Robust Revenue and Earnings Growth Amid …

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• Revenue Growth: 18% increase in Q3, with full-year growth expected at 13% to 15%.

• Earnings Growth: 41% increase in local currencies, with an EBIT margin of 28% in Q3.

• EBIT Margin: Expected to increase to approximately 26% for the full year.

• European Revenue Growth: 18% increase, driven by tablets, anaphylaxis products, and SLIT-drops.

• North American Revenue Growth: 20% increase, with tablet sales up 20%.

• International Markets Revenue Growth: 14% increase, with SCIT revenue in China up 43%.

• Tablet Revenue Growth: 17% globally, driven by higher volumes in Europe and North America.

• SCIT/SLIT-drops Revenue Growth: 11% increase, with strong growth in China and France.

• Anaphylaxis Portfolio Growth: 68% increase, leading the 42% growth in other products.

• Gross Margin: 67%, an increase of 3 percentage points.

• Free Cash Flow: Almost doubled to DKK836 million.

• Net Debt-to-EBITDA Ratio: Minus 0.1, indicating no debt.

Release Date: November 13, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

• Alk-Abello AS (AKBLF) reported strong financial results in Q3 with an 18% revenue growth and a 41% increase in earnings in local currencies, leading to an EBIT margin of 28%.

• The company successfully launched pediatric tablets, ACARIZAX and ITULAZAX, which have shown encouraging market responses and are expanding Alk-Abello AS (AKBLF)’s addressable markets.

• A new partnership with GenSci in China is expected to be margin accretive, driven by cost savings and income from product supply, with potential milestone payments up to DKK1.3 billion.

• The commercialization of EURneffy, an adrenaline spray, is gaining traction in Germany and the UK, indicating long-term potential despite existing market practices.

• Alk-Abello AS (AKBLF) has a strong balance sheet with a net debt-to-EBITDA ratio of minus 0.1, indicating no debt and a solid financial position to support future growth initiatives.

• The company faces challenges in changing long-standing clinical practices that favor traditional anaphylaxis products, which may slow down the adoption of EURneffy.

• Gross margin improvements may face headwinds in 2026 due to lower-margin products from partnerships in Japan and China, as well as increased sales of neffy.

• Capacity costs are expected to rise in Q4 due to increased investments in growth initiatives, which may impact short-term profitability.

• The company is experiencing capacity constraints in Japan, preventing full demand fulfillment for CEDARCURE tablets, which could limit growth in that market.

• Despite positive early uptake, the pediatric tablet launches are still in early stages, and sustaining the current trends is crucial for long-term growth.

Q: How does the new patient intake for tablets in 2025 compare to previous years, excluding pediatric indications? A: Peter Halling, CEO, stated that the adult patient intake is expected to be around 10%, with a positive surprise in the intake of children, particularly for the house dust mite tablet, ACARIZAX. This has driven the overall patient intake upwards.

Q: What factors are contributing to the gross margin improvements, and how should we anticipate these changes in 2026? A: Claus Solje, CFO, explained that the 2% gross margin improvement is primarily due to a favorable product mix, with higher-margin tablet sales. Inflation in manufacturing inputs is counterbalanced by improvements in variances and scrap. For 2026, potential headwinds include lower-margin shipments to partner markets like Japan and China, and increased neffy sales.

Q: What is driving the increased R&D spending, and how does it align with maintaining a 25% EBIT margin? A: Peter Halling, CEO, noted that increased R&D spending is due to trial activities, including the continuation of the peanut program and preparations for Phase 3 trials. The company aims to maintain R&D spending between 10% and 15% of revenue, with a focus on long-term financial targets, including a 25% EBIT margin.

Q: Can you provide more details on the neffy launch in Germany and its market share compared to the US? A: Peter Halling, CEO, mentioned that neffy has had a strong start in Germany, with market share gains driven by market access efforts and digital engagement with prescribers. The focus is on changing prescription patterns and increasing awareness among healthcare providers and patients.

Q: With a strong balance sheet, what are ALK’s plans for capital allocation, including potential buybacks or dividends? A: Claus Solje, CFO, stated that ALK plans to invest in commercial opportunities, R&D, and tablet manufacturing. If excess cash remains, the company will consider dividends or share buybacks, with discussions to be held with the Board around the Annual General Assembly.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.