Page 1 of 16
Company release No 12/2026 – 20 August 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
Six-month interim report (Q2) 2026 (unaudited) Company release No 12/2026
ALK delivers 18% organic revenue growth with operating profit (EBIT) up 19% in Q2
ALK sustained strong momentum in Q2, with double-digit growth across all regions driven by sales of tablets and
anaphylaxis products. Operating profit increased by 19% on sales growth and an improving gross margin, partly offset
by increasing investments in R&D and sales and marketing. For the first six months, the EBIT margin was 28%. The
full-year revenue outlook has been updated.
Performance highlights (Q2)
Comparative figures for Q2 2025 are shown in brackets. Growth rates are stated in local currencies (l.c.), unless otherwise indicated.
Revenue increased by 18% to DKK 1,795 million (1,527) on double-digit growth across regions, driven by sales of
tablets and anaphylaxis products.
Tablet sales grew by 22% to DKK 1,013 million (831), well-supported by the paediatric roll-out, with 27% growth
in Europe, 17% in North America, and International markets returning to growth at 9%.
SCIT/SLIT drop sales were up 7% to DKK 515 million (481), mainly driven by SCIT shipments to China.
Sales of Anaphylaxis & other products increased by 26% to DKK 267 million (215), largely boosted by Jext
®
.
Operating profit (EBIT) increased by 19% to DKK 445 million (375) with an unchanged EBIT margin of 25%
(25%), as gross margin improvements were offset by strategic investments, mainly in sales and marketing.
Free cash flow was DKK 218 million (216) and was impacted by fluctuations in working capital (timing of
payments). CAPEX was DKK 71 million (104). Free cash flow for the first six months increased to DKK 889
million (546), and the net debt to EBITDA ratio was negative at 0.6.
Financial highlights
Growth
Growth
In DKKm
Q2 2026
l.c.
r.c.
H1 2026
l.c.
r.c.
Revenue
1,795
18%
18%
3,566
18%
17%
EBIT
445
19%
19%
1,015
20%
20%
EBIT margin – %
25%
28%
l.c.: local currency; r.c.: reported currency
Allergy+ strategy highlights
Planning for phase 3 development of the peanut tablet continued with trial initiation still expected in late
2026. Dialogues with regulatory authorities are ongoing.
New approvals and launches for neffy
®
nasal adrenaline spray: now launched by ALK in Canada and 5
additional European markets, bringing the total number of markets launched to 10.
In the UK, paediatric use of ACARIZAX
®
and ITULAZAX
®
was recently recommended by the National
Institute for Health and Care Excellence (NICE) for admittance to the public healthcare system with general
reimbursement.
2026 full-year outlook
The full-year revenue outlook has been updated 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 14-16% (previously 13-16%) in local currencies, based on growth across all
sales regions and product lines.
The EBIT margin is still expected at around 26%.
Commenting on the Q2 results, CEO Peter Halling said: “ALK's continued double-digit growth in Q2 reflects the
strength of our strategy and our firm commitment to improving the lives of people impacted by allergy worldwide. The
paediatric roll-out is increasingly fuelling tablet growth, new launches of neffy
®
are underway, and the confirmation of
our plans to initiate phase 3 development of the peanut tablet underscores ALK's scientific capabilities. We remain
well-positioned to continue delivering sustainable value to patients and caregivers."
Page 2 of 16
Company release No 12/2026 – 20 August 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
Hørsholm, 20 August 2026
ALK-Abelló A/S
For further information, contact:
Investor Relations: Per Plotnikof, tel. +45 4574 7527, mobile +45 2261 2525
Media: Maiken Riise Andersen, tel. +45 5054 1434
ALK is hosting a conference call for analysts and investors today at 1.30 p.m. (CEST) at which Management will review the
financial results and the outlook. The conference call will be audio cast on https://ir.alk.net where the relevant presentation
will be available shortly before the call begins.
To register for the conference call, please use this link and follow the registration instructions. You will receive an email from
diamondpass@choruscall.com with dial-in details, including a passcode and a pin code. Please make sure to whitelist
diamondpass@choruscall.com and/or check your spam filter. We advise you to register well in advance and to call in before
1.25 p.m. (CEST).
Page 3 of 16
Company release No 12/2026 – 20 August 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
Q2
2026
Q2
2025
H1
2026
H1
2025
Full year
2025
Income statement
Revenue
1,795
1,527
3,566
3,049 6,312
Revenue growth (local currencies)
18%
12%
18%
12% 15%
Revenue growth (reported)
18%
11%
17%
13% 14%
Operating profit (EBIT)
445
375
1,015
844 1,654
EBIT growth (local currencies) 19% 41% 20% 46% 53%
EBIT growth (reported) 19% 42% 20% 46% 52%
Operating profit before depreciation and amortisation (EBITDA)
531
450
1,185
990 1,982
Net financial items
7
(25)
20
(21) (19)
Profit before tax (EBT)
452
350
1,035
823 1,635
Net profit
339
263
776
617 1,197
Average number of employees (FTE)
2,773
2,782 2,737
Balance sheet
Total assets
9,725
8,272
9,725
8,272 9,057
Invested capital
5,225
5,023
5,225
5,023 5,245
Net interest bearing debt (NIBD)
(1,314)
83
(1,314)
83 (822)
Equity
6,942
5,847
6,942
5,847 6,445
Cash flow and investments
Cash flow from operating activities 289 320 1,050 709 1,817
Cash flow from investing activities (71) (104) (161) (163) (385)
- of which investment in intangible assets (20) (48) (67) (57) (84)
- of which investment in tangible assets (50) (58) (93) (106) (276)
- of which acquisitions of companies and operations - - - - (10)
Free cash flow 218 216 889 546 1,432
Information on shares
Share capital
111
111
111
111 111
Shares in thousands of DKK 0.5 each
222,824
222,824
222,824
222,824 222,824
Share price, end of period
244
187
244
187 229
Net asset value per share
31
26
31
26 29
Key figures
Gross margin – %
67
65
68
66 67
EBIT margin – %
25
25
28
28 26
Equity ratio – %
71
71
71
71 71
Return on invested capital (ROIC) % - rolling four quarters
36
30
36
30 32
Earnings per share (EPS)
1.5
1.2
3.5
2.8 5.4
Earnings per share (DEPS), diluted
1.5
1.2
3.5
2.8 5.4
NIBD/EBITDA - rolling four quarters
(0.6)
0.1
(0.6)
0.1 (0.4)
Share price/Net asset value
7.8
7.1
7.8
7.1 7.9
Page 4 of 16
Company release No 12/2026 – 20 August 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
ALLERGY+ STRATEGIC PRIORITIES
ALK continued the efforts to expand addressable
markets and help more patients in Q2: further
unlocking the potential within respiratory allergy,
transforming anaphylaxis care, and expanding into
new disease areas, 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, including the number of
paediatric patients, endorsements from key opinion
leaders, caregiver interactions, doctor visits, and
prescriber uptake.
At the end of Q2, the HDM tablet was approved for
paediatric use in 36 countries and launched in 22 of
these. The tree pollen allergy tablet was approved for
children and adolescent use in 20 countries and
launched in 13 of these.
ALK and its partners further strengthened their
footprints in selected markets, led by Japan, China,
and the USA.
In Japan, supply from Torii's (part of Shionogi) new
manufacturing facility for the CEDARCURE™ active
pharmaceutical ingredients has now reached the
market, accelerating the growth of particularly the
tablet for Japanese cedar pollen-induced allergy.
Meanwhile, the phase 3 trial to support the local
approval of GRAZAX
®
continued as planned towards
completion in 2027.
In China, GenSci's commercialisation of ALK's SCIT
products and skin prick tests progressed steadily. The
partner transition has temporarily impacted in-market
sales, which nevertheless continued to grow in the first
half-year, and with the sales organisation now in
place, growth is expected to improve in the second
half-year. The local phase 3 trial of the HDM tablet,
ACARIZAX
®
, is in its final stage and running according
to plan, with results expected in Q4 2026. The tablet
will be added to GenSci’s portfolio, subject to
approval.
Anaphylaxis
Within anaphylaxis, focus remains on creating a
successful platform for the commercialisation of the
nasal adrenaline spray neffy
®
(EURneffy
®
in Europe),
as well as on capturing market share with the Jext
®
adrenaline auto-injector in a growing adrenaline
market.
The 2 mg version of neffy
®
, indicated for adults and
children weighing ≥30 kg, has now been launched in
10 markets by ALK, most recently in the important
Canadian market. Five of the European launches took
place at the turn of the quarter. The 1 mg version for
children aged ≥4 years weighing between 15 kg and
30 kg was approved in Europe earlier in the year,
including in the UK in June, with the first launches
expected later in 2026.
ALK continues to progress market access country by
country to secure availability of neffy
®
for patients,
while in parallel building real-world evidence of the
product's efficacy to drive adoption. In the UK, work
continues to translate the national approval into
regional market access; while progress is seen, these
efforts are expected to extend beyond 2026.
Revenue contributions from neffy
®
increased, although
still remained modest, reflecting the early stages of the
launches, with reimbursement processes still ongoing
in several markets. The main contributions came from
Germany and the USA, where ALK recognised a cost-
compensation service fee from ARS Pharma under the
co-promotion agreement established in 2025.
INCOME STATEMENT
Q2
2026
% of
revenue
Q2
2025
% of
revenue
Amounts in DKKm
H1
2026
% of
revenue
H1
2025
% of
revenue
1,795 100 1,527 100 Revenue 3,566 100 3,049 100
600 33 532 35 Cost of sales 1,143 32 1,038 34
1,195 67 995 65 Gross profit 2,423 68 2,011 66
168 9 146 9 Research and development expenses 319 9 275 9
582 33 474 31
Sales, marketing and administrative expenses 1,089 31 892 29
445 25 375 25 Operating profit (EBIT) 1,015 28 844 28
7 - (25) (2) Net financial items 20 1 (21) (1)
452 25 350 23
Profit before tax (EBT) 1,035 29 823 27
113 6 87 6
Tax on profit 259 7 206 7
339 19 263 17 Net profit 776 22 617 20
531 30 450 29
Operating profit before depreciation
and amortisation (EBITDA)
1,185 33 990 32
Page 5 of 16
Company release No 12/2026 – 20 August 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
Food allergy and new disease areas
Following the successful outcome of the phase 2 trial
with its once-daily, investigational peanut allergy tablet
announced earlier in the year, ALK continued to
progress planning for phase 3 development.
Preparations remain on track for phase 3 initiation
before the end of 2026, subject to the final outcome of
the ongoing dialogue with the regulatory authorities on
the trial design. The phase 2 data were presented in
detail at the EAACI 2026 Congress in Istanbul, which
gathered more than 7,000 healthcare professionals
from around the world, and where ALK hosted two
well-attended symposia that attracted strong interest
from the scientific community.
Interim data from a phase 2b trial evaluating neffy
®
for
the treatment of acute flares associated with chronic
spontaneous urticaria is expected in the first quarter
of 2027. The agreement with ARS Pharma grants ALK
exclusive rights to this and other new indications in the
licensed territory.
ALK continued to progress its ALK014 project towards
clinical development in 2027. ALK014 is a biologic
therapy candidate based on an antibody-like fusion
protein that targets the immune system’s IgE axis with
possible applicability to food allergy and other IgE
mediated diseases.
ALK continues to pursue business development
activities aimed at entering other adjacent disease
areas also progressed through in-house innovation,
licensing, and partnerships.
Germany: rebate increase from 2027
Work has been initiated to mitigate the impact of new
legislation in Germany, passed in July, which
increases the mandatory rebate on prescription drugs
from 7% to 15.5%, effective 1 January 2027. As
Germany is ALK's largest market, accounting for 25%
of global revenue in 2025, the higher rebate is
expected to have a negative impact on revenue
growth in 2027; however, this does not change ALK's
long-term financial ambitions. Not all details of the
legislation are yet in place, including potential
exemptions linked to investments in Germany.
Q2 SALES AND MARKET TRENDS
(Comparative figures for Q2 2025 are shown in brackets. Growth
rates are stated in local currencies, unless otherwise indicated)
Revenue by geography
DKKm
Q2
2026
Growth*
Share of
revenue
Q2
2025
Europe
1,226
19%
68%
1,024
North America
296
13%
17%
269
Int’l markets
273
18%
15%
234
Revenue
1,795
18%
100%
1,527
* In local currencies
Europe
Revenue in Europe increased by 19% in local
currencies to DKK 1,226 million (1,024). In the majority
of markets, sales grew by double digits led by tablets
and anaphylaxis products.
The 27% increase in European tablet sales was
mainly driven by higher volumes linked to the strong
inflow of new patients from the 2025/26 initiation
season. ITULAZAX
®
and ACARIZAX
®
, including the
new indications for children and adolescents,
continued to lead the growth contribution whereas the
contribution from GRAZAX
®
was more modest.
In Europe’s largest AIT market Germany, tablet sales
grew strongly and ALK expanded its position as
market leader across the main allergies. Tablet sales
in France continued to grow by double digits, from the
positive trend created over the past few years. High
sales growth was also achieved in several Central and
Eastern European countries. The UK, where
ACARIZAX
®
and ITULAZAX
®
last year gained general
reimbursement through the National Health Service
(NHS), sustained high growth, although off a low base.
Paediatric use of the two tablets was recently
recommended by the National Institute for Health and
Care Excellence (NICE).
Combined sales of injection-based SCIT and drop-
based treatments increased by 4%. Growth in SCIT
sales was driven by both the venom and non-venom
subsegments mainly in Central Europe. Sales of SLIT
drops, primarily marketed in France, regained modest
growth momentum after a weak beginning to the year.
Sales of Anaphylaxis & other products increased by
28%, mainly from the sale of Jext
®
autoinjectors with
an increasing contribution from neffy
®
. Jext
®
sales
growth benefitted from last year’s tender wins but also
from intermittent competitor supply issues in select
markets. Sales of EURneffy
®
remained modest
reflecting the relatively early stages of the ongoing
launches. Overall, the anaphylaxis portfolio had 30%
growth in Europe.
North America
Revenue in North America increased by 13% in local
currencies to DKK 296 million (269), driven by
continued double digit growth in both the USA and
Canada.
Tablet sales grew by 17%, driven by Canada where
demand remained strong, particularly for the tree
tablet ITULATEK
®
, fuelled by the paediatric indication.
Growth was to some extent negatively impacted by
wholesaler stocking in the same period last year.
Sales of SCIT bulk allergen extracts to primarily US
allergists were flat reflecting modest price increases
and volume growth in the USA, partly offset by lower
sales volumes in Canada.
Page 6 of 16
Company release No 12/2026 – 20 August 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
Revenue from Anaphylaxis & other products increased
by 22% linked to the cost compensation from ARS
Pharma related to the co-promotion of neffy
®
. Other
diagnostic and life science products in the USA also
contributed to growth.
International markets
Revenue in International markets grew by 18% in local
currencies to DKK 273 million (234), reflecting
increasing product shipments to China and Japan.
SCIT shipments to China further increased compared
to last year when these were impacted during the
renewal of ALK’s import license.
Tablet revenue in the region increased by 9%
following increasing product shipments to Japan and
sales royalties as well as growth in most of the other
minor markets in Southeast Asia.
Product shipments to Japan increased in Q2
supported by Torii’s expansion of manufacturing
capacity of API for the CEDARCURE™ tablet. In-
market tablet sales in Japan grew strongly and
accelerated compared to previous quarters. ALK
remains confident that full-year revenue from Japan
will grow by double-digits supported by the in-market
development.
Global revenue by product line
DKKm
Q2
2026
Growth*
Share of
revenue
Q2
2025
SLIT tablets
1,013
22%
56%
831
SCIT/
SLIT drops
515
7%
29%
481
Anaphylaxis &
other products
267
26%
15%
215
Revenue
1,795
18%
100%
1,527
* In local currencies
SIX-MONTH FINANCIAL REVIEW
(Comparative figures for H1 2025 are shown in brackets. Growth
rates are stated in local currencies, unless otherwise indicated)
Revenue increased by 18% in local currencies to DKK
3,566 million (3,049), driven by growth in sales of
tablets, anaphylaxis, and SCIT products. Exchange
rates impacted reported revenue growth negatively by
1 percentage point mainly related to the depreciating
USD/DKK exchange rate.
Cost of sales increased by 12% in local currencies to
DKK 1,143 million (1,038). The gross profit of DKK
2,423 million (2,011) yielded a gross margin of 68%
(66%), driven by increased sales volumes, production
efficiencies, and a sales mix with a relatively high
proportion of ALK-branded products with high margins.
Capacity costs to R&D, Sales & Marketing, and
Administration increased by 22% in local currencies to
DKK 1,408 million (1,167) following significant
investments in current and future growth drivers.
R&D expenses increased by 17% to DKK 319 million
(275), mainly reflecting increasing costs linked to the
peanut tablet clinical development and pre-clinical
development projects. Sales & Marketing expenses
increased by 25% to DKK 889 million (724), driven by
the ongoing efforts to support launches of paediatric
tablets and neffy
®
, including additional sales resources
and dedicated marketing campaigns. Administrative
costs of DKK 200 million (168) increased by 19%
reflecting a generally high activity level supporting the
development of the business.
EBIT (operating profit) improved by 20% in local
currencies to DKK 1,015 million (844), corresponding
to an EBIT margin of 28% (28%). The development
reflected an improved gross margin offset by a slightly
higher capacity cost-to-revenue ratio of 39% (38%).
Exchange rates had limited impact on EBIT growth.
Net financials showed a gain of DKK 20 million (a
loss of 21) related to interest income and currency
gains.
Tax on the profit totalled DKK 259 million (206), and
the net profit increased to DKK 776 million (617).
Cash flow from operating activities increased to
DKK 1,050 million (709) mainly driven by higher
earnings and changes in working capital. Cash flow
from investing activities was DKK minus 161 million
(minus 163) reflecting the continued build-up of
capacity for tablet production, upgrades to legacy
production, strengthening of the supply chain for
anaphylaxis, as well as milestone payments. Free
cash flow was positive at DKK 889 million (positive at
546).
Cash flow from financing activities amounted to DKK
minus 397 million (minus 608), mainly related to
dividend payments of DKK 355 million.
At the end of June, ALK held 944,828 of its own
shares or 0.4% of the share capital. The decrease of
0.2 percentage points compared to year-end and the
end of June 2025 is due to the settlement of share
option and performance share programmes.
Equity totalled DKK 6,942 million (5,847) at the end of
June, and the equity ratio was 71% (71%).
OUTLOOK FOR 2026
The full-year revenue outlook has been updated
reflecting a strong underlying momentum for tablet
sales and reduced risks associated with price and
rebate adjustments in 2026.
Page 7 of 16
Company release No 12/2026 – 20 August 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
Revenue is now expected to grow by 14-16%
(previously 13-16%) in local currencies, based on
growth across all sales regions and product lines.
The EBIT margin is still expected at around 26%.
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.
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 drop sales are anticipated
to grow by single digits, while sales of Anaphylaxis &
other products are expected to grow by low double
digits with a modest contribution from neffy
®
.
As usual, the timing of product shipments to China and
Japan may lead to quarterly fluctuations in revenue.
Margins and costs
The gross margin is now expected to be slightly higher
than last year (67% in 2025). The margin will benefit
from favourable volume/mix changes, especially
higher tablet sales in Europe. This will partly 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 be slightly higher
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
expected to slightly exceed 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 around DKK 400 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 and now slightly exceed
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 an immaterial impact on reported
revenue growth and 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 16
Company release No 12/2026 – 20 August 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
ALK has updated its financial calendar for 2026 as follows:
Silent period 20 October 2026
Nine-month interim report (Q3) 2026 17 November 2026 (previously scheduled for 18 November 2026)
Page 9 of 16
Company release No 12/2026 – 20 August 2026
Tel +45 4574 7576 – CVR No 63 71 79 16
Board of Management
Board of Directors
Page 10 of 16
Company release No 12/2026 – 20 August 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
Q2
2026
Q2
2025 Amounts in DKKm
H1
2026
H1
2025
1,795 1,527 Revenue 3,566 3,049
600 532 Cost of sales 1,143 1,038
1,195 995 Gross profit 2,423 2,011
168 146 Research and development expenses 319 275
473 385 Sales and marketing expenses 889 724
109 89 Administrative expenses 200 168
445 375 Operating profit (EBIT) 1,015 844
7 (25) Net financial items 20 (21 )
452 350
Profit before tax (EBT) 1,035 823
113 87
Tax on profit 259 206
339 263 Net profit 776 617
Earnings per share (EPS)
1.5 1.2 Earnings per share (EPS) 3.5 2.8
1.5 1.2 Earnings per share (DEPS), diluted 3.5 2.8
STATEMENT OF COMPREHENSIVE INCOME
Q2
2026
Q2
2025 Amounts in DKKm
H1
2026
H1
2025
339 263 Net profit 776 617
Other comprehensive income
Items that will subsequently be reclassified to the income statement,
when specific conditions are met:
16 (114) Foreign currency translation adjustment of foreign affiliates 52 (165 )
355 149
Total comprehensive income 828 452
Page 11 of 16
Company release No 12/2026 – 20 August 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
Amounts in DKKm
H1
2026
H1
2025
Net profit 776 617
Adjustments for non-cash items (note 3) 440 377
Changes in working capital (57 ) (200 )
Financial income, received 15 62
Financial expenses, paid (9 ) (32 )
Income taxes, paid (net) (115 ) (115 )
Cash flow from operating activities
Investments in intangible assets (67 ) (57 )
Investments in tangible assets (93 ) (106 )
Investments in other financial assets (1 ) -
Cash flow from investing activities (161 ) (163 )
Free cash flow 889 546
Dividend paid to shareholders of the parent (net) (355 ) -
Sale of treasury shares 6 -
Exercised share options, paid (19 ) (7 )
Repayment of lease liabilities (21 ) (32 )
Proceeds from borrowings - 671
Repayment of borrowings (8 ) (1.240 )
Cash flow from financing activities (397 ) (608 )
Net cash flow 492 (62 )
Cash beginning of year
Unrealised gains/(losses) on cash held in foreign currency and financial
assets carried as cash
Net cash flow 492 (62 )
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 16
Company release No 12/2026 – 20 August 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
30 Jun
2026
30 Jun
2025
31 Dec
2025
Non-current assets
Intangible assets
Goodwill 457 455 455
Other intangible assets 1,320 1,342 1,310
Tangible assets
Land and buildings 1,003 1,074 1,005
Plant and machinery 643 676 663
Other fixtures and equipment 68 76 72
Property, plant and equipment in progress 587 423 524
Other non-current assets
Prepayments and securities 73 30 48
Deferred tax assets 393 626 353
Income tax receivables 106 120 133
Total non-current assets 4,650 4,822 4,563
Current assets
Inventories 1,834 1,718 1,783
Trade receivables 1,138 987 1,093
Receivables from group companies - - 118
Income tax receivables 41 12 8
Other receivables 148 103 120
Prepayments 178 121 132
Cash 1,736 509 1,240
Total current assets 5,075 3,450 4,494
Total assets 9,725 8,272 9,057
Page 13 of 16
Company release No 12/2026 – 20 August 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
30 Jun
2026
30 Jun
2025
31 Dec
2025
Equity
Share capital 111 111 111
Currency translation adjustment (51 ) (100 ) (103 )
Proposed dividend - - 355
Retained earnings 6,882 5,836 6,082
Total equity 6,942 5,847 6,445
Liabilities
Non-current liabilities
Mortgage debt 143 159 151
Pensions and similar liabilities 246 255 244
Lease liabilities 219 256 204
Provisions 2 1 1
Deferred tax liabilities 254 - 238
Deferred income 274 42 277
Income tax payables 177 173 168
Current liabilities
Mortgage debt 17 17 17
Bank loans - 112 -
Trade payables 189 131 140
Lease liabilities 43 48 46
Deferred income 10 7 11
Provisions 25 17 20
Income tax payables 75 174 39
Other payables 1,109 1,033 1,056
Total liabilities 2,783 2,425 2,612
Total equity and liabilities 9,725 8,272 9,057
Page 14 of 16
Company release No 12/2026 – 20 August 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
Amounts in DKKm
Share
capital
Currency
translation
adjustment
Retained
earnings
Proposed
dividend
Total
equity
Equity at 1 January 2026 111 (103 ) 6,082 355 6,445
Net profit - - 776 - 776
Other comprehensive income - 52 - - 52
Total comprehensive income - 52 776 - 828
Share-based payments - - 26 - 26
Share options settled - - (19 ) - (19 )
Dividend, gross - - - (357 ) (357 )
Dividend on treasury shares - - - 2 2
Sale of treasury shares - - 6 - 6
Tax related to items recognised directly in equity - - 11 - 11
Other transactions - - 24 (355 ) (331 )
Equity at 30 June 2026 111 (51 ) 6,882 - 6,942
Equity at 1 January 2025 111 65 5,197 - 5,373
Net profit - - 617 - 617
Other comprehensive income - (165 ) - - (165 )
Total comprehensive income - (165 ) 617 - 452
Share-based payments - - 25 - 25
Share options settled - - (7 ) - (7 )
Tax related to items recognised directly in equity - - 4 - 4
Other transactions - - 22 - 22
Equity at 30 June 2025 111 (100 ) 5,836 - 5,847
EQUITY FOR THE ALK GROUP
Page 15 of 16
Company release No 12/2026 – 20 August 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 six 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 six 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
Amounts in DKKm H1 2026 H1 2025 H1 2026 H1 2025 H1 2026 H1 2025 H1 2026 H1 2025
SLIT-tablets 1,516 1,189 163 142 338 357 2,017 1,688
SCIT/SLIT-drops 788 759 167 177 126 45 1,081 981
Anaphylaxis & other products 224 167 224 196 20 17 468 380
Total revenue 2,528 2,115 554 515 484 419 3,566 3,049
Sale of goods 3,482 2,991
Royalties 44 51
Services 40 7
Total revenue 3,566 3,049
Growth, H1 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 27% 28% 21% 15% -4% -5% 20% 19%
SCIT/SLIT-drops 3% 4% 0% -6% 190% 180% 11% 10%
Anaphylaxis & other products 35% 34% 22% 14% 24% 18% 28% 23%
Total revenue 19% 20% 14% 8% 17% 16% 18% 17%
Total
Europe
America
markets
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
Total
International
North
International
North
America
Europe
markets
Page 16 of 16
Company release No 12/2026 – 20 August 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
2 REVENUE AND SEGMENT INFORMATION (CONTINUED)
Amounts in DKKm Q2 2026 Q2 2025 Q2 2026 Q2 2025 Q2 2026 Q2 2025 Q2 2026 Q2 2025
SLIT-tablets 728 570 86 76 199 185 1,013 831
SCIT/SLIT-drops 366 350 87 89 62 42 515 481
Anaphylaxis & other products 132 104 123 104 12 7 267 215
Total revenue 1,226 1,024 296 269 273 234 1,795 1,527
Sale of goods 1,756 1,497
Royalties 21 24
Services 18 6
Total revenue 1,795 1,527
Grow th, Q2 2026
Organic
grow th local
currencies
Grow th
(reported)
Organic
grow th local
currencies
Grow th
(reported)
Organic
grow th local
currencies
Grow th
(reported)
Organic
grow th local
currencies
Growth
(reported)
SLIT-tablets 27% 28% 17% 13% 9% 8% 22% 22%
SCIT/SLIT-drops 4% 5% 0% -2% 49% 48% 7% 7%
Anaphylaxis & other products 28% 27% 22% 18% 65% 71% 26% 24%
Total revenue 19% 20% 13% 10% 18% 17% 18% 18%
North
International
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
North
International
Total
Total
Europe
America
markets
Europe
America
markets
3 ADJUSTMENTS FOR NON-CASH ITEMS
Amounts in DKKm
H1
2026
H1
2025
Tax on profit 259 206
Financial income and expenses (20) 21
Share-based payments 26 25
Depreciation, amortisation and impairment 170 146
Other adjustments 5 (21)
Total 440 377