16
Status on the R&D pipeline
Over the past decades, ALK has pioneered the development of standardised allergen extracts, formulated as rapidly dissolving
SLIT tablets. ALK is now expanding its leadership and targeting new geographies and patient groups while also leveraging its
technology and capabilities within food allergy and other related disease areas.
Global availability of tablets
The tablet for grass pollen allergy (GRAZAX
®
or GRASTEK
®
) is approved in 34 countries in
Europe, North America, and the Asia Pacific
region. A clinical trial to support approval in
Japan continued in 2025.
The tablet for house dust mite allergy
(ACARIZAX
®
, ODACTRA
®
, MITICURE™ or SENSI-
MUNE™) is approved in >40 countries in
Europe, North America, the Middle East, and
the Asia Pacific region. A clinical trial to support
approval in China was initiated in 2025.
The tablet for tree pollen allergy (ITULAZAX
®
or ITULATEK
®
) is approved in >20 countries in
Europe and Canada. The tablet for ragweed
pollen allergy (RAGWIZAK
®
or RAGWITEK
®
) is
approved in 15 countries in Europe and North
America.
The tablet for Japanese cedar pollen allergy
(CEDARCURE™) is approved in Japan.
The tablets for grass, ragweed, and cedar
pollen allergies are approved for all age
groups – children, adolescents, and adults.
ALK and its partners are in the process of
creating similar positions for the tablets for
house dust mite allergy and tree pollen allergy.
Therapeutic area and
project name Target indication Phase
Respiratory allergy
HDM SLIT-tablet House dust mite allergic rhinitis
Tree SLIT-tablet Tree pollen allergic rhinitis
Grass SLIT-tablet
1
Grass pollen allergic rhinitis in Japan
HDM SLIT-tablet
2
House dust mite allergic rhinitis in China
Food allergy
Peanut SLIT-tablet Peanut allergy
Tree nut SLIT-tablet Tree nut allergy
ALK 014 (biologic) Food allergy
Anaphylaxis
Adrenaline autoinjector Emergency treatment of anaphylaxis
Adrenaline nasal spray
3
Emergency treatment of anaphylaxis
New therapeutic areas
Adrenaline nasal spray
3
Acute flares in chronic spontaneous urticaria (CSU)
ALK 014 (biologic) Not disclosed
P = Pre-clinical, R = Registration, = Current phase, = Phase in preparation, = Previous phase or phases to come
1
Partnership with Shionogi;
2
Partnership with GenSci;
3
Partnership with ARS Pharma
P 1 2 3 R
P 1 2 3 R
P 1 2 3 R
P 1 2 3 R
P 1 2 3 R
P 1 2 3 R
P 1 2 3 R
P 1 2 3 R
P 1 2 3 R
P 1 2 3 R
P 1 2 3 R
Management's
review
Introduction
Business
strategy
Review of Allergy
+
implementation
Financial ambitions
Financial
performance
Corporate
matters
Sustainability
statement
Financial
statements
Annual Report 2025Review of Allergy+ implementation 17
Financial ambitions
The Allergy
+
strategy targets sustained growth in revenue and earnings
to 2028 and beyond. ALK is well on its way to delivering on the long-term
financial ambitions.
ALK will be disciplined about capital allocation to ensure flexibility to deliver on its growth ambitions while also generating attractive shareholder returns. ALK expects
to generate increasing free cash flow, and cash will be allocated in the following order of priority: 1) Investments in organic growth, including R&D; 2) Business develop-
ment and licensing activities, M&A. and finally 3) cash distribution to shareholders via dividends and/or share buyback programmes.
≥10 % ~2 5% ≤2
Ambition: Average revenue growth of minimum
10% in local currencies (5-year CAGR) 2023-2028.
Result: Average growth of 15% in local currencies
2023-25.
Outlook: 11-15% growth targeted for 2026.
Ambition: An EBIT margin of around 25% in 2025
after which earnings improvements beyond the
~25% margin will be re-invested in initiatives to
bolster long-term growth and profitability.
Result: EBIT-margin of 26% in 2025.
Outlook: ~25% EBIT margin targeted for 2026.
Ambition: In line with ALK’s growth strategy and
2028 financial ambitions, ALK will maintain an
efficient capital structure with a financial gearing
of maximum two (NIBD/EBITDA) (which may
temporarily be increased in case of special circum-
stances, e.g. M&A and/or significant Business
Development & Licensing or similar).
Result: The NIBD to EBITDA ratio was reduced to
-0.4 in 2025.
Revenue growth EBIT margin NIBD/EBITDA
Management's
review
Introduction
Business
strategy
Review of Allergy
+
implementation
Financial ambitions
Financial
performance
Corporate
matters
Sustainability
statement
Financial
statements
Annual Report 2025Financial ambitions 18
Sales and market trends
ALK’s full-year revenue grew by 15% in local currencies to DKK 6,312
million (5,537), following double digit growth in all sales regions.
Respiratory tablets and anaphylaxis products (Jext
®
and
neffy
®
)
were key contributors to growth.
(Comparative figures for 2024 are shown in
brackets. Revenue growth rates are organic
and stated in local currencies, unless other-
wise indicated)
Tablet revenue grew by 17%, underscoring the
tablet portfolio’s position as ALK’s primary
revenue source. Growth was particularly driven
by the continued expansion of patient and
prescriber bases in Europe and North America
with paediatric tablet launches adding to the
sales momentum. The number of new patients
initiating treatment with tablets in 2025 is esti-
mated to have increased by well-above 10%.
Anaphylaxis revenue increased by 58%, mainly
driven by Jext
®
while
neffy
®
contributed by
approximately 26 percentage points to anaphy-
laxis revenue growth. Single-digit growth was
seen in the combined SCIT/SLIT drops sales.
Europe
Revenue in Europe grew by 14% to DKK 4,459
million (3,914) on broad-based growth across
the region, including the region’s largest
markets Germany and France. Demand was
solid and market conditions largely stable.
The 19% increase in European tablet sales
was mainly driven by higher volumes linked to
a strong inflow of new patients on ACARIZAX
®
throughout 2025, but also more patients
having started treatment on pollen tablets
over the past years. The new paediatric indi-
cations for ACARIZAX
®
and ITULAZAX
®
added
incrementally to growth. Generally, the highest
contribution to growth came from ACARIZAX
®
and ITULAZAX
®
whereas GRAZAX
®
continued to
grow steadily.
While tablet sales grew across brands and
markets, performance was particularly strong
in Germany as well as Central and Eastern
European markets. Sales also grew by double
digits – although from a low level – in the UK,
where ACARIZAX
®
and ITULAZAX
®
were the
first AIT products to be admitted to the public
National Health Service systems with general
reimbursement.
In contrast to previous years, the impact of
pricing adjustments was limited, and tablet
sales continued to be only marginally impacted
by pan-European trading patterns at whole-
saler levels.
Combined sales of injection- and drop-based
products (SCIT/SLIT drops) increased by
3%. Sales of SLIT drops, marketed mainly
in France, benefitted from growing patient
and prescriber bases, while SCIT sales grew
modestly due to fewer patient initiations. In the
main SCIT markets, Germany and the Nordics,
patient initiations were partly impacted by
constrained capacity at allergy clinics, partly
by patients choosing tablets over SCIT for indi-
cations covered by the tablet portfolio.
Sales of Anaphylaxis & other products
increased by 34%, driven by 40% growth in the
anaphylaxis portfolio. Sales of Jext
®
adrena-
line pens benefited from strong commercial
execution and tender wins in Southern Europe
as well as competitors’ supply issues. Anaphy-
laxis revenue also included a modest contribu-
tion from the initial market introductions of
EUR
neffy
®
.
North America
Revenue in North America increased by 19%
in local currencies to DKK 1,037 million (906),
fuelled by tablets and Anaphylaxis & other
products. The US business recovered from last
year’s stagnancy and reported double-digit
growth, while growth was higher in Canada,
where tablets are the main product line.
Tablet sales in North America were up 24%,
mainly due to higher volumes. US tablet sales
benefited from the paediatric indication for
the house dust mite tablet, which led to higher
Management's
review
IntroductionIntroduction
Business Business
strategystrategy
Financial Financial
performanceperformance
Sales and market Sales and market
trendstrends
Financial highlights Financial highlights
and key ratios for the and key ratios for the
ALK GroupALK Group
Financial reviewFinancial review
Q4 reviewQ4 review
Corporate Corporate
mattersmatters
Sustainability
statement
Financial
statements
Annual Report 2025Sales and market trends 19
Financial performance
2021 2022 2023 2024 2025
3,916
4,511
4,824
5,537
6,312
2,809 3,058 3,216 3,914 4,459
683
857
908
906
1,037
424
596
700
717
816
2021 2022 2023 2024 2025
1,774 2,102 2,296 2,851 3,335
1,655
1,748
1,939
2,052
2,145
487
661
589
634
832
3,916
4,511
4,824
5,537
6,312
53%
6%
34%
7%
The AIT and anaphylaxis markets
The global market for allergy immuno-
therapy (AIT) is estimated to be worth
around DKK 13 billion, measured in
2025 ex-factory sales. The market is
underpenetrated and – despite recent
progresses in Asia - still largely clus-
tered around Europe, North America,
and Japan.
Globally, the AIT market is estimated to
have grown by high single-digit in 2025,
consistent with the average market
growth since 2019. During the same
period, ALK has strengthened its market
leading position with an average growth
of 12% per annum (CAGR) in sales of AIT
(tablets, SCIT and SLIT drops).
In 2025, ALK also strengthened its
position in the European anaphylaxis
market, estimated to be worth DKK 1.6
billion in ex-factory sales and growing
by 17%. In 2026, ALK will continue its
roll-out of
neffy
®
, including in markets
such as Canada, estimated to be worth
DKK 0.5 billion, as well as high-potential
markets in Asia and the Middle East.
ALK is global market leader in AIT with
a market share approching 50%. In
anaphylaxis, ALK currently holds a
global market position of less than 5%.
adoption among existing allergist prescribers
and – to a minor extent – also new paediatric
prescribers. The strong sales growth in Canada
reflected sustained underlying demand rein-
forced by the children indications for the house
dust mite and tree tablets.
Sales of SCIT bulk allergen extracts to primarily
US allergists increased modestly by 2% after
pricing optimisations, while volumes were
slightly decreasing.
Revenue from Anaphylaxis & other products
(
neffy
®
, diagnostics, PRE-PEN
®
, and life science
products) grew by 34%. Growth was driven
by the cost compensation from ARS Pharma
related to the co-promotion of
neffy
®
to US
paediatricians as well as sales of life-science
products such as vials and diluents. After the
discontinuation of lower margin accounts
in 2024, ALK has gradually succeeded in
attracting new customers to its higher margin
life-science products.
International markets
Revenue in International markets increased by
16% in local currencies to DKK 816 million (717),
reflecting some impact from timing of ship-
ments of products to China and Japan.
Tablet revenue was up 8%. Although still small
in scale, revenue continued to grow in Middle
Eastern and Southeast Asian markets as well
as in India. Revenue from the primary tablet
market Japan (product shipments and sales
royalties) was impacted by phasing of ship-
ments, particularly in the second half of 2025.
Demand in Japan remained strong and ALK’s
partner Torii (now part of Shionogi) continued
to grow in-market sales by double-digits and
consolidate its position as market leader,
although capacity constraints prevented Torii
from fully meeting demand for CEDARCURE
®
tablets.
SCIT revenue grew by 44%, driven by resumed
product shipments to China, the region’s
largest SCIT market, after the renewal of ALK’s
import license in late 2024. Chinese in-market
sales continued to grow by double digits,
facilitated by the ongoing expansion of the
prescriber base. In Q4, sales and marketing of
ALK’s products were handed over to ALK’s new
partner GenSci, positioning it as the second
largest player in the Chinese AIT market.
Revenue composition in 2025
Tablets, %
SCIT/SLIT drops, %
Anaphylaxis, %
Other products
(diagnostics, etc.), %
5-year revenue development by geography
Europe, mDKK
North America, mDKK
Int’l markets, mDKK
5-year revenue development by product line
SLIT-tablets, mDKK
SCIT/SLIT drops, mDKK
Anaphylaxis &
other products
Management's
review
Introduction
Business
strategy
Financial
performance
Sales and market
trends
Financial highlights
and key ratios for the
ALK Group
Financial review
Q4 review
Corporate
matters
Sustainability
statement
Financial
statements
Annual Report 2025Sales and market trends 20
Amounts in DKKm/EURm
2
DKK
2025
DKK
2024
DKK
2023
DKK
2022
DKK
2021
EUR
2025
EUR
2024
Income statement
Revenue 6,312 5,537 4,824 4,511 3,916 845 742
EBITDA 1,982 1,363 911 708 534 265 183
Operating profit (EBIT) 1,654 1,091 666 470 292 221 146
Net financial items (19) (34) (19) (23) (13) (3) (5)
Profit before tax (EBT) 1,635 1,057 647 447 279 219 142
Net profit 1,197 815 486 335 219 161 109
Average number of employees (FTE) 2,737 2,789 2,752 2,609 2,492 2,737 2,789
Balance sheet
Total assets 9,0 57 8,246 6,726 6,308 5,830 1,213 1,10 5
Invested capital 5,245 5,003 3,765 3,400 2,931 702 671
Equity 6,445 5,373 4,447 3,988 3,480 863 720
Net interest-bearing debt (NIBD) (822) 598 291 475 516 (110) 80
Cash flow and investments
Cash flow from operating activities 1,817 1,213 667 416 468 243 163
Cash flow from investing activities (385) (1,417) (375) (351) (266) (51) (190)
– of which investment in intangible
assets (84) (1,043) (69) (55) (45) (11) (140)
– of which investment in tangible
assetss (276) (260) (310) (298) (218) (37) (35)
– of which acquisitions of
companies and operations (10) (115) - - - (1) (15)
Free cash flow 1,432 (204) 292 65 202 192 (27)
1
Management’s review comprises pages 1-84 as well as ‘Financial highlights and key ratios by quarter for the ALK Group’ on
page 143.
2
Financial highlights and key ratios stated in EUR constitute supplementary information to the Management’s review. The
exchange rate used in translating from DKK to EUR is the exchange rate prevailing on 31 December 2025 (EUR 100 = DKK 747)
(31 December 2024: EUR 100 = DKK 746).
For definitions and reconciliation of alternative performance measures, see page 125.
Amounts in DKKm/EURm
2
DKK
2025
DKK
2024
DKK
2023
DKK
2022
DKK
2021
EUR
2025
EUR
2024
Information on shares
Proposed dividend 355 - - - - 48 -
Share capital 111 111 111 111 111 14.9 14.9
Shares in thousands of DKK 0.5 each 222,824 222,824 222,824 222,824 222,824 222,824 222,824
Share price, at year end 229 159 101 96 172 30.6 21,3
Net asset value per share 29 24 20 18 16 3.9 3.2
Key figures
Gross margin – % 67.1 64.2 62.9 61.9 61.2 67.1 64.2
EBIT margin – % 26.2 19.7 13.8 10.4 7.5 26.2 19.7
Return on equity (ROE) – % 18.8 16.6 11.5 9.0 6.6 18.8 16.3
NIBD/EBITDA (0.4) 0.4 0.3 0.7 1.0 (0.4) 0.4
ROIC incl. goodwill – % 32.3 24.9 18.6 14.8 10.2 32.3 24.9
Pay-out ratio – % 30.0 - - - - 30.0 -
Earnings per share (EPS) 5.4 3.7 2.2 1.5 1.0 0.7 0.5
Earnings per share (DEPS), diluted 5.4 3.7 2.2 1.5 1.0 0.7 0.5
Cash flow per share (CFPS) 8.2 5.5 3.0 1.9 2.1 1.1 0.7
Price earnings ratio (PE) 42 43 46 63 172 42 43
Share price/Net asset value 7.9 6.6 5.1 5.4 11.0 7.9 6.6
Revenue growth – %
Organic growth 15 15 9 13 12 15 15
Exchange rate differences (1) - (2) 2 - 1 -
Acquisitions/divestments - - - - - - -
Total growth revenue 14 15 7 15 12 14 15
Financial highlights and key ratios for the ALK Group
1
Management's
review
Introduction
Business
strategy
Financial
performance
Sales and market
trends
Financial highlights
and key ratios for the
ALK Group
Financial review
Q4 review
Corporate
matters
Sustainability
statement
Financial
statements
Annual Report 2025Financial highlights and key ratios for the ALK Group 21
2021 2022 2023 2024 2025
3,916
4,511
4,824
5,537
6,312
12%
13%
9%
15% 15%
2021 2022 2023 2024 2025
3,916
4,511
4,824
5,537
6,312
61%
62%
63%
64%
67%
2,396 2,791 3,035 3,552 4,234
1,520
1,720
1,789
1,985
2,078
Financial review
ALK’s full-year operating profit (EBIT) increased by 53% in
local currencies to DKK 1,654 million (1,091). Overall results
were in line with the latest financial outlook announced in
November 2025 and exceeded the previous outlooks from
February and August 2025.
(Comparative figures for 2024 are shown in
brackets. Revenue growth rates are stated in
local currencies, unless otherwise indicated)
The better-than-expected performance rela-
tive to previous outlooks was mainly driven by
the momentum for tablets in Europe and sales
of adrenaline autoinjectors, as well as opera-
tional efficiencies.
Revenue increased by 15% in local currencies
to DKK 6,312 million (5,537), driven by a strong
growth in sales of tablets and anaphylaxis
products. Exchange rates impacted reported
revenue growth negatively by approximately 1
percentage point.
Cost of sales increased by 5% in local curren-
cies to DKK 2,078 million (1,985). The gross
profit of DKK 4,234 million (3,552) yielded
a gross margin of 67% (64%), driven by
increased sales volumes, a more favourable
sales mix, and production efficiencies.
Capacity costs to R&D, Sales & marketing,
and Administration increased by 6% in local
currencies to DKK 2,581 million (2,464).
R&D expenses increased by 15% to DKK 609
million (531), mainly reflecting 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 1,584 million
(1,564), driven by the launches of paediatric
tablets and
neffy
®
. Administrative costs of DKK
388 million (369) increased by 4%.
In 2024, capacity costs included one-off costs
of DKK 75 million associated with optimisation
initiatives in Europe and China which mainly
impacted Sales & marketing expenses. No
such costs were incurred in 2025.
EBIT (operating profit) improved by 53% in
local currencies to DKK 1,654 million (1,091),
raising the EBIT margin to 26% from 20%.
Progress was driven by higher sales, improved
2025 guidance history
DKK
2025E
19 February
outlook
2025E
12 August
outlook
2025E
12 November
outlook
2025
Actual
Revenue 9-13% ( l.c.) 12-14% (l.c.) 13-15% ( l.c.) 15% (l.c.)
EBIT margin ~2 5% ~25% ~26% 26%
Revenue
Revenue, mDKK
Revenue growth, %
Gross margin
Revenue, mDKK
Gross profit, mDKK
Cost of sales, mDKK
Gross margin, %
Management's
review
Introduction
Business
strategy
Financial
performance
Sales and market
trends
Financial highlights
and key ratios for the
ALK Group
Financial review
Q4 review
Corporate
matters
Sustainability
statement
Financial
statements
Annual Report 2025Financial review 22
2021 2022 2023 2024 2025
631
665
618
531
609
16%
15%
13%
10% 10%
2021 2022 2023 2024 2025
1,474
1,657
1,753
1,933
1,972
38%
37%
36%
35%
31%
240 276 331 369 388
1,234
1,381
1,422
1,564
1,584
2021 2022 2023 2024 2025
292
470
666
1,091
1,654
7%
10%
14%
20%
26%
gross margin, and a lower capacity cost-to-
revenue ratio of 41% (45%). Exchange rates
impacted growth in reported EBIT negatively
by approximately 1 percentage point.
Net financials showed a loss of DKK 19 million
(a loss of 34) related to interest expenses and
currency losses.
Tax on the profit totalled DKK 438 million
(242), and the net profit increased by 43% in
local currencies to DKK 1,197 million (815).
Cash flow from operating activities was
DKK 1,817 million (1,213) mainly driven by
higher earnings and the upfront payment of
DKK 244 million from GenSci.
Cash flow from investing activities was
DKK minus 385 million (minus 1,417 which
included the DKK 115 million PRE-PEN
®
acqui-
sition and the upfront payment of DKK 1 billion
to ARS Pharma related to the
neffy
®
license
agreement) 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 EUR-
neffy
®
as well as investments in the next gene-
ration adrenaline autoinjector.
Free cash flow was positive at DKK 1,432
million (negative at 204).
Research and development
Research and development expenses
Percentage of revenue
Sales, marketing and administration
Administrative expenses
Sales and marketing expenses
Percentage of revenue
EBIT
EBIT
EBIT margin
Cash flow from financing activities
amounted to DKK minus 760 million (positive
310), mainly related to repayment of loans.
At the end of 2025, ALK held 1,261,283 own
shares or 0.6% of the share capital, which is
equivalent to year-end 2024.
Equity totalled DKK 6,445 million (5,373) at the
end of the year, and the equity ratio was 71%
(65%).
Revenue
DKK 6,312 million
increased by 15% in local currencies
EBIT margin
26%
from 20% in 2024
EBIT (operating profit)
DKK 1,654 million
improved by 53% in local currencies
Gross margin
67%
from 64% in 2024
Gross profit
DKK 4,234 million
an increase from 3,552 in 2024
Management's
review
Introduction
Business
strategy
Financial
performance
Sales and market
trends
Financial highlights
and key ratios for the
ALK Group
Financial review
Q4 review
Corporate
matters
Sustainability
statement
Financial
statements
Annual Report 2025Financial review 23
Q4 review
ALK’s Q4 revenue increased by 17% to DKK 1,733 million
(1,499), following double-digit growth in all sales regions. In Q4,
respiratory tablets and anaphylaxis products (Jext
®
and
neffy
®
)
remained key drivers, and growth was further supported by
shipments of SCIT products to China. Operating profit (EBIT)
increased by 88% to DKK 387 million (205), equivalent to an EBIT
margin of 22% (14%).
(Comparative figures for Q4 2024 are shown
in brackets. Revenue growth rates are
stated in local currencies, unless otherwise
indicated)
ALK delivered 2025 full-year results in line
with the most recent financial outlook,
following a Q4 where revenue increased by
17%, driven by strong performance across
the sales regions. Exchange rates impacted
reported revenue growth negatively by
approximately 1 percentage point.
Global tablet revenue grew by 15%, driven by
the expanding patient and prescriber bases
in Europe and North America. Anaphylaxis
revenue increased by 112%, due to the
neffy
®
co-promotion deal in the USA, the launch
in Europe, as well as the contribution from
Jext
®
.
Revenue in Europe increased by 14%,
fuelled by a 20% growth in tablet sales which
was driven by higher volumes linked to the
inflow of new patients starting treatment
across the tablet brands. Combined sales
of injection- and drop-based AIT (SCIT/SLIT
drops) increased by only 2% partly linked to
patients choosing tablets over SCIT for indi-
cations covered by the tablet portfolio, while
sales of Anaphylaxis & other products (Jext
®
,
neffy
®
and diagnostics) increased by 40%,
mainly driven by the Jext
®
sales.
Revenue in North America increased by
24%, reflecting continued growth in tablet
sales in both the USA and Canada, improved
performance in sales of life-science prod-
ucts in addition to the cost compensation
from ARS Pharma related to the co-pro-
motion of
neffy
®
to US paediatricians. SCIT
bulk allergen extracts to US allergists grew
modestly.
Revenue in International markets
increased by 36%, reflecting higher ship-
ments of SCIT products to China, where last
year's sales were absent due to the renewal
of ALK’s import license. Tablet sales declined
slightly due to the timing of shipments of
tablets to Torii (now fully owned subsidiary
of Shionogi) in Japan. In-market sales in both
countries continued to show double-digit
growth.
The gross margin improved to 68% (64%),
mainly reflecting increased sales volumes, a
more favourable sales mix, and production
efficiencies. The temporary lower growth in
product shipments to international markets
also enhanced the gross margin.
Capacity costs increased by 8% to DKK
794 million (749) as ALK advanced its stra-
tegic growth investments. R&D expenses
increased by 14% in local currencies and
included increasing costs to the peanut
tablet development programme and the
ongoing trial with ACARIZAX
®
in China.
Sales and marketing expenses increased,
reflecting continued high investments in the
ongoing paediatric and
neffy
®
launches, as
well as generally high activity levels in key
markets. Last year, capacity costs included
one-off costs of DKK 26 million whereas no
such costs were recognised this year. The
capacity costs to revenue ratio was 46%
(50%).
Operating profit (EBIT) increased by 88%
in local currencies to DKK 387 million (205),
yielding an operating margin of 22%. As
expected, increasing strategic growth
investments led to a lower operating margin
compared to the first nine months of the
year. Exchange rates impacted growth in
reported EBIT negatively by approximately 1
percentage points.
Revenue by geography
DKKm
Q4
2025
Growth
(l.c.)
Q4
2024
Europe 1,296 14% 1,13 8
North America 270 24% 235
Int’l markets 167 36% 126
Overall revenue 1,733 17% 1,499
Revenue by product line
DKKm
Q4
2025
Growth
(l.c.)
Q4
2024
SLIT tablets 910 15% 795
SCIT/SLIT drops 607 11% 552
Anaphylaxis & other products 216 50% 152
Overall revenue 1,733 17% 1,499
Income statement
DKKm
Q4
2025
Q4
2024
Revenue 1,733 1,499
Cost of sales 553 545
Gross profit 1,180 954
Gross margin 68% 64%
Research and development expenses 189 167
Sales and marketing expenses 473 474
Administrative expenses 132 108
Other operating items, net 1 -
Operating profit (EBIT) 387 205
Net financials 6 (7)
Profit before tax (EBT) 393 198
Net profit 266 170
Operating profit before depreciation and
amortisation (EBITDA) 482 281
Management's
review
Introduction
Business
strategy
Financial
performance
Sales and market
trends
Financial highlights
and key ratios for the
ALK Group
Financial review
Q4 review
Corporate
matters
Sustainability
statement
Financial
statements
Annual Report 2025Q4 review 24
Risk management
ALK’s Executive Leadership Team is responsible for the
ongoing management of risks throughout the value
chain, including risk identification, the assessment of
probabilities and potential consequences, and the
introduction of risk-reducing measures.
The Executive Leadership Team has a Risk
Committee to assist in meeting its overall
responsibility for risk management. The Risk
Committee comprises representatives from
each functional area relevant to ALK’s risk
profile. The Risk Committee meets twice a year
or more, as and when required, to perform
its tasks. Risks are systematically assessed
according to a two-dimensional matrix, rating
the potential impact and probability of each
risk. A risk management report with key enter-
prise risks and recommended mitigation plans
is presented to the Executive Leadership Team
before it is submitted to the Board of Directors
each year for their review and approval.
The following is a description of ALK’s key
enterprise risks and the main initiatives taken
to mitigate these risks. The risk movements
compared to the previous year are indicated.
Risk impact
The impact of the risk has increased
compared to the year before
The impact of the risk has not
changed compared to the year before
The impact of the risk has decreased
compared to the year before
Management's
review
IntroductionIntroduction
Business Business
strategystrategy
Financial Financial
performanceperformance
Corporate Corporate
mattersmatters
Risk managementRisk management
Corporate Corporate
governance and governance and
ownershipownership
Board of DirectorsBoard of Directors
Executive Executive
Leadership TeamLeadership Team
Sustainability
statement
Financial
statements
Annual Report 2025Risk management 25
Corporate matters
Description
The threat of cyber attacks continues to intensify
globally and ALK is no exception. Disruption to IT
systems, such as severe breaches of data secu-
rity, may occur across the global value chain,
where well-functioning IT systems and infra-
structure are critical for the company’s ability to
operate effectively.
Risk mitigation
ALK has an IT and cybersecurity strategy in
place to prevent intruders from causing damage
to systems or gaining access to critical data
and systems. ALK continuously invests in
upgrading IT security. Awareness campaigns,
access controls, intrusion detection, prevention
systems, and IT disaster recovery plans have
all been implemented. Further initiatives are
planned, and systems are regularly upgraded to
increase network security.
2025 movement
The impact of the risk has not changed
compared to the year before
Severe IT security breaches
Description
The degree of market approval and accept-
ance for a new product, or a new indication
for an existing product, depends on several
factors, including the demonstration of clinical
efficacy and safety, cost-effectiveness, reim-
bursement/market access, convenience and
ease of administration, potential advantages
over alternative treatment methods, competi-
tion, and marketing and distribution support. If
ALK’s products, primarily tablets and anaphy-
laxis products, fail to achieve acceptance in
major markets, this could have a significant
impact on the company’s ability to generate
revenue.
ALK’s strategic commercial partnerships
and collaboration agreements expose the
company to risks related to partner perfor-
mance, alignment of strategic objectives
and execution capabilities. Partnerships
for co-promotion, development, or regional
commercialisation may fail to deliver expected
results due to operational challenges, insuf-
ficient market performance or collaboration
issues. Failure of key partners to meet contrac-
tual obligations could adversely affect reve-
nues, market presence, and strategic growth
plans.
Price pressures mandated by authorities can
have a significant impact on the company’s
earning capacity. In most of the countries in
which ALK operates, prescription drugs are
subject to reimbursement from, and price
controls by national authorities and health-
care providers. This often results in significant
price differences between individual markets.
Exceptionally, governments and national
authorities may introduce permanent or
temporary economic measures that also affect
the pricing and reimbursement of medicines,
for example, because of a major economic
downturn.
Fluctuations in geo-political stability, trade
relations, or regulatory environments in key
regions may disrupt business operations, and
market access, leading to potential financial
losses and reputational damage for ALK.
Risk mitigation
ALK closely monitors economic, market and
regulatory developments as they relate to
product pricing, along with the competi-
tive situation and initiatives in all important
markets. ALK regularly conducts surveys of
market conditions and commits significant
resources to providing information on allergy
treatment to doctors and patients. ALK
continues its focus on market access strate-
gies, especially in the USA, Spain, Canada, and
UK.
ALK mitigates commercial partnership risks
through structured governance frameworks,
including Joint Steering Committees, regular
performance and milestone reviews, and
escalation mechanisms to address under-
performance. Additional mitigating actions
include proactive monitoring of sales trends,
implementation of corrective commercial
measures, enhanced clinical execution and
regulatory engagement.
ALK actively engages in dialogue with author-
ities with the aim of securing fair pricing and
reimbursement agreements and maintains a
strong focus on its market access strategy.
ALK is strongly committed to evidence-based
medicine, based on strong clinical and health
economic evidence as the basis for pricing and
reimbursement.
ALK consistently monitors the geo-political land-
scape and proactively implements mitigating
measures in pertinent regions as needed.
2025 movement
The impact of the risk has increased
compared to the year before
Commercial risks impacting revenue growth
Management's
review
Introduction
Business
strategy
Financial
performance
Corporate
matters
Risk management
Corporate
governance and
ownership
Board of Directors
Executive
Leadership Team
Sustainability
statement
Financial
statements
Annual Report 2025Risk management 26
Description
ALK’s products are subject to many statutory
and regulatory requirements with respect to
issues such as safety, efficacy, and quality. The
products may be associated with side-effects
such as allergic reactions of varying extent,
duration, and severity. Meeting pharmaceu-
tical quality standards is a prerequisite for
the company’s ability to supply products and
hence its competitive strength, and for the
company’s earnings and sales.
As ALK continues to rationalise its product
portfolio, there may be risks associated with
the discontinuation of its products. Among
others, these may include potential production
interruptions at manufacturing sites during
decommissioning and change-over work, loss
of sales from products for which no suitable
ALK substitute product exists, or inability to
meet sudden spikes in demand for other prod-
ucts due to patients switching from discon-
tinued products.
As part of its supply chain, ALK is dependent
on selected key third parties for key production
processes and supplies, which poses a risk
for ALK’s ability to deliver products, especially
tablets, to the markets.
Risk mitigation
ALK stringently monitors product and manufac-
turing quality compliance and safety via quality
assurance, pharmacovigilance and sales and
marketing activities. If, despite the high levels
of quality and safety, a situation should occur
in which it is necessary to recall a product, ALK
has procedures in place to ensure that this
can be managed swiftly and effectively and
in accordance with regulatory requirements.
Production and manufacturing processes are
subject to periodic and routine inspections by
regulatory authorities as a regular part of their
monitoring to ensure that ALK observes the
prescribed requirements and standards.
ALK has invested significantly in recent years
to increase the robustness and compliance
of the legacy business by reducing manufac-
turing complexity, and all possible steps are
taken during portfolio rationalisation work to
mitigate any potential impact on other areas
of manufacturing or the wider business. ALK
conducts risk planning including the prevention
of unwanted events, and preventive inventory
management.
ALK manages key third-party dependency
risks through long-term contracts, diligent
production forecasting, monitoring, and joint
steering committees. ALK continuously moni-
tors its dependencies on key third parties and
considers relevant risk mitigation measures
including alternative supply setups.
2025 movement
The impact of the risk has not changed
compared to the year before
Production and quality issues impacting product supply and patient safety
Description
ALK is dependent on being able to attract and
retain employees across all key functions and
markets to deliver on its strategy. Failure to
attract, develop and retain the right talents may
have a material impact on the company’s market
and research efforts.
Risk mitigation
Among other things, ALK manages this risk by
fostering an inclusive culture, continuously moni-
toring and improving employee engagement,
offering its staff opportunities to develop their
professional competencies, and by continuously
monitoring the total reward packages against
the market. ALK is also focusing increasingly on
how to position itself as an attractive employer,
and how best to identify, attract and recruit
future global and local talents with the skills and
capabilities that will be required in the future.
2025 movement
The impact of the risk is decreasing
compared to the year before
Talent retention and attraction
Management's
review
Introduction
Business
strategy
Financial
performance
Corporate
matters
Risk management
Corporate
governance and
ownership
Board of Directors
Executive
Leadership Team
Sustainability
statement
Financial
statements
Annual Report 2025Risk management 27
Description
The future success of ALK depends on the compa-
ny’s ability to maintain current products and to
successfully identify, develop and market new,
innovative drugs.
A pharmaceutical product must be subjected to
extensive and lengthy clinical trials to document
qualities such as safety and efficacy before it can
be approved for marketing. During the develop-
ment process, the outcomes of these trials are
subject to significant risks. Even though substan-
tial resources are invested in the development
process, the trials may produce negative results.
The risk fluctuates over time in line with the extent
and nature of ALK’s product development activ-
ities.
Failures or delays in the development process,
or in obtaining regulatory approvals, may have
a major impact on patients who are not able to
benefit from the products, and on ALK’s ability to
achieve its long-term goals.
Risk mitigation
ALK and its collaboration partners carry out
thorough risk assessments of their research and
development programmes throughout the devel-
opment and registration processes, in the inter-
ests of risk mitigation to maximise the likelihood of
the products reaching the market.
ALK’s Scientific Committee is responsible for other
patient/product-related innovation activities.
The committee provides instrumental strategic
sparring on matters relating to R&D activities and
other patient/product-related innovation, including
reviewing R&D programmes and the overall R&D
pipeline.
2025 movement
The impact of the risk has increased
compared to the year before
Description
Compliance requirements are generally
increasing in many areas, and as ALK expands
into more markets, the company is exposed
to more complex compliance requirements.
Non-compliance with applicable regulations
and legislation, or ALK’s Code of Conduct, could
negatively impact the company’s good reputation
which is essential to operating within the pharma-
ceutical industry. Patents and other intellectual
property rights are important for developing and
retaining ALK’s competitive strength.
Risk mitigation
ALK strives to act professionally and with high
integrity throughout the company in its deal-
ings with stakeholders. ALK’s Code of Conduct
defines the company’s high standards of ethical
behaviour in relation to customers, employees,
shareholders, society, suppliers, and partners.
A few years ago, ALK established a Compliance
Committee to oversee this work and development.
Each year, all employees are asked to sign and
confirm their knowledge of the Code of Conduct
and to take an online test. ALK has established
a whistleblower scheme which allows for confi-
dential and anonymous internal and external
reporting of potential or suspected wrongdoing.
Immediate action is taken on substantiated
non-compliance.
Internal controls and policies are in place to
safeguard ALK’s intellectual property rights. The
risk that ALK might infringe patents or trademark
rights held by other companies, along with the risk
that other companies might attempt to infringe
ALK’s own patents and/or trademark rights, are
monitored and, if necessary, suitable measures
are taken.
2025 movement
The impact of the risk has not changed
compared to the year before
Breaches of legal or ethical standards Failures or delays in product development
Management's
review
Introduction
Business
strategy
Financial
performance
Corporate
matters
Risk management
Corporate
governance and
ownership
Board of Directors
Executive
Leadership Team
Sustainability
statement
Financial
statements
Annual Report 2025Risk management 28
Corporate governance and ownership
Meeting attendance and competency matrix
Name (male/female)
Board
meetings
Audit Committee
meetings
Remuneration &
Nomination Committee
meetings
Scientific Committee
meetings
Core
Competencies
Anders Hedegaard (m) ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ●
Lene Skole (f)
2
● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ●
Gitte Aabo (f) ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ●
Lars Holmqvist (m)
2
● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ●
Jesper Høiland (m) ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ●
Bertil Lindmark (m) ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ●
Alan Main (m) ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ●
Katja Barnkob (f)
1
● ● ● ● ● ● ● ● ● ●
Nanna Rassov Carlson (f)
1
● ● ● ● ● ● ● ● ● ●
Lise Lund Mærkedal (f)
1
● ● ● ● ● ● ● ● ● ●
Johan Smedsrud (m)
1
● ● ● ● ● ● ● ● ● ●
1
employee-elected
2
Non-independent
Corporate governance
ALK’s Corporate Governance report, available
at https://ir.alk.net/corporate-governance
and prepared pursuant to section 107b of the
Danish Financial Statements Act, forms part
of Management’s review in the Annual Report
2025. It describes ALK’s two-tier governance
structure—covering the Board’s composition,
competences, activities, self-assessment, and
remuneration—and key elements of internal
control and risk management related to finan-
cial reporting. The report also outlines ALK’s
compliance status with the Recommenda-
tions for Corporate Governance issued by the
Danish Committee on Corporate Governance in
December 2020 and implemented by Nasdaq
Copenhagen.
Board and management composition
The Board of Directors consists of 11 non-ex-
ecutive members: seven shareholder-elected
at the Annual General Meeting (AGM) for
one-year terms, and four employee-elected
for four-year terms (last elected in 2023). No
member of the Board of Management serves
on the Board of Directors.
At the 2025 AGM, all shareholder-elected
board members were re-elected. The Board
has a preponderance of independent share-
holder-elected members; five of seven in 2025
are considered independent under the Danish
Committee on Corporate Governance defini-
tions.
By 30 June 2026, ALK is to target gender
balance among its shareholder-elected and
employee-elected board members, respec-
tively. Among the four employee-elected
members, three are female (75%) and one is
male (25%). Among the seven shareholder-
elected members, two are women (29%) and
Meeting attendance
● Attended
● Absent
Competencies
Core competencies
● Executive experience in a global company
● Life science industry
● Consumer healthcare / OTC
● Financial / Risk
● Commercial
● Digitalisation
● Experience with US market
● Research & Development
Role competencies:
Chair & Vice Chair
● Experience at CEO level
● Board experience from other companies
Management's
review
Introduction
Business
strategy
Financial
performance
Corporate
matters
Risk management
Corporate
governance and
ownership
Board of Directors
Executive
Leadership Team
Sustainability
statement
Financial
statements
Annual Report 2025Corporate governance and ownership 29
five are men (71%). The current composition of
the shareholder-elected board members is not
considered an equal gender representation as
defined by the Gender Balance Act.
ALK’s Board of Management registered with
the Danish Business Authority has equal
gender representation, as defined by the
Gender Balance Act, with a composition of
three members, of which one (33%) is female.
For the Executive Leadership Team ("ELT")
members and their direct reports in manage-
ment positions employed in the Danish parent
company, the underrepresented gender
represents 38% (21 males and 13 females).
ALK has a target of reaching a gender balance
with at least 40% of the underrepresented
gender by 2028.
The members of the Board of Directors are
presented on pages 33–34 and ALK’s Executive
Leadership Team is introduced on pages 35-36
of this annual report.
to ALK and sustainability knowledge is inte-
grated into board committees and the Board
itself. External advice on specific sustainability
topics is obtained, if needed.
1
To assess whether all core competencies
required are adequately represented, each
shareholder-elected member of the Board has
been asked to identify the primary compe-
tences they bring to the Board, in the context
of ALK’s long-term strategy. Employee-elected
members are not part of the competency
assessment. For the Chair and Vice Chair, two
additional role-specific competences have
been identified.
Remuneration
Remuneration of the Board of Directors and
the Board of Management is determined in
accordance with ALK’s remuneration policy as
adopted by the AGM in March 2024. The policy
is prepared in accordance with sections 139
and 139a of the Danish Companies Act as well
as items 4.1.1 - 4.1.6 of the latest Danish Corpo-
rate Governance Recommendations.
ALK-Abelló A/S
Bøge Allé 6-8, DK-2970 Hørshol m, Denmark,
CVR no. 63 71 79 16
Pioneers
of allergy
solutions
Remuneration report 2025
Read the full Remuneration
report 2025
ALK-Abelló A/S
Bøge Allé 6-8, DK-2970 Hørshol m, Denmark,
CVR no. 63 71 79 16
cf. art. 107b of the Danish Financial Statement Act
Corporate Governance
report 2025
Read the full Corporate
Governance report 2025
Management's
review
Introduction
Business
strategy
Financial
performance
Corporate
matters
Risk management
Corporate
governance and
ownership
Board of Directors
Executive
Leadership Team
Sustainability
statement
Financial
statements
Annual Report 2025Corporate governance and ownership 30
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Index
70
90
110
130
150
170
Remuneration
Amounts in DKKt 2025 2024
Board of Directors
Base fee 5,600 4,90 0
Committee fees 1,190 1,138
Total 6,790 6,038
Board of Management
Base salary 17,916 17,593
Short-term incentives (cash bonus) 14,737 13,320
Pension and benefits 3,357 3,364
Long-term incentives (grant value) 7,372 6,877
Total remuneration excluding extraordinary elements 43,382 41,154
Termination payment 6,864 -
Total remuneration including extraordinary elements 50,246 41,154
The ALK share in 2025
ALK OMXC25 (indexed) Pharma, biotech and life sciences (NBI-NAS, indexed)
Shareholder base
ALK aims for a diversified shareholder base
by geography, investment profile, and time
horizon, aligned with its long term strategy.
To support fair valuation and liquidity, ALK
regularly discloses relevant information on
strategy, performance, market developments,
and R&D.
At 31 December 2025, ALK had 34,777 regis-
tered shareholders (37,215) owning 98.4%
of the share capital (97.8%). Most large,
Management's
review
Introduction
Business
strategy
Financial
performance
Corporate
matters
Risk management
Corporate
governance and
ownership
Board of Directors
Executive
Leadership Team
Sustainability
statement
Financial
statements
Annual Report 2025Corporate governance and ownership 31
registered shareholders were institutional
investors, mainly in Denmark, other European
countries, and North America. Excluding the
Lundbeck Foundation’s holding and treasury
shares, 59.2% of the B shares are free float.
Return to shareholders
ALK is listed on Nasdaq Copenhagen (ticker
symbol ALK B). The year-end, closing price
was DKK 229 versus DKK 159 in 2024 (+ 44%).
The market value of the B shares (excluding
treasury shares) was DKK 46.0 billion (32.0).
Dividend and capital structure
Considering ALK’s financial situation with a
comfortable net cash position and expected
strong cash flows, the Board of Directors
recommends resuming dividend payments to
reward shareholders directly. At the upcoming
Annual General Meeting in March 2026, the
Board of Directors proposes distribution of
approximately 30% of net profit after tax
for 2025 as dividends. The Board of Direc-
tors continuously assesses ALK’s financial
resources to ensure sufficient funds for
Financial calendar 2026
Annual General Meeting 16 March
Three-month interim report (Q1) 5 May
Six-month interim report (Q2) 20 August
Nine-month interim report (Q3) 18 November
executing ALK’s strategy, including emerging
business development, in-licensing, M&A,
and other investment needs. At end 2025, net
interest bearing debt (NIBD) was DKK -822
million and NIBD/EBITDA -0.4 (0.4), well below
the long term target of maximum two.
The Board of Directors is authorised to increase
the share capital by up to DKK 11,141,196,
with or without pre emption rights for existing
shareholders, until 15 March 2027, and to let
the company acquire B shares with a nominal
value up to DKK 11,141,196 until 22 March 2028,
at up to ±10% of the official quoted price.
Investor Relations
In 2025, ALK participated in numerous meet-
ings, calls, conferences, and seminars with
analysts and investors. Regulated announce-
ments and investor news, reports, pres-
entations, call recordings, share price data,
analysts’ estimates, and related information
are available on ALK’s website. Registered
shareholders are encouraged to sign up via the
InvestorPortal.
Share information
Number A shares AA shares B shares Total
Share capital (DKK) 9,2 07,6 0 0 920,760 101,283,60 0 111,411,96 0
No. of shares 18,415,200 1,841,520 202,567,200 222,823,920
Voting rights Each share carries
10 votes
Each share carries
10 votes
Each share carries
1 vote
Shareholder overview as at 31 December 2025
A shares
(Number)
AA shares
(Number)
B shares
(Number)
Total
(Number)
Ownership
interest
(%)
Votes
(%)
Lundbeck Foundation
1
(Copenhagen, Denmark)
18,414,400 1,841,440 69,496,540 89,752,380 40.3% 67.2%
ALK (treasury shares)
2
1,261,283 1,261,283 0.6%
Board of Directors and
Board of Management
65,930 65,930 < 0.1% <0.1%
Other 800 80 131,743,447 131,744,327 59.0% 32.7%
1
This shareholder has reported to ALK that they held 5% or more of the shares on 31 December 2025.
2
To meet obligations to deliver shares under the management incentive programmes, ALK holds a number of its own shares. The holding was reduced in 2024 following the settlement of share option
and performance share programmes.
Management's
review
Introduction
Business
strategy
Financial
performance
Corporate
matters
Risk management
Corporate
governance and
ownership
Board of Directors
Executive
Leadership Team
Sustainability
statement
Financial
statements
Annual Report 2025Corporate governance and ownership 32
Anders Hedegaard
(1960, Danish, male)
Lene Skole
(1959, Danish, female)
Gitte Aabo
(1967, Danish, female)
Lars Holmqvist
(1959, Swedish, male)
Jesper Høiland
(1960, Danish, male)
Professional board member
Chair
Independent
Board member since 2020
1
Chair of the Remuneration & Nomination
Committee
Member of the Scientific Committee
The Lundbeck Foundation, CEO and direc-
torships at two other subsidiaries
Vice Chair
Not independent
Board member since 2014
1
Member of the Remuneration & Nomination
Committee
Member of the Scientific Committee
Professional board member
Independent
Board member since 2021
1
Chair of the Audit Committee
Professional board member
Not independent
Board member since 2015
1
Member of the Audit Committee
Strategic adviser, PharmaCo Consult ApS
Independent
Board member since 2023
1
Member of the Audit Committee
1
All members elected by the Annual General Meeting are up for re-election each year.
3
Directorships do not include those for companies that are personally owned, fully or partly, by members of the Board of Directors.
4
Board positions included in the position as CEO of the Lundbeck Foundation.
Board of Directors
Management's
review
Introduction
Business
strategy
Financial
performance
Corporate
matters
Risk management
Corporate
governance and
ownership
Board of Directors
Executive
Leadership Team
Sustainability
statement
Financial
statements
Annual Report 2025Board of Directors 33
Bertil Lindmark
(1955, Swedish, male)
Alan Main
(1963, British, male)
Katja Barnkob
(1969, Danish, female)
Nanna Rassov Carlson
(1976, Danish, female)
Johan Smedsrud
(1972, Danish, male)
Lise Lund Mærkedahl
(1967, Danish, female)
Chief Medical Officer, Vicore
Pharma Holding AB
Independent
Board member since 2021
1
Chair of the Scientific Committee
Senior Adviser,
Canson Capital Partners
Independent
Board member since 2022
1
Member of the Remuneration &
Nomination Committee
Senior Project Director, Global Cli-
nical Development, ALK-Abello A/S
Board member since 2011
Employee-elected
Senior Manager, QA Release,
ALK-Abelló A/S
Board member since 2019
Employee-elected
Senior Maintenance Supporter,
Process & Production Support,
ALK-Abelló A/S
Board member since 2019
Employee-elected
Project Director, Global Clinical
Development, ALK-Abelló A/S
Board member since 2023
Employee-elected
1
All members elected by the Annual General Meeting are up for re-election each year.
3
Directorships do not include those for companies that are personally owned, fully or partly, by members of the Board of Directors.
Management's
review
Introduction
Business
strategy
Financial
performance
Corporate
matters
Risk management
Corporate
governance and
ownership
Board of Directors
Executive
Leadership Team
Sustainability
statement
Financial
statements
Annual Report 2025Board of Directors 34
Peter Halling
(1977, Danish)
Claus Steensen Sølje
(1972, Danish)
Henriette Mersebach
(1971, Danish)
Flora Beiche-Scholz
(1970, German)
Edward Jordan
(1967, American)
Registered with the Danish
Business authority as member of
t
he Board of Management.
President & CEO
Registered with the Danish
Business authority as member of
t
he Board of Management.
Executive Vice President &
CFO
Registered with the Danish
Business authority as member of
t
he Board of Management.
Executive Vice President,
Research & Development
Executive Leadership Team
Executive Vice President, Commer-
cial Operations Europe
Executive Leadership Team
Executive Vice President Commer-
cial Operations North America
Competences
Executive management experience
with a strong commercial, interna-
tional , and strategic background
from life-sciences, pharmaceutical
and healthcare industries.
Peter Halling holds a master's
degree in International Marketing
& Management from Copenhagen
Business School from 2003.
Competences
International experience in
management, finance, and other
CFO-related areas in the pharma-
ceutical/med tech industry.
Claus Steensen Sølje holds a
master's degree in Economics from
the University of Copenhagen from
1999.
Competences
Experience in management, innova-
tion, and research & development in
the pharmaceutical industry.
Henriette Mersebach holds a
master's degree in Medicine from
1998 and a PhD in Medicine from
2004.
Competences
International experience in leading
transformations and delivering
strong commercial execution and
growth.
Dr. Flora Beiche-Scholz holds
a degree and a Ph.D. in biology
from the University of Erlangen,
Germany.
Competences
Experience with US commercial
strategy and execution, product
launches, establishing biopharma-
ceutical companies in the US, and
therapeutic market development in
the industry.
Edward Jordan holds an MBA from
Southern New Hampshire Univer-
sity and dual bachelor’s degrees
in finance and insurance from the
University of Rhode Island.
Directorships
1
The Danish Chamber of
Commerce: Board member
Directorships
1
Sonion A/S: Board member and
member of the Remuneration &
Nomination Committee
UV Medico A/S: Board member
Directorships
1
Versatope Therapeutics: Baard
member
1
Directorships do not include those for companies that are personally owned, fully or partly, by members of the Executive Leadership Team.
Executive Leadership Team
Management's
review
Introduction
Business
strategy
Financial
performance
Corporate
matters
Risk management
Corporate
governance and
ownership
Board of Directors
Executive
Leadership Team
Sustainability
statement
Financial
statements
Annual Report 2025Executive Leadership Team 35
Christian G. Houghton
(1964, Danish)
Lika Thiesen
(1975, Danish)
Jacob Glenting
(1974, Danish)
Jan Engel Jensen
(1966, Danish)
Executive Leadership Team
Executive Vice President,
Product Supply
Executive Leadership Team
Executive Vice President,
Global People & Organisation
Executive Leadership Team
Senior Vice President,
Corporate, Portfolio & Product
Strategy
Executive Leadership Team
Senior Vice President,
Global Quality
Competences
Experience within development of
biopharmaceutical products and
specialised in CMC development
and supply operations.
Christian G. Houghton holds a
master's degree in chemical
engineering from DTU – Technical
University of Denmark.
Competences
Experience in organisational
change, people strategy and HR
programme implementation from
different stock-listed and equity-
owned companies.
Lika Thiesen holds a master's
degree and a PhD in Public Adminis-
tration from Northern Illinois Univer-
sity, USA.
Competences
Experience in pharmaceutical
commercialisation, research &
development, marketing, business
development, strategy, and general
management.
Jacob Glenting holds a master's
degree in biochemistry, and a PhD
in vaccine development.
Competences
Experience within quality assurance
from the medical and pharmaceu-
tical industry.
Jan Engel Jensen holds bachelor’s
degrees in Production Manage-
ment, Business Administration,
and a master's degree in Quality
Management in Scientific R&D.
Directorships
1
Appointed Chair of the Danish Phar-
macopoeia Commission, Danish
Medicines Agency
Directorships
1
Qlife, Sweden: Board member
1
Directorships do not include those for companies that are personally owned, fully or partly, by members of the Executive Leadership Team.
Expansion of the Executive
Leadership Team
In 2025, ALK included the two key commercial
regions, Europe and North America, in the Executive
Leadership Team (ELT) to further strengthen the
execution of ALK’s strategy, Allergy
+
.
Effective 1 October 2025, Flora Beiche-Scholz,
former Senior Vice President for ALK’s region
Europe, joined the ELT in a new position as Exec-
utive Vice President (EVP) and head of ALK’s
Commercial Operations in Europe.
Effective 5 January 2026, Edward Jordan was
appointed as new Executive Vice President (EVP)
and head of Commercial Operations in North
America.
Following the decision to elevate the two key
commercial regions into ELT, Søren Niegel, former
Executive Vice president, Commercial Operations,
was deregistered from the Danish company register
as per 1 October 2025 and he left ALK at the end of
December 2025.
Søren Niegel had been with ALK since 2012 contrib-
uting considerably to ALK’s overall leadership and
success.
Management's
review
Introduction
Business
strategy
Financial
performance
Corporate
matters
Risk management
Corporate
governance and
ownership
Board of Directors
Executive
Leadership Team
Sustainability
statement
Financial
statements
Annual Report 2025Executive Leadership Team 36
Through its mission to improve the lives of people with allergy, ALK is
committed to conducting business in a responsible and sustainable
manner. The sustainability statement, a core part of ALK’s Annual
report, is prepared in accordance with the EU Corporate Sustainability
Reporting Directive (CSRD) and the European Sustainability Reporting
Standards (ESRS). Based on a double materiality assessment,
the statement covers ALK’s material environmental, social, and
governance (ESG) topics.
Management's
review
Sustainability
statement
General General
informationinformation
Environmental Environmental
informationinformation
Social Social
informationinformation
Governance Governance
informationinformation
AppendixAppendix
Financial
statements
Annual Report 2025 37
Management's
review
Sustainability
statement
General General
informationinformation
Basis for Basis for
preparationpreparation
Sustainability Sustainability
governancegovernance
Stakeholder Stakeholder
engagementengagement
Materiality Materiality
assessment processassessment process
Material impacts, Material impacts,
risks and risks and
opportunitiesopportunities
Environmental Environmental
informationinformation
Social Social
informationinformation
Governance Governance
informationinformation
AppendixAppendix
Financial
statements
Annual Report 2025 38General information
General information
Management's
review
Sustainability
statement
General
information
Basis for
preparation
Sustainability
governance
Stakeholder
engagement
Materiality
assessment
process
Material impacts,
risks and
opportunities
Environmental
information
Social
information
Governance
information
Appendix
Financial
statements
Annual Report 2025General information 39
Management's
review
Sustainability
statement
General
information
Basis for
preparation
Sustainability
governance
Stakeholder
engagement
Materiality
assessment
process
Material impacts,
risks and
opportunities
Environmental
information
Social
information
Governance
information
Appendix
Financial
statements
Annual Report 2025General information 40
Management's
review
Sustainability
statement
General
information
Basis for
preparation
Sustainability
governance
Stakeholder
engagement
Materiality
assessment
process
Material impacts,
risks and
opportunities
Environmental
information
Social
information
Governance
information
Appendix
Financial
statements
Annual Report 2025General information 41
Management's
review
Sustainability
statement
General
information
Basis for
preparation
Sustainability
governance
Stakeholder
engagement
Materiality
assessment
process
Material impacts,
risks and
opportunities
Environmental
information
Social
information
Governance
information
Appendix
Financial
statements
Annual Report 2025General information 42
Impact Materiality
Management's
review
Sustainability
statement
General
information
Basis for
preparation
Sustainability
governance
Stakeholder
engagement
Materiality
assessment
process
Material impacts,
risks and
opportunities
Environmental
information
Social
information
Governance
information
Appendix
Financial
statements
Annual Report 2025General information 43
Management's
review
Sustainability
statement
General General
informationinformation
Environmental Environmental
informationinformation
Climate changeClimate change
PollutionPollution
WaterWater
Biodiversity and Biodiversity and
ecosystemsecosystems
Resource use and Resource use and
circular economycircular economy
EU TaxonomyEU Taxonomy
Accounting policies Accounting policies
– Environmental – Environmental
informationinformation
Social Social
informationinformation
Governance Governance
informationinformation
AppendixAppendix
Financial
statements
Annual Report 2025 44Environmental information
Environmental information
Upstream
Own
operations
Downstream
Short-term
Medium-term
Long-term
Management's
review
Sustainability
statement
General
information
Environmental
information
Climate change
Pollution
Water
Biodiversity and
ecosystems
Resource use and
circular economy
EU Taxonomy
Accounting policies
– Environmental
information
Social
information
Governance
information
Appendix
Financial
statements
Annual Report 2025 45Environmental information
Management's
review
Sustainability
statement
General
information
Environmental
information
Climate change
Pollution
Water
Biodiversity and
ecosystems
Resource use and
circular economy
EU Taxonomy
Accounting policies
– Environmental
information
Social
information
Governance
information
Appendix
Financial
statements
Annual Report 2025 46Environmental information
Management's
review
Sustainability
statement
General
information
Environmental
information
Climate change
Pollution
Water
Biodiversity and
ecosystems
Resource use and
circular economy
EU Taxonomy
Accounting policies
– Environmental
information
Social
information
Governance
information
Appendix
Financial
statements
Annual Report 2025 47Environmental information
0,0
1,5
1
1
1
1
1
1
Management's
review
Sustainability
statement
General
information
Environmental
information
Climate change
Pollution
Water
Biodiversity and
ecosystems
Resource use and
circular economy
EU Taxonomy
Accounting policies
– Environmental
information
Social
information
Governance
information
Appendix
Financial
statements
Annual Report 2025 48Environmental information
Management's
review
Sustainability
statement
General
information
Environmental
information
Climate change
Pollution
Water
Biodiversity and
ecosystems
Resource use and
circular economy
EU Taxonomy
Accounting policies
– Environmental
information
Social
information
Governance
information
Appendix
Financial
statements
Annual Report 2025 49Environmental information
Upstream
Own
operations
Downstream
Short-term
Medium-term
Long-term
Management's
review
Sustainability
statement
General
information
Environmental
information
Climate change
Pollution
Water
Biodiversity and
ecosystems
Resource use and
circular economy
EU Taxonomy
Accounting policies
– Environmental
information
Social
information
Governance
information
Appendix
Financial
statements
Annual Report 2025 50Environmental information
Upstream
Own
operations
Downstream
Short-term
Medium-term
Long-term
Management's
review
Sustainability
statement
General
information
Environmental
information
Climate change
Pollution
Water
Biodiversity and
ecosystems
Resource use and
circular economy
EU Taxonomy
Accounting policies
– Environmental
information
Social
information
Governance
information
Appendix
Financial
statements
Annual Report 2025 51Environmental information
Management's
review
Sustainability
statement
General
information
Environmental
information
Climate change
Pollution
Water
Biodiversity and
ecosystems
Resource use and
circular economy
EU Taxonomy
Accounting policies
– Environmental
information
Social
information
Governance
information
Appendix
Financial
statements
Annual Report 2025 52Environmental information
Upstream
Own
operations
Downstream
Short-term
Medium-term
Long-term
Management's
review
Sustainability
statement
General
information
Environmental
information
Climate change
Pollution
Water
Biodiversity and
ecosystems
Resource use and
circular economy
EU Taxonomy
Accounting policies
– Environmental
information
Social
information
Governance
information
Appendix
Financial
statements
Annual Report 2025 53Environmental information
Upstream
Own
operations
Downstream
Short-term
Medium-term
Long-term
Management's
review
Sustainability
statement
General
information
Environmental
information
Climate change
Pollution
Water
Biodiversity and
ecosystems
Resource use and
circular economy
EU Taxonomy
Accounting policies
– Environmental
information
Social
information
Governance
information
Appendix
Financial
statements
Annual Report 2025 54Environmental information
Management's
review
Sustainability
statement
General
information
Environmental
information
Climate change
Pollution
Water
Biodiversity and
ecosystems
Resource use and
circular economy
EU Taxonomy
Accounting policies
– Environmental
information
Social
information
Governance
information
Appendix
Financial
statements
Annual Report 2025 55Environmental information
Management's
review
Sustainability
statement
General
information
Environmental
information
Climate change
Pollution
Water
Biodiversity and
ecosystems
Resource use and
circular economy
EU Taxonomy
Accounting policies
– Environmental
information
Social
information
Governance
information
Appendix
Financial
statements
Annual Report 2025 56Environmental information
Management's
review
Sustainability
statement
General
information
Environmental
information
Climate change
Pollution
Water
Biodiversity and
ecosystems
Resource use and
circular economy
EU Taxonomy
Accounting policies
– Environmental
information
Social
information
Governance
information
Appendix
Financial
statements
Annual Report 2025 57Environmental information
Management's
review
Sustainability
statement
General
information
Environmental
information
Climate change
Pollution
Water
Biodiversity and
ecosystems
Resource use and
circular economy
EU Taxonomy
Accounting policies
– Environmental
information
Social
information
Governance
information
Appendix
Financial
statements
Annual Report 2025 58Environmental information
Management's
review
Sustainability
statement
General General
informationinformation
Environmental Environmental
informationinformation
Social Social
informationinformation
Own workforce Own workforce
Workers in the value Workers in the value
chainchain
Consumers and Consumers and
end-usersend-users
Accounting policies Accounting policies
– Social information– Social information
Governance Governance
informationinformation
AppendixAppendix
Financial
statements
Annual Report 2025 59Social information
Social information
Upstream
Own
operations
Downstream
Short-term
Medium-term
Long-term
Management's
review
Sustainability
statement
General
information
Environmental
information
Social
information
Own workforce
Workers in the value
chain
Consumers and
end-users
Accounting policies
– Social information
Governance
information
Appendix
Financial
statements
Annual Report 2025 60Social information
Upstream
Own
operations
Downstream
Short-term
Medium-term
Long-term
Management's
review
Sustainability
statement
General
information
Environmental
information
Social
information
Own workforce
Workers in the value
chain
Consumers and
end-users
Accounting policies
– Social information
Governance
information
Appendix
Financial
statements
Annual Report 2025 61Social information
Management's
review
Sustainability
statement
General
information
Environmental
information
Social
information
Own workforce
Workers in the value
chain
Consumers and
end-users
Accounting policies
– Social information
Governance
information
Appendix
Financial
statements
Annual Report 2025 62Social information
Upstream
Own
operations
Downstream
Short-term
Medium-term
Long-term
Management's
review
Sustainability
statement
General
information
Environmental
information
Social
information
Own workforce
Workers in the value
chain
Consumers and
end-users
Accounting policies
– Social information
Governance
information
Appendix
Financial
statements
Annual Report 2025 63Social information
Management's
review
Sustainability
statement
General
information
Environmental
information
Social
information
Own workforce
Workers in the value
chain
Consumers and
end-users
Accounting policies
– Social information
Governance
information
Appendix
Financial
statements
Annual Report 2025 64Social information
Upstream
Own
operations
Downstream
Short-term
Medium-term
Long-term
Management's
review
Sustainability
statement
General
information
Environmental
information
Social
information
Own workforce
Workers in the value
chain
Consumers and
end-users
Accounting policies
– Social information
Governance
information
Appendix
Financial
statements
Annual Report 2025 65Social information
Management's
review
Sustainability
statement
General
information
Environmental
information
Social
information
Own workforce
Workers in the value
chain
Consumers and
end-users
Accounting policies
– Social information
Governance
information
Appendix
Financial
statements
Annual Report 2025 66Social information
Upstream
Own
operations
Downstream
Short-term
Medium-term
Long-term
Upstream
Own
operations
Downstream
Short-term
Medium-term
Long-term
Management's
review
Sustainability
statement
General
information
Environmental
information
Social
information
Own workforce
Workers in the value
chain
Consumers and
end-users
Accounting policies
– Social information
Governance
information
Appendix
Financial
statements
Annual Report 2025 67Social information
Management's
review
Sustainability
statement
General
information
Environmental
information
Social
information
Own workforce
Workers in the value
chain
Consumers and
end-users
Accounting policies
– Social information
Governance
information
Appendix
Financial
statements
Annual Report 2025 68Social information
Management's
review
Sustainability
statement
General
information
Environmental
information
Social
information
Own workforce
Workers in the value
chain
Consumers and
end-users
Accounting policies
– Social information
Governance
information
Appendix
Financial
statements
Annual Report 2025 69Social information
Management's
review
Sustainability
statement
General
information
Environmental
information
Social
information
Own workforce
Workers in the value
chain
Consumers and
end-users
Accounting policies
– Social information
Governance
information
Appendix
Financial
statements
Annual Report 2025 70Social information
Management's
review
Sustainability
statement
General
information
Environmental
information
Social
information
Own workforce
Workers in the value
chain
Consumers and
end-users
Accounting policies
– Social information
Governance
information
Appendix
Financial
statements
Annual Report 2025 71Social information
Upstream
Own
operations
Downstream
Short-term
Medium-term
Long-term
Management's
review
Sustainability
statement
General General
informationinformation
Environmental Environmental
informationinformation
Social Social
informationinformation
Governance Governance
informationinformation
Business conduct Business conduct
Accounting policies Accounting policies
– Governance – Governance
informationinformation
AppendixAppendix
Financial
statements
Annual Report 2025 72Governance information
Governance information
Management's
review
Sustainability
statement
General
information
Environmental
information
Social
information
Governance
information
Business conduct
Accounting policies
– Governance
information
Appendix
Financial
statements
Annual Report 2025 73Governance information
Management's
review
Sustainability
statement
General
information
Environmental
information
Social
information
Governance
information
Business conduct
Accounting policies
– Governance
information
Appendix
Financial
statements
Annual Report 2025 74Governance information
Upstream
Own
operations
Downstream
Short-term
Medium-term
Long-term
Management's
review
Sustainability
statement
General
information
Environmental
information
Social
information
Governance
information
Business conduct
Accounting policies
– Governance
information
Appendix
Financial
statements
Annual Report 2025 75Governance information
Management's
review
Sustainability
statement
General
information
Environmental
information
Social
information
Governance
information
Business conduct
Accounting policies
– Governance
information
Appendix
Financial
statements
Annual Report 2025 76Governance information
Management's
review
Sustainability
statement
General General
informationinformation
Environmental Environmental
informationinformation
Social Social
informationinformation
Governance Governance
informationinformation
AppendixAppendix
Incorporation by Incorporation by
referencereference
Core elements of due Core elements of due
diligencediligence
Content index of Content index of
ESRS disclosure ESRS disclosure
requirementsrequirements
List of datapoints List of datapoints
that derive from that derive from
other EU legislationother EU legislation
EU Taxonomy EU Taxonomy
Financial
statements
Annual Report 2025 77Appendix
Appendix
Management's
review
Sustainability
statement
General
information
Environmental
information
Social
information
Governance
information
Appendix
Incorporation by
reference
Core elements of due
diligence
Content index of
ESRS disclosure
requirements
List of datapoints
that derive from
other EU legislation
EU Taxonomy
Financial
statements
Annual Report 2025 78Appendix
Management's
review
Sustainability
statement
General
information
Environmental
information
Social
information
Governance
information
Appendix
Incorporation by
reference
Core elements of due
diligence
Content index of
ESRS disclosure
requirements
List of datapoints
that derive from
other EU legislation
EU Taxonomy
Financial
statements
Annual Report 2025 79Appendix
Management's
review
Sustainability
statement
General
information
Environmental
information
Social
information
Governance
information
Appendix
Incorporation by
reference
Core elements of due
diligence
Content index of
ESRS disclosure
requirements
List of datapoints
that derive from
other EU legislation
EU Taxonomy
Financial
statements
Annual Report 2025 80Appendix
Management's
review
Sustainability
statement
General
information
Environmental
information
Social
information
Governance
information
Appendix
Incorporation by
reference
Core elements of due
diligence
Content index of
ESRS disclosure
requirements
List of datapoints
that derive from
other EU legislation
EU Taxonomy
Financial
statements
Annual Report 2025 81Appendix
Management's
review
Sustainability
statement
General
information
Environmental
information
Social
information
Governance
information
Appendix
Incorporation by
reference
Core elements of due
diligence
Content index of
ESRS disclosure
requirements
List of datapoints
that derive from
other EU legislation
EU Taxonomy
Financial
statements
Annual Report 2025 82Appendix
Management's
review
Sustainability
statement
General
information
Environmental
information
Social
information
Governance
information
Appendix
Incorporation by
reference
Core elements of due
diligence
Content index of
ESRS disclosure
requirements
List of datapoints
that derive from
other EU legislation
EU Taxonomy
Financial
statements
Annual Report 2025 83Appendix
Management's
review
Sustainability
statement
General
information
Environmental
information
Social
information
Governance
information
Appendix
Incorporation by
reference
Core elements of due
diligence
Content index of
ESRS disclosure
requirements
List of datapoints
that derive from
other EU legislation
EU Taxonomy
Financial
statements
Annual Report 2025 84Appendix
Financial
statements
The Financial Statements of ALK form an integral part of
the Annual Report and have been prepared in accordance
with International Financial Reporting Standards (IFRS) as
adopted by the EU. The accompanying Group and Parent
financial statements provide a true and fair view of ALK’s
financial position, performance, and cash flows for the year
ended 31 December 2025.
Management's
review
Sustainability
statement
Financial
statements
Consolidated Consolidated
financial financial
statementsstatements
Parent company Parent company
financial financial
statementsstatements
StatementsStatements
Other Other
informationinformation
Annual Report 2025 85
87 Income statement
87 Statement of comprehensive income
88 Cash flow statement
89 Balance sheet
90 Statement of changes in equity
91 Notes
125 Definitions
Section 1
Basis of reporting
1.1 Accounting policy information 91
1.2 Significant accounting estimates and judgements 93
Section 2
Results for the year
2.1 Revenue and segment information 94
2.2 Expenses 95
2.3 Depreciation, amortisation and impairment 96
2.4 Staff costs 96
2.5 Fees to the ALK Group’s auditors 97
2.6 Financial income and expenses 97
Section 3
Operating assets and liabilities
3.1 Intangible assets 101
3.2 Property, plant and equipment 103
3.3 Leases 105
3.4 Inventories 107
3.5 Trade receivables 108
3.6 Prepayments 108
3.7 Pensions and similar liabilities 109
3.8 Provisions 111
3.9 Other payables 111
3.10 Contingent liabilities and commitments 112
Section 4
Capital structure and financing
4.1 Share capital and earnings per share 113
4.2 Financial risks and financial instruments 114
Section 5
Other disclosures
5.1 Share-based payments 118
5.2 Cash flow 121
5.3 Business combinations 122
5.4 Related parties 123
5.5 Events after the reporting period 123
5.6 Approval of financial statements 123
5.7 List of companies in the ALK Group 124
NotesContents
Management's
review
Sustainability
statement
Financial
statements
Consolidated Consolidated
financial financial
statementsstatements
Income statementIncome statement
Statement of Statement of
comprehensive comprehensive
incomeincome
Cash flow statementCash flow statement
Balance sheetBalance sheet
Statement of changes Statement of changes
in equityin equity
NotesNotes
DefinitionsDefinitions
Parent company Parent company
financial financial
statementsstatements
StatementsStatements
Other Other
informationinformation
Annual Report 2025 86Consolidated financial statements
Consolidated financial statements
Income statement Statement of comprehensive income
Amounts in DKKm Note 2025 2024
Revenue
2.1 6,312 5,537
Cost of sales
2.2-2.4, 3.4, 5.1 2,078 1,985
Gross profit 4,234 3,552
Research and development expenses
2.2-2.4, 5.1 609 531
Sales and marketing expenses
2.2-2.4, 5.1 1,584 1,564
Administrative expenses
2.2-2.4, 5.1 388 369
Other operating income 1 3
Operating profit (EBIT) 1,654 1,091
Financial income
2.6 28 61
Financial expenses
2.6 47 95
Profit before tax (EBT) 1,635 1,057
Tax on profit
2.7 438 242
Net profit 1,197 815
Earnings per share (EPS)
4.1
Earnings per share (EPS) 5,40 3.68
Earnings per share (DEPS), diluted 5,40 3.68
Amounts in DKKm Note 2025 2024
Net profit 1,197 815
Items that will subsequently not be reclassified
to the income statement:
Actuarial gains/(losses) on pension plans 3.7 13 3
Tax related to actuarial gains/(losses) on pension plans
2.7 (4 ) (1 )
Items that will subsequently be reclassified to
the income statement, when specific conditions are met:
Foreign currency translation adjustment of foreign affiliates (168 ) 83
(168 ) 83
Other comprehensive income (159 ) 85
Total comprehensive income 1,038 900
Management's
review
Sustainability
statement
Financial
statements
Consolidated
financial
statements
Income statement
Statement of
comprehensive
income
Cash flow statement
Balance sheet
Statement of changes
in equity
Notes
Definitions
Parent company
financial
statements
Statements
Other
information
Annual Report 2025Consolidated financial statements 87
Cash flow statement
Amounts in DKKm Note 2025 2024
Net profit 1,197 815
Adjustments
Adjustments for non-cash items
5.2 830 640
Changes in working capital
5.2 (149 ) (151 )
Financial income, received 71 17
Financial expenses, paid (51 ) (13 )
Income tax, paid (net) (81 ) (95 )
Cash flow from operating activities 1,817 1,213
Acquisitions of companies and operations
5.3 (10 ) (115 )
Purchase of intangible assets
3.1 (84 ) (1,043 )
Purchase of tangible assets
3.2-3.3 (276 ) (260 )
Investments in other financial assets (15 ) 1
Cash flow from investing activities (385 ) (1,417 )
Free cash flow 1,432 (204 )
Sale of treasury shares - 6
Exercised share options, paid (26 ) (38 )
Proceeds from borrowings
5.2 - 671
Repayment of borrowings
5.2 (688 ) (279 )
Repayment of lease liabilities
5.2 (46 ) (50 )
Cash flow from financing activities (760 ) 310
Net cash flow 672 106
Cash beginning of year 589 474
Unrealised gain/(loss) on cash held in foreign currency and
financial assets carried as cash (21 ) 9
Net cash flow 672 106
Cash year end 1,240 589
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.
Management's
review
Sustainability
statement
Financial
statements
Consolidated
financial
statements
Income statement
Statement of
comprehensive
income
Cash flow statement
Balance sheet
Statement of changes
in equity
Notes
Definitions
Parent company
financial
statements
Statements
Other
information
Annual Report 2025Consolidated financial statements 88
Balance sheet
Balance sheet – Assets Balance sheet – Equity and liabilities
Amounts in DKKm Note
31 Dec.
2025
31 Dec.
2024
Non-current assets
Intangible assets
Goodwill
3.1 455 463
Other intangible assets
3.1 1,310 1,329
Tangible assets
Land and buildings
3.2-3.3 1,005 1,137
Plant and machinery
3.2 663 603
Other fixtures and equipment
3.2-3.3 72 79
Property, plant and equipment in progress
3.2 524 528
Other non-current assets
Prepayments and securities 48 26
Deferred tax assets
2.7 353 642
Income tax receivables 133 145
Total non-current assets 4,563 4,952
Current assets
Inventories
3.4 1,783 1,716
Trade receivables
3.5 1,093 812
Receivables from group companies
5.4 118 -
Income tax receivables
Other receivables 120 49
Prepayments
3.6 132 118
Cash 1,240 589
Total current assets 4,494 3,294
Total assets 9,057 8,246
Amounts in DKKm Note
31 Dec.
2025
31 Dec.
2024
Equity
Share capital
4.1 111 111
Currency translation adjustment (103 ) 65
Retained earnings 6,082 5,197
Proposed dividends 355 -
Total equity 6,445 5,373
Liabilities
Non-current liabilities
Mortgage debt
4.2 151 166
Pensions and similar liabilities
3.7 244 251
Lease liabilities
4.2 204 285
Deferred income 277 45
Provisions
3.8 1 1
Deferred tax liabilities
2.7 238 3
Income tax payables 168 173
Current liabilities
Mortgage debt
4.2 17 19
Bank loans
4.2 - 671
Trade payables 140 165
Lease liabilities
4.2 46 46
Deferred income 11 4
Provisions
3.8 20 38
Income tax payables 39 124
Other payables
3.9 1,056 882
Total liabilities 2,612 2,873
Total equity and liabilities 9,057 8,246
Management's
review
Sustainability
statement
Financial
statements
Consolidated
financial
statements
Income statement
Statement of
comprehensive
income
Cash flow statement
Balance sheet
Statement of changes
in equity
Notes
Definitions
Parent company
financial
statements
Statements
Other
information
Annual Report 2025Consolidated financial statements 89
Statement of changes in equity
Amounts in DKKm
Share
capital
Currency
translation
adjust-
ment
Retained
earnings
Proposed
dividend
Total
equity
2025
Equity at 1 January 111 65 5,197 - 5,373
Net profit - - 842 355 1,197
Other comprehensive
income/(loss) - (168 ) 9 - (159 )
Total comprehensive income - (168 ) 851 355 1,038
Share-based payments - - 45 - 45
Share options settled - - (26 ) - (26 )
Tax related to items recognised
directly in equity - - 15 - 15
Other transactions - - 34 - 34
Equity at 31 December 111 (103 ) 6,082 355 6,445
Amounts in DKKm
Share
capital
Currency
translation
adjust-
ment
Retained
earnings
Total
equity
2024
Equity at 1 January 111 (18 ) 4,354 4,447
Net profit - - 815 815
Other comprehensive income/(loss) - 83 2 85
Total comprehensive income - 83 817 900
Share-based payments - - 51 51
Share options settled - - (38 ) (38 )
Sale of treasury shares - - 6 6
Tax related to items recognised directly in equity - - 8 8
Other adjustments - - (1 ) (1 )
Other transactions - - 26 26
Equity at 31 December 111 65 5,197 5,373
Management's
review
Sustainability
statement
Financial
statements
Consolidated
financial
statements
Income statement
Statement of
comprehensive
income
Cash flow statement
Balance sheet
Statement of changes
in equity
Notes
Definitions
Parent company
financial
statements
Statements
Other
information
Annual Report 2025Consolidated financial statements 90
Section 1 – Basis of reporting
Notes
Management's
review
Sustainability
statement
Financial
statements
Consolidated
financial
statements
Income statement
Statement of
comprehensive
income
Cash flow statement
Balance sheet
Statement of changes
in equity
Notes
Definitions
Parent company
financial
statements
Statements
Other
information
Annual Report 2025Consolidated financial statements 91
Section 1 – Basis of reporting
1.1 Accounting policy information – continued
ESEF data
Name of reporting entity or other means of iden-
tification
Domicile of entity
Legal form of entity
Country of incorporation
Address of entity’s registered office
Principal place of business
Description of nature of entity’s
operations and principal activities
Name of parent entity
Name of ultimate parent of group
Management's
review
Sustainability
statement
Financial
statements
Consolidated
financial
statements
Income statement
Statement of
comprehensive
income
Cash flow statement
Balance sheet
Statement of changes
in equity
Notes
Definitions
Parent company
financial
statements
Statements
Other
information
Annual Report 2025Consolidated financial statements 92
Section 1 – Basis of reporting
Management's
review
Sustainability
statement
Financial
statements
Consolidated
financial
statements
Income statement
Statement of
comprehensive
income
Cash flow statement
Balance sheet
Statement of changes
in equity
Notes
Definitions
Parent company
financial
statements
Statements
Other
information
Annual Report 2025Consolidated financial statements 93
Section 2 – Results for the year
§ Accounting policies
Management's
review
Sustainability
statement
Financial
statements
Consolidated
financial
statements
Income statement
Statement of
comprehensive
income
Cash flow statement
Balance sheet
Statement of changes
in equity
Notes
Definitions
Parent company
financial
statements
Statements
Other
information
Annual Report 2025Consolidated financial statements 94
Section 2 – Results for the year
2.1 Revenue and segment information – continued
Management's
review
Sustainability
statement
Financial
statements
Consolidated
financial
statements
Income statement
Statement of
comprehensive
income
Cash flow statement
Balance sheet
Statement of changes
in equity
Notes
Definitions
Parent company
financial
statements
Statements
Other
information
Annual Report 2025Consolidated financial statements 95
Section 2 – Results for the year
Management's
review
Sustainability
statement
Financial
statements
Consolidated
financial
statements
Income statement
Statement of
comprehensive
income
Cash flow statement
Balance sheet
Statement of changes
in equity
Notes
Definitions
Parent company
financial
statements
Statements
Other
information
Annual Report 2025Consolidated financial statements 96
Section 2 – Results for the year
Management's
review
Sustainability
statement
Financial
statements
Consolidated
financial
statements
Income statement
Statement of
comprehensive
income
Cash flow statement
Balance sheet
Statement of changes
in equity
Notes
Definitions
Parent company
financial
statements
Statements
Other
information
Annual Report 2025Consolidated financial statements 97
Section 2 – Results for the year
Management's
review
Sustainability
statement
Financial
statements
Consolidated
financial
statements
Income statement
Statement of
comprehensive
income
Cash flow statement
Balance sheet
Statement of changes
in equity
Notes
Definitions
Parent company
financial
statements
Statements
Other
information
Annual Report 2025Consolidated financial statements 98
Section 2 – Results for the year
2.7 Income tax and deferred tax – continued
Management's
review
Sustainability
statement
Financial
statements
Consolidated
financial
statements
Income statement
Statement of
comprehensive
income
Cash flow statement
Balance sheet
Statement of changes
in equity
Notes
Definitions
Parent company
financial
statements
Statements
Other
information
Annual Report 2025Consolidated financial statements 99
Section 2 – Results for the year
2.7 Income tax and deferred tax – continued
Management's
review
Sustainability
statement
Financial
statements
Consolidated
financial
statements
Income statement
Statement of
comprehensive
income
Cash flow statement
Balance sheet
Statement of changes
in equity
Notes
Definitions
Parent company
financial
statements
Statements
Other
information
Annual Report 2025Consolidated financial statements 100
Section 3 – Operating assets and liabilities
Management's
review
Sustainability
statement
Financial
statements
Consolidated
financial
statements
Income statement
Statement of
comprehensive
income
Cash flow statement
Balance sheet
Statement of changes
in equity
Notes
Definitions
Parent company
financial
statements
Statements
Other
information
Annual Report 2025Consolidated financial statements 101
Section 3 – Operating assets and liabilities
3.1 Intangible assets – continued
Management's
review
Sustainability
statement
Financial
statements
Consolidated
financial
statements
Income statement
Statement of
comprehensive
income
Cash flow statement
Balance sheet
Statement of changes
in equity
Notes
Definitions
Parent company
financial
statements
Statements
Other
information
Annual Report 2025Consolidated financial statements 102
Section 3 – Operating assets and liabilities
Management's
review
Sustainability
statement
Financial
statements
Consolidated
financial
statements
Income statement
Statement of
comprehensive
income
Cash flow statement
Balance sheet
Statement of changes
in equity
Notes
Definitions
Parent company
financial
statements
Statements
Other
information
Annual Report 2025Consolidated financial statements 103
Section 3 – Operating assets and liabilities
2025
45% 29% 3% 23%
3.2 Property, plant and equipment – continued
Property, plant and equipment 2025
Land and buildings
Plant and machinery
Other fixtures and equipment
Property, plant and equipment
in progress
Management's
review
Sustainability
statement
Financial
statements
Consolidated
financial
statements
Income statement
Statement of
comprehensive
income
Cash flow statement
Balance sheet
Statement of changes
in equity
Notes
Definitions
Parent company
financial
statements
Statements
Other
information
Annual Report 2025Consolidated financial statements 104
Section 3 – Operating assets and liabilities
Management's
review
Sustainability
statement
Financial
statements
Consolidated
financial
statements
Income statement
Statement of
comprehensive
income
Cash flow statement
Balance sheet
Statement of changes
in equity
Notes
Definitions
Parent company
financial
statements
Statements
Other
information
Annual Report 2025Consolidated financial statements 105
Section 3 – Operating assets and liabilities
3.3 Leases – continued
Management's
review
Sustainability
statement
Financial
statements
Consolidated
financial
statements
Income statement
Statement of
comprehensive
income
Cash flow statement
Balance sheet
Statement of changes
in equity
Notes
Definitions
Parent company
financial
statements
Statements
Other
information
Annual Report 2025Consolidated financial statements 106
Section 3 – Operating assets and liabilities
Management's
review
Sustainability
statement
Financial
statements
Consolidated
financial
statements
Income statement
Statement of
comprehensive
income
Cash flow statement
Balance sheet
Statement of changes
in equity
Notes
Definitions
Parent company
financial
statements
Statements
Other
information
Annual Report 2025Consolidated financial statements 107
Section 3 – Operating assets and liabilities
Management's
review
Sustainability
statement
Financial
statements
Consolidated
financial
statements
Income statement
Statement of
comprehensive
income
Cash flow statement
Balance sheet
Statement of changes
in equity
Notes
Definitions
Parent company
financial
statements
Statements
Other
information
Annual Report 2025Consolidated financial statements 108
Section 3 – Operating assets and liabilities
)
Management's
review
Sustainability
statement
Financial
statements
Consolidated
financial
statements
Income statement
Statement of
comprehensive
income
Cash flow statement
Balance sheet
Statement of changes
in equity
Notes
Definitions
Parent company
financial
statements
Statements
Other
information
Annual Report 2025Consolidated financial statements 109
Section 3 – Operating assets and liabilities
3.7 Pensions and similar liabilities – continued
§ Accounting policies
Management's
review
Sustainability
statement
Financial
statements
Consolidated
financial
statements
Income statement
Statement of
comprehensive
income
Cash flow statement
Balance sheet
Statement of changes
in equity
Notes
Definitions
Parent company
financial
statements
Statements
Other
information
Annual Report 2025Consolidated financial statements 110
Section 3 – Operating assets and liabilities
Management's
review
Sustainability
statement
Financial
statements
Consolidated
financial
statements
Income statement
Statement of
comprehensive
income
Cash flow statement
Balance sheet
Statement of changes
in equity
Notes
Definitions
Parent company
financial
statements
Statements
Other
information
Annual Report 2025Consolidated financial statements 111
Section 3 – Operating assets and liabilities
Management's
review
Sustainability
statement
Financial
statements
Consolidated
financial
statements
Income statement
Statement of
comprehensive
income
Cash flow statement
Balance sheet
Statement of changes
in equity
Notes
Definitions
Parent company
financial
statements
Statements
Other
information
Annual Report 2025Consolidated financial statements 112
Section 4 – Capital structure and financing
Management's
review
Sustainability
statement
Financial
statements
Consolidated
financial
statements
Income statement
Statement of
comprehensive
income
Cash flow statement
Balance sheet
Statement of changes
in equity
Notes
Definitions
Parent company
financial
statements
Statements
Other
information
Annual Report 2025Consolidated financial statements 113
Section 4 – Capital structure and financing
Management's
review
Sustainability
statement
Financial
statements
Consolidated
financial
statements
Income statement
Statement of
comprehensive
income
Cash flow statement
Balance sheet
Statement of changes
in equity
Notes
Definitions
Parent company
financial
statements
Statements
Other
information
Annual Report 2025Consolidated financial statements 114
Section 4 – Capital structure and financing
4.2 Financial risks and financial instruments – continued
Management's
review
Sustainability
statement
Financial
statements
Consolidated
financial
statements
Income statement
Statement of
comprehensive
income
Cash flow statement
Balance sheet
Statement of changes
in equity
Notes
Definitions
Parent company
financial
statements
Statements
Other
information
Annual Report 2025Consolidated financial statements 115
Section 4 – Capital structure and financing
4.2 Financial risks and financial instruments – continued
Management's
review
Sustainability
statement
Financial
statements
Consolidated
financial
statements
Income statement
Statement of
comprehensive
income
Cash flow statement
Balance sheet
Statement of changes
in equity
Notes
Definitions
Parent company
financial
statements
Statements
Other
information
Annual Report 2025Consolidated financial statements 116
Section 4 – Capital structure and financing
4.2 Financial risks and financial instruments – continued
Management's
review
Sustainability
statement
Financial
statements
Consolidated
financial
statements
Income statement
Statement of
comprehensive
income
Cash flow statement
Balance sheet
Statement of changes
in equity
Notes
Definitions
Parent company
financial
statements
Statements
Other
information
Annual Report 2025Consolidated financial statements 117
Section 5 – Other disclosures
Management's
review
Sustainability
statement
Financial
statements
Consolidated
financial
statements
Income statement
Statement of
comprehensive
income
Cash flow statement
Balance sheet
Statement of changes
in equity
Notes
Definitions
Parent company
financial
statements
Statements
Other
information
Annual Report 2025Consolidated financial statements 118
Section 5 – Other disclosures
5.1 Share-based payments – continued
Management's
review
Sustainability
statement
Financial
statements
Consolidated
financial
statements
Income statement
Statement of
comprehensive
income
Cash flow statement
Balance sheet
Statement of changes
in equity
Notes
Definitions
Parent company
financial
statements
Statements
Other
information
Annual Report 2025Consolidated financial statements 119
Section 5 – Other disclosures
5.1 Share-based payments – continued
Management's
review
Sustainability
statement
Financial
statements
Consolidated
financial
statements
Income statement
Statement of
comprehensive
income
Cash flow statement
Balance sheet
Statement of changes
in equity
Notes
Definitions
Parent company
financial
statements
Statements
Other
information
Annual Report 2025Consolidated financial statements 120
Section 5 – Other disclosures
Management's
review
Sustainability
statement
Financial
statements
Consolidated
financial
statements
Income statement
Statement of
comprehensive
income
Cash flow statement
Balance sheet
Statement of changes
in equity
Notes
Definitions
Parent company
financial
statements
Statements
Other
information
Annual Report 2025Consolidated financial statements 121
Section 5 – Other disclosures
Management's
review
Sustainability
statement
Financial
statements
Consolidated
financial
statements
Income statement
Statement of
comprehensive
income
Cash flow statement
Balance sheet
Statement of changes
in equity
Notes
Definitions
Parent company
financial
statements
Statements
Other
information
Annual Report 2025Consolidated financial statements 122
Section 5 – Other disclosures
Management's
review
Sustainability
statement
Financial
statements
Consolidated
financial
statements
Income statement
Statement of
comprehensive
income
Cash flow statement
Balance sheet
Statement of changes
in equity
Notes
Definitions
Parent company
financial
statements
Statements
Other
information
Annual Report 2025Consolidated financial statements 123
Section 5 – Other disclosures
Management's
review
Sustainability
statement
Financial
statements
Consolidated
financial
statements
Income statement
Statement of
comprehensive
income
Cash flow statement
Balance sheet
Statement of changes
in equity
Notes
Definitions
Parent company
financial
statements
Statements
Other
information
Annual Report 2025Consolidated financial statements 124
Management's
review
Sustainability
statement
Financial
statements
Consolidated
financial
statements
Income statement
Statement of
comprehensive
income
Cash flow statement
Balance sheet
Statement of changes
in equity
Notes
Definitions
Parent company
financial
statements
Statements
Other
information
Annual Report 2025Consolidated financial statements 125
127 Income statement
128 Balance sheet
129 Statement of changes in equity
130 Notes
1 Accounting policies 130
2 Revenue and segment information 131
3 Staff costs 131
4 Financial income and expenses 131
5 Income tax 131
6 Intangible assets 132
7 Property, plant and equipment 133
8 Deferred tax 134
9 Investments in subsidiaries 135
10 Inventories 135
11 Mortgage debt and bank loans 135
12 Pensions and similar liabilities 135
13 Lease liabilities 136
14 Contingent liabilities and commitments 136
15 Related parties 136
16 Fees to ALK-Abelló A/S’ auditors 136
17 Proposed appropriation of net profit 136
18 Events after the reporting period 136
NotesContents
Management's
review
Sustainability
statement
Financial
statements
Consolidated Consolidated
financial financial
statementsstatements
Parent company Parent company
financial financial
statementsstatements
Income statementIncome statement
Balance sheetBalance sheet
Statement of changes Statement of changes
in equityin equity
NotesNotes
StatementsStatements
Other Other
informationinformation
Annual Report 2025 126Parent company financial statements
Parent company financial statements
Income statement for the Parent company
Amounts in DKKm Note 2025 2024
Revenue
2 4,057 4,114
Cost of sales
3 2,594 1,457
Gross profit 1,463 2,657
Research and development expenses
3 614 514
Sales and marketing expenses
3 433 466
Administrative expenses
3 270 185
Other operating items, net. (52) -
Operating profit/(loss) (EBIT) 94 1,492
Income from investments in subsidiaries
9 187 119
Financial income
4 47 86
Financial expenses
4 46 69
Profit before tax (EBT) 282 1,628
Tax on profit/(loss)
5 32 325
Net profit
17 250 1,303
Management's
review
Sustainability
statement
Financial
statements
Consolidated
financial
statements
Parent company
financial
statements
Income statement
Balance sheet
Statement of
changes in equity
Notes
Statements
Other
information
Annual Report 2025 127Parent company financial statements
Balance sheet
Balance sheet for the Parent company – Assets Balance sheet the Parent company – Equity and liabilities
Amounts in DKKm Note
31 Dec.
2025
31 Dec.
2024
Non-current assets
Intangible assets
Goodwill
6 - -
Patents, trademarks and rights
6 986 -
development costs
6 81 65
Software
6 105 91
Intangible assets
6 39 1,044
1,211 1,200
Tangible assets
Land and buildings
7 336 366
Plant and machinery
7 373 286
Other fixtures and equipment
7 52 52
Property, plant and equipment in progress
7 297 329
1,058 1,033
Other non-current assets
Investments in subsidiaries
9 1,058 1,058
Receivables from group companies 963 2,450
Prepayments and securities 43 19
Deferred tax assets
8 - 22
Income tax receivables 108 118
2,172 3,667
Total non-current assets 4,441 5,900
Current assets
Inventories
10 1,258 727
Trade receivables 267 60
Receivables from group companies 473 327
Income tax receivables - 1
Other receivables 46 81
Prepayments 89 88
2,133 1,284
Cash 964 361
Total current assets 3,097 1,645
Total assets 7,53 8 7,545
Amounts in DKKm Note
31 Dec.
2025
31 Dec.
2024
Equity
Share capital 111 111
Retained earnings 4,885 4,969
Capitalised development costs 63 51
Proposed dividend 355 -
Total equity 5,414 5,131
Liabilities
Non-current liabilities
Mortgage debt
11 151 166
Pensions and similar liabilities
12 63 62
Payables to group companies 134 106
Lease liabilities
13 82 131
Deferred income 277 44
Deferred tax liabilities 247 -
954 509
Current liabilities
Mortgage debt
11 17 19
Bank loans
11 - 671
Trade payables 56 72
Payables to group companies 791 885
Lease liabilities
13 15 14
Deferred income 9 3
Other payables 282 241
1,170 1,905
Total liabilities 2,124 2,414
Total equity and liabilities 7, 538 7, 545
Management's
review
Sustainability
statement
Financial
statements
Consolidated
financial
statements
Parent company
financial
statements
Income statement
Balance sheet
Statement of
changes in equity
Notes
Statements
Other
information
Annual Report 2025 128Parent company financial statements
Statement of changes in equity
Amounts in DKKm
Share
capital
Retained
earnings
Reserve for
capitalised
development
costs
Proposed
dividend
Total
equity
2025
Equity at 1 January 111 4,969 51 - 5,131
Appropriated from net profit - (105) - 355 250
Share-based payments - 45 - - 45
Share options settled - (26) - - (26)
Transfer to/(from) legal reserves - (12) 12 - -
Tax related to items recognised directly in equity - 15 - - 15
Other adjustments - (1) - - (1)
Other transactions - (84) 12 355 283
Equity at 31 December 111 4,885 63 355 5,414
2024
Equity at 1 January 111 3,652 38 - 3,801
Appropriated from net profit - 1,303 - - 1,303
Share-based payments - 51 - - 51
Share options settled - (38) - - (38)
Sale of treasury shares - 6 - - 6
Transfer to legal reserves - (13) 13 - -
Tax related to items recognised directly in equity - 8 - - 8
Other transactions - 1,317 13 - 1,330
Equity at 31 December 111 4,969 51 - 5,131
See note 4.1 in the consolidated financial statements for information on treasury shares.
Management's
review
Sustainability
statement
Financial
statements
Consolidated
financial
statements
Parent company
financial
statements
Income statement
Balance sheet
Statement of
changes in equity
Notes
Statements
Other
information
Annual Report 2025 129Parent company financial statements
Notes
1 Accounting policies
General
The financial statements of the parent company
ALK-Abelló A/S for the period 1 January to 31
December 2025 have been prepared in accord-
ance with the Danish Financial Statements Act for
large reporting class D enterprises.
The financial statements are presented in Danish
kroner (DKK).
The accounting policies are unchanged from last
year.
The parent company’s accounting policies for
recognition and measurement are in accordance
with the ALK Group’s accounting policies with the
following exceptions:
Income statement
Income from investments in subsidiaries
Dividends from investments in subsidiaries are
recognised in the parent company’s financial
statements when the right to the dividend finally
vests, typically at the date of the company’s
approval in general meeting of the dividend of the
company in question less any write-downs at the
investments.
Balance sheet
Acquisition of activities from subsidiaries
Acquisition of activities from subsidiaries is
accounted for using the purchase method. On
initial recognition, goodwill is measured and
recognised as the excess of the consideration
transferred exceeding the fair value of the net
assets acquired at the acquisition date.
Goodwill
Goodwill is measured at cost less accumulated
amortisation and impairment. Amortisation is
calculated using the straight-line method over the
expected useful life, estimated at 10 years. This
estimate was made based on estimated useful
lives of the assets acquired.
Investments in subsidiaries
Investments in subsidiaries are measured at cost.
Where the recoverable amount of the investments
is lower than cost, the investments are written
down to this lower value.
In addition, cost is written down to the extent that
dividends distributed exceed the accumulated
earnings in the company since the acquisition
date. In the event of indications of impairment, an
impairment test is performed of investments in
subsidiaries.
Capitalisation of development costs
A reserve for capitalisation of development costs
less deferred tax is recognised in the statement of
equity. The reserve contains development costs,
less amortisation/impairment losses, and less
deferred tax, capitalised since 1 January 2016.
Leasing liabilities
Leases are recognised and measured based on
IFRS 16 Leases to align with the accounting poli-
cies for the Group, as permitted under the Danish
Financial Statements Act.
Leases are recognised in the balance sheet as
right-of-use assets and corresponding lease
liabilities, measured at the present value of future
lease payments. Right-of-use assets are depre-
ciated over the lease term, and lease liabilities
are subsequently measured using the effective
interest method, with interest expense recognised
in the income statement.
Short-term leases and leases of low-value assets
are expensed on a straight-line basis over the
lease term.
Other accounting information
Cash flow statement
As allowed under section 86 (4) of the Danish
Financial Statements Act, no cash flow statement
is presented, as this is included in the consoli-
dated cash flow statement.
Management's
review
Sustainability
statement
Financial
statements
Consolidated
financial
statements
Parent company
financial
statements
Income statement
Balance sheet
Statement of
changes in equity
Notes
Statements
Other
information
Annual Report 2025 130Parent company financial statements
Notes
2 Revenue information
Amounts in DKKm 2025 2024
Sale of goods 3,957 4,003
Royalties 96 108
Services 4 3
Total revenue 4,057 4,114
Europe 3,338 3,579
International markets 719 535
Total revenue 4,057 4,114
3 Staff costs
Amounts in DKKm 2025 2024
Wages and salaries 784 742
Pensions 73 71
Other social security costs, etc. 15 18
Share-based payments 31 33
Total 903 864
Staff costs are allocated as follows:
Cost of sales 348 344
Research and development expenses 286 283
Sales and marketing expenses 78 65
Administrative expenses 148 126
Included in the cost of assets 43 46
Total 903 864
Remuneration to Board of Management and Board of Directors:
See note 2.4 and 5.1 in the consolidated financial statements
Employees
Average number (FTE) 909 923
Number year end (FTE) 921 896
4 Financial income and expenses
Amounts in DKKm 2025 2024
Interest on receivables from group companies 19 18
Other interest income
1
28 68
Total financial income 47 86
Interest on payables to group companies 4 2
Other interest expenses
2
26 40
Currency loss, net 16 27
Total financial expenses 46 69
1
In 2025, other interest income include interest related to uncertain tax positions of DKK 4 million (2024: DKK 4 million)
2
In 2025, other interest expenses include leasing interest expenses of DKK 4 million (2024: DKK 4 million).
5 Income tax
Amounts in DKKm 2025 2024
Current income tax 56 52
Adjustment of deferred tax (5) 273
Prior years adjustments, net (19) -
Total 32 325
Profit before tax 282 1,628
Income tax, tax rate of 22% 62 358
Permanent differences (49) (42)
Prior years adjustments, net (19) -
Other taxes and adjustments 38 9
Tax on profit for the year 32 325
Management's
review
Sustainability
statement
Financial
statements
Consolidated
financial
statements
Parent company
financial
statements
Income statement
Balance sheet
Statement of
changes in equity
Notes
Statements
Other
information
Annual Report 2025 131Parent company financial statements
Notes
6 Intangible assets
Amounts in DKKm Goodwill
Patents,
trademarks
and rights
Development
cost
1
Software
Assets in
progress 2025 2024
Cost beginning of year 867 57 77 382 1,044 2,427 1,405
Additions - 32 17 10 24 83 1,043
Disposals - - - (4) - (4) (21)
Transfer to/from other groups - 994 - 35 (1,029) - -
Cost year end 867 1,083 94 423 39 2,506 2,427
Amortisation and impairment beginning of year 867 57 12 291 - 1,227 1,218
Amortisation for the year - 40 1 31 - 72 29
Disposals during the year - - - (4) - (4) (21)
Impairment during the year - - - - - - 1
Amortisation and impairment year end 867 97 13 318 - 1,295 1,227
Carrying amount year end - 986 81 105 39 1,211 1,200
1
The capitalised development cost relates to development of medical device products where the individual minor development projects are running for short-term periods and are subject to limited risk. The development projects are generating economic benefits in
the form of sale of goods. At 31 December 2025, the capitalised development cost relates to the development of the adrenaline auto-injectors for the European and US markets.
Management's
review
Sustainability
statement
Financial
statements
Consolidated
financial
statements
Parent company
financial
statements
Income statement
Balance sheet
Statement of
changes in equity
Notes
Statements
Other
information
Annual Report 2025 132Parent company financial statements
Notes
7 Property, plant and equipment
Amounts in DKKm
Land and
buildings
Plant and
machinery
Other fixtures
and equipment
Property, plant
and equipment
in progress 2025 2024
Cost beginning of year 730 626 93 329 1,778 1,697
Additions 5 33 11 116 165 121
Remeasurement of lease obligations (34) - - - (34) 4
Disposals (2) (1) (8) (7) (18) (44)
Transfer to/from other groups 35 104 2 (141) - -
Cost year end 734 762 98 297 1,891 1,778
Depreciation and impairment beginning of year 364 340 41 - 745 701
Depreciation for the year 36 50 13 - 99 87
Disposals during the year (2) (1) (8) (7) (18) (44)
Impairment during the year - - - 7 7 1
Depreciation and impairment year end 398 389 46 - 833 745
Carrying amount year end 336 373 52 297 1,058 1,033
of which assets held under leases
1
86 - - - 86 136
Value of land and buildings subject to mortgages 245 228
1
Land and buildings in Denmark include buildings on land leased from Scion DTU A/S, Hørsholm. The estimated lease terms are 8 years.
Management's
review
Sustainability
statement
Financial
statements
Consolidated
financial
statements
Parent company
financial
statements
Income statement
Balance sheet
Statement of
changes in equity
Notes
Statements
Other
information
Annual Report 2025 133Parent company financial statements
Notes
8 Deferred tax
Amounts in DKKm
Intangible
assets
Tangible
assets
Current and
other assets Liabilities
Tax losses
carried forward Total
2025
Carrying amount beginning of year (239) (83) (1) 44 301 22
Adjustment to prior years - 1 - - (2) (1)
Adjustment of receivables from group companies - - - - (288) (288)
Recognised in the income statement, net 12 5 (40) 42 (14) 5
Recognised in equity, net (share-based payments) - - 12 - 3 15
Carrying amount year end (227) (77) (29) 86 - (247)
2024
Carrying amount beginning of year (19) (73) (31) 44 368 289
Adjustment to prior years (1) (4) 1 1 - (3)
Adjustment of receivables from group companies - - - - 1 1
Recognised in the income statement, net (219) (6) 26 (1) (73) (273)
Recognised in equity, net (share-based payments) - - 3 - 5 8
Carrying amount year end (239) (83) (1) 44 301 22
ALK-Abelló A/S is included in a joint Danish taxation scheme with the Lundbeck Foundation (Lundbeckfond Invest A/S) and its Danish subsidiaries.
Management's
review
Sustainability
statement
Financial
statements
Consolidated
financial
statements
Parent company
financial
statements
Income statement
Balance sheet
Statement of
changes in equity
Notes
Statements
Other
information
Annual Report 2025 134Parent company financial statements
Notes
9 Investments in subsidiaries
Amounts in DKKm 2025 2024
Cost beginning of year 1,470 1,470
Cost year end 1,470 1,470
Write-down beginning of year 412 412
Write-down year end 412 412
Carrying amount year end 1,058 1,058
In the income statement, income from investments in subsidiaries is dividends, which amounts to DKK 187
million (2024: DKK 119 million).
For an overview of all subsidiaries see note 5.7 in the consolidated financial statements.
10 Inventories
Amounts in DKKm 2025 2024
Raw materials 201 194
Work in progress 518 452
Manufactured goods and goods for resale 539 81
Total 1,258 727
Amount of write-down of inventories during the year 36 10
Amount of reversal of write-down of inventories during the year 13 7
11 Mortgage debt and bank loans
Amounts in DKKm 2025 2024
Debt to mortgage credit institutions secured by buildings
Mortgage debt is due as follows:
Within 1 year 17 19
From 1-5 years 71 74
After 5 years 80 92
Total 168 185
Bank loans
Bank loans are due as follows:
Within 1 year - 671
From 1-5 years - -
After 5 years - -
Total - 671
12 Pensions and similar liabilities
Amounts in DKKm 2025 2024
Pensions and similar liabilities expire as follows:
1
Within 1 year 1 -
From 1-5 years 4 5
After 5 years 59 57
Total 64 62
1
Pensions and similiar liabilities relate to the provision for transition period for the Danish Holiday Act.
Management's
review
Sustainability
statement
Financial
statements
Consolidated
financial
statements
Parent company
financial
statements
Income statement
Balance sheet
Statement of
changes in equity
Notes
Statements
Other
information
Annual Report 2025 135Parent company financial statements
Notes
13 Lease liabilities
Amounts in DKKm 2025 2024
Lease liabilities expire as follows:
Within 1 year 15 14
From 1-5 years 51 62
After 5 years 31 69
Total 97 145
14 Contingent liabilities and commitments
For information on contingent liabilities and commitments, see note 3.10 in the consolidated financial
statements.
15 Related parties
ALK-Abelló A/S is included in the consolidated financial statements of the Lundbeck Foundation (Lund-
beckfond Invest A/S, incorporated in Denmark).
ALK-Abelló A/S has had transactions with subsidiaries during 2025. All subsidiaries are owned 100%. The
transactions are eliminated in the consolidated financial statements.
Transactions with the majority shareholder are disclosed in note 5.4 in the consolidated financial state-
ments. Apart from remuneration, no other transactions have taken place during the year with Board of
Directors, Board of Management, major shareholders or other related parties.
With reference to section 98c (6) of the Danish Financial Statements Act, the company has chosen only to
disclose transactions with related parties not carried through on normal market items.
Remuneration, etc. to Board of Directors and Board of Management
For information on remuneration and exercise of share options for the ALK Group’s Board of Directors and
Board of Management, see note 2.4 and 5.1 in the consolidated financial statements.
16 Fees to ALK-Abelló A/S’ auditors
Amounts in DKKm 2025 2024
Fees to the auditors appointed at the annual general meeting:
Audit services 2 2
Other opinions 2 2
Tax advisory services 1 1
Other services - -
Total 5 5
17 Proposed appropriation of net profit
Amounts in DKKm 2025 2024
Proposed dividend 355 -
Retained earnings (105) 1,303
Net profit 250 1,303
18 Events after the reporting period
No events have occured after the reporting period, that influence the evaluation of the parent company
financial statements.
Management's
review
Sustainability
statement
Financial
statements
Consolidated
financial
statements
Parent company
financial
statements
Income statement
Balance sheet
Statement of
changes in equity
Notes
Statements
Other
information
Annual Report 2025 136Parent company financial statements
Board of Management
Board of Directors
Management's
review
Sustainability
statement
Financial
statements
Consolidated Consolidated
financial financial
statementsstatements
Parent company Parent company
financial financial
statementsstatements
StatementsStatements
Statement by Statement by
Management on Management on
the annual reportthe annual report
Independent Independent
Auditor’s ReportsAuditor’s Reports
Independent Independent
auditor’s limited auditor’s limited
assurance report on assurance report on
the Sustainability the Sustainability
StatementStatement
Other Other
informationinformation
Annual Report 2025Statement by Management on the annual report 137
Statements
Independent Auditor’s Reports
Management's
review
Sustainability
statement
Financial
statements
Consolidated
financial
statements
Parent company
financial
statements
Statements
Statement by
Management on
the annual report
Independent
Auditor’s Reports
Independent
auditor’s limited
assurance report on
the Sustainability
Statement
Other
information
Annual Report 2025 138Independent Auditor’s Reports
Management's
review
Sustainability
statement
Financial
statements
Consolidated
financial
statements
Parent company
financial
statements
Statements
Statement by
Management on
the annual report
Independent
Auditor’s Reports
Independent
auditor’s limited
assurance report on
the Sustainability
Statement
Other
information
Annual Report 2025 139Independent Auditor’s Reports
CVR No 3 3 77 1 2 3 1
Management's
review
Sustainability
statement
Financial
statements
Consolidated
financial
statements
Parent company
financial
statements
Statements
Statement by
Management on
the annual report
Independent
Auditor’s Reports
Independent
auditor’s limited
assurance report on
the Sustainability
Statement
Other
information
Annual Report 2025 140Independent Auditor’s Reports
Management's
review
Sustainability
statement
Financial
statements
Consolidated
financial
statements
Parent company
financial
statements
Statements
Statement by
Management on
the annual report
Independent
Auditor’s Reports
Independent
auditor’s limited
assurance report on
the Sustainability
Statement
Other
information
Annual Report 2025 141Independent auditor’s limited assurance report on the Sustainability Statement
CVR No 3 3 77 1 2 3 1
Management's
review
Sustainability
statement
Financial
statements
Consolidated
financial
statements
Parent company
financial
statements
Statements
Statement by
Management on
the annual report
Independent
Auditor’s Reports
Independent
auditor’s limited
assurance report on
the Sustainability
Statement
Other
information
Annual Report 2025 142Independent auditor’s limited assurance report on the Sustainability Statement
Financial highlights and key ratios by quarter for the ALK Group (unaudited)
Amounts in DKKm 2025
Q4
unaudited
Q3
unaudited
Q2
unaudited
Q1
unaudited
Income statement
Revenue 6,312 1,733 1,530 1,527 1,522
Cost of sales 2,078 553 487 532 506
Research and development expenses 609 189 145 146 129
Sales and marketing expenses 1,584 473 387 385 339
Administrative expenses 388 132 88 89 79
Other operating items, net 1 1 - - -
Operating profit (EBIT) 1,654 387 423 375 469
Net financial items (19) 6 (4) (25) 4
Profit before tax (EBT) 1,635 393 419 350 473
Net profit 1,197 266 314 263 354
EBITDA 1,982 482 510 450 540
Average number of employees (FTE) 2,737 2,748 2,794 2,782 2,736
Revenue
(Growth in revenue in local currency %)
Europe 4,459 (14) 1,296 (14) 1,048 (18) 1,024 (13) 1,091 (10)
– SLIT-tablets 2,485 (19) 739 (20) 557 (23) 570 (17) 619 (17)
– SCIT/SLIT-drops 1,619 (3) 480 (2) 380 (7) 350 (1) 409 (3)
– Anaphylaxis & other products 355 (34) 77 (40) 111 (39) 104 (51) 63 (1)
North America 1,037 (19) 270 (24) 252 (20) 269 (17) 246 (14)
– SLIT-tablets 247 (24) 53 (21) 52 (20) 76 (32) 66 (22)
– SCIT/SLIT-drops 356 (2) 92 (3) 87 (1) 89 (2) 88 (3)
– Anaphylaxis & other products 434 (34) 125 (48) 113 (41) 104 (23) 92 (20)
International markets 816 (16) 167 (36) 230 (14) 234 (1) 185 (24)
– SLIT-tablets 603 (8) 118 (-11) 128 (-4) 185 (9) 172 (41)
– SCIT/SLIT-drops 170 (44) 35 (N/A) 90 (43) 42 (-20) 3 (-85)
– Anaphylaxis & other products 43 (39) 14 (174) 12 (112) 7 (-33) 10 (7)
Total revenue 6,312 (15) 1,733 (17) 1,530 (18) 1,527 (12) 1,522 (12)
– SLIT-tablets 3,335 (17) 910 (15) 737 (17) 831 (16) 857 (22)
– SCIT/SLIT-drops 2,145 (5) 607 (11) 557 (11) 481 (-1) 500 (0)
– Anaphylaxis & other products 832 (34) 216 (50) 236 (42) 215 (30) 165 (11)
Amounts in DKKm 2025
Q4
unaudited
Q3
unaudited
Q2
unaudited
Q1
unaudited
Balance sheet
Total assets 9,057 9,057 8,474 8,272 8,18 8
Invested capital 5,245 5,245 5,075 5,023 5,026
Equity 6,445 6,445 6,173 5,847 5,676
Cash flow and investments
Cash flow from operating activities 1,817 722 386 320 389
Cash flow from investing activities (385) (126) (96) (104) (59)
– of which investment in intangible assets (84) (16) (11) (48) (9)
– of which investment in tangible assets (276) (96) (74) (58) (48)
– of which acquisitions and operations (10) - (10) - -
Free cash flow 1,432 596 290 216 330
Information on shares
Dividend - - - - -
Share capital 111 111 111 111 111
Shares in thousands of DKK 0.50 each 222,824 222,824 222,824 222,824 222,824
Share price, end period – DKK 229 229 208 187 139
Net asset value per share – DKK 29 29 28 26 25
Key figures
Gross margin – % 67 68 68 65 67
EBIT margin - % 26 22 28 25 31
Earnings per share (EPS) – DKK 5.4 1.2 1.4 1.2 1.6
Earnings per share diluted (DEPS) – DKK 5.4 1.2 1.4 1.2 1.6
Cash flow per share (CFPS)– DKK 8.2 3.3 1.7 1.4 1.8
Share price/Net asset value 7.9 7.9 7.5 7.1 5.4
1
Management’s review comprises this page as well as pages 1-84 and Financial highlights and key ratios for the ALK Group on
page 21.
Definitions: see page 125.
1
Management's
review
Sustainability
statement
Financial
statements
Consolidated Consolidated
financial financial
statementsstatements
Parent company Parent company
financial financial
statementsstatements
Other Other
informationinformation
Financial highlights Financial highlights
and key ratios by and key ratios by
quarter for the ALK quarter for the ALK
Group (unaudited)Group (unaudited)
Annual Report 2025Financial highlights and key ratios by quarter for the ALK Group (unaudited) 143
Other information
1
Design and production: Noted
ALK-Abelló A/S
Bøge Allé 6-8
DK-2970 Hørsholm
Denmark
CVR no. 63 71 79 16