Six-month interim report (Q2) 2023 (unaudited)  
Company release No. 13/2023  
ALK delivers 11% revenue growth with operating profit up 120% in Q2  
ALK’s revenue grew by 11% in Q2 2023, driven by 17% growth in tablet sales and double-digit growth in combined  
SCIT/SLIT-drops sales. Operating profit (EBIT) increased by 120% in local currencies on sales growth and gross  
margin improvements.  
Q2 2023 financial highlights  
Comparative figures for Q2 2022 are shown in brackets. Revenue growth rates are stated in local currencies, unless otherwise indicated  
Revenue increased by 11% to DKK 1,135 million (1,045), equalling 12% growth when disregarding the one-year  
mandatory rebate increase in Germany. Currencies lowered reported growth by 2 percentage points.  
Revenue increased by 64% in International markets, by 10% in North America, and by 2% in Europe.  
Tablet sales increased by 17% to DKK 547 million (480), with an increase of 97% in International markets (mainly  
driven by product shipments to Japan), and 20% in North America. As expected, growth in tablet sales in Europe  
was flat.  
Global SCIT and SLIT-drops sales increased by 13% to DKK 423 million (380) driven by Europe and China, while  
sales of Other products and services decreased by 8% to DKK 165 million (185) on declining Jext® sales.  
Q2 operating profit (EBIT) increased by 120% in local currencies, which equates to 98% in reported currency, on  
sales growth and gross margin improvements, which were partly offset by a minor increase in capacity costs.  
EBIT was DKK 97 million (49) with an EBIT-margin of 9% (5), resulting in a 14% (12) EBIT-margin for the first half  
year.  
Financial performance for the first six months (H1) 2023  
H1  
2023  
2,369  
325  
H1  
2022  
2,200  
264  
Growth  
Growth  
(reported)  
8%  
In DKKm  
(local currencies)  
Revenue  
EBIT  
9%  
33%  
23%  
14%  
12%  
EBIT margin – %  
Progress on strategic priorities  
Based on the strong results from the paediatric MT-12 Phase 3 trial, ALK has started preparing a registration  
application for authorities in Europe and North America to expand the indications for the house dust mite (HDM)  
tablet to include children aged five to 11. The MT-12 trial met its primary endpoint and all key secondary  
endpoints.  
Top-line results from the TT-06 paediatric Phase 3 trial with the tree tablet are still expected in Q4 2023.  
First readouts from the Phase 1 trial of tablet treatment for peanut allergy are still expected end-2023.  
The regulatory review of the Biologics Licence Application for ALK’s HDM tablet in China is ongoing and is still  
expected to complete in 2024.  
The government in Japan, one of the world’s largest allergy immunotherapy tablet markets, has launched a  
comprehensive action plan to further combat respiratory allergy. ALK and its partner Torii are currently assessing  
how to best support the government’s plan.  
2023 revenue outlook is narrowed; earnings outlook remains unchanged  
The full-year revenue outlook has been narrowed to mainly reflect the year-to-date progress and intermittent supply  
shortages affecting Jext®. The full-year earnings outlook is unchanged:  
Revenue is now expected to grow by 8-10% organically in local currencies (previously: 7-11%), which is  
equivalent to 9-11% growth, disregarding the one-year temporary mandatory rebate increase for prescription  
drugs in Germany.  
Tablets sales and SCIT/SLIT-drops sales are still expected to grow by double digits respectively in the second  
half of the year. Full-year tablet growth is still expected within the previously communicated range.  
Earnings margin (EBIT margin) is still expected to increase from 10% in 2022 to 13-15% on sales growth,  
efficiencies, economies of scale and lower R&D costs.  
Hørsholm, 24 August 2023  
ALK-Abelló A/S
Page 1 of 16  
Company release No 13/2023 – 24 August 2023  
ALK-Abelló A/S – Bøge Allé 6-8 – DK-2970 Hørsholm – Denmark – www.alk.net  
Tel +45 4574 7576 – CVR No 63 71 79 16 – LEI code: 529900SGCREUZCZ7P020  
 
For further information, contact:  
Investor Relations: Per Plotnikof, tel. +45 4574 7527, mobile +45 2261 2525  
Media: Maiken Riise Andersen, tel. +45 5054 1434  
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  
will be 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 0 808 101 1183 or +1 785 424 1102. Please use  
the Participant Pin Code: 55214#  
Page 2 of 16  
Company release No 13/2023 – 24 August 2023  
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  
Q2  
2023  
Q2  
2022  
H1  
2023  
H1  
2022  
Full year  
2022  
Amounts in DKKm  
Income statement  
Revenue  
1,135  
11%  
9%  
1,045  
17%  
20%  
107  
49  
2,369  
9%  
2,200  
14%  
16%  
379  
4,511  
13%  
15%  
708  
Revenue growth (local currencies)  
Revenue growth (reported)  
Operating profit before depreciation (EBITDA)  
Operating profit (EBIT)  
EBIT growth (local currencies)  
EBIT growth (reported)  
Net financial items  
8%  
157  
97  
445  
325  
264  
470  
120%  
98%  
(8)  
n/a  
33%  
23%  
(19)  
306  
64%  
67%  
9
66%  
61%  
(23)  
447  
n/a  
7
Profit before tax (EBT)  
89  
56  
273  
Net profit  
66  
42  
229  
205  
335  
Average number of employees (FTE)  
2,759  
2,617  
2,727  
2,587  
2,609  
Balance sheet  
Total assets  
Invested capital  
Equity  
6,457  
3,691  
4,184  
6,207  
3,155  
3,786  
6,457  
3,691  
4,184  
6,207  
3,155  
3,786  
6,308  
3,400  
3,988  
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  
60  
9
58  
145  
(90)  
(10)  
(82)  
55  
120  
163  
115  
236  
238  
416  
(120)  
(20)  
(102)  
(111)  
(211)  
(37)  
(143)  
(18)  
(129)  
93  
(351)  
(55)  
(298)  
65  
(176)  
(48)  
Information on shares  
Share capital  
111  
222,824  
74  
111  
222,824  
123  
111  
222,824  
74  
111  
222,824  
123  
111  
222,824  
96  
Shares in thousands of DKK 0.5 each  
Share price, end of period  
Net asset value per share  
19  
17  
19  
17  
18  
Key figures  
Gross margin – %  
62  
9
61  
5
64  
14  
63  
12  
62  
10  
EBIT margin – %  
Equity ratio – %  
65  
0.3  
0.3  
4.0  
61  
0.2  
0.2  
7.3  
65  
61  
63  
Earnings per share (EPS)  
Earnings per share (DEPS), diluted  
Share price/Net asset value  
1.0  
1.0  
4.0  
0.9  
0.9  
7.3  
1.5  
1.5  
5.4  
Page 3 of 16  
Company release No 13/2023 – 24 August 2023  
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  
2023  
%
2022  
%
2023  
%
2022  
%
Amounts in DKKm  
1,135  
428  
100  
1,045  
404  
100  
Revenue  
2,369  
863  
100  
2,200  
820  
100  
38  
62  
39  
61  
Cost of sales  
Gross profit  
36  
64  
37  
63  
707  
641  
1,506  
1,380  
160  
450  
97  
14  
39  
9
162  
430  
49  
15  
41  
5
Research and development expenses  
Sales, marketing and administrative expenses  
Operating profit (EBIT)  
318  
863  
325  
13  
37  
14  
319  
797  
264  
15  
36  
12  
(8)  
89  
(1)  
8
7
56  
0
Net financial items  
Profit before tax (EBT)  
(19)  
306  
(1)  
13  
9
273  
0
5
12  
23  
2
6
14  
42  
1
4
Tax on profit  
77  
3
68  
3
9
66  
Net profit  
229  
10  
205  
Operating profit before depreciation  
and amortisation (EBITDA)  
14  
10  
19  
17  
157  
107  
445  
379  
step in ALK’s efforts to transform the treatment of  
children living with allergies.  
UPDATE ON STRATEGIC PRIORITIES  
Throughout Q2, ALK continued its efforts to restore  
tablet sales growth in Europe from H2 2023 onwards –  
particularly in the key markets of Germany and the  
Nordics – by further increasing ALK’s market share  
and expanding the overall allergy immunotherapy  
(AIT) market (cf. the section ‘Q2 sales and market  
trends’). Leading indicators from these activities are  
showing encouraging early results.  
The trial, involving 1,458 children aged five to 11, met  
its primary endpoint and all key secondary endpoints.  
With an improvement of 22% in the total combined  
rhinitis score, the trial demonstrated that the HDM  
tablet both reduced the children’s allergy symptoms  
and their need for allergy pharmacotherapy. ALK is  
now preparing a registration application for submission  
to the regulatory authorities in Europe and North  
America to expand the current product indications for  
the HDM tablet to include children, aged five to 11.  
Subject to approval, the HDM tablet could be available  
for this age group in Europe and North America in  
2024/25.  
Progress was also made with efforts to strengthen the  
respiratory tablet portfolio’s long-term commercial  
potential.  
The government in Japan, one of ALK’s largest tablet  
markets, launched a comprehensive nationwide action  
plan to combat respiratory allergy, which has reached  
unprecedented levels in the country, influenced  
especially by Japanese cedar tree pollen. An  
important element in the plan is an ambition to make  
AIT tablets more widely available. This would  
potentially entail a significant expansion of  
manufacturing capacity for Japanese cedar tablets  
over the next years. The plan also includes efforts to  
improve pollen forecasts and make AIT better known  
publicly.  
Furthermore, the pivotal paediatric Phase 3 trial of  
the tree pollen tablet (ITULAZAX®) in Europe and  
Canada is on track, and ALK expects to report top-line  
results from this trial in Q4 2023.  
Globally, it is estimated that more than 10 million  
children have uncontrolled respiratory allergies, and  
the number is growing. Hence, paediatric indications  
for both the HDM tablet and the tree tablet will allow  
ALK to address significantly larger patient and  
prescriber bases. The importance of paediatric  
indications has been demonstrated in Japan, where  
children now constitute the majority of new patients on  
ALK’s tablet treatments.  
Under an exclusive licence agreement established in  
2011, ALK’s partner Torii currently markets  
CEDARCURE™ (the only approved tablet for treatment  
of Japanese cedar pollen allergy) and MITICURE™  
(for house dust mite (HDM) allergy). Torii and ALK are  
currently assessing how to best support the  
government’s action plan, including the infrastructure  
needed, as well as how to scale up production of the  
active pharmaceutical ingredients and the finished  
products.  
The regulatory review of the Biologics Licence  
Application for ALK’s HDM tablet in China is ongoing.  
Subject to approval, the HDM tablet could become  
available in one of the world’s largest HDM allergy  
markets in 2024/25. In the USA, ALK continues to  
execute its adjusted business strategy to unlock the  
tablet market via new sales channels, especially  
among paediatricians.  
In June, ALK presented top-line results from the large-  
scale, pivotal Phase 3 paediatric trial of the HDM  
tablet in Europe and North America – an important  
Page 4 of 16  
Company release No 13/2023 – 24 August 2023  
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 Phase 1 trial of a new tablet for peanut allergy –  
ALK’s first move into food allergy – is progressing as  
planned, and first readouts are still expected in 2023,  
with study completion expected in 2024.  
Combined SCIT and SLIT-drops sales were up 13%  
on Q2 2022. SCIT sales benefited from improved  
pricing and market share gains, in particular, in the  
SCIT venom sub-segment. SLIT-drops sales  
continued their decline due to an ongoing market  
transition in France.  
The suite of digital tools in the ‘klarify’ universe, now  
available in 12 countries, has been continuously  
upgraded and efforts have been intensified. Analysis  
shows that ALK is increasingly able to funnel  
appropriate patients from digital platforms to relevant  
healthcare professionals.  
Tablet sales were unchanged in local currencies but  
grew by 2% on a like-for-like basis, disregarding the  
temporary, one-year German rebate increase. In  
Germany and the Nordics in particular, ALK saw a  
continued impact from the most recent initiation  
season, where ALK only initiated around 95% of the  
expected number of new patients onto tablet  
treatment. ALK remains confident in its commercial  
strategy and has deployed a series of intensified sales  
activities to secure positive momentum in Europe  
during the forthcoming treatment initiation season in  
H2 2023. Leading indicators are showing encouraging  
results with regards to disease burden, patient  
mobilisations and confirmed doctor visits, treatment  
initiations, improved market access and stabilised  
developments in key markets.  
Work also continues to further expand tablet  
manufacturing capacity, with a particular focus on  
the production of source materials in the USA, and on  
the production of active pharmaceutical ingredients in  
Denmark. Furthermore, ALK’s contract manufacturer  
for tablet formulation is also working to expand  
capacity.  
So far in 2023, ALK has submitted 783 regulatory  
changes covering 80 products to various authorities.  
Included are changes submitted as part of ALK’s  
product and site strategy (PASS) programme which  
will eventually help ALK update and further  
In line with ALK’s ambition to unlock further markets  
as meaningful growth contributors, Q2 tablet sales  
developed positively in several of the smaller markets  
in central and eastern Europe. Key to ALK’s ambitions  
in these markets are initiatives to gain effective market  
access, which saw further progress. Future tablet  
indications for children will also be important as ALK  
seeks to make tablets available earlier in life in order  
to expand the prescriber and patient bases.  
standardise its portfolio of legacy products.  
MANAGEMENT CHANGE  
As previously announced, Peter Halling will succeed  
Carsten Hellman as President & CEO of ALK. The  
management change will take place on 1 November  
2023. Peter Halling joins ALK from his position as  
CEO of Fertin Pharma, and has experience from  
executive roles at various life sciences companies.  
European sales of Other products and services  
decreased 24% on lower sales of Jext® pens which  
was partly due to relatively low organic replacement  
rates in 2023, and partly due to the normalisation of  
competitors’ product supply to the market versus  
2022. Furthermore, Jext® is currently experiencing  
intermittent supply shortages in selected markets,  
caused by temporary restrictions to the supply of  
adrenaline-filled cartridges from ALK’s contract  
manufacturer.  
Q2 SALES AND MARKET TRENDS  
(Comparative figures for Q2 2022 are shown in brackets.  
Revenue growth rates are stated in local currencies, unless  
otherwise indicated)  
Revenue by geography  
DKKm  
Q2  
2023  
721  
Share of  
revenue  
64%  
Q2  
2022  
713  
Growth*  
2%  
Europe  
North America  
Int’l markets  
232  
182  
1,135  
10%  
64%  
11%  
20%  
16%  
100% 1,045  
217  
115  
North America  
Revenue in North America increased by 10% in local  
currencies to DKK 232 million (217).  
Revenue  
* In local currencies  
Europe  
Tablet sales were up 20%, with continued good  
performance in Canada. Performance in the USA was  
as planned. Sales of bulk SCIT products, mainly in the  
USA, increased by 5% with growth still held back  
slightly by temporary backorders, which ALK is  
working to fulfil in the coming quarters. Sales of Other  
products and services grew by 10%, with growth from  
life science products and diagnostics.  
Revenue in Europe was up 2% in local currencies to  
DKK 721 million (713), equivalent to 4% growth  
disregarding the one-year rebate increase in  
Germany. ALK delivered growth in the key markets of  
Germany and the Nordics as well as in a number of  
the smaller European markets. By contrast, revenue  
declined in the UK and France.  
Combined SCIT and SLIT-drops sales performed well,  
while, as anticipated, tablet sales were still impacted  
by the trailing effect of the lower intake of new patients  
in the most recent initiation season.  
International markets  
Revenue in International markets was up 64% in local  
currencies to DKK 182 million (115), driven by high  
double-digit growth in ALK’s product shipments to the  
region’s two largest markets, Japan and China.  
Page 5 of 16  
Company release No 13/2023 – 24 August 2023  
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  
 
In Japan, tablet sales continued to bounce back  
strongly after the COVID-driven headwinds in 2022,  
and Torii’s in-market sales grew in double digits. In  
China, ALK’s expanded organisation continued to  
focus on building market access in the local AIT  
market ahead of the planned launch of ACARIZAX® in  
2024/25. ALK also grew its in-market sales of SCIT  
products.  
Net financials were a loss of DKK 19 million (a gain of  
9) related to interest expenses and currency losses.  
Tax on the profit totalled DKK 77 million (68), and the  
net profit increased to DKK 229 million (205).  
Cash flow from operating activities was DKK 163  
million (236), driven by higher earnings which were  
offset by changes in working capital, mainly related to  
inventory build-up and short-term timing of  
receivables. Cash flow from investment activities  
was DKK minus 211 million (minus 143), mainly  
reflecting the build-up of capacity for tablet production,  
upgrades for legacy production, and investments for  
the in-house next generation adrenaline auto-injector,  
which is currently in development. Free cash flow  
was negative at DKK 48 million (positive 93), as  
planned. Cash flow from financing activities was DKK  
minus 8 million (minus 90).  
Global revenue by product line  
DKKm  
Q2  
Share of  
revenue  
Q2  
2022  
2023  
Growth*  
SCIT/  
SLIT-drops  
SLIT-tablets  
Other  
423  
547  
13%  
17%  
37%  
48%  
380  
480  
products and  
services  
165  
-8%  
15%  
185  
Revenue  
1,135  
11%  
100% 1,045  
At the end of June, ALK held 1,634,673 of its own  
shares, or 0.7% of the share capital, versus 0.8% at  
the end of 2022, and 1.0% at the end of June 2022.  
* In local currencies  
SIX-MONTH FINANCIAL REVIEW  
(Comparative figures for the first half-year 2022 are shown in  
brackets. Revenue growth rates are stated in local currencies,  
unless otherwise indicated)  
Equity totalled DKK 4,184 million (3,786) at the end of  
June, and the equity ratio was 65% (61%).  
ALK delivered its best-ever results for a first half-year,  
with progress in sales and operating profit.  
OUTLOOK FOR 2023  
The full-year revenue outlook has been narrowed to  
mainly reflect the year-to-date progress and  
intermittent supply shortages affecting Jext®. The full-  
year earnings outlook is unchanged:  
Revenue was up 9% in local currencies to DKK 2,369  
million (2,200). Exchange rates impacted reported  
revenue growth negatively by 1 percentage point.  
Cost of sales increased by 5% in local currencies to  
DKK 863 million (820). The gross profit of DKK 1,506  
million (1,380) yielded an improved gross margin of  
64% (63%), mainly reflecting higher sales and  
production efficiencies, partly offset by larger tablet  
shipments to Torii at lower margins. ALK continued to  
implement its product and site strategy, involving  
investments in upgrading products and associated  
manufacturing facilities to secure quality and  
robustness in product supply.  
Total revenue is now expected to grow by 8-10%  
organically in local currencies (previously: 7-11%).  
This is equivalent to 9-11% growth when  
disregarding the one-year, temporary mandatory  
rebate increase for prescription drugs in ALK’s  
largest market, Germany.  
Earnings margin (EBIT margin) is still expected to  
increase from 10% in 2022 to 13-15% on sales  
growth, efficiencies, economies of scale and lower  
R&D costs.  
Capacity costs increased by 6% in local currencies to  
DKK 1,181 million (1,116). As planned, R&D expenses  
were essentially unchanged at DKK 318 million (319)  
reflecting the advanced stage of clinical trials of the  
respiratory tablets portfolio. Sales and marketing  
expenses were up 5% in local currencies, in support of  
the organisational build-up in China and a generally  
higher activity level across markets. Administration  
costs increased by 27% in local currencies, mainly  
reflecting one-off costs associated with the leadership  
changes and increased activity levels.  
The outlook is based on the following assumptions:  
Revenue  
Revenue growth is expected to be broad-based across  
all three sales regions.  
Growth in tablet sales is still expected to pick up and  
grow by double digits in the second half-year with full  
year growth expected within the previously  
communicated range of 9-14% in local currencies. As  
previously communicated, the upper end of this range  
is pending possible price adjustments for tablets in  
parts of Europe. These price adjustments remain  
undetermined as discussions are still ongoing.  
EBIT (operating profit) increased by 33% in local  
currencies to DKK 325 million (264), driven by higher  
sales, improved gross margin and a reduced capacity  
cost ratio to revenue. Exchange rates impacted growth  
in reported operating profit negatively by 10  
percentage points.  
In Europe, full-year tablet sales are still expected to  
grow by single digits, driven by a higher inflow of new  
patients especially in the key markets of Germany and  
Page 6 of 16  
Company release No 13/2023 – 24 August 2023  
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 Nordics during the forthcoming treatment initiation  
season. Double-digit growth in tablet sales is also still  
anticipated in North America and International  
markets. The timing of shipments to Torii in Japan  
may lead to quarterly sales fluctuations.  
ALK’s exposure to inflationary pressure on its cost  
base is expected to remain modest.  
Capital expenditure (CAPEX) is projected at  
around DKK 400 million, and free cash flow is  
expected to be positive.  
Combined sales of SCIT and SLIT-drops are still  
expected to grow by double digits in the second half-  
year led by SCIT products. Besides the previously  
anticipated decrease in sales following exceptional  
performance in 2022, Jext® sales in the second half-  
year will also be impacted by intermittent supply  
shortages in selected markets.  
The outlook does not include any revenue from  
acquisitions, new partnerships or the in-licensing of  
products and services, nor does it include  
payments in relation to mergers and acquisitions or  
in-licensing activities.  
The outlook is based on current exchange rates,  
resulting in a negative effect of approximately 2  
percentage points on reported revenue growth and  
a minor negative effect on reported growth in EBIT.  
Margins  
The gross margin is still expected to increase by up to  
1 percentage point. The gross margin is assumed to  
benefit from higher tablet and SCIT sales, as well as  
efficiencies in product supply. However, this impact  
will be somewhat offset by various factors, including  
the temporary mandatory 5 percentage points rebate  
increase in Germany, higher tablet shipments to Japan  
at lower margins, as well as modest cost inflation.  
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  
Capacity costs  
The overall capacity cost to revenue ratio is still  
expected to improve as ALK normalises R&D spend  
and further leverages existing platforms to drive  
efficiencies. R&D costs are still planned to be around  
DKK 600 million for the full-year, while sales and  
marketing costs are planned to increase in mid-single  
digits to support various growth initiatives, including  
the continued build-up in China.  
Other assumptions  
The outlook assumes that patients in general will  
remain able and willing to visit healthcare  
professionals without significant limitations,  
although temporary changes may be seen in some  
markets.  
immunotherapy may be associated with allergic  
reactions of differing extents, durations and severities.  
New respiratory infection waves are not assumed  
to materially affect clinical and commercial  
activities, sales, nor investments.  
Financial calendar  
Silent period  
18 October 2023  
Nine-month interim report (Q3) 2023 15 November 2023  
No additional pressure is expected on pricing and  
reimbursement schemes, except for the one-year  
rebate increase in Germany and minor adjustments  
in certain southern European markets.  
Page 7 of 16  
Company release No 13/2023 – 24 August 2023  
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.  
Page 8 of 16  
Company release No 13/2023 – 24 August 2023  
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 2023. 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 2023. 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 2022.
Hørsholm, 24 August 2023
Board of Management  
Carsten Hellmann
President & CEO
Henriette Mersebach
Executive Vice President
Research & Development
Søren Daniel Niegel
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
Johan Smedsrud
Lise Lund Mærkedahl
Page 9 of 16  
Company release No 13/2023 – 24 August 2023  
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  
2023  
2022  
2023  
2022  
Amounts in DKKm  
1,135
428
1,045
404
Revenue  
2,369
863
2,200
820
Cost of sales  
Gross profit  
707
641
1,506
1,380
160
351
99
162
358
72
Research and development expenses  
Sales and marketing expenses  
Administrative expenses  
318
694
169
325
319
664
133
264
97
49
Operating profit (EBIT)  
(8)
7
Net financial items  
(19)
9
Profit before tax (EBT)  
89
56
306
273
Tax on profit  
23
14
42
77
68
66
Net profit  
229
205
Earnings per share (EPS)  
Earnings per share (EPS)  
Earnings per share (DEPS), diluted  
0.3
0.3
0.2
0.2
1.0
1.0
0.9
0.9
STATEMENT OF COMPREHENSIVE INCOME  
Q2  
Q2  
H1  
H1  
2023  
2022 Amounts in DKKm  
2023  
2022  
66
42
Net profit  
229
205
Other comprehensive income  
Items that will subsequently be reclassified to the income statement,  
when specific conditions are met:  
3
69
Foreign currency translation adjustment of foreign affiliates  
(19)
93
69
111
Total comprehensive income  
210
298
Page 10 of 16  
Company release No 13/2023 – 24 August 2023  
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  
2023  
2022  
Net profit  
229
205
Adjustments for non-cash items (note 3)  
Changes in working capital  
228
(237)
4
189
(83)
2
Financial income, received  
Financial expenses, paid  
(12)
(49)
163
(8)
Income taxes, paid (net)  
(69)
236
Cash flow from operating activities  
Investments in intangible assets  
Investments in tangible assets  
(37)
(176)
2
(18)
(129)
4
Investments in other financial assets  
Cash flow from investing activities  
(211)
(143)
Free cash flow  
(48)
93
Sale of treasury shares  
-
(20)
(16)
75
19
(10)
(16)
-
Exercised share options, paid  
Repayment of lease liabilities  
Proceeds from borrowings  
Repayment of borrowings  
(47)
(8)
(83)
(90)
Cash flow from financing activities  
Net cash flow  
(56)
221
3
Cash beginning of year  
194
Unrealised gains/(losses) on cash held in foreign currency and financial  
assets carried as cash  
-
4
3
Net cash flow  
(56)
Cash end of period  
165
201
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 13/2023 – 24 August 2023  
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  
2023  
30 Jun  
2022  
31 Dec  
2022  
Amounts in DKKm  
Non-current assets  
Intangible assets  
Goodwill  
459
200
659
462
169
631
460
182
642
Other intangible assets  
Tangible assets  
Land and buildings  
968
440
1,006
447
991
440
Plant and machinery  
Other fixtures and equipment  
Property, plant and equipment in progress  
75
79
76
616
407
511
2,099
1,939
2,018
Other non-current assets  
Prepayments  
73
723
197
993
27
771
181
979
94
716
Deferred tax assets  
Income tax receivables  
193
1,003
Total non-current assets  
3,751
3,549
3,663
Current assets  
Inventories  
1,391
849
18
1,261
727
47
1,297
764
18
Trade receivables  
Receivables from group companies  
Income tax receivables  
Other receivables  
Prepayments  
35
40
24
54
69
82
194
165
2,706
313
201
2,658
239
221
2,645
Cash  
Total current assets  
Total assets  
6,457
6,207
6,308
Page 12 of 16  
Company release No 13/2023 – 24 August 2023  
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  
2023  
30 Jun  
2022  
31 Dec  
2022  
Amounts in DKKm  
Equity  
Share capital  
111
1
111
52
111
20
Currency translation adjustment  
Retained earnings  
Total equity  
4,072
4,184
3,623
3,786
3,857
3,988
Liabilities  
Non-current liabilities  
Mortgage debt  
194
241
227
3
212
330
227
1
203
236
226
4
Pensions and similar liabilities  
Lease liabilities  
Deferred tax liabilities  
Deferred income  
48
50
49
Income taxes  
203
916
169
989
203
921
Current liabilities  
Mortgage debt  
Bank loans  
18
247
127
44
18
149
153
39
18
208
131
41
Trade payables  
Lease liabilities  
Deferred income  
Provisions  
4
4
4
4
2
3
Income taxes payables  
Other payables  
58
79
16
855
1,357
988
1,432
978
1,399
Total liabilities  
2,273
6,457
2,421
6,207
2,320
6,308
Total equity and liabilities  
Page 13 of 16  
Company release No 13/2023 – 24 August 2023  
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 2023  
111
20
3,857
3,988
Net profit  
-
-
-
-
229
-
229
229
(19)
210
Other comprehensive income  
Total comprehensive income  
(19)
(19)
Share-based payments  
-
-
-
-
-
-
-
-
9
(20)
(3)
9
(20)
(3)
Share options settled  
Tax related to items recognised directly in equity  
Other transactions  
(14)
(14)
Equity at 30 June 2023  
111
1
4,072
4,184
Equity at 1 January 2022  
111
(41)
3,410
3,480
Net profit  
-
-
-
-
93
93
205
-
205
93
Other comprehensive income  
Total comprehensive income  
205
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  
111
52
3,623
3,786
Page 14 of 16  
Company release No 13/2023 – 24 August 2023  
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 interimreport for the first six months of 2023 has been prepared in accordance w ith IAS 34 and the  
additional Danish regulations for the presentation of quarterly interimreports by listed companies. The Interimreport for  
the first six months of 2023 follow s the same accounting policies as the annual report for 2022, except for new ,  
amended or revised accounting standards and interpretations (IFRSs) endorsed by the EU effective for the accounting  
period beginning on 1 January 2023. These IFRSs have not had any impact on the Group’s interimreport.  
2 REVENUE AND SEGMENT INFORMATION  
North  
International  
Markets  
Europe  
H1 2023  
America  
Total  
H1 2023  
Amounts in DKKm  
SCIT/SLIT-drops  
H1 2022  
593  
H1 2023  
H1 2022  
165  
H1 2023  
H1 2022  
H1 2022  
666  
775  
117  
175  
92  
92  
261  
17  
71  
201  
21  
933  
1,128  
308  
829  
SLIT-tablets  
784  
127  
78  
1,063  
308  
Other products and services  
174  
160  
Total revenue  
1,558  
1,504  
441  
403  
370  
293  
2,369  
2,200  
Sale of goods  
Royalties  
2,322  
46  
2,151  
42  
Services  
1
7
Total revenue  
2,369  
2,200  
International  
Markets  
Organic  
North  
America  
Organic  
Europe  
Total  
Organic  
Growth growth local  
Organic  
growth local  
currencies  
Growth growth local  
currencies  
Growth growth local  
currencies  
Growth, H1 2023  
SCIT/SLIT-drops  
currencies  
Growth  
13%  
6%  
13%  
0%  
12%  
-1%  
-8%  
5%  
21%  
7%  
6%  
18%  
9%  
36%  
32%  
30%  
30%  
13%  
8%  
SLIT-tablets  
Other products and services  
-6%  
-18%  
-19%  
1%  
0%  
Total revenue  
5%  
4%  
9%  
9%  
30%  
26%  
9%  
8%  
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 15 of 16  
Company release No 13/2023 – 24 August 2023  
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 2023  
Amounts in DKKm  
SCIT/SLIT-drops  
Q2 2023  
Q2 2022  
267  
Q2 2023  
Q2 2022  
Q2 2023  
Q2 2022  
Q2 2022  
380  
300  
88  
47  
97  
86  
41  
90  
35  
139  
8
27  
73  
15  
423  
547  
165  
SLIT-tablets  
361  
366  
480  
Other products and services  
60  
80  
185  
Total revenue  
721  
713  
232  
217  
182  
115  
1,135  
1,045  
Sale of goods  
Royalties  
1,110  
24  
1,017  
21  
Services  
1
7
Total revenue  
1,135  
1,045  
North  
America  
Organic  
International  
Markets  
Europe  
Total  
Organic  
growth local  
currencies  
Organic  
growth local  
currencies  
Organic  
growth local  
currencies  
growth local  
currencies  
Growth, Q2 2023  
SCIT/SLIT-drops  
Growth  
12%  
Growth  
2%  
Growth  
30%  
Growth  
11%  
13%  
0%  
5%  
20%  
10%  
38%  
97%  
13%  
17%  
-8%  
SLIT-tablets  
-1%  
15%  
8%  
90%  
14%  
Other products and services  
-24%  
-25%  
-40%  
-47%  
-11%  
Total revenue  
2%  
1%  
10%  
7%  
64%  
58%  
11%  
9%  
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  
NOTES  
3 ADJUSTMENTS FOR NON-CASH ITEMS  
H1  
H1  
Amounts in DKKm  
2023  
2022  
Tax on profit  
77  
19  
9
68  
(9)  
13  
Financial income and expenses  
Share-based payments  
Depreciation, amortisation and impairment  
Other adjustments  
120  
3
115  
2
Total  
228  
189  
Page 16 of 16  
Company release No 13/2023 – 24 August 2023  
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