ALK-Abelló (ALK) Q2 2026 earnings summary

Executive summary

• Achieved 18% year-over-year revenue growth in Q2 2026, driven by strong tablet and anaphylaxis product sales and reduced risks, with double-digit increases across all regions.

• EBIT increased 19% year-over-year in Q2, supported by sales growth and improved gross margin, partially offset by higher R&D and commercial investments.

• EBIT margin for H1 reached 28%, reflecting operational leverage and efficiency.

• Updated full-year revenue outlook to 14–16% growth in local currencies, with EBIT margin expected around 26%.

• Strategic execution advanced with successful paediatric tablet roll-out and progress in new product development.

Financial highlights

• Revenue for H1 2026 reached DKK 3,566 million, up 18% from H1 2025; Q2 revenue was DKK 1,795 million, up 18% year-over-year.

• Gross profit increased to DKK 2,423 million, with gross margin improving to 68% from 66% year-over-year.

• Operating profit (EBIT) rose to DKK 1,015 million, a 20% increase year-over-year, maintaining a 28% EBIT margin.

• Net profit for H1 was DKK 776 million (+26% YoY); EPS H1: DKK 3.5 (diluted).

• Free cash flow improved to DKK 889 million, up from DKK 546 million in H1 2025; equity ratio at 71%.

Outlook and guidance

• Revenue growth for 2026 now expected at 14–16% in local currencies, up from previous 13–16%, driven by volume increases in tablets and anaphylaxis products.

• EBIT margin forecasted at approximately 26%; gross margin anticipated to be slightly higher than last year.

• R&D costs to be slightly above 10% of revenue; S&M expenses to rise to support market shaping.

• CAPEX projected at DKK 400 million; free cash flow expected to slightly exceed DKK 1,000 million.

• Shipment timing in Japan/China may cause fluctuations.