ALK-Abelló (ALK) Q2 2025 earnings summary

Executive summary

• Q2 2025 delivered strong commercial execution and accelerated sales momentum, with organic revenue up 12% year-over-year and EBIT exceeding expectations.

• Pediatric launches of ACARIZAX and ITULAZAX tablets, and the first EURneffy adrenaline spray launch in Germany, drove early-stage sales growth and market expansion.

• A new U.S. pediatric sales force and co-promotion agreements supported EURneffy and respiratory tablets.

• Upgraded 2025 outlook reflects robust performance, with further launches and pipeline progress in food allergy and urticaria.

• Phase II peanut allergy tablet trial completed recruitment ahead of schedule; top-line data expected H1 2026.

Financial highlights

• Q2 revenue reached DKK 1,527 million (+12% l.c.), H1 revenue DKK 3,049 million (+12% l.c.), driven by tablets and adrenaline auto-injectors.

• Q2 EBIT increased by 41% to DKK 375 million, H1 EBIT up 46% to DKK 844 million, with EBIT margin at 25% in Q2 and 28% in H1.

• Gross margin improved to 66% in H1 (up from 64%), and free cash flow more than doubled to DKK 546 million.

• Net profit in Q2 was DKK 263 million, H1 net profit DKK 617 million; net debt to EBITDA ratio dropped to 0.1.

• Capacity cost to revenue ratio decreased to 38% (down 5pp).

Outlook and guidance

• Full-year 2025 revenue growth outlook upgraded to 12%-14% (from 9%-13%), with EBIT margin expected at 25%.

• Double-digit growth expected in tablet and anaphylaxis product sales, with pediatric launches contributing over 1 percentage point to total growth.

• R&D expenses to increase by double digits but remain around 10% of revenue; sales, marketing, and admin costs to rise by single digits.

• Free cash flow expected at DKK 600-800 million; CAPEX at DKK 350-400 million.

• 2025 expected to mark the seventh consecutive year of revenue growth and improved earnings.