ALK-Abelló (ALK) Q4 2024 earnings summary

Executive summary

• Achieved strong financial and strategic progress in 2024, meeting short-term targets and launching a new strategy.

• Treated approximately 2.6 million patients, with significant expansion in respiratory allergy and progress in anaphylaxis and food allergy.

• Delivered on a DKK 250+ million savings program, enabling scalability and growth investments.

Financial highlights

• Revenue grew 15% year-over-year to DKK 5,537 million, driven by 31% growth in EU tablet sales.

• EBIT increased by 65% to DKK 1,091 million, with margin expansion to 20% from 14% in 2023.

• Gross profit rose 15% to DKK 3,552 million, with gross margin improving to 64.2% from 62.9%.

• Free cash flow was negative at DKK -204 million, compared to DKK 292 million in 2023.

• Capacity costs increased 4% to DKK 2,464 million, including DKK 75 million in one-off optimisation costs.

Outlook and guidance

• 2025 revenue expected to grow 9-13% in local currencies, with double-digit tablet sales growth.

• EBIT margin projected to reach approximately 25%, with gross margin to improve slightly.

• R&D costs to remain around 10% of revenue; S&M and admin costs to decrease slightly.

• No one-off optimisation costs assumed for 2025.