ALK-Abelló (ALK) Jefferies Global Healthcare Conference 2025 summary

Business overview and strategy

• Focuses on allergy treatments, with a broad portfolio of respiratory allergy vaccines and immunotherapy, serving all age groups globally, with 70% of sales in Europe.

• Transitioned from injection-based therapies to convenient daily tablets, now available for both adults and children.

• Aims for over 10% CAGR in revenue through 2028, targeting a 25% EBIT margin by 2025 and maintaining it through 2028.

• Growth driven by tablet vaccines, new pediatric indications, and expansion into food allergy and anaphylaxis markets.

• Business development (BD) is a key growth vehicle, with financial flexibility to pursue further partnerships and acquisitions.

Product performance and market dynamics

• European tablet sales are the main growth driver, with over 30% growth in 2023, split between volume and value components.

• Sustained new patient initiations above 10% are necessary to maintain growth, supported by a three-year treatment cycle.

• 2024 is expected to be a normal year for tablet growth, with no significant price changes anticipated for 2025.

• Pediatric tablet launches in Europe, U.S., and Canada are expected to drive long-term growth, with children showing higher adherence rates.

• U.S. tablet uptake is slower due to structural incentives for allergists, but focus is shifting to pediatricians to unlock growth.

Partnerships and international expansion

• Japanese partner Torii is doubling API capacity in 2024, addressing high demand for allergy treatments in Japan.

• Shionogi's acquisition of Torii is viewed positively, with potential for expanded collaboration and pipeline synergies.

• Collaboration with AIS Pharma enables global (ex-U.S., China, Japan, Australia) launch of Nefy, a needle-free adrenaline spray for anaphylaxis.

• European Nefy launch expected in Germany around summer, followed by U.K. and Canada in autumn, with further rollouts planned.