ALK-ABELLÓ A/S
Health·ALK-B · Nasdaq Copenhagen·Fiscal year to 31/12/2025
ALK markets a diversified portfolio of products, including allergy immunotherapy (AIT) tablets, injections, and drops as well as adrenaline autoinjectors and nasal sprays.
Exposure profile
Derived from what the company itself writes. Empty directions mean the report doesn't mention themes of that type.
In their own words
Grouped by theme, from the management review in the annual report. A · The company itself is a verbatim quote, B · From the report is without a verified quote.
United States
Geography
DriverPositive impact: strengthens
“Global tablet revenue grew by 15%, driven by the expanding patient and prescriber bases in Europe and North America.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Sales and marketing expenses increased by 3% to DKK 1,584 million (1,564), driven by the launches of paediatric tablets and neffy ® .”
Annual report 2025A · The company itself
Market
“Revenue growth rates are organic and stated in local currencies, unless otherwise indicated) Tablet revenue grew by 17%, underscoring the tablet portfolio’s position as ALK’s primary revenue source. Growth was particularly driven by the continued expansion of patient and prescriber bases in Europe and North America with paediatric tablet launches adding to the sales momentum. The number of new patients initiating treatment with tablets in 2025 is estimated to have increased by well-above 10%.”
Annual report 2025A · The company itself
Market
“Revenue increased by 15% in local currencies to DKK 6,312 million (5,537), driven by a strong growth in sales of tablets and anaphylaxis products.”
Annual report 2025A · The company itself
Market
“Financial highlights and key ratios for the Corporate matters Sustainability statement Financial statements Annual Report 2025Financial review 23 ALK’s Q4 revenue increased by 17% to DKK 1,733 million (1,499), following double-digit growth in all sales regions. In Q4, respiratory tablets and anaphylaxis products (Jext ® and neffy ® ) remained key drivers, and growth was further supported by shipments of SCIT products to China.”
Annual report 2025A · The company itself
Geography
“Progress in 2025 was driven by strong commercial execution of particularly tablet and anaphylaxis sales across Europe and North America.”
Annual report 2025A · The company itself
Geography
“Our European business continued to deliver solid, double-digit growth, and the US business made a comeback after the soft performance in 2024. US tablet sales continued to grow by double digits, and we are still working to find new ways to overcome longstanding structural barriers among allergists who have a financial incentive to protect their legacy business.”
Annual report 2025A · The company itself
Geography
“the Chair and CEO ALK's global presence Sustainability highlights Business strategy Financial performance Corporate matters Sustainability statement Financial statements Annual Report 2025Business model 8 15% ALK’s full-year revenue grew by 15% in local currencies to DKK 6,312 million (5,537), following double digit growth in all sales regions.”
Annual report 2025A · The company itself
Geography
“Year-end, the house dust mite tablet was approved for paediatric use in 30 countries and launched in 21 of them – 10 EU member states, Norway, Switzerland, Canada, the USA, and seven partner markets. The roll-out of the tree pollen allergy tablet ITULAZAX ® /ITULATEK ® for children and adolescents started in April, based on regulatory approvals from the EU and Canada.”
Annual report 2025A · The company itself
Geography
“In the USA, ALK and ARS Pharma expanded their partnership with a co-promotion agreement where ALK is responsible for selling neffy ® to approximately 9,000 named paediatricians. This has enabled ALK to accelerate ramp-up of a dedicated paediatric sales force with 65 sales representatives, based on performance-based cost and revenue sharing with ARS Pharma, subject to sales exceeding certain market share thresholds among the paediatricians.”
Annual report 2025A · The company itself
Geography
“Revenue in North America increased by 19% in local currencies to DKK 1,037 million (906), fuelled by tablets and Anaphylaxis & other products. The US business recovered from last year’s stagnancy and reported double-digit growth, while growth was higher in Canada, where tablets are the main product line.”
Annual report 2025A · The company itself
Geography
“In 2026, ALK will continue its roll-out of neffy ® , including in markets such as Canada, estimated to be worth DKK 0.5 billion, as well as high-potential markets in Asia and the Middle East.”
Annual report 2025A · The company itself
Geography
“Revenue in North America increased by 24%, reflecting continued growth in tablet sales in both the USA and Canada, improved performance in sales of life-science products in addition to the cost compensation from ARS Pharma related to the co-promotion of neffy ® to US paediatricians.”
Annual report 2025A · The company itself
Geography
“The ALK Group had more than 10% of its total revenue from Germany 25% (2024: 25%), France 16% (2024: 17%), and the USA 14% (2024: 14%) based on the location of the customers.”
Annual report 2025A · The company itself
Chains in: USD vs DKK/EUR mixed effect
Europe
Geography
DriverPositive impact: strengthens
“In 2025, ALK also strengthened its position in the European anaphylaxis market, estimated to be worth DKK 1.6 billion in ex-factory sales and growing by 17%.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“Global tablet revenue grew by 15%, driven by the expanding patient and prescriber bases in Europe and North America.”
Annual report 2025A · The company itself
Market
“Revenue growth rates are organic and stated in local currencies, unless otherwise indicated) Tablet revenue grew by 17%, underscoring the tablet portfolio’s position as ALK’s primary revenue source. Growth was particularly driven by the continued expansion of patient and prescriber bases in Europe and North America with paediatric tablet launches adding to the sales momentum. The number of new patients initiating treatment with tablets in 2025 is estimated to have increased by well-above 10%.”
Annual report 2025A · The company itself
Market
“Revenue increased by 15% in local currencies to DKK 6,312 million (5,537), driven by a strong growth in sales of tablets and anaphylaxis products.”
Annual report 2025A · The company itself
Market
“Financial highlights and key ratios for the Corporate matters Sustainability statement Financial statements Annual Report 2025Financial review 23 ALK’s Q4 revenue increased by 17% to DKK 1,733 million (1,499), following double-digit growth in all sales regions. In Q4, respiratory tablets and anaphylaxis products (Jext ® and neffy ® ) remained key drivers, and growth was further supported by shipments of SCIT products to China.”
Annual report 2025A · The company itself
Geography
“Progress in 2025 was driven by strong commercial execution of particularly tablet and anaphylaxis sales across Europe and North America.”
Annual report 2025A · The company itself
Geography
“Our European business continued to deliver solid, double-digit growth, and the US business made a comeback after the soft performance in 2024. US tablet sales continued to grow by double digits, and we are still working to find new ways to overcome longstanding structural barriers among allergists who have a financial incentive to protect their legacy business.”
Annual report 2025A · The company itself
Geography
“the Chair and CEO ALK's global presence Sustainability highlights Business strategy Financial performance Corporate matters Sustainability statement Financial statements Annual Report 2025Business model 8 15% ALK’s full-year revenue grew by 15% in local currencies to DKK 6,312 million (5,537), following double digit growth in all sales regions.”
Annual report 2025A · The company itself
Geography
“Year-end, the house dust mite tablet was approved for paediatric use in 30 countries and launched in 21 of them – 10 EU member states, Norway, Switzerland, Canada, the USA, and seven partner markets. The roll-out of the tree pollen allergy tablet ITULAZAX ® /ITULATEK ® for children and adolescents started in April, based on regulatory approvals from the EU and Canada.”
Annual report 2025A · The company itself
Geography
“were the first AIT tablets to be admitted to the public National Health Service (NHS) systems with general reimbursement after endorsements from the National Institute for Health and Care Excellence. This represents a major shift in this historically underpenetrated AIT market.”
Annual report 2025A · The company itself
Geography
“ALK’s roll-out initially focused on Germany and the UK, the markets expected to become the most important contributors to neffy ® sales growth. EUR neffy ® was launched In Germany late June and had gained a market share of close to 18% (by value) by the end of the year.”
Annual report 2025A · The company itself
Geography
“Revenue in Europe grew by 14% to DKK 4,459 million (3,914) on broad-based growth across the region, including the region’s largest markets Germany and France. Demand was solid and market conditions largely stable.”
Annual report 2025A · The company itself
Geography
“The ALK Group had more than 10% of its total revenue from Germany 25% (2024: 25%), France 16% (2024: 17%), and the USA 14% (2024: 14%) based on the location of the customers.”
Annual report 2025A · The company itself
Cyber attacks and IT security risk
Macro
DriverNegative impact: weakens
“Disruption to IT systems, such as severe breaches of data security, may occur across the global value chain, where well-functioning IT systems and infrastructure are critical for the company’s ability to operate effectively.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“ALK has an IT and cybersecurity strategy in place to prevent intruders from causing damage to systems or gaining access to critical data and systems. ALK continuously invests in upgrading IT security. Awareness campaigns, access controls, intrusion detection, prevention systems, and IT disaster recovery plans have all been implemented.”
Annual report 2025A · The company itself
Chains out: this strengthens Cybersecurity (products and services)
Artificial intelligence
Technology
StrategyPositive impact: strengthens
“Scaling ALK for future growth is another priority which entails ongoing investments in digitalisation and AI, upskilling of employees, as well as initiatives to achieve economies of scale, for instance in procurement. We are equally committed to our sustainability goals.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Strengthening of procurement and IT processes and capabilities to exploit economies of scale and streamline the supplier landscape continue in 2026, and ALK will increasingly invest in digital solutions and AI with multiple projects being initiated across functional areas.”
Annual report 2025A · The company itself
Chains out: this strengthens Data centres, strengthens Semiconductors and electronic components, strengthens Semiconductor industry
Biotech and drug development
Technology
StrategyPositive impact: strengthens
“Strengthening innovation and pipeline In line with ALK’s revenue growth, we continue to increase investments in R&D and activities to develop a balanced pipeline and drive innovations in existing and adjacent disease areas to expand ALK’s addressable markets. The ambition within each therapy area is to push the frontiers of innovation and build product portfolios with the potential to establish ALK as market leader and help more patients.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Ongoing phase 2 clinical trials The phase 2 trial for dose finding and efficacy of the peanut SLIT tablet enrolled 150 North American patients and is on track to deliver topline data in the second quarter of 2026. Subject to these results, ALK plans to progress into phase 3, and preparations are ongoing, including selection of Contract Research Organisations and manufacturing of source material.”
Annual report 2025A · The company itself
Chains in: US drug pricing policy mixed effect, Patent expiry and generic competition weakens, Drug approvals strengthens
Chains out: this strengthens Buying contract manufacturing and research (CMO/CRO/EMS), strengthens Contract manufacturers as a business (EMS, CMO, CRO)
M&A and consolidation
Macro
DriverNegative impact: weakens
“ALK’s strategic commercial partnerships and collaboration agreements expose the company to risks related to partner performance, alignment of strategic objectives and execution capabilities. Partnerships for co-promotion, development, or regional commercialisation may fail to deliver expected results due to operational challenges, insufficient market performance or collaboration issues. Failure of key partners to meet contractual obligations could adversely affect revenues, market presence, and strategic growth plans.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“In the wider allergy space, innovation targets new therapy areas with significant unmet needs as well as strong scientific and commercial links to ALK’s current portfolio and prescribers.”
Annual report 2025A · The company itself
Automation and robotics
Technology
StrategyPositive impact: strengthens
“ALK is investing in supply chain expansions and optimisations to support margins and facilitate planned revenue growth. A key initiative in this respect is the ongoing efforts to increase tablet production capacity to 800 million units per year by 2030 within the existing footprint, optimise inventory management, minimise scrap, and reduce delivery times, all while maintaining compliance and quality standards.”
Annual report 2025A · The company itself
Digitalisation
Technology
StrategyPositive impact: strengthens
“Scaling ALK for future growth is another priority which entails ongoing investments in digitalisation and AI, upskilling of employees, as well as initiatives to achieve economies of scale, for instance in procurement. We are equally committed to our sustainability goals.”
Annual report 2025A · The company itself
Chains in: Cybersecurity (products and services) strengthens, Public investment and infrastructure strengthens
Chains out: this strengthens IT consulting and public-sector IT
IT operations and cloud
Raw materials and inputs
StrategyPositive impact: strengthens
“Strengthening of procurement and IT processes and capabilities to exploit economies of scale and streamline the supplier landscape continue in 2026, and ALK will increasingly invest in digital solutions and AI with multiple projects being initiated across functional areas.”
Annual report 2025A · The company itself
Licensing and partnership deals in pharma
End markets
StrategyPositive impact: strengthens
“In the wider allergy space, innovation targets new therapy areas with significant unmet needs as well as strong scientific and commercial links to ALK’s current portfolio and prescribers.”
Annual report 2025A · The company itself
Medical devices
Technology
Market
“ALK markets a diversified portfolio of products, including allergy immunotherapy (AIT) tablets, injections, and drops as well as adrenaline autoinjectors and nasal sprays.”
Annual report 2025A · The company itself
Chains in: Ageing population strengthens
Financial regulation
Regulation
DriverNegative impact: weakens
“Price pressures mandated by authorities can have a significant impact on the company’s earning capacity. In most of the countries in which ALK operates, prescription drugs are subject to reimbursement from, and price controls by national authorities and healthcare providers. This often results in significant price differences between individual markets.”
Annual report 2025A · The company itself
Asia and emerging markets
Geography
DriverNegative impact: weakens
“Demand in Japan remained strong and ALK’s partner Torii (now part of Shionogi) continued to grow in-market sales by double-digits and consolidate its position as market leader, although capacity constraints prevented Torii from fully meeting demand for CEDARCURE ® tablets.”
Annual report 2025A · The company itself
Geography
“In Japan, a new facility has become fully operational, significantly increasing the production capacity of cedar tablets and we are experiencing a strong commitment towards our products from Shionogi, the new owner of Torii. The performance in Japan and – on a smaller scale – other international markets proves that partnerships are an excellent way to develop markets, seed opportunities, and establish leading positions for ALK’s tablets without investing in resource-intensive local organisations and registration trials.”
Annual report 2025A · The company itself
Geography
“Year-end, the house dust mite tablet was approved for paediatric use in 30 countries and launched in 21 of them – 10 EU member states, Norway, Switzerland, Canada, the USA, and seven partner markets. The roll-out of the tree pollen allergy tablet ITULAZAX ® /ITULATEK ® for children and adolescents started in April, based on regulatory approvals from the EU and Canada.”
Annual report 2025A · The company itself
Geography
“ALK’s Japanese partner Torii (now a fully owned subsidiary of Shionogi) initiated a phase 3 trial with ALK’s grass tablet. Scheduled to complete in 2027, the trial is intended to support a regulatory approval in Japan, which is the largest contributor to tablet sales outside Europe. Moreover, Torii expanded API production capacity for CEDARCURE™, the tablet for Japanese cedar pollen-induced allergy.”
Annual report 2025A · The company itself
Geography
“In 2026, ALK will continue its roll-out of neffy ® , including in markets such as Canada, estimated to be worth DKK 0.5 billion, as well as high-potential markets in Asia and the Middle East.”
Annual report 2025A · The company itself
Geography
“Revenue in International markets increased by 16% in local currencies to DKK 816 million (717), reflecting some impact from timing of shipments of products to China and Japan. Tablet revenue was up 8%.”
Annual report 2025A · The company itself
Carbon tax and ETS prices
Regulation
DriverNegative impact: weakens
“ALK decreased its CO emissions from own operations by 11% compared to 2022, despite the significant growth of the business. This is in line with the decarbonisation plans supporting ALK’s science-based target to reduce CO emissions by 42% by 2030.”
Annual report 2025A · The company itself
Chains out: this weakens Shipping and logistics, strengthens Energy efficiency, weakens Cement and building materials
Geopolitical uncertainty
Macro
DriverNegative impact: weakens
“Fluctuations in geo-political stability, trade relations, or regulatory environments in key regions may disrupt business operations, and market access, leading to potential financial losses and reputational damage for ALK.”
Annual report 2025A · The company itself
Chains out: this strengthens Defence budgets, strengthens Energy security, strengthens Tariffs and trade policy, weakens Global trade volumes, strengthens Sea freight and freight rates, weakens Reconstruction of Ukraine
Inflation
Macro
DriverNegative impact: weakens
“The lower end of the revenue range reflects a potential negative impact of price and rebate adjustments, mainly driven by European authorities.”
Annual report 2025A · The company itself
Chains out: this weakens Consumer spending, strengthens Interest rates
Tariffs and trade policy
Macro
DriverNegative impact: weakens
“Fluctuations in geo-political stability, trade relations, or regulatory environments in key regions may disrupt business operations, and market access, leading to potential financial losses and reputational damage for ALK.”
Annual report 2025A · The company itself
Chains in: Geopolitical uncertainty strengthens
Chains out: this weakens Global trade volumes
China
Geography
Geography
“In China, we partnered with the biopharmaceutical company GenSci to fast-track sales of ALK’s products in this important, yet complex market. GenSci was an obvious choice given their capacity of expanding product portfolios, their commitment to deploy significant resources to succeed with ALK’s products, and their understanding of the paediatric field. GenSci has already started selling our Alutard SCIT product and diagnostics, and we collaborate closely to bring the ACARIZAX ® tablet to market for both adults and children.”
Annual report 2025A · The company itself
Geography
“GenSci has taken over sales and marketing of ALK’s Alutard ® SCIT product and skin prick tests, and ACARIZAX ® will expectedly be added to the portfolio in 2028, subject to regulatory approval. To facilitate this approval, a phase 3 trial involving around 300 Chinese patients is ongoing with completion scheduled around year-end 2026.”
Annual report 2025A · The company itself
Geography
“SCIT revenue grew by 44%, driven by resumed product shipments to China, the region’s largest SCIT market, after the renewal of ALK’s import license in late 2024. Chinese in-market sales continued to grow by double digits, facilitated by the ongoing expansion of the prescriber base.”
Annual report 2025A · The company itself
Competitors mentioned in the report
No named competitors in the report.
Financial figures
| Revenue latest fiscal year | 6.31 bn DKK |
| Revenue growth vs. the year before, same method | 14 % |
| EBITDA reported by the company | N/A |
| Net debt debt incl. leasing minus cash | N/A |
| Diluted EPS per share | N/A |
Source: annual report (ESEF) A. See the report
Criteria
| Profit | N/A |
| Growing | ✓ |
| Healthy balance sheet | N/A |
Only the criteria that can be computed from financial statements on this page. The remaining criteria (such as price and dividend) need a share price and are in the analysis.