ALK-Abelló (ALK) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue grew 18% year-over-year to DKK 1,771 million, with EBIT up 22% to DKK 570 million and margin at 32%, driven by strong tablet sales in Europe and North America.

• Free cash flow doubled to DKK 671 million, supported by higher earnings and working capital changes.

• Strategic focus areas include pediatric and respiratory tablets, neffy rollout, and peanut allergy treatment advancement.

• Positive phase II results for the peanut allergy tablet support phase III initiation in late 2026.

• Upgraded full-year outlook reflects robust tablet sales and improved risk profile.

Financial highlights

• Revenue reached DKK 1,771 million (+18%), EBIT DKK 570 million (+22%), net profit DKK 437 million (+23%).

• Gross margin improved to 69% (from 67%), EBIT margin at 32% (from 31%).

• Free cash flow was DKK 671 million, and equity ratio rose to 71%.

• Capacity costs increased 23% to DKK 658 million, with a cost-to-revenue ratio of 37%.

• EPS rose to DKK 2.0 (from 1.6).

Outlook and guidance

• Full-year 2026 revenue growth outlook upgraded to 13%-16% (from 11%-15%), with EBIT margin now expected around 26%.

• Double-digit tablet sales growth anticipated; SCIT/SLIT-drops to grow single digits; anaphylaxis and other products to grow low double digits.

• Gross margin expected to be on par with last year, with higher partner-related revenue at lower margins in H2.

• Continued significant investments in commercial expansion, R&D, and AI; R&D costs to remain around 10% of revenue.

• CAPEX projected at DKK 400-500 million; free cash flow expected around DKK 1,000 million.