Six-month interim report (Q2) 2022 (unaudited)  
Company release No. 14/2022  
ALK reports Q2 revenue up 17%, EBITDA up 123%, and full-year outlook upgraded  
Performance in Q2 was better than expected with double-digit growth in all regions and ALK reported its best-ever Q2  
results. Total revenue was up 17% led by sales growth from tablets and Jext®. In Europe, ALK’s largest region, sales  
were up 14% and bounced back strongly after the COVID-led headwinds of Q1. Operating profit (EBITDA) increased  
123% on sales growth and improved gross margin. Based on the strong sales momentum, ALK has upgraded its financial  
outlook for 2022.  
Q2 2022 financial highlights  
Total revenue was up 17% in local currencies to DKK 1,045 million (868). Currencies had a positive effect of  
3 percentage points, resulting in reported growth of 20%. Revenue for the first six months was up 14% in local  
currencies (16% reported growth) with tablet sales growth of 21%.  
Tablet sales grew 18% to DKK 480 million (401) on increasing uptake in Europe, where sales were up 21%. Global  
growth was softened by the phasing of product shipments to Japan.  
Combined SCIT and SLIT-drops sales grew 4% on the recovery in Europe and higher revenue from China, while  
sales of other products grew due to significantly improved Jext® sales.  
Gross margin improved to 61% (58) primarily on sales growth and efficiencies.  
Operating profit (EBITDA) increased 123% in reported currency to DKK 107 million (48), on strong sales growth and  
improved gross margin, while R&D and sales and marketing expenses were largely as planned. EBITDA for the first  
six months was up 38% at DKK 379 million (274).  
Key events and strategic progress  
ALK continued to make good progress on its strategic priorities and remained resilient to other challenges. In Q2:  
ALK initiated a Phase I clinical trial with its SLIT-tablet for the treatment of peanut allergy. The trial will assess the  
tolerability and safety of dosing with a SLIT-tablet against peanut allergy taken once daily.  
ALK’s two pivotal, Phase III paediatric trials of its house dust mite and tree tablets remain on course for completion in  
2023.  
ALK signed an expanded agreement with contract manufacturer Catalent, which secures long-term manufacturing  
capacity for the SLIT-tablet portfolio to accommodate ALK’s strategic growth ambitions towards 2030.  
2022 financial outlook  
As announced on 4 August 2022, based on a strong sales momentum and the outlook for the remainder of the year, ALK  
has upgraded its full-year outlook:  
Revenue is now expected to grow 10-13% in local currencies (previously: 8-12%).  
EBITDA is now expected to increase to DKK 675-750 million (previously: 625-725).  
Hørsholm, 11 August 2022  
ALK-Abelló A/S
Comparative figures for 2021 are shown in brackets. Revenue growth rates are stated in local currencies, unless otherwise indicated  
For further information, contact:  
Investor Relations: Per Plotnikof, tel. +45 4574 7527, mobile +45 2261 2525  
Media: Jeppe Ilkjær, mobile +45 3050 2014  
Today, ALK is hosting a conference call for analysts and investors 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 is  
available shortly before the call begins. Please call in before 1.25 p.m. (CEST). Danish participants should call in on tel. +45  
7877 4197 and international participants should call in on tel. +44 808 101 1183 or +1 785 424 1226. Please use the Participant  
Pin Code: 35630#  
Page 1 of 15  
Company release No 14/2022 – 11 August 2022  
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  
H1  
2022  
H1  
2021  
Q2  
2022  
Q2  
2021  
Full year  
2021  
Amounts in DKKm  
Income statement  
2,200  
379  
264  
9
Revenue  
1,889  
274  
1,045  
107  
49  
868  
48  
3,916  
534  
Operating profit before depreciation (EBITDA)  
Operating profit/(loss) (EBIT)  
Net financial items  
158  
(8)  
292  
(7)  
7
(13)  
(21)  
(21)  
2,481  
(13)  
279  
273  
205  
2,587  
Profit/(loss) before tax (EBT)  
Net profit/(loss)  
151  
56  
106  
42  
219  
Average number of employees (FTE)  
2,469  
2,617  
2,492  
Balance sheet  
Total assets  
Invested capital  
Equity  
6,207  
3,155  
3,786  
5,575  
2,803  
3,249  
6,207  
3,155  
3,786  
5,575  
2,803  
3,249  
5,830  
2,931  
3,480  
Cash flow and investments  
Depreciations, amortisation and impairment  
Cash flow from operating activities  
Cash flow from investing activities  
- of which investment in intangible assets  
- of which investment in tangible assets  
Free cash flow  
115  
236  
116  
211  
(83)  
(11)  
(69)  
128  
58  
145  
(90)  
(10)  
(82)  
55  
56  
84  
242  
468  
(143)  
(18)  
(129)  
93  
(42)  
(4)  
(266)  
(45)  
(218)  
202  
(38)  
42  
Information on shares  
111  
222,824  
123  
Share capital  
111  
222,824  
150  
111  
222,824  
123  
111  
222,824  
150  
111  
222,824  
172  
Shares in thousands of DKK 0.5 each *  
Share price, end of period *  
Net asset value per share *  
17  
15  
17  
15  
16  
Key figures  
63  
17  
Gross margin – %  
60  
15  
61  
10  
58  
6
61  
14  
EBITDA margin – %  
61  
Equity ratio – %  
58  
61  
58  
60  
0.93  
0.93  
7.3  
Earnings per share (EPS) *  
Earnings per share (DEPS), diluted *  
Share price/Net asset value *  
0.49  
0.48  
10.3  
0.19  
0.19  
7.3  
(0.10)  
(0.10)  
10.3  
1.00  
0.99  
11.0  
* In March 2022, ALK-Abelló A/S has completed a share split at a ratio of 1:20, each existing share of a nominal value of DKK 10 has been split into 20 new shares of  
a nominal value of DKK 0.50 each. The company’s share capital remains DKK 111,411,960. As a result of the share split, comparison figures for EPS, DEPS, share  
price, share number, net asset value per share and Share price/Net asset ratio have been restated accordingly.  
Page 2 of 15  
Company release No 14/2022 – 11 August 2022  
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  
Q2  
Q2  
H1  
H1  
2022  
%
2021  
%
2022  
%
2021  
%
Amounts in DKKm  
1,045  
404  
100  
868  
362  
506  
100  
Revenue  
2,200  
820  
100  
1,889  
753  
100  
39  
61  
42  
58  
Cost of sales  
Gross profit  
37  
63  
40  
60  
641  
1,380  
1,136  
162  
430  
-
16  
41  
-
172  
343  
1
20  
39  
0
Research and development expenses  
Sales, marketing and administrative expenses  
Other operating income and expenses  
Operating profit/(loss) (EBIT)  
319  
797  
-
15  
36  
-
305  
674  
1
16  
36  
0
49  
4
(8)  
(1)  
264  
12  
158  
8
7
56  
1
5
(13)  
(21)  
(1)  
Net financial items  
Profit/(loss) before tax (EBT)  
9
273  
0
(7)  
151  
(0)  
8
(2)  
12  
14  
1
4
-
-
Tax on profit  
68  
3
9
45  
2
6
42  
(21)  
(2)  
Net profit/(loss)  
205  
106  
Operating profit before depreciation  
and amortisation (EBITDA)  
10  
6
17  
15  
107  
48  
379  
274  
Application (BLA) for the house dust mite tablet. The  
submission is still expected in late 2022.  
PROGRESS ON THE STRATEGIC  
PRIORITIES  
ALK continued to advance the work on its strategic  
priorities in Q2 – succeed in North America, complete  
and commercialise the tablet portfolio, consumer  
engagement and new horizons, and optimise for  
excellence:  
As previously reported, the paediatric Phase III trial of  
ALK’s house dust mite tablet in allergic asthma was  
affected by a significant reduction in the frequency of  
asthma exacerbations during COVID versus pre-  
pandemic levels. Following dialogue with authorities,  
ALK has decided to end the trial. Next step will be to  
analyse and report the study results.  
In North America, long-established market barriers  
remain a challenge for the adoption of tablets in the  
USA, however, ALK remains committed to working  
with prescribers and to engaging digitally with  
consumers, in order to mobilise allergy patients, and to  
drive tablet sales. ALK is also working to secure  
paediatric and adolescent indications for  
Initiatives on the ‘New horizons’ priority progressed  
well, and in Q2 ALK launched a Phase I trial of its  
peanut allergy tablet. The trial, which takes place in  
North America, will assess the tolerability and safety of  
dosing with a SLIT-tablet against peanut allergy taken  
once daily, and has an expected completion date in  
2023. Meanwhile, work continued on the two parallel  
adrenaline auto-injector (AAI) projects – one in-house,  
and one in partnership with Windgap – as they  
advance towards a planned submission to the US FDA  
in 2024.  
ACARIZAX®/ODACTRA®. In addition, ALK continues  
to assess new business models for its tablets in the  
USA.  
Clinical development of the tablet portfolio continued,  
and ALK’s two pivotal, Phase III paediatric trials  
remain on course for completion in 2023. The  
paediatric Phase III trial in allergic rhinitis in Europe  
and North America for the house dust mite tablet  
includes a number of participants from Ukraine and  
Russia. Patient recruitment was completed earlier this  
year and the number of patient dropouts has been  
minimal. The same is true for the paediatric Phase III  
trial of the tree pollen tablet in Europe and Canada,  
which has no Ukraine-based participants, but does  
have some in Russia. This trial has now completed  
randomisation of its first cohort of patients and begun  
screening for the second cohort.  
In Q2, ALK continued to develop and leverage its  
digital ecosystem for consumers, patients and  
healthcare professionals and is using its behavioural  
analysis tool with the intent of identifying and  
prioritising consumers most likely to be suitable for,  
and to seek, allergy immunotherapy treatment. In  
addition, Q2 saw new launches of the klarify digital  
engagement ecosystem in Austria, Czechia, Slovakia  
and Switzerland and a strong increase in the number  
of mobilised consumers, illustrating the continuing  
demand for ALK’s consumer-focused engagement  
efforts.  
In China, following the clinical trial waiver secured in  
Q1, ALK continued its preparations ahead of a  
regulatory submission of a Biologics Licence  
Page 3 of 15  
Company release No 14/2022 – 11 August 2022  
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  
 
increased 19%, driven equally by the USA and  
Canada.  
ALK also signed an expanded agreement with contract  
manufacturer Catalent, which secures long-term  
manufacturing capacity for the SLIT-tablet portfolio to  
accommodate ALK’s strategic growth ambitions  
towards 2030. Under the agreement, ALK will make  
payments to Catalent over the next 12 months totalling  
USD 19 million, which will be set against future royalty  
payments for the use of Catalent’s ZydisTM tablet  
formulation technology.  
Meanwhile, sales growth of bulk SCIT was 6% and  
was also up versus Q1. Sales of other products  
increased by 35%, as sales of diagnostic products and  
non-allergy-related life science products grew strongly.  
International markets  
Revenue from International markets was up 30% to  
DKK 115 million (86), helped by shipments of SCIT  
products to China. Tablet revenue was up 5% and was  
as expected impacted by the phasing of product  
shipments to Japan. In-market sales growth continued  
to be strong in the International region’s main markets  
of Japan and China, despite both saw COVID-related  
lockdowns in Q2. In Japan, this restricted patient  
access to allergy clinics generally, while in China, the  
effect was more localised to specific cities. In addition,  
ALK made an agreement with Torii for the Japanese  
development and licensing of a skin prick diagnostic  
test, which resulted in a minor one-off payment to  
ALK, which has been recognised under ‘other  
products’.  
Q2 SALES AND MARKET TRENDS  
(Comparative figures for Q2 2021 are shown in brackets.  
Revenue growth rates are stated in local currencies, unless  
otherwise indicated)  
Revenue by geography  
DKKm  
Q2  
2022  
713  
Share of  
revenue  
68%  
Q2  
2021  
621  
161  
86  
Growth*  
14%  
Europe  
North America  
Int’l markets  
217  
115  
19%  
30%  
21%  
11%  
Revenue  
1,045  
17%  
100%  
868  
* In local currencies  
Europe  
Revenue in Europe was up 14% to DKK 713 million  
Global revenue by product line  
(621). With 21% growth, the tablet portfolio continued  
to be the main driver of growth, mainly driven by  
GRAZAX® and ITULAZAX®. This was largely on the  
back of strong sales in key markets as they recovered  
from the COVID-led disruption seen in Q1 allowing  
visits to allergy clinics to return to normal in May and  
June.  
DKKm  
Q2  
Share of  
revenue  
Q2  
2021  
2022 Growth*  
SCIT and  
SLIT-drops  
SLIT-tablets  
Other  
380  
480  
4%  
18%  
36%  
46%  
351  
401  
products and  
services  
185  
50%  
18%  
116  
Combined sales of SCIT and SLIT-drops also  
improved and were unchanged at DKK 267 million  
(267). In general, clinics across Europe returned to  
‘business as usual’ during the quarter, although in  
France, sales were affected by the knock-on effect of  
the Q1 COVID resurgence, which restricted the ability  
of some allergy patients to visit clinics. This, in turn,  
reduced the number of new patients initiated onto  
treatments at the start of the year, and hence, the  
number of maintenance prescriptions seen in Q2. The  
distribution and release issue with some of ALK’s  
SCIT venom products has now been resolved and  
supply is now being re-established.  
Revenue  
1,045  
17%  
100%  
868  
* In local currencies  
6M FINANCIAL REVIEW  
(Comparative figures for 2021 are shown in brackets. Revenue  
growth rates are stated in local currencies, unless otherwise  
indicated)  
6M revenue increased by 14% in local currencies to  
DKK 2,200 million (1,889). Exchange rate fluctuations  
increased reported revenue growth for the first half  
year by 2 percentage points.  
Sales of other products were up 54% on increased  
Jext® sales, as replacement rates for Jext® pens  
returned to normal, while intermittent supply issues for  
competing products, boosted sales further.  
Cost of sales increased 6% in local currencies to  
DKK 820 million (753). The gross profit of DKK 1,380  
million (1,136) yielded an improved gross margin of  
63% (60%), mainly reflecting increasing tablet sales  
and production efficiencies – although the gross  
margin was reduced somewhat by increased  
shipments to Torii in Japan, which yield lower gross  
margins. ALK continues to see significant costs for  
compliance efforts to secure robustness in product  
supply, as well as the implementation of the product  
and site strategy.  
Revenue growth in Europe was once again led by the  
important markets of Central and Northern Europe,  
which recorded double-digit sales increases. In  
Germany, ALK continues to increase its capture rate  
of new allergy immunotherapy prescriptions.  
North America  
Revenue in North America was up 19% in local  
currencies to DKK 217 million (161). Tablet sales  
Capacity costs increased 11% in local currencies to  
DKK 1,116 million (979). As planned, R&D expenses  
Page 4 of 15  
Company release No 14/2022 – 11 August 2022  
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  
 
were slightly above the level of 2021, reflecting  
ongoing clinical trial activities. Sales and marketing  
expenses increased by 13% in local currencies, and  
reflected investments in market expansion in China, a  
generally high activity level including medical events  
and congresses, and restructuring costs associated  
with closing down activities in Turkey due to  
unsustainable market conditions for ALK’s product  
portfolio. Administrative expenses increased mainly  
due to organisational development activities.  
Outlook for 2022  
Based on a strong sales momentum and the outlook  
for the remainder of the year, ALK has upgraded its  
full-year outlook:  
Revenue is now expected to grow 10-13% in local  
currencies (previously: 8-12%) with tablet sales up  
by 20% or more (previously: approximately 20%)  
and a stronger than expected performance of the  
non-tablet portfolio.  
EBITDA is now expected to increase to DKK 675-  
750 million (previously: 625-725) primarily on the  
improved sales outlook.  
EBITDA (operating profit before depreciation and  
amortisation) increased 38% in reported currency to  
DKK 379 million (274), driven by the higher sales and  
improved gross margin. Exchange rates had only a  
minor effect on operating profit. ALK’s exposure to  
Russia and Ukraine and the ongoing inflationary  
pressures remained limited.  
The updated financial outlook is based on the  
following assumptions:  
Revenue  
Revenue growth is expected to be broad-based across  
all sales regions. The mid-point of the projected  
revenue range assumes that sales in Europe will now  
increase by approximately 10% (previously: high-  
single digit). Sales growth in North America is still  
expected at around 10%, and growth in International  
markets is still expected to exceed 10%.  
Net financials were a gain of DKK 9 million (a loss of  
7). Tax on the profit totalled DKK 68 million (45), and  
net profit increased 93% in reported currencies to  
DKK 205 million (106).  
Cash flow from operating activities was DKK 236  
million (211) driven by higher earnings which were  
partly offset by changes in working capital due to the  
timing of payments. Cash flow from investment  
activities was DKK minus 143 million (minus 83), on  
the build-up of additional capacity for SLIT-tablet  
production, upgrades to legacy production, and  
investments for the in-house next generation  
Tablets remain key to growth, and ALK now expects  
global sales growth of 20% or more in 2022. In  
addition, ALK expects mid single-digit growth  
(previously: low single-digit) from the remaining non-  
tablet portfolio, mainly driven by SCIT products and  
the adrenaline auto-injector, Jext®.  
adrenaline auto-injector, currently in development.  
Free cash flow was positive at DKK 93 million (128).  
The higher end of the revenue range assumes  
continued strong revenue growth, especially in  
Europe, with tablets leading the way, as well as  
improved sales of legacy products. The lower end of  
the range incorporates pricing pressures, particularly  
in selected markets in Europe, further negative effects  
from COVID, and/or impact from inabilities to meet  
market demand for certain legacy products in North  
America.  
Cash flow from financing activities was DKK minus  
90 million (minus 225), mainly relating to the  
repayment of borrowings.  
At the end of June, ALK held 2,252,066 of its own  
shares, or 1.0% of the share capital, versus 1.3% at  
the end of 2021, and 1.5% at the end of June 2021.  
Following the Annual General Meeting in March 2022,  
ALK completed a share split at a ratio of 1:20, so that  
each existing share, with a nominal value of DKK 10,  
was split into 20 new shares with a nominal value of  
DKK 0.50 each. Following the share split, the  
company’s share capital of DKK 111,411,960 was  
divided into 18,415,200 A shares, 1,841,520 AA  
shares and 202,567,200 B shares, each having a  
nominal value of DKK 0.50.  
Margins  
The gross margin is still expected to improve by 1-2  
percentage points from 61% in 2021, driven by  
efficiencies and higher sales – especially from tablets.  
Capacity costs  
R&D costs are still expected at DKK 650-700 million.  
Sales and marketing costs are still expected to  
increase, reflecting investments in current and future  
growth drivers, including China. The ratio to revenue is  
still expected to improve versus 2021.  
Equity totalled DKK 3,786 million (3,249) at the end of  
June, and the equity ratio was 61% (58%).  
Other assumptions  
The outlook assumes that COVID will not affect  
home-based tablet treatments, and that patients in  
general will remain able and willing to visit  
healthcare professionals without significant  
limitations, although fluctuations may occur in  
some markets.  
Page 5 of 15  
Company release No 14/2022 – 11 August 2022  
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  
 
CAPEX is still projected at around DKK 400 million,  
and free cash flow is now expected to be around  
DKK zero, influenced by strategic investments and  
changes in working capital, including timing of  
payments. The one-off repayment of up to DKK  
175 million in accrued rebates, anticipated in the  
annual report as due for payment in 2022, is now  
only expected to be paid partially in 2022.  
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 global COVID pandemic, 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 immunotherapy may be  
The impact from the ongoing inflationary pressure  
on gross margin and capacity costs is projected to  
be modest in 2022.  
The outlook does not include any revenue from  
acquisitions, new partnerships or the in-licensing of  
adjacent products and services, nor does it include  
any sizeable payments related to M&As or in-  
licensing activities.  
The outlook is based on current exchange rates,  
resulting in a positive effect of approximately 2  
percentage points on reported revenue growth and  
an immaterial effect on reported EBITDA.  
associated with allergic reactions of differing extents,  
durations and severities.  
Financial calendar  
Silent period  
13 October 2022  
Nine-month interim report (Q3) 2022 10 November 2022  
Page 6 of 15  
Company release No 14/2022 – 11 August 2022  
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 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.  
* Licensed to Torii for Japan  
Page 7 of 15  
Company release No 14/2022 – 11 August 2022  
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 30 June 2022. 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 30 June 2022. 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 2021.
Hørsholm, 11 August 2022
Board of Management  
Carsten Hellmann
President & CEO
Henrik Jacobi
Executive Vice President
Research & Development
Søren Jelert
CFO & Executive Vice President
Søren Daniel Niegel
Executive Vice President
Commercial Operations
Board of Directors  
Anders Hedegaard
Chairman
Lene Skole
Vice Chairman
Gitte Aabo
Katja Barnkob
Bertil Lindmark
Johan Smedsrud
Nanna Rassov Carlson
Alan Main
Lars Holmqvist
Jakob Riis
Page 8 of 15  
Company release No 14/2022 – 11 August 2022  
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  
Q2  
H1  
H1  
2022  
2021 Amounts in DKKm  
2022  
2021  
1,045
404
868
362
506
Revenue  
2,200
820
1,889
753
Cost of sales  
Gross profit  
641
1,380
1,136
162
358
72
-
172
291
52
Research and development expenses  
Sales and marketing expenses  
Administrative expenses  
319
664
133
-
305
568
106
1
1
Other operating items, net  
49
(8) Operating profit/(loss) (EBIT)
264
158
7
(13) Net financial items
9
(7)
56
(21) Profit/(loss) before tax (EBT)
273
151
14
-
Tax on profit  
68
45
42
(21) Net profit/(loss)
205
106
Earnings per share (EPS)  
0.19
0.19
(0.10) Earnings per share (EPS)
(0.10) Earnings per share (DEPS), diluted
0.93
0.93
0.49
0.48
In March 2022, ALK-Abelló A/S has completed a share split at a ratio of 1:20, each existing share of a nominal value of DKK 10 has been split into 20  
new shares of a nominal value of DKK 0.50 each. The company’s share capital remains DKK 111,411,960. As a result of the share split, comparison  
figures for EPS and DEPS have been restated accordingly.  
STATEMENT OF COMPREHENSIVE INCOME  
Q2  
Q2  
H1  
H1  
2022  
2021 Amounts in DKKm  
2022  
2021  
42
(21) Net profit/(loss)
205
106
Other comprehensive income  
Items that will subsequently be reclassified to the income statement,  
when specific conditions are met:  
69
(13) Foreign currency translation adjustment of foreign affiliates
93
32
111
(34) Total comprehensive income
298
138
Page 9 of 15  
Company release No 14/2022 – 11 August 2022  
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  
H1  
H1  
Amounts in DKKm  
2022  
2021  
Net profit  
205
106
Adjustments for non-cash items (note 3)  
Changes in working capital  
189
(83)
2
210
(5)
Financial income, received  
-
Financial expenses, paid  
(8)
(16)
(84)
211
Income taxes, paid (net)  
(69)
236
Cash flow from operating activities  
Investments in intangible assets  
Investments in tangible assets  
(18)
(129)
4
(11)
(69)
(3)
Investments in other financial assets  
Cash flow from investing activities  
(143)
(83)
Free cash flow  
93
128
Sale of treasury shares  
19
(10)
(16)
-
17
(71)
Exercised share options, paid  
Repayment of lease liabilities  
Proceeds from borrowings  
Repayment of borrowings  
(13)
297
(83)
(90)
(455)
(225)
Cash flow from financing activities  
Net cash flow  
3
(97)
Cash beginning of year  
194
298
Unrealised gains/(losses) on cash held in foreign currency and financial  
assets carried as cash  
Net cash flow  
4
3
2
(97)
Cash end of period  
201
203
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 10 of 15  
Company release No 14/2022 – 11 August 2022  
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  
30 Jun  
2022  
30 Jun  
2021  
31 Dec  
2021  
Amounts in DKKm  
Non-current assets  
Intangible assets  
Goodwill  
462
169
631
454
164
618
457
165
622
Other intangible assets  
Tangible assets  
Land and buildings  
1,006
447
946
458
958
451
Plant and machinery  
Other fixtures and equipment  
Property, plant and equipment in progress  
79
72
80
407
229
325
1,939
1,705
1,814
Other non-current assets  
Receivables  
27
771
181
979
33
747
162
942
29
790
172
991
Deferred tax assets  
Income tax receivables  
Total non-current assets  
3,549
3,265
3,427
Current assets  
Inventories  
1,261
727
47
1,152
525
20
1,204
583
12
Trade receivables  
Receivables from group companies  
Income tax receivables  
Other receivables  
Prepayments  
40
47
14
69
67
82
313
201
2,658
296
203
2,310
314
194
2,403
Cash  
Total current assets  
Total assets  
6,207
5,575
5,830
Page 11 of 15  
Company release No 14/2022 – 11 August 2022  
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  
30 Jun  
2022  
30 Jun  
2021  
31 Dec  
2021  
Amounts in DKKm  
Equity  
Share capital  
111
52
111
(93)
111
(41)
Currency translation adjustment  
Retained earnings  
Total equity  
3,623
3,786
3,231
3,249
3,410
3,480
Liabilities  
Non-current liabilities  
Mortgage debt  
212
330
227
1
231
349
202
-
222
324
207
1
Pensions and similar liabilities  
Lease liabilities  
Deferred tax liabilities  
Deferred income  
50
-
42
Income taxes  
169
989
152
934
169
965
Current liabilities  
Mortgage debt  
Bank loans  
18
149
153
39
18
298
102
33
18
226
115
37
Trade payables  
Lease liabilities  
Deferred income  
Provisions  
4
1
4
2
2
12
Income taxes payables  
Other payables  
79
37
23
988
1,432
901
1,392
950
1,385
Total liabilities  
2,421
6,207
2,326
5,575
2,350
5,830
Total equity and liabilities  
Page 12 of 15  
Company release No 14/2022 – 11 August 2022  
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 2022  
111  
(41)  
3,410  
3,480  
Net profit  
Other comprehensive income  
Total comprehensive income  
-
-
-
-
93  
93  
205  
-
205  
205  
93  
298  
Share-based payments  
-
-
-
-
-
-
-
-
-
-
13  
(10)  
19  
13  
(10)  
19  
Share options settled  
Sale of treasury shares  
Tax related to items recognised directly in equity  
Other transactions  
(14)  
8
(14)  
8
Equity at 30 June 2022  
Equity at 1 January 2021  
111  
52  
3,623  
3,786  
111  
(125)  
3,167  
3,153  
Net profit  
-
-
-
-
32  
32  
106  
-
106  
32  
Other comprehensive income  
Total comprehensive income  
106  
138  
Share-based payments  
-
-
-
-
-
-
-
-
-
-
17  
(71)  
17  
17  
(71)  
17  
Share options settled  
Sale of treasury shares  
Tax related to items recognised directly in equity  
Other transactions  
(5)  
(5)  
(42)  
(42)  
Equity at 30 June 2021  
111  
(93)  
3,231  
3,249  
Page 13 of 15  
Company release No 14/2022 – 11 August 2022  
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 2022 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 2022 follows the same accounting policies as the annual report for 2021, except for new,  
amended or revised accounting standards and interpretations (IFRSs) endorsed by the EU effective for the accounting  
period beginning on 1 January 2022. These IFRSs have not had any impact on the Group’s interim report.  
2 REVENUE AND SEGMENT INFORMATION  
North  
International  
Markets  
Europe  
H1 2022  
America  
Total  
H1 2022  
Amounts in DKKm  
SCIT/SLIT-drops  
H1 2021  
614  
H1 2022  
H1 2021  
142  
H1 2022  
H1 2021  
H1 2021  
593  
784  
127  
165  
78  
71  
201  
21  
28  
147  
19  
829  
1,063  
308  
784  
SLIT-tablets  
662  
98  
58  
867  
238  
Other products and services  
160  
121  
Total revenue  
1,504  
1,374  
403  
321  
293  
194  
2,200  
1,889  
Sale of goods  
Royalties  
2,151  
42  
1,855  
34  
Services  
7
-
Total revenue  
2,200  
1,889  
International  
Markets  
North  
America  
Growth local  
Europe  
Total  
Growth local  
currencies  
Growth local  
currencies  
Growth local  
currencies  
Growth  
Growth  
Growth  
currencies  
Growth, H1 2022  
SCIT/SLIT-drops  
Growth  
6%  
-4%  
18%  
28%  
-3%  
18%  
30%  
5%  
22%  
20%  
16%  
34%  
32%  
139%  
36%  
3%  
154%  
37%  
11%  
3%  
21%  
22%  
SLIT-tablets  
23%  
Other products and services  
29%  
Total revenue  
9%  
9%  
14%  
26%  
48%  
51%  
14%  
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  
Page 14 of 15  
Company release No 14/2022 – 11 August 2022  
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  
2 REVENUE AND SEGMENT INFORMATION (CONTINUED)  
North  
America  
International  
Markets  
Europe  
Total  
Q2 2022  
Amounts in DKKm  
SCIT/SLIT-drops  
Q2 2022  
Q2 2021  
267  
Q2 2022  
Q2 2021  
Q2 2022  
Q2 2021  
Q2 2021  
351  
267  
86  
41  
90  
71  
31  
59  
27  
73  
15  
13  
68  
5
380  
480  
185  
SLIT-tablets  
366  
302  
401  
Other products and services  
80  
52  
116  
Total revenue  
713  
621  
217  
161  
115  
86  
1,045  
868  
Sale of goods  
Royalties  
1,017  
21  
850  
18  
-
Services  
7
Total revenue  
1,045  
868  
North  
America  
International  
Markets  
Europe  
Total  
Growth local  
currencies  
Growth local  
currencies  
Growth local  
currencies  
Growth local  
currencies  
Growth, Q2 2022  
SCIT/SLIT-drops  
Growth  
0%  
Growth  
21%  
Growth  
108%  
7%  
Growth  
8%  
-1%  
21%  
54%  
6%  
93%  
4%  
18%  
50%  
SLIT-tablets  
21%  
54%  
19%  
32%  
5%  
20%  
Other products and services  
35%  
53%  
206%  
200%  
59%  
Total revenue  
14%  
15%  
19%  
35%  
30%  
34%  
17%  
20%  
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  
H1  
H1  
Amounts in DKKm  
2022  
2021  
Tax on profit  
68  
(9)  
13  
45  
7
Financial income and expenses  
Share-based payments  
Depreciation, amortisation and impairment  
Other adjustments  
17  
115  
2
116  
25  
Total  
189  
210  
Page 15 of 15  
Company release No 14/2022 – 11 August 2022  
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