Page 1 of 15
Company release No 10/2026 – 4 May 2026
ALK-Abelló A/S – Bøge Allé 6-8 – DK-2970 Hørsholm – Denmark – www.alk.net
Tel +45 4574 7576 – CVR No 63 71 79 16 – LEI code: 529900SGCREUZCZ7P020
Three-month interim report (Q1) 2026 (unaudited) Company release No 10/2026
ALK delivers 18% organic revenue growth with operating profit (EBIT) up 22% in Q1
Q1 saw broad-based growth across key categories and regions with sustained, strong momentum in tablet sales in
Europe and North America. Operating profit increased driven by sales growth, improved gross margin, and scale
benefits, resulting in an EBIT margin of 32%. Free cash flow doubled. The full-year outlook has been upgraded.
Performance highlights
Comparative figures for Q1 2025 are shown in brackets. Growth rates are stated in local currencies (l.c.), unless otherwise indicated.
Revenue increased by 18% to DKK 1,771 million (1,522) on double-digit growth across regions and products.
Tablet sales grew by 18% to DKK 1,004 million (857), driven by a 26% growth both in Europe and North America
reflecting growing patient and prescriber bases. International markets saw a 17% decrease in tablet sales due to
phasing of shipments.
SCIT/SLIT drops sales were up 15% to DKK 566 million (500) mainly driven by SCIT shipments to China.
Sales of Anaphylaxis & other products increased by 31% to DKK 201 million (165), largely boosted by Jext
®
.
Operating profit (EBIT) increased by 22% to DKK 570 million (469) with an EBIT margin of 32% (31%). Progress
was attributable to sales growth and improved gross margin.
Free cash flow of DKK 671 million (330) was mainly driven by higher earnings and changes in working capital.
CAPEX was DKK 90 million (57).
Financial highlights
Growth
In DKKm
Q1 2026
Q1 2025
Local
currencies
Reported
currency
Revenue
1,771
1,522
18%
16%
EBIT
570
469
22%
22%
EBIT margin – %
32%
31%
Allergy+ strategy highlights
Successful outcome of phase 2 trial with the peanut tablet progresses development into phase 3, expected
to be initiated in late 2026.
The roll-out of the house dust mite (HDM) allergy and tree pollen allergy tablets for children continue to perform
well. Prescriptions to children and adolescents increasingly contributed to tablet sales growth in Q1.
New approvals for neffy
®
nasal adrenaline spray: 2 mg version in Canada and 1 mg version in the EU. Further
market launches are imminent.
2026 full-year outlook
With reference to company release no 9/2026, the full-year financial outlook has been upgraded reflecting a strong
underlying momentum for tablet sales and reduced risks associated with price and rebate adjustments in 2026:
Revenue is now expected to grow by 13-16% (previously 11-15% growth) in local currencies, based on growth
across sales regions and product lines.
The EBIT margin is now expected at around 26% (previously 25%). ALK’s long-term financial ambitions remain
unchanged.
Commenting on the Q1 results, CEO Peter Halling said: “ALK's continued double-digit growth in Q1 reflects our
firm commitment to improving the lives of allergy sufferers worldwide. Our focus on expanding patient access,
operational excellence, and innovation has delivered strong results and reinforces our leadership in the specialty
allergy market. The positive phase 2 peanut allergy trial results underscore ALK’s scientific capabilities and present
new opportunities for patients and stakeholders. We remain well positioned to deliver sustainable value, today and in
the years ahead.”
Hørsholm, 4 May 2026
ALK-Abelló A/S
Page 2 of 15
Company release No 10/2026 – 4 May 2026
ALK-Abelló A/S – Bøge Allé 6-8 – DK-2970 Hørsholm – Denmark – www.alk.net
Tel +45 4574 7576 – CVR No 63 71 79 16 – LEI code: 529900SGCREUZCZ7P020
For further information, contact:
Investor Relations: Per Plotnikof, tel. +45 4574 7527, mobile +45 2261 2525
Media: Maiken Riise Andersen, tel. +45 5054 1434
ALK is hosting a conference call for analysts and investors today at 5.00 p.m. (CEST) at which Management will review the
financial results and the outlook. The conference call will be audio cast on https://ir.alk.net where the relevant presentation
will be available shortly before the call begins.
To register for the conference call, please use this link and follow the registration instructions. You will receive an email from
diamondpass@choruscall.com with dial-in details, including a passcode and a pin code. Please make sure to whitelist
diamondpass@choruscall.com and/or check your spam filter. We advise you to register well in advance and to call in before
16.55 p.m. (CEST).
Page 3 of 15
Company release No 10/2026 – 4 May 2026
ALK-Abelló A/S – Bøge Allé 6-8 – DK-2970 Hørsholm – Denmark – www.alk.net
Tel +45 4574 7576 – CVR No 63 71 79 16 – LEI code: 529900SGCREUZCZ7P020
FINANCIAL HIGHLIGHTS AND KEY RATIOS FOR THE ALK GROUP
Amounts in DKKm
3M
2026
3M
2025
Full year
2025
Income statement
Revenue
1,771
1,522
6,312
Revenue growth (local currencies)
18%
12%
15%
Revenue growth (reported)
16%
13%
14%
Operating profit (EBIT)
570
469
1,654
EBIT growth (local currencies)
22%
50%
53%
EBIT growth (reported)
22%
48%
52%
Operating profit before depreciation and amortisation (EBITDA)
654
540
1,982
Net financial items
13
4
(19)
Profit before tax (EBT)
583
473
1,635
Net profit
437
354
1,197
Average number of employees (FTE)
2,737
Balance sheet
Total assets
9,290
8,188
9,057
Invested capital
5,039
5,026
5,245
Net interest bearing debt (NIBD)
(1,135)
283
(822)
Equity
6,569
5,676
6,445
Cash flow and investments
Cash flow from operating activities
761
389
1,817
Cash flow from investing activities
(90)
(59)
(385)
- of which investment in intangible assets
(47)
(9)
(84)
- of which investment
in tangible assets
(43)
(48)
(276)
- of which acquisitions of companies and operations
-
-
(10)
Free cash flow
671
330
1,432
Information on shares
Share capital
111
111
111
Shares in thousands of DKK 0.5 each
222,824
222,824
222,824
Share price, end of period
202
139
229
Net asset value per share
29
25
29
Key figures
Gross margin – %
69
67
67
EBIT margin – %
32
31
26
Equity ratio – %
71
69
71
Return on invested capital (ROIC)
% - rolling four quarters
35
28
32
Earnings per share (EPS)
2.0
1.6
5.4
Earnings
per share
(DEPS), diluted
2.0
1.6
5.4
NIBD/EBITDA - rolling four quarters
(0.5)
0.2
(0.4)
Share price/Net asset value
6.9
5.4
7.9
Page 4 of 15
Company release No 10/2026 – 4 May 2026
ALK-Abelló A/S – Bøge Allé 6-8 – DK-2970 Hørsholm – Denmark – www.alk.net
Tel +45 4574 7576 – CVR No 63 71 79 16 – LEI code: 529900SGCREUZCZ7P020
INCOME STATEMENT
3M
% of
3M
% of
Amounts in DKKm
2026
revenue
2025
revenue
Revenue
1,771
100
1,522
100
Cost of sales
543
31
506
33
Gross profit
1,228
69
1,016
67
Research and development expenses
151
8
129
9
Sales, marketing and administrative expenses
507
29
418
27
Other operating items, net
-
-
-
-
Operating profit (EBIT)
570
32
469
31
Net financial items
13
1
4
0
Profit before tax (EBT)
583
33
473
31
Tax on profit
146
8
119
8
Net profit
437
25
354
23
Operating profit before depreciation
and amortisation (EBITDA)
654
37
540
35
ALLERGY+ STRATEGIC PRIORITIES
ALK continued the efforts to expand addressable
markets and help more patients by further unlocking
the potential within respiratory allergy, transforming
anaphylaxis care and expanding into new disease
areas in Q1, including food allergy.
Respiratory allergy
The roll-out of the house dust mite (HDM) and tree
pollen allergy tablets for children have contributed
positively to the inflow of new tablet patients,
particularly in Europe and Canada where there is a
strong support among existing and new prescribers to
initiate children and adolescents on ALK’s tablets.
Key performance indicators for the paediatric tablet
launches remained strong in Q1, including the number
of paediatric patients, endorsements from key opinion
leaders, caregiver interactions, doctor visits,
reimbursement, and prescriber uptake.
At the end of Q1, the HDM tablet was approved for
paediatric use in 30 countries and launched in 21 of
these, including 10 EU member states, Norway,
Switzerland, Canada, the USA, and seven markets
served by ALK’s partners. The tree pollen allergy
tablet was approved for children and adolescent use in
20 countries and launched in 13 of these – 10 EU
member states, Switzerland, Norway, and Canada.
The tablets have now been launched in the majority of
the main European and North American markets.
ALK and its partners also continued to expand the
footprints in selected markets, with particular focus on
Japan, China, and the USA.
In Japan, a phase 3 trial to support the approval of
GRAZAX
®
continued towards completion in 2027.
Furthermore, ALK’s partner Torii (now part of
Shionogi) started producing active pharmaceutical
ingredients from a new manufacturing facility for
CEDARCURE™, the tablet for Japanese cedar pollen-
induced allergy, allowing Torii to increasingly meet the
demand for CEDARCURE™ later in 2026.
In China, ALK’s new partner, GenSci, is now selling
and marketing ALK’s SCIT products and skin prick
tests, and a plan has been implemented for
transitioning product import and distribution. The HDM
tablet, ACARIZAX
®
, which is currently undergoing
local phase 3 development, will be added to the
portfolio pending approval. Patient recruitment has
now been completed, and the trial is expected to be
finalised around the turn of the year.
In the USA, ALK’s dedicated paediatric sales force will
increasingly start marketing the SLIT tablets among
paediatric prescribers who have historically not been
involved in AIT.
Anaphylaxis
Within anaphylaxis, focus remains on creating a
successful platform for the commercialisation of the
adrenaline nasal spray neffy
®
(EURneffy
®
in Europe)
by expanding current marketing authorisations and
getting market access in place in additional countries.
Highlights since the turn of the year for the 2 mg
version of neffy
®
, indicated for adults and children
weighing ≥30 kg:
•
Regulatory approval in Canada (April 2026)
•
Launch in Denmark
Page 5 of 15
Company release No 10/2026 – 4 May 2026
ALK-Abelló A/S – Bøge Allé 6-8 – DK-2970 Hørsholm – Denmark – www.alk.net
Tel +45 4574 7576 – CVR No 63 71 79 16 – LEI code: 529900SGCREUZCZ7P020
•
Pricing achieved in Norway, Luxembourg, and the
Netherlands
•
Ongoing market access and launch preparation in
17 European countries.
Highlights since the turn of the year for the 1 mg
version of neffy
®
for children aged 4 years weighing
between 15 kg and 30 kg:
•
Approved by the European Commission in all EU
states, Iceland, Liechtenstein, and Norway
•
Market access processes being initiated.
Q1 revenue of neffy
®
was modest, with main
contributions from Germany and the USA. In the USA,
ALK recognised a cost-compensation service fee from
ARS Pharma under the co-promotion agreement
established in 2025. No material revenue was yet
recognised in the UK, where ALK is still working to
translate last year’s national approval into regional
market access across the 42 Integrated Care Systems
(ICS). These efforts are expected to continue through
most of 2026 and to drive increasing sales from the
second half of 2026 and onwards.
Food allergy and new disease areas
In April, ALK announced positive top-line results from
the phase 2 ALLIANCE trial of its once-daily,
investigational tablet for treatment of peanut allergy in
patients aged 4–65. The trial demonstrated robust,
statistically significant, dose-dependent efficacy after
only six months. Efficacy was also observed across all
age groups. The treatment was safe and well
tolerated, with low discontinuation rates and no
treatment-related anaphylaxis or serious adverse
events. ALK will advance the peanut tablet to phase 3
trials, expected to begin in late 2026 pending
regulatory feedback on trial design.
Interim data from a phase 2b trial evaluating neffy
®
for
the treatment of acute flares associated with chronic
spontaneous urticaria is expected in 2026. The
agreement with ARS Pharma grants ALK exclusive
rights to this and other new indications in the licensed
territory.
ALK is also progressing its ALK014 preclinical
development project, a biologic therapy candidate
based on an antibody-like fusion protein that targets
the immune system’s IgE axis. The project could
potentially enter clinical development in 2027, with
possible applicability to food allergy and other IgE-
mediated diseases.
ALK continues to pursue business activities aimed at
expanding into other adjacent disease areas through
in-house innovation, licensing, and partnerships.
Q1 SALES AND MARKET TRENDS
(Comparative figures for Q1 2025 are shown in brackets. Growth
rates are stated in local currencies, unless otherwise indicated)
Revenue by geography
DKKm
Q1
2026
Growth*
Share of
revenue
Q1
2025
Europe
1,302
19%
74%
1,091
North America
258
16%
14%
246
Int’l markets
211
17%
12%
185
Revenue
1,771
18%
100%
1,522
* In local currencies
Europe
Revenue in Europe increased by 19% in local
currencies to DKK 1,302 million (1,091). Sales grew by
double digits in most markets, led by tablets, SCIT,
and anaphylaxis products. Demand was increasing
and market conditions were largely stable.
The increase of 26% in European tablet sales was
mainly driven by higher volumes linked to a continued
strong inflow of new patients over the past year. The
highest growth contribution came from ITULAZAX
®
and ACARIZAX
®
, including the new indications for
children and adolescents which contributed positively
to this development. All tablet brands saw double-digit
sales growth in Q1.
Tablet sales grew by strong double digits in Germany,
Europe’s largest AIT market, and ALK cemented its
position as market leader across the brands. Tablet
sales in France grew by double digits, maintaining the
positive trend created over the past few years with a
further increase in the number of patients treated. High
double-digit sales growth – although from a relatively
modest base – was also achieved in several Eastern
European countries and in the UK, where ACARIZAX
®
and ITULAZAX
®
last year were admitted to the
National Health Service as the first AIT tablets with
general reimbursement.
Combined sales of injection-based SCIT and drop-
based treatments increased by 3%. Growth in SCIT
sales was particularly driven by venom products in
Central and Eastern Europe. Sales of SLIT drops,
primarily marketed in France, declined after price
reductions and a soft initiation season where customer
feedback indicated an increased preference for
tablets.
Sales of Anaphylaxis & other products increased by
47%, boosted mainly by Jext
®
autoinjectors. Jext
®
sales benefited from high replacement rates in the
important UK market, while growth in Southern Europe
was linked to last year’s tender wins. Sales of
EURneffy
®
were modest reflecting the early stages of
the ongoing launches. Overall, the anaphylaxis
portfolio had 58% growth in Europe.
Page 6 of 15
Company release No 10/2026 – 4 May 2026
ALK-Abelló A/S – Bøge Allé 6-8 – DK-2970 Hørsholm – Denmark – www.alk.net
Tel +45 4574 7576 – CVR No 63 71 79 16 – LEI code: 529900SGCREUZCZ7P020
North America
Revenue in North America increased by 16% in local
currencies to DKK 258 million (246), driven by double
digit growth in both the USA and Canada.
Tablet sales delivered 26% growth, driven by Canada,
where sales grew on increasing demand for all brands,
particularly the tree tablet ITULATEK, fuelled by the
paediatric indications. Growth was also to some extent
positively impacted by wholesaler stocking.
Sales of SCIT bulk allergen extracts to primarily US
allergists grew by 1% after modest price increases and
volume growth in the USA, partly offset by lower sales
volumes in Canada. Sales of Anaphylaxis & other
products increased by 23% linked to the cost
compensation from ARS Pharma related to the co-
promotion of neffy
®
. Other life science products also
contributed to growth.
International markets
Revenue in International markets grew by 17% in local
currencies to DKK 211 million (185), reflecting the
timing of product shipments to China and Japan.
SCIT shipments to China saw a substantial increase
compared to Q1 2025 when these were on hold during
the renewal of ALK’s import license.
Tablet revenue in the region decreased by 17%
following fewer product shipments to Japan, partly
offset by higher sales royalties from Japan as well as
double-digit revenue growth in the minor tablet
markets of Southeast Asia, the Middle East, and
Australia.
Q1 product shipments to Japan were impacted by
phasing of the release of Torii’s products to the
market. In-market tablet sales nevertheless grew by
low double digits, and ALK remains confident that full-
year revenue from Japan will grow by double digits as
well, supported by Torii’s expansion of manufacturing
capacity of API for the CEDARCURE™ tablet.
Global revenue by product line
DKKm
Q1
2026
Growth*
Share of
revenue
Q1
2025
SLIT tablets
1,004
18%
57%
857
SCIT/
SLIT drops
566
15%
32%
500
Anaphylaxis &
other products
201
31%
11%
165
Revenue
1,771
18%
100%
1,522
* In local currencies
Q1 FINANCIAL REVIEW
(Comparative figures for Q1 2025 are shown in brackets. Growth
rates are stated in local currencies, unless otherwise indicated)
Revenue increased by 18% in local currencies to DKK
1,771 million (1,522), driven by strong growth in sales
of tablets, anaphylaxis, and SCIT products. Exchange
rates impacted reported revenue growth negatively by
close to 2 percentage points mainly related to the
depreciating USD/DKK exchange rate.
Cost of sales increased by 9% in local currencies to
DKK 543 million (506). The gross profit of DKK 1,228
million (1,016) yielded a gross margin of 69% (67%),
driven by increased sales volumes, production
efficiencies, and a sales mix with a relatively high
proportion of ALK-branded products with high margins.
The share of partner-related revenue with lower
margins is expected to increase for the rest of the
year.
Capacity costs to R&D, Sales & Marketing, and
Administration increased by 23% in local currencies to
DKK 658 million (547) following significant investments
in current and future growth drivers.
R&D expenses increased by 20% to DKK 151 million
(129), mainly reflecting increasing costs linked to the
peanut tablet clinical development, pre-clinical
development projects, and the bridging trial of
ACARIZAX
®
in China. Sales & Marketing expenses
increased by 26% to DKK 416 million (339), driven by
the ongoing efforts to support launches of paediatric
tablets and neffy
®
, including additional sales
resources. Administrative costs of DKK 91 million (79)
increased by 15% due to a high activity level and
expanded organisation.
EBIT (operating profit) improved by 22% in local
currencies to DKK 570 million (469), raising the EBIT
margin to 32% from 31%. Progress was linked to
higher sales and improved gross margin, despite a
slightly higher capacity cost-to-revenue ratio of 37%
(36%). Exchange rates had limited impact on EBIT
growth.
Net financials showed a gain of DKK 13 million (a
gain of 4) related to interest income and currency
gains.
Tax on the profit totalled DKK 146 million (119), and
the net profit increased to DKK 437 million (354).
Cash flow from operating activities was DKK 761
million (389) mainly driven by higher earnings and
changes in working capital. Cash flow from investing
activities was DKK minus 90 million (minus 59)
reflecting the continued build-up of capacity for tablet
production, upgrades to legacy production, as well as
a strengthening of the supply chain for anaphylaxis.
Free cash flow was positive at DKK 671 million
(positive at 330).
Cash flow from financing activities amounted to DKK
minus 370 million (minus 399), mainly related to
dividend payments of DKK 355 million.
At the end of March, ALK held 1,239,358 of its own
shares or 0.6% of the share capital, which is the same
Page 7 of 15
Company release No 10/2026 – 4 May 2026
ALK-Abelló A/S – Bøge Allé 6-8 – DK-2970 Hørsholm – Denmark – www.alk.net
Tel +45 4574 7576 – CVR No 63 71 79 16 – LEI code: 529900SGCREUZCZ7P020
proportion as at year-end and at the end of March
2025.
Equity totalled DKK 6,569 million (5,676) at the end of
March, and the equity ratio was 71% (69%).
OUTLOOK FOR 2026
The full-year revenue outlook has been upgraded
reflecting a strong underlying momentum for tablet
sales and reduced risks associated with price and
rebate adjustments in 2026.
Revenue is now expected to grow by 13-16%
(previously 11-15%) in local currencies, based on
growth across all sales regions and product lines.
The EBIT margin is now expected at around 26%
(previously 25%). ALK’s long-term financial
ambitions remain unchanged.
The outlook is based on the following assumptions:
Revenue
Topline 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 general macro uncertainties as well as
potential negative, although reduced, impact of price
and rebate adjustments. The upper end assumes
stable price and rebate conditions and further upsides
mainly related to tablet sales.
Tablet sales are expected to grow by double digits
across regions, fuelled by the continued expansion of
prescriber and patient bases with children and
adolescents projected to account for a higher share of
sales. Combined SCIT/SLIT drops sales are
anticipated to grow by single digits, while sales of
Anaphylaxis & other products are expected to grow by
low double digits with an increasing contribution from
neffy
®
in the second half-year.
As usual, the timing of product shipments to China and
Japan may lead to quarterly fluctuations in revenue.
Margins and costs
In light of the current momentum for tablet sales, the
gross margin is now expected to be largely on par with
last year (67% in 2025). The margin will further benefit
from favourable volume/mix changes, especially
higher tablet sales in Europe. This will still be offset by
growth in partner-related revenue at lower margins in
the remainder of the year, primarily product shipments
to Japan and China, as well as neffy
®
sales.
Capacity costs are still projected to increase and their
ratio to revenue is expected to remain largely
unchanged compared to last year as ALK reinvests
the benefits of increased scale into key strategic
growth opportunities. R&D expenses are planned to
increase in support of pre-clinical and clinical
programmes and remain at around 10% of revenue.
Other assumptions
The outlook does not include revenue from and/or
payments to new partnerships, in-licensing
activities, or acquisitions.
Changes to international tariff agreements are not
expected to materially impact growth or earnings.
The impact from increasing energy prices and
transportation costs on gross margin and capacity
cost is expected to be modest in 2026.
CAPEX is projected at DKK 400-500 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. Free cash flow is
expected to be positive at around DKK 1,000
million.
No non-recurring costs for optimisation and
prioritisation initiatives are planned
The outlook is based on current exchange rates,
resulting in a minor negative impact on reported
revenue growth and a slightly positive impact on
EBIT.
RISK FACTORS
This 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 Annual Report’s Risk management
section on pages 25-28.
Page 8 of 15
Company release No 10/2026 – 4 May 2026
ALK-Abelló A/S – Bøge Allé 6-8 – DK-2970 Hørsholm – Denmark – www.alk.net
Tel +45 4574 7576 – CVR No 63 71 79 16 – LEI code: 529900SGCREUZCZ7P020
R&D PIPELINE
ALK maintains focus on broadening its core business within respiratory allergies and gradually expanding into the
wider allergy field, including anaphylaxis, food allergy, and new adjacent disease areas.
FINANCIAL CALENDAR
Silent period 23 July 2026
Six-month interim report (Q2) 2026 20 August 2026
Silent period 21 October 2026
Nine-month interim report (Q3) 2026 18 November 2026
Page 9 of 15
Company release No 10/2026 – 4 May 2026
Tel +45 4574 7576 – CVR No 63 71 79 16
Board of Management
Board of Directors
Page 10 of 15
Company release No 10/2026 – 4 May 2026
ALK-Abelló A/S – Bøge Allé 6-8 – DK-2970 Hørsholm – Denmark – www.alk.net
Tel +45 4574 7576 – CVR No 63 71 79 16 – LEI code: 529900SGCREUZCZ7P020
INCOME STATEMENT FOR THE ALK GROUP
3M
3M
Amounts in DKKm
2026
2025
Revenue
Cost of sales
Gross profit
Research and development expenses
Sales and marketing expenses
Administrative expenses
Operating profit (EBIT)
Net financial items
Profit before tax (EBT)
Tax on profit
Net profit
Earnings per share (EPS)
Earnings per share (EPS)
Earnings per share (DEPS), diluted
STATEMENT OF COMPREHENSIVE INCOME
3M
3M
Amounts in DKKm
2026
2025
Net profit
Other comprehensive income
Items that will subsequently be reclassified to the income statement,
when specific conditions are met:
Foreign currency translation adjustment of foreign affiliates
(51 )
Total comprehensive income
Page 11 of 15
Company release No 10/2026 – 4 May 2026
ALK-Abelló A/S – Bøge Allé 6-8 – DK-2970 Hørsholm – Denmark – www.alk.net
Tel +45 4574 7576 – CVR No 63 71 79 16 – LEI code: 529900SGCREUZCZ7P020
CASH FLOW STATEMENT FOR THE ALK GROUP
3M
3M
Amounts in DKKm
2026
2025
Net profit
Adjustments for non-cash items (note 3)
Changes in working capital
(143 )
Financial income, received
Financial expenses, paid
(5 )
(25 )
Income taxes, paid (net)
(55 )
(29 )
Cash flow from operating activities
Investments in intangible assets
(47 )
(9 )
Investments in tangible assets
(43 )
(48 )
Investments in other financial assets
(2 )
Cash flow from investing activities
(90 )
(59 )
Free cash flow
Dividend paid to shareholders of the parent (net)
(355 )
Exercised share options, paid
(1 )
(7 )
Repayment of lease liabilities
(11 )
(14 )
Proceeds from borrowings
Repayment of borrowings
(3 )
(676 )
Cash flow from financing activities
(370 )
(399 )
Net cash flow
(69 )
Cash beginning of year
Unrealised gains/(losses) on cash held in foreign currency and financial
assets carried as cash
(3 )
Net cash flow
(69 )
Cash end of period
The consolidated statement of cash flow is compiled using the indirect method. As a result, the individual figures in the
cash flow statement cannot be reconciled directly to the income statement and the balance sheet.
Page 12 of 15
Company release No 10/2026 – 4 May 2026
ALK-Abelló A/S – Bøge Allé 6-8 – DK-2970 Hørsholm – Denmark – www.alk.net
Tel +45 4574 7576 – CVR No 63 71 79 16 – LEI code: 529900SGCREUZCZ7P020
BALANCE SHEET - ASSETS FOR THE ALK GROUP
Amounts in DKKm
31 Mar
2026
31 Mar
2025
31 Dec
2025
Non-current assets
Intangible assets
Goodwill
Other intangible assets
Tangible assets
Land and buildings
Plant and machinery
Other fixtures and equipment
Property, plant and equipment in progress
Other non-current assets
Prepayments and securities
Deferred tax assets
Income tax receivables
Total non-current assets
Current assets
Inventories
Trade receivables
Receivables from group companies
Income tax receivables
Other receivables
Prepayments
Cash
Total current assets
Total assets
Page 13 of 15
Company release No 10/2026 – 4 May 2026
ALK-Abelló A/S – Bøge Allé 6-8 – DK-2970 Hørsholm – Denmark – www.alk.net
Tel +45 4574 7576 – CVR No 63 71 79 16 – LEI code: 529900SGCREUZCZ7P020
BALANCE SHEET - EQUITY AND LIABILITIES FOR THE ALK GROUP
Amounts in DKKm
31 Mar
2026
31 Mar
2025
31 Dec
2025
Equity
Share capital
Currency translation adjustment
(67 )
(103 )
Proposed dividend
Retained earnings
Total equity
Liabilities
Non-current liabilities
Mortgage debt
Pensions and similar liabilities
Lease liabilities
Provisions
Deferred tax liabilities
Deferred income
Income tax payables
Current liabilities
Mortgage debt
Bank loans
Trade payables
Lease liabilities
Deferred income
Provisions
Income tax payables
Other payables
Total liabilities
Total equity and liabilities
Page 14 of 15
Company release No 10/2026 – 4 May 2026
ALK-Abelló A/S – Bøge Allé 6-8 – DK-2970 Hørsholm – Denmark – www.alk.net
Tel +45 4574 7576 – CVR No 63 71 79 16 – LEI code: 529900SGCREUZCZ7P020
EQUITY FOR THE ALK GROUP
Share
Currency
translation
Retained
Proposed
Total
Amounts in DKKm
capital
adjustment
earnings
dividend
equity
Equity at 1 January 2026
(103 )
Net profit
Other comprehensive income
Total comprehensive income
Share-based payments
Share options settled
(1 )
(1 )
Dividend, gross
-
-
(357 )
(357 )
Dividend on treasury shares
-
-
Tax related to items recognised directly in equity
(3 )
(3 )
Other transactions
(355 )
(349 )
Equity at 31 March 2026
(67 )
Equity at 1 January 2025
Net profit
- 354
Other comprehensive income
(51 )
-
Total comprehensive income
(51 )
Share-based payments
Share options settled
(7 )
Tax related to items recognised directly in equity
(1 )
Other transactions
Equity at 31 March 2025
Page 15 of 15
Company release No 10/2026 – 4 May 2026
ALK-Abelló A/S – Bøge Allé 6-8 – DK-2970 Hørsholm – Denmark – www.alk.net
Tel +45 4574 7576 – CVR No 63 71 79 16 – LEI code: 529900SGCREUZCZ7P020
NOTES
1
ACCOUNTING POLICIES
This non-audited interim report for the first three months of 2026 has been prepared in accordance with IAS 34 and the additional Danish
regulations for
the presentation of
quarterly interim reports by listed companies.
The Interim report for
the first three months of
2026 follows
the same accounting policies as the annual report for 2025, except for new, amended or revised accounting standards and interpretations
(IFRSs) endorsed by the EU effective for the accounting period beginning on 1 January 2026. These IFRSs have not had any impact on
the Group’s interim report.
2
REVENUE AND SEGMENT INFORMATION
Europe
North
America
International
markets
Total
Amounts
in
DKKm
3M 2026
3M 2025
3M 2026
3M 2025
3M 2026
3M 2025
3M 2026
3M 2025
SLIT-tablets
788
619
77
66
139
172
1,004
857
SCIT/SLIT-drops
422
409
80
88
64
3
566
500
Anaphylaxis
& other products
92
63
101
92
8
10
201
165
Total revenue
1,302
1,091
258
246
211
185
1,771
1,522
Sale of goods
1,726
1,494
Royalties
23
27
Services
22
1
Total revenue
1,771
1,522
North
International
Europe
America
markets
Total
Growth, 3M 2026
Organic
growth local
currencies
Growth
(reported)
Organic
growth local
currencies
Growth
(reported)
Organic
growth local
currencies
Growth
(reported)
Organic
growth local
currencies
Growth
(reported)
SLIT-tablets
26%
27%
26%
17%
-17%
-19%
18%
17%
SCIT/SLIT-drops
3%
3%
1%
-9%
2420%
2033%
15%
13%
Anaphylaxis
& other products
47%
46%
23%
10%
-10%
-20%
31%
22%
Total revenue
19%
19%
16%
5%
17%
14%
18%
16%
Geographical markets (based on customer location):
o
Europe comprises the EU, the UK, Norway and Switzerland
o
North America comprises the USA and Canada
o
International markets comprise Japan, China and all other countries
3
ADJUSTMENTS FOR NON-CASH ITEMS
Amounts in DKKm
3M
2026
3M
2025
Tax on profit
146
119
Financial income and expenses
(13)
(4)
Share-based payments
10
8
Depreciation, amortisation and impairment
84
71
Other adjustments
3
(20)
Total
230
174