Strong Top-Line Growth
Revenue grew 15% in local currencies for full year 2025 to DKK 6.3 billion (USD ~1 billion); Q4 revenue increased 17% year-over-year, driven by broad-based strength across geographies and product lines (tablets and anaphylaxis key drivers).
Material Profitability Improvement
EBIT increased by 53% for the full year to DKK 1.65 billion with an EBIT margin of 26% (up 6 percentage points year-over-year); Q4 EBIT rose 88% with a margin of 22%. Company delivered on its long-standing 25% EBIT margin ambition.
Tablet Business Momentum
Tablet sales grew 17% for the year and were up 19% in Europe; new pediatric rollouts of ACARIZAX and ITULAZAX materially contributed to patient inflow—tablet initiations grew well above 10% during the year.
Patient Base Expansion
ALK treated ~500,000 additional patients in 2025, bringing the total to an estimated 3.1 million patients (around 300,000 of the incremental patients came from tablets), supporting medium-term growth visibility.
Strong Anaphylaxis Performance and neffy Early Traction
Anaphylaxis and other product sales increased 34% for the year, with anaphylaxis sales up ~58%; EURneffy achieved an 18% value share in Germany by year-end (approximately 11–12% volume share) and launches/progress were made in the U.K., Greece, Denmark and Slovenia.
Improved Gross Margin and Cash Generation
Gross profit increased to DKK 4.2 billion with a gross margin of 67% (up 3 percentage points); free cash flow turned positive to DKK 1.4 billion versus negative DKK 204 million in 2024 (partly reflecting a DKK 244 million upfront from GenSci).
Pipeline and R&D Progress
Initiated Phase II for the peanut SLIT tablet with FDA Fast Track designation; topline Phase II results expected in Q2 2026 with the aim to inform Phase III planning. Early-stage biologic program ALK-014 in preclinical development could enter clinic in 1–2 years if successful.
Strategic Partnership and Market Access Wins
Progressed partnerships and commercialization execution with GenSci (China), Shionogi/Torii (Japan) and ARS Pharma (U.S. co-promotion for neffy); ACARIZAX approved for children in 30 countries (launched in 21) and ITULAZAX approved for children/adolescents in 20 countries (launched in 13).