Three-month interim report (Q1) 2024 (unaudited)  
Company release No. 11/2024  
ALK delivers 10% organic revenue growth with operating profit up 41% in Q1 and upgrades outlook  
The growth in ALK's overall sales was primarily driven by the European tablet sales, which were boosted by the inflow  
of new patients and improved pricing. Sales outside Europe had a soft start to the year, partly due to temporary sales  
fluctuations and phasing of product shipments to International markets. Outlook for full-year revenue growth now  
expected at 10-13% (previously 9-12%).  
Performance highlights  
Comparative figures for Q1 2023 are shown in brackets. Revenue growth rates are stated in local currencies, unless otherwise indicated.  
Total revenue increased by 10% in local currencies to DKK 1,351 million (1,234).  
Tablet sales increased by 22% to DKK 706 million (581) on 28% growth in Europe, 20% growth in North America  
and 1% growth in International markets which was impacted by phasing of shipments to Japan.  
Combined SCIT and SLIT-drops sales decreased 1% to DKK 500 million (510). Robust growth in European sales  
was offset by fluctuations in SCIT shipments to China and lower SCIT sales in North America.  
Sales of Other products and services increased 1% to DKK 145 million (143). Jext® sales increased by 10% and  
is normalising after the intermittent supply shortages that impacted sales in Q2-Q4 2023.  
Revenue increased 18% in Europe and 2% in North America and decreased 18% in International markets.  
Operating profit (EBIT) increased by 41% in local currencies to DKK 316 million (228), with an EBIT margin of  
23% (18%). Progress was driven by sales growth, improved gross margin and prudent costs management  
leading to largely unchanged capacity costs to R&D, Sales, Marketing and Administration.  
Financial performance for the first three months 2024  
3M  
3M  
2023  
1,234  
228  
Growth  
(local currencies)  
10%  
Growth  
(reported)  
9.5%  
In DKKm  
2024  
1,351  
316  
Revenue  
EBIT  
41%  
39%  
23%  
18%  
EBIT margin – %  
Strategic highlights  
ALK made progress with its strategic priorities in Q1. ALK is in the process of securing regulatory approvals to  
expand the product approvals for its house dust mite and tree pollen allergy tablets to include children. Launch  
preparations continue to progress as planned ahead of the expected launches in 2024/25.  
The strategy review is still ongoing and ALK will present the updated strategy and new long-term financial  
aspirations at a Capital Markets Day on June 4, 2024 at the company’s headquarters in Denmark.  
ALK is implementing a number of optimisation and prioritisation initiatives in 2024 to free up approximately DKK  
250 million in 2025 for strategic growth investments and support of its earnings ambitions. These initiatives are  
expected to entail one-off costs of approximately DKK 60 million in 2024, that have been included in the earnings  
outlook which is unchanged.  
2024 full-year outlook  
With reference to Company Announcement no 10/2024, released earlier today, the full-year financial outlook has  
been upgraded mainly to reflect the recent development in European tablet sales:  
Revenue is now expected to grow by 10-13% (previously: 9-12%) organically in local currencies on broad-based  
growth across sales regions and product groups. European tablet sales remain key to growth.  
The EBIT margin is still expected to improve to 17-19% (up from 14% last year) on sales growth, efficiencies, and  
lower R&D costs. One-off costs of DKK ~60 million to optimisation efforts are now included in this guidance.  
Commenting on the Q1 results, CEO Peter Halling said: “2024 started well for ALK. Revenue in Q1 was up 10%,  
and the operating profit increased significantly on operational leverage and prudent cost management. We are  
pleased to see European tablet sales continue to rebound adding to the good momentum we established in the  
second half of 2023. As part of our ongoing strategy review, we are implementing a number of optimisation measures  
in order to free up resources to reinvest in strategic growth initiatives without compromising our profitability ambitions.”  
Page 1 of 16  
Company release No 11/2024 – 2 May 2024  
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, 02 May 2024  
ALK-Abelló A/S
For further information, contact:  
Investor Relations: Per Plotnikof, tel. +45 4574 7527, mobile +45 2261 2525  
Media: Maiken Riise Andersen, tel. +45 5054 1434  
ALK is hosting a conference call for analysts and investors at 12.30 p.m. (CET) on 3 May 2024 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 https://dpregister.com/sreg/10187885/fc17991254 and follow the  
registration instructions. You will receive an email from [email protected] with dial-in details, including a  
passcode and a pin code. Please make sure to whitelist [email protected] and/or check your spam filter. We  
advise you to register well in advance and to call in before 12.25 p.m. (CET).  
- Page 2 of 16  
Company release No 11/2024 – 2 May 2024  
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  
3M  
2024  
3M  
2023  
Full year  
2023  
Amounts in DKKm  
Income statement  
1.351  
Revenue  
1.234  
7%  
4.824  
9%  
Revenue growth (local currencies)  
Revenue growth (reported)  
Operating profit (EBIT)  
EBIT growth (local currencies)  
EBIT growth (reported)  
Operating profit before depreciation (EBITDA)  
Net financial items  
10%  
9%  
7%  
7%  
316  
228  
11%  
6%  
666  
41%  
39%  
382  
50%  
42%  
911  
288  
(11)  
217  
163  
2.712  
(7)  
(19)  
647  
309  
Profit before tax (EBT)  
Net profit  
232  
486  
2.828  
Average number of employees (FTE)  
2.752  
Balance sheet  
Total assets  
Invested capital  
Equity  
6.784  
3.935  
4.690  
6.356  
3.486  
4.118  
6.726  
3.765  
4.447  
Cash flow and investments  
283  
(172)  
(10)  
Cash flow from operating activities  
Cash flow from investing activities  
- of w hich investment in intangible assets  
- of w hich investment in tangible assets  
- of w hich acquisitions of companies and operations  
Free cash flow  
154  
(91)  
(17)  
(74)  
-
667  
(375)  
(69)  
(310)  
-
(49)  
(115)  
111  
63  
292  
Information on shares  
Share capital  
111  
222.824  
124  
111  
222.824  
106  
111  
222.824  
101  
Shares in thousands of DKK 0.5 each  
Share price, end of period  
Net asset value per share  
21  
18  
20  
Key figures  
66  
23  
Gross margin – %  
65  
18  
63  
14  
EBIT margin – %  
69  
Equity ratio – %  
65  
66  
1,1  
1,1  
5,9  
Earnings per share (EPS)  
Earnings per share (DEPS), diluted  
Share price/Net asset value  
0,7  
0,7  
5,7  
2,2  
2,2  
5,1  
- Page 3 of 16  
Company release No 11/2024 – 2 May 2024  
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  
Amounts in DKKm  
% of  
revenue  
% of  
revenue  
3M  
2024  
3M  
2023  
Revenue  
1.351  
462  
100  
34  
1.234  
435  
100  
35  
Cost of sales  
Gross profit  
889  
66  
799  
65  
Research and development expenses  
Sales, marketing and administrative expenses  
Other operating items, net  
130  
444  
1
10  
33  
0
158  
413  
-
13  
34  
-
Operating profit (EBIT)  
316  
23  
228  
18  
Net financial items  
(7)  
0
(11)  
217  
(1)  
17  
Profit before tax (EBT)  
309  
23  
Tax on profit  
77  
6
54  
4
Net profit  
232  
17  
163  
13  
Operating profit before depreciation  
and amortisation (EBITDA)  
382  
28  
288  
23  
STRATEGIC PRIORITIES  
Based on last year’s successful paediatric trials with  
the house dust mite (HDM) and tree pollen allergy  
tablets, ALK is working to secure regulatory approvals  
to expand the product indications to include young  
children.  
Ongoing strategy review  
As previously announced, ALK is in the process of  
updating its current business strategy which was put in  
place in 2017. The overall strategic direction will be  
unchanged, and the goal is to sustain high revenue  
growth by expanding ALK’s global leadership in  
respiratory AIT and bolster the longer-term growth  
trajectory by diversifying ALK’s portfolio into relevant  
adjacent therapeutic areas.  
An application for the house dust mite (‘HDM’) tablet in  
Europe (ACARIZAX®) is currently under review by the  
authorities, so that, subject to approval, this tablet  
could become available for children, aged five to 11, in  
Europe late 2024/2025. The application for the HDM  
tablet in the USA (ODACTRA®) will shortly be  
submitted to the US Food and Drug Administration  
and, subject to approval, this tablet could become  
available for children, aged five to 11, in the USA in  
2025. ALK has also recently submitted a similar  
application to Health Canada.  
The ongoing review still confirms the ambition of  
achieving an EBIT margin of around 25% in 2025.  
ALK is implementing a number of optimisation and  
prioritisation initiatives in 2024 to free up  
approximately DKK 250 million in 2025 that will partly  
be reinvested in strategic growth investments and  
partly support its 2025 ambitions. These initiatives are  
expected to entail one-off costs of approximately DKK  
60 million in 2024. Part of this is related to a reduction  
in workforce. ALK estimates that around 125 positions  
will be eliminated through a combination of  
redundancies and natural attrition. These  
ALK still expects to submit registration applications for  
paediatric use of its tree tablet ITULAZAX®  
(ITULATEK® in Canada) around mid this year. Subject  
to approval, the tree tablet could become available for  
children and adolescents in 2025 in Canada and  
Europe, respectively.  
optimisations will enable ALK to make focused growth  
investments.  
The commercial organisation continues their launch  
preparations which remain on track.  
Focus is now on finalising the strategy review and  
detailing plans for its implementation. ALK will present  
the updated strategy and new long-term financial  
aspirations at a Capital Markets Day on June 4, 2024,  
at its headquarters in Hørsholm, Denmark.  
In Japan, ALK’s partner Torii has launched initiatives  
to expand manufacturing capacity for the active  
ingredients of the cedar pollen tablet,  
CEDARCURE™. Short-term initiatives include a  
scheme to increase cedar pollen collection volumes,  
efforts to increase production yields as well as  
upscaling of drug substance manufacturing capacity.  
Progress on current strategic priorities  
Progress was made in Q1 with ALK’s current strategic  
priorities.  
Page 4 of 16  
Company release No 11/2024 – 2 May 2024  
ALK-Abelló A/S – Bøge Allé 6-8 – DK-2970 Hørsholm – Denmark – www.alk.net  
Tel +45 4574 7576 – CVR No 63 71 79 16 – LEI code: 529900SGCREUZCZ7P020  
 
The additional drug manufacturing capacity is  
expected to become operational in 2025.  
Germany as mentioned earlier and the momentum  
established last year in SCIT venom subsegment.  
In China, the regulatory review of ALK’s application for  
the HDM tablet is ongoing. Subject to approval, the  
tablet could become available in China in 2025.  
Sales of Other products and services (the adrenaline  
pen Jext®, diagnostics, etc.) increased by 7%. Jext®  
sales increased and the market supply is currently  
normalizing after facing challenges from Q2 to Q4 of  
2023. These challenges were caused by issues at a  
contract manufacturer that restricted ALK's ability to  
supply the product to the markets.  
ALK’s phase I trial with the tablet for peanut allergy  
has progressed into its second part and is progressing  
according to plans. A provisional decision has been  
made to extend the trial with a third part to explore the  
tablet’s efficacy, as well.  
North America  
Revenue in North America increased by 2% in local  
currencies to DKK 211 million (209).  
To facilitate the planned growth in global tablet sales,  
efforts are on track to expand manufacturing  
capacity. Work to update and further standardise the  
portfolio of legacy products also progressed.  
Tablet sales increased by 20% and was positively  
influenced by higher realised selling prices in the USA.  
Sales of bulk allergen extracts (SCIT) to US allergists,  
fell short of expectations with a 4% decrease. Sales of  
Other products (diagnostics, PRE-PEN® and life  
science products) also fell short of expectations and  
decreased by 3%. The integration of the newly  
acquired PRE-PEN® operation progressed as planned,  
although sales were temporarily impacted by stocking  
at wholesalers prior to ALK’s take-over. PRE-PEN® is  
approved by the US FDA for diagnosis of penicillin  
allergy.  
Q1 SALES AND MARKET TRENDS  
(Comparative figures for Q1 2023 are shown in brackets.  
Revenue growth rates are stated in local currencies, unless  
otherwise indicated)  
Revenue by geography  
Q1  
2024  
992  
Share of  
revenue  
73%  
Q1  
2023  
837  
209  
188  
DKKm  
Growth*  
18%  
Europe  
North America  
Int’l markets  
Revenue  
* In local currencies  
211  
148  
1,351  
2%  
-18%  
10%  
16%  
11%  
100% 1,234  
International markets  
Revenue in International markets decreased by 18%  
in local currencies to DKK 148 million (188). This  
decline can primarily be attributed to timing of product  
shipments to Japan and China, which are the largest  
markets in the region.  
Europe  
Revenue in Europe exceeded expectations and  
increased by 18% in local currencies to DKK 992  
million (837) on growth in all product lines. In the main  
markets, robust growth was seen in Germany, the  
Nordic countries, Benelux, and Switzerland. Growth  
was seen in almost all other markets.  
Tablet sales showed marginal growth and is mainly  
consisting of revenue from Japan covering both  
product shipments and sales royalties which was  
largely unchanged compared to last year. Despite this,  
the in-market tablet sales grew by double-digits which  
was as expected in light of intermittent capacity  
limitations at Torii.  
European tablet sales increased by 28% against a  
weak quarter last year. The growth was primarily due  
to higher volumes driven by a strong inflow of new  
patients during the past initiation season in ALK's main  
markets in central and northern Europe. ALK has  
further progressed its efforts to activate patients,  
prescribers, and payers. Additionally, the ongoing  
market transition towards evidence-based, registered  
products in Germany has benefited ALK further.  
Growth was also positively influenced by price and  
rebate adjustments, including the reversal of last  
year's mandatory rebate increase in Germany which  
influenced tablet growth positively with more than 2  
percentage points. Furthermore, ALK observed that  
Q1 sales were less influenced by trading patterns at  
wholesaler levels than previously.  
Revenue from China, specifically from SCIT product  
shipments, experienced a high double-digit decline  
due to shipment delays. However, despite this decline,  
Chinese in-market sales of SCIT products is  
developing according to plan and continued to show  
double-digit growth based on the inventories  
accumulated in 2023. Growth was also seen in the  
region’s minor markets.  
Global revenue by product line  
DKKm  
Q1  
2024  
706  
Share of  
revenue  
52%  
Q1  
2022  
581  
Growth*  
22%  
SLIT-tablets  
SCIT/  
SLIT-drops  
Other  
products  
Combined sales of SCIT/SLIT-drops increased by 9%.  
The sales of SLIT-drops, which are mainly marketed in  
France, experienced a slight increase whereas SCIT  
sales grew by double-digits. This growth in SCIT sales  
was further supported by the market transition in  
500  
-1%  
37%  
510  
143  
145  
1%  
11%  
Revenue  
* In local currencies  
1,351  
10%  
100% 1,234  
- Page 5 of 16  
Company release No 11/2024 – 2 May 2024  
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  
 
At the end of March, ALK held 1,491,873 of its own  
shares, or 0.7% of the share capital, unchanged  
compared to year-end, and the end of March 2023.  
Q1 FINANCIAL REVIEW  
(Comparative figures for Q1 2023 are shown in brackets.  
Revenue growth rates are stated in local currencies, unless  
otherwise indicated)  
Equity totalled DKK 4.690 million (4,118) at the end of  
March, and the equity ratio was 69% (65%).  
Revenue increased by 10% in local currencies at DKK  
1.351 million (1,234). Exchange rates impacted  
reported revenue growth negatively by 0.5 percentage  
point.  
OUTLOOK FOR 2024  
Cost of sales increased 6% in local currencies to  
DKK 462 million (435). The gross profit of DKK 889  
million (799) yielded an improved gross margin of 66%  
(65%), mainly reflecting sales mix, higher sales  
volumes, production efficiencies, and the reversal of  
the German rebate increase. These positive factors  
were somewhat offset by inflationary pressures. ALK  
continued to implement its product and site strategy,  
investing in upgrading products and facilities to secure  
quality and robustness in product supply.  
With reference to Company Announcement no  
10/2024, the full-year financial outlook has been  
upgraded mainly to reflect the recent development in  
European tablet sales:  
Revenue is now expected to grow by 10-13%  
(previously: 9-12%) organically in local currencies  
on broad-based growth across sales regions and  
product groups. European tablet sales remain key  
to growth.  
Capacity costs increased 1% in local currencies to  
DKK 574 million (571). R&D expenses decreased 18%  
in local currencies to DKK 130 million after last year’s  
completion of late-stage clinical trials. Sales and  
marketing expenses were up 4% in local currencies to  
DKK 354 million, reflecting high activity levels across  
markets, while administration costs increased 27% to  
DKK 90 million mainly on one-off costs associated with  
the ongoing projects.  
The EBIT margin is still expected to improve to 17-  
19% (up from 14% last year) on sales growth,  
efficiencies, and lower R&D costs. One-off costs of  
DKK ~60 million to optimisation efforts are now  
included in this guidance.  
The outlook is based on the following assumptions:  
Revenue  
Tablet sales are expected to grow by double digits,  
fuelled by expansion of patient and prescriber bases,  
market share gains and the shift towards evidence-  
based medicine in key markets. European tablet sales  
growth is set to rebound to a level significantly above  
the growth in 2023, driven by an increased inflow of  
new patients and improved pricing. Tablet sales in  
North America and International markets are expected  
to see continued growth. However, growth from Japan  
is still expected to be somewhat lower than in 2023,  
mainly attributable to intermittent capacity limitations at  
ALK’s partner. Some fluctuations in quarterly sales are  
expected, primarily influenced by the timing of product  
supply to Japan.  
EBIT (operating profit) improved 41% in local  
currencies to DKK 316 million (228), raising the EBIT  
margin from 18% to 23%%. Progress was due to  
higher sales, improved gross margin and a lower  
capacity cost-to-revenue ratio – the ratio was down to  
42% (46%). Exchange rates impacted growth in  
reported EBIT negatively by 2 percentage points.  
Net financials showed a loss of DKK 7 million (a loss  
of 11) related to interest expenses and currency  
losses.  
Tax on the profit totalled DKK 77 million (54), and the  
net profit increased to DKK 232 million (163).  
Combined sales of SCIT/SLIT-drops are still expected  
to see growth, led by SCIT, although at a lower rate  
compared to 2023, which was influenced by improved  
pricing in Europe. Full-year growth is now expected to  
be attributed mainly to higher sales in Europe whereas  
sales in North America and International markets will  
be lower than previously anticipated.  
Cash flow from operating activities was DKK 283  
million (154), as higher earnings were partly offset by  
changes in working capital, mainly related to planned  
inventory build-up to support revenue growth. Cash  
flow from investment activities was DKK minus 172  
million (minus 91) as ALK continued to build-up  
capacity for tablet production, upgrade its legacy  
production, and invest in the next generation  
adrenaline auto-injector. It also included the  
acquisition of the PRE-PEN® pencilling diagnostic  
product. Free cash flow was positive at DKK 111  
million (positive at 63).  
As supply of Jext® normalizes, sales of other products  
are still expected to see growth, although at a lower  
level than previously assumed, mainly due to the  
recent development in the sales of other products in  
North America.  
Cash flow from financing was DKK minus 296 million  
(minus 93), mainly related to repayment of loans.  
- Page 6 of 16  
Company release No 11/2024 – 2 May 2024  
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  
 
Margins  
The outlook does not include any revenue from  
acquisitions, new partnerships or in-licensing of  
products and services, nor does it include  
payments in relation to M&A or in-licensing.  
The gross margin is expected to be slightly above that  
for 2023. The margin will benefit from increased sales  
volumes, enhanced efficiencies, and the reversal of  
the German rebate adjustment. These positive factors  
will be somewhat offset by inflationary pressures in  
product supply.  
The outlook is based on current exchange rates,  
resulting, resulting in an immaterial currency effect  
on reported growth in revenue and EBIT.  
Capacity costs  
The capacity cost-to-revenue ratio is still expected to  
further improve as ALK capitalises on existing  
platforms to enhance efficiencies and reduces R&D  
expenditure as well as implements optimisation  
measures identified during the strategy review. R&D  
expenses are still projected to decline to around 10%  
of the expected revenue. Sales and marketing  
expenses are expected to see single digit increases,  
while administrative expenses are expected to see a  
slight decline when excluding one-off costs associated  
with the ongoing strategy review.  
RISK FACTORS  
This interim report contains forward-looking  
statements, including forecasts of future revenue,  
operating profit and cash flow, as well as expected  
business-related events. Such statements are, by their  
very nature, subject to risks and uncertainties, as  
various factors, some of which are beyond the control  
of ALK, may cause actual results and performance to  
differ materially from the forecasts made in this report.  
Without being exhaustive, such factors include, e.g.,  
consequences of the 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, and reliance on suppliers.  
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  
existing and future products, as allergy  
The approximately DKK 60 million in one-off costs  
associated with optimisation initiatives, cf. page 4, are  
factored into the guidance.  
Other assumptions  
The European AIT markets are generally expected  
to be stable. Exceptions include the reversal of last  
year’s mandatory rebate increase in Germany and  
the possibility of minor adjustments in select  
Southern European markets.  
immunotherapy may be associated with allergic  
reactions of differing extents, durations, and severities.  
Respiratory infection waves across markets are not  
assumed to materially affect capacity at allergy  
clinics or patient behaviour, nor are they likely to  
impact ALK’s activities.  
Financial calendar  
Capital Markets Day  
Silent period  
4 June 2024  
26 July 2024  
Changes in consumers’ spending power are not  
expected to materially affect demand for AIT.  
Six-month interim report (Q2)  
Silent period  
23 August 2024  
17 October 2024  
14 November 2024  
When excluding the acquisition of PRE-PEN®, free  
cash flow is projected to increase. CAPEX  
investments are projected at around DKK 400  
million, and ALK expects to continuously build up  
inventories in support of revenue growth.  
Nine-month interim report (Q3)  
- Page 7 of 16  
Company release No 11/2024 – 2 May 2024  
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 TABLET PORTFOLIO STATUS  
ALK aims to globalise a portfolio of SLIT-tablets for all relevant ages, covering five of the most common respiratory  
allergies: house dust mite, grass, tree, ragweed and Japanese cedar and the most common food allergy, peanut.  
Ongoing clinical trials and regulatory approvals  
Phase I  
Phase II  
Phase III  
Filing  
Product  
Age groups and indications  
ACARIZAX® China  
Adults – Allergic rhinitis (HDM)  
Children – Allergic rhinitis (HDM)  
ACARIZAX® / ODACTRA® Europe & North America  
ITULAZAX® / ITULATEK™ Europe & Canada  
Children – Allergic rhinitis (tree: birch family)  
Adults, adolescents, and children  
Food allergy (accidental peanut exposure)  
Peanut SLIT-tablet North America & Europe  
Product approvals  
Marketed  
Product  
Age groups and indications  
GRAZAX® / GRASTEK® Europe, North America  
& International markets  
Adults and children – Allergic rhinitis (grass)  
2007-17  
2014-21  
2016-21  
RAGWIZAX® / RAGWITEK® Europe, North  
America & International markets  
ACARIZAX® Europe & International markets  
Adults and children – Allergic rhinitis (ragweed)  
Adults – Allergic rhinitis and allergic asthma (HDM)  
Adolescents – Allergic rhinitis (HDM)  
ACARIZAX® / ODACTRA® North America  
2017-18  
2015-18  
Adults and adolescents – Allergic rhinitis (HDM)  
Adults and children – Allergic rhinitis (HDM)  
Adolescents – Allergic rhinitis (HDM)  
MITICURE™ Japan*  
ODACTRA® North America  
2023  
Adults and children – Allergic rhinitis  
(Japanese cedar)  
CEDARCURE™ Japan*  
2018  
2019-20  
ITULAZAX® / ITULATEK™ Europe & Canada  
Adults – Allergic rhinitis (tree: birch family)  
* Licensed to Torii for Japan  
- Page 8 of 16  
Company release No 11/2024 – 2 May 2024  
ALK-Abelló A/S – Bøge Allé 6-8 – DK-2970 Hørsholm – Denmark – www.alk.net  
Tel +45 4574 7576 – CVR No 63 71 79 16 – LEI code: 529900SGCREUZCZ7P020  
 
STATEMENT BY MANAGEMENT
The Board of Directors and Board of Management today considered and approved the interim report of ALK-Abelló
A/S for the period 1 January to 31 March 2024. The interim report has not been audited or reviewed by the company's
independent auditor.
The consolidated interim report has been prepared in accordance with IAS 34 'Interim financial reporting' and
additional Danish disclosure requirements for the presentation of quarterly interim reports by listed companies.
In our opinion, the interim report gives a true and fair view of the ALK Group's assets, equity and liabilities, financial
position, results of operations and cash flow for the period 1 January to 31 March 2024. We further consider that the
Management review in the preceding pages gives a true and fair statement of the development in the ALK Group's
activities and business, the profit for the period and the ALK Group's financial position as a whole, and a description of
the most significant risks and uncertainties to which the ALK Group is subject. Besides what has been disclosed in the
interim report, no changes in the ALK Group’s most significant risks and uncertainties have occurred relative to what
was disclosed in the consolidated annual report 2023.
Hørsholm, 2 May 2024
Board of Management  
Peter Halling
Henriette Mersebach
Søren Daniel Niegel
President & CEO
Executive Vice President
Research & Development
Executive Vice President
Commercial Operations
Claus Steensen Sølje
CFO & Executive Vice President
Board of Directors  
Anders Hedegaard
Chairman
Lene Skole
Vice Chairman
Gitte Aabo
Katja Barnkob
Nanna Rassov Carlson
Bertil Lindmark
Lars Holmqvist
Alan Main
Jesper Høiland
Lise Lund Mærkedahl
Johan Smedsrud
- Page 9 of 16  
Company release No 11/2024 – 2 May 2024  
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  
Amounts in DKKm  
3M  
2024  
3M  
2023  
Revenue  
1.351
462
1.234
435
Cost of sales  
Gross profit  
889
799
Research and development expenses  
Sales and marketing expenses  
Administrative expenses  
130
354
90
158
343
70
Other operating items, net  
1
-
Operating profit (EBIT)  
316
228
Net financial items  
(7)
(11)
217
Profit before tax (EBT)  
309
Tax on profit  
77
54
Net profit  
232
163
Earnings per share (EPS)  
Earnings per share (EPS)  
1,1
1,1
0,7
0,7
Earnings per share (DEPS), diluted  
STATEMENT OF COMPREHENSIVE INCOME  
Amounts in DKKm  
3M  
2024  
3M  
2023  
Net profit  
232
163
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  
27
(22)
141
Total comprehensive income  
259
- Page 10 of 16  
Company release No 11/2024 – 2 May 2024  
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  
2024  
2023  
Net profit  
232
163
Adjustments for non-cash items (note 3)  
Changes in w orking capital  
160
(82)
4
133
(122)
2
Financial income, received  
Financial expenses, paid  
(5)
(6)
Income taxes, paid (net)  
(26)
283
(16)
154
Cash flow from operating activities  
Acquisitions of companies and operations  
Investments in intangible assets  
(115)
(10)
(49)
2
-
(17)
(74)
-
Investments in tangible assets  
Investments in other financial assets  
Cash flow from investing activities  
(172)
(91)
Free cash flow  
111
63
Exercised share options, paid  
Repayment of lease liabilities  
Repayment of borrow ings  
(20)
(10)
(17)
(12)
(64)
(93)
(266)
(296)
Cash flow from financing activities  
Net cash flow  
(185)
474
(30)
221
Cash beginning of year  
Unrealised gains/(losses) on cash held in foreign currency and financial  
assets carried as cash  
Net cash flow  
2
-
(185)
(30)
Cash end of period  
291
191
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 11 of 16  
Company release No 11/2024 – 2 May 2024  
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  
31 Mar  
2024  
31 Mar  
2023  
31 Dec  
2023  
Amounts in DKKm  
Non-current assets  
Intangible assets  
Goodw ill  
461
330
791
459
189
648
459
212
671
Other intangible assets  
Tangible assets  
Land and buildings  
1.011
502
982
442
994
511
Plant and machinery  
Other fixtures and equipment  
Property, plant and equipment in progress  
78
75
80
636
547
596
2.227
2.046
2.181
Other non-current assets  
Prepayments  
39
651
209
899
83
724
49
659
198
906
Deferred tax assets  
Income tax receivables  
204
1.011
Total non-current assets  
3.917
3.705
3.758
Current assets  
Inventories  
1.493
864
-
1.320
836
18
1.423
816
-
Trade receivables  
Receivables from group companies  
Income tax receivables  
Other receivables  
Prepayments  
33
24
34
53
60
74
133
291
2.867
202
191
2.651
147
474
2.968
Cash  
Total current assets  
Total assets  
6.784
6.356
6.726
- Page 12 of 16  
Company release No 11/2024 – 2 May 2024  
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  
31 Mar  
2024  
31 Mar  
2023  
31 Dec  
2023  
Amounts in DKKm  
Equity  
Share capital  
111
9
111
(2)
111
(18)
Currency translation adjustment  
Retained earnings  
Total equity  
4.570
4.690
4.009
4.118
4.354
4.447
Liabilities  
Non-current liabilities  
Mortgage debt  
180
247
271
1
199
238
232
-
184
245
255
1
Pensions and similar liabilities  
Lease liabilities  
Provisions  
Deferred tax liabilities  
Deferred income  
5
1
4
46
49
46
Income tax payables  
231
981
203
922
230
965
Current liabilities  
Mortgage debt  
Bank loans  
19
-
18
149
125
41
19
261
128
46
Trade payables  
Lease liabilities  
Deferred income  
Provisions  
134
48
4
4
4
3
4
2
Income taxes payables  
Other payables  
72
63
17
833
1.113
912
1.316
837
1.314
Total liabilities  
2.094
6.784
2.238
6.356
2.279
6.726
Total equity and liabilities  
- Page 13 of 16  
Company release No 11/2024 – 2 May 2024  
ALK-Abelló A/S – Bøge Allé 6-8 – DK-2970 Hørsholm – Denmark – www.alk.net  
Tel +45 4574 7576 – CVR No 63 71 79 16 – LEI code: 529900SGCREUZCZ7P020  
 
EQUITY FOR THE ALK GROUP  
Currency  
translation  
adjustment  
Share  
capital  
Retained  
earnings  
Total  
equity  
Amounts in DKKm  
Equity at 1 January 2024  
111
(18)
4.354
4.447
Net profit  
-
-
-
-
27
27
232
-
232
27
Other comprehensive income  
Total comprehensive income  
232
259
Share-based payments  
-
-
-
-
-
-
-
-
8
(20)
(4)
8
(20)
(4)
Share options settled  
Tax related to items recognised directly in equity  
Other transactions  
(16)
(16)
Equity at 31 March 2024  
Equity at 1 January 2023  
111
9
4.570
4.690
111
20
3.857
3.988
Net profit  
-
-
-
-
163
-
163
(22)
141
Other comprehensive income  
Total comprehensive income  
(22)
(22)
163
Share-based payments  
-
-
-
-
-
-
-
-
5
(17)
1
5
(17)
1
Share options settled  
Tax related to items recognised directly in equity  
Other transactions  
(11)
(11)
Equity at 31 March 2023  
111
(2)
4.009
4.118
- Page 14 of 16  
Company release No 11/2024 – 2 May 2024  
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 2024 has been prepared in accordance w ith 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 2024 follow s the same accounting policies as the annual report for 2023, except for new ,  
amended or revised accounting standards and interpretations (IFRSs) endorsed by the EU effective for the accounting  
period beginning on 1 January 2024. These IFRSs have not had any impact on the Group’s interim report.  
NOTES  
2 REVENUE AND SEGMENT INFORMATION  
North  
International  
Markets  
Europe  
3M 2024  
America  
Total  
3M 2024  
Amounts in DKKm  
SLIT-tablets  
3M 2023  
414  
3M 2024  
3M 2023  
3M 2024  
3M 2023  
3M 2023  
581  
531  
399  
62  
54  
83  
74  
45  
87  
77  
121  
18  
9
122  
57  
9
706  
500  
145  
SCIT/SLIT-drops  
366  
510  
Other products and services  
57  
143  
Total revenue  
992  
837  
211  
209  
148  
188  
1.351  
1.234  
Sale of goods  
Royalties  
1.326  
25  
1.212  
22  
Services  
-
-
Total revenue  
1.351  
1.234  
International  
North  
America  
Organic  
Europe  
Markets  
Organic  
Total  
Organic  
Organic  
grow th local  
currencies  
Grow th grow th local  
currencies  
Grow th grow th local  
currencies  
Grow th growth local  
Grow th, 3M 2024  
SLIT-tablets  
Grow th  
22%  
currencies  
28%  
9%  
28%  
9%  
20%  
-4%  
-3%  
20%  
-5%  
-4%  
1%  
-66%  
9%  
-1%  
-68%  
0%  
22%  
-1%  
1%  
SCIT/SLIT-drops  
-2%  
Other products and services  
7%  
9%  
1%  
Total revenue  
18%  
19%  
2%  
1%  
-18%  
-21%  
10%  
9%  
Geographical markets (based on customer location):  
o
o
o
Europe comprises the EU, the UK, Norway and Switzerland  
North America comprises the USA and Canada  
International markets comprise Japan, China and all other countries  
- Page 15 of 16  
Company release No 11/2024 – 2 May 2024  
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  
3
ADJUSTMENTS FOR NON-CASH ITEMS  
3M  
3M  
Amounts in DKKm  
2024  
2023  
Tax on profit  
77  
7
54  
11  
5
Financial income and expenses  
Share-based payments  
Depreciation, amortisation and impairment  
Other adjustments  
8
66  
2
60  
3
Total  
160  
133  
4
ACQUISITION OF OPERATION  
On 2 January 2024, the ALK Group acquired the operating assets of AllerQuest for a total cash  
consideration of DKK 125 million. The consideration amount includes an escrow amount of DKK 10 million  
w hich serves as reserve for potential indemnifications over 18 months from acquisition date.  
AllerQuest w as a U.S.-based company dedicated to manufacturing PRE-PEN® Skin Antigen Test. This  
acquisition makes ALK the sole manufacturer and distributor of PRE-PEN in the U.S. and Canada, w ith global  
ow nership rights to all assets of AllerQuest. PRE-PEN is the only FDA-approved diagnostic skin test for the  
evaluation of penicillin allergy and is indicated for the assessment of sensitization to penicillin in patients  
suspected to have clinical penicillin hypersensitivity.  
The transaction is on a debt and cash free basis. No liabilities w ere transferred.  
AllerQuest w as previously a supplier of the ALK Group and w ill be fully integrated into ALK during 2024. The  
integration of the activities is ongoing and the allocation of the preliminary values could be subject to change.  
CONSOLIDATED FAIR VALUES OF ACQUISITIONS  
Amounts in DKKm  
Tangible assets and inventory  
7
Product rights  
118  
125  
(10)  
115  
Acquisition cost  
Contingent considerations  
Cash acquisition cost  
- Page 16 of 16  
Company release No 11/2024 – 2 May 2024  
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