ALK-Abelló (ALK) Q4 2025 earnings summary

Executive summary

• Achieved strong Q4 and full-year 2025 results at the top end of guidance, with significant commercial and financial milestones driven by tablet and anaphylaxis product growth.

• Expanded pediatric indications for key allergy tablets, broadening patient reach and prescriber base, especially in Europe and North America.

• Successful European rollout of neffy, with 18% value share in Germany and launches in several new markets, plus co-promotion in the USA and regulatory review in Canada.

• Reached the '25in25' milestone, treating 3.1 million patients, an increase of 0.5 million year-over-year.

• Strategic growth investments and strengthened partnerships in China, Japan, and the U.S. supported expansion and future growth.

Financial highlights

• Revenue grew 15% year-over-year to DKK 6,312 million ($1 billion), with double-digit growth in all regions and tablets/anaphylaxis as key drivers.

• EBIT margin reached 26% for 2025, up from 20% in 2024, with EBIT up 53% and margin surpassing the 25% target.

• Gross profit increased to DKK 4,234 million, gross margin up 3 points to 67% due to higher sales and efficiencies.

• Free cash flow positive at DKK 1,432 million, compared to -DKK 204 million in 2024, reflecting higher earnings and upfront payments.

• Dividend of DKK 355 million proposed, 30% of net profit after tax.

Outlook and guidance

• 2026 revenue expected to grow 11%-15% in local currencies, with EBIT margin around 25%.

• Growth to be volume-driven across all regions and product groups; tablet and anaphylaxis sales to grow double digits, SCIT/SLIT-drops single digits.

• Gross margin expected to decrease slightly due to product mix and higher partner-related sales; continued investment in R&D and infrastructure.

• Free cash flow projected at DKK 800 million–1 billion; CapEx around DKK 500 million, with R&D costs at ~10% of revenue.