ALK-Abelló (ALK) Q4 2025 earnings summary

Executive summary

• Achieved full-year results at the top end of the latest outlook, with strong Q4 performance and continued commercial momentum across regions.

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

• Strategic growth investments and successful paediatric launches in key markets supported expansion.

Financial highlights

• Revenue grew 15% year-over-year to DKK 6,312 million, with double-digit growth in all regions.

• EBIT margin reached 26% for the year, up from 20% in 2024, driven by higher sales and gross margin.

• Gross profit increased to DKK 4,234 million, with gross margin improving to 67% from 64%.

• Free cash flow turned positive at DKK 1,432 million, compared to negative DKK 204 million in 2024.

• Board recommended dividend payments of DKK 355 million.

Outlook and guidance

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

• Growth to be volume-driven across regions and product groups, with double-digit tablet sales and single-digit SCIT/SLIT-drops growth.

• Gross margin anticipated to decrease slightly due to higher partner-related sales.

• R&D costs to remain at ~10% of revenue; S&M expenses to increase to support market shaping.