Interim report
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Page 1 of 16 Company release No 13/2025 – 21 August 2025 ALK-Abelló A/S – Bøge Allé 6-8 – DK-2970 Hørsholm – Denmark – www.alk.net Tel +45 4574 7576 – CVR No 63 71 79 16 – LEI code: 529900SGCREUZCZ7P020 Six-month interim report (Q2) 2025 (unaudited) Company release No 13/2025 ALK delivers 12% organic revenue growth with operating profit up 41% in Q2 Q2 results exceeded expectations, driven by an improved momentum for tablets and adrenaline autoinjectors. Sales in Europe were ahead of plan, supporting 12% overall revenue growth, despite phasing of product shipments to International markets. The operating profit (EBIT) increased by 41%, and the full-year revenue outlook has been upgraded. Q2 performance highlights Comparative figures for Q2 2024 are shown in brackets. Growth rates are stated in local currencies (l.c.), unless otherwise indicated. Total revenue increased by 12% to DKK 1,527 million (1,374) on double-digit growth in Europe and North America, while growth in International markets was flattish due to phasing of product shipments. Tablet sales grew by 16% to DKK 831 million (716), driven largely by higher volumes. Europe and North America delivered growth of 17% and 32%, respectively, while International markets reported 9% growth. SCIT/SLIT-drops sales declined 1% to DKK 481 million (490) following lower product shipments to China. Sales of Other products and services increased by 30% to DKK 215 million (168). Anaphylaxis revenue grew by 56%, driven mainly by higher Jext® sales. Operating profit (EBIT) increased by 41% to DKK 375 million (264) with an EBIT margin of 25% (19%). Progress was attributable to sales growth, improved gross margin, and the impact from last year’s optimisation initiatives. Free cash flow of DKK 216 million (161) was mainly driven by higher earnings. Cash flow from investing activities was DKK 104 million (98). Financial highlights Growth Growth In DKKm Q2 2025 l.c. r.c. H1 2025 l.c. r.c. Revenue 1,527 12% 11% 3,049 12% 12% EBIT 375 41% 42% 844 46% 46% EBIT margin – % 25% 28% l.c.: local currency; r.c.: reported currency Allergy+ strategy highlights Initial market response to the ongoing market launches of the house dust mite tablet and the tree pollen allergy tablet for children exceeds expectations. The launches contributed modestly to tablet sales growth. The neffy® adrenaline nasal spray was launched in the first EU market, Germany, end-June and additional launches are planned for the second half-year. An approval was recently obtained in the important UK market. The new dedicated paediatric sales force in the USA has been fully onboarded, trained, and deployed in the field. Patient recruitment for the clinical phase 2 trial with the peanut allergy tablet has been completed ahead of target. 2025 full-year outlook On 12 August 2025, ALK upgraded the full-year outlook based on the better-than-expected performance in Q2 and an improved outlook for the remainder of the year: Revenue is now expected to grow by 12-14% in local currencies (previously: 9-13%), driven by growth in all sales regions and product lines. Growth will predominantly be attributable to higher volumes, as ALK expects to treat more patients with its allergy immunotherapy (AIT) and anaphylaxis products. The EBIT margin is still projected to improve by 5 percentage points to 25%, fuelled by revenue growth, gross margin improvements, and optimisations. Commenting on the Q2 results, CEO Peter Halling said: “Q2 marked a step change in the execution of key strategic growth initiatives, notably the rollout of our respiratory tablets for young children, the launch of the neffy® adrenaline spray, and the deployment of a dedicated paediatric sales force in the US. While these efforts are still at an early stage, they have started contributing to growth, and we expect their impact to increase from the second half-year onwards. This reinforces our confidence in our ability to deliver sustained, profitable growth by reaching more patients with evidence-based allergy and anaphylaxis solutions."
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Page 2 of 16 Company release No 13/2025 – 21 August 2025 ALK-Abelló A/S – Bøge Allé 6-8 – DK-2970 Hørsholm – Denmark – www.alk.net Tel +45 4574 7576 – CVR No 63 71 79 16 – LEI code: 529900SGCREUZCZ7P020 Hørsholm, 21 August 2025 ALK-Abelló A/S For further information, contact: Investor Relations: Per Plotnikof, tel. +45 4574 7527, mobile +45 2261 2525 Media: Maiken Riise Andersen, tel. +45 5054 1434 ALK is hosting a conference call for analysts and investors at 1.30 p.m. (CEST) on 21 August 2025 at which Management will review the financial results and the outlook. The conference call will be audio cast on https://ir.alk.net where the relevant presentation will be available shortly before the call begins. To register for the conference call, please use this link and follow the registration instructions. You will receive an email from diamondpass@choruscall.com with dial-in details, including a passcode and a pin code. Please make sure to whitelist diamondpass@choruscall.com and/or check your spam filter. We advise you to register well in advance and to call in before 1.25 p.m. (CEST).
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Page 3 of 16 Company release No 13/2025 – 21 August 2025 ALK-Abelló A/S – Bøge Allé 6-8 – DK-2970 Hørsholm – Denmark – www.alk.net Tel +45 4574 7576 – CVR No 63 71 79 16 – LEI code: 529900SGCREUZCZ7P020 FINANCIAL HIGHLIGHTS AND KEY RATIOS FOR THE ALK GROUP Amounts in DKKm Q2 2025 Q2 2024 H1 2025 H1 2024 Full year 2024 Income statement Revenue 1,527 1,374 3,049 2,725 5,537 Revenue growth (local currencies) 12% 21% 12% 15% 15% Revenue growth (reported) 11% 21% 12% 15% 15% Operating profit (EBIT) 375 264 844 580 1,091 EBIT growth (local currencies) 41% 189% 46% 84% 65% EBIT growth (reported) 42% 172% 46% 78% 64% Operating profit before depreciation and amortisation (EBITDA) 450 331 990 713 1,363 Net financial items (25) 5 (21) (2) (34) Profit before tax (EBT) 350 269 823 578 1,057 Net profit 263 201 617 433 815 Average number of employees (FTE) 2,782 2,811 2,782 2,806 2,789 Balance sheet Total assets 8,272 7,045 8,272 7,045 8,246 Invested capital 5,023 4,025 5,023 4,025 5,003 Net interest bearing debt (NIBD) 83 87 83 87 598 Equity 5,847 4,919 5,847 4,919 5,373 Cash flow and investments Cash flow from operating activities 320 259 709 542 1,213 Cash flow from investing activities (104) (98) (163) (270) (1,417) - of w hich investment in intangible assets (48) (13) (57) (23) (1,043) - of w hich investment in tangible assets (58) (84) (106) (133) (260) - of w hich acquisitions of companies and operations - - - (115) (115) Free cash flow 216 161 546 272 (204) Information on shares Share capital 111 111 111 111 111 Shares in thousands of DKK 0.5 each 222,824 222,824 222,824 222,824 222,824 Share price, end of period 187 153 187 153 159 Net asset value per share 26 22 26 22 24 Key figures Gross margin – % 65 63 66 64 64 EBIT margin – % 25 19 28 21 20 Equity ratio – % 71 70 71 70 65 Return on invested capital (ROIC) % - rolling four quarters 30 24 30 24 25 Earnings per share (EPS) 1.2 0.9 2.8 2.0 3.7 Earnings per share (DEPS), diluted 1.2 0.9 2.8 2.0 3.7 NIBD/EBITDA - rolling four quarters 0.1 0.1 0.1 0.1 0.4 Share price/Net asset value 7.1 6.9 7.1 6.9 6.6
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Page 4 of 16 Company release No 13/2025 – 21 August 2025 ALK-Abelló A/S – Bøge Allé 6-8 – DK-2970 Hørsholm – Denmark – www.alk.net Tel +45 4574 7576 – CVR No 63 71 79 16 – LEI code: 529900SGCREUZCZ7P020 ALLERGY+ STRATEGIC PRIORITIES ALK continued to execute its Allergy+ strategy in Q2, supported by last year’s recalibration of the business platform to focus on high-potential growth levers. Q2 efforts were particularly centred around paediatric tablet launches and the commercialisation of neffy®. Progress was seen across all disease areas. Respiratory allergy The rollout of the house dust mite (HDM) allergy tablet for children continued the positive progress in Q2, based on the regulatory approvals and subsequent market access processes in the EU, Switzerland, the USA, Canada, and other markets. At the end of Q2, the tablet had been launched in 10 European and two North American markets served directly by ALK as well as three Southeast Asian partner markets. Additional market launches are planned for the second half-year. Pricing and reimbursement processes are well underway in countries covered by the EU approval, and ALK has also filed for approvals in European countries outside the EU and other markets. The rollout of the tree pollen allergy tablet ITULAZAX® for children also started in Q2. The tablet has been approved in 17 EU countries, Switzerland, Canada and the UK for young children and adolescents aged five to 17 and is launched in nine of these markets. This builds a solid base for the main initiation season for pollen tablets which typically starts in the third quarter. So far, all key indicators – endorsements from key opinion leaders, number of patients initiated on treatment, interactions with caregivers, number of prescribers, etc. – continue to exceed expectations. End-June, more than 2,000 prescribers in markets served directly by ALK were estimated to have prescribed the HDM and/or tree pollen tablets for children. While the ongoing launch activities for the HDM and tree pollen allergy tablets focus on existing prescribers, ALK is also working on expansion into new prescribers. Additionally, ALK will increasingly focus on the halo effects of having a complete tablet portfolio covering five of the most common respiratory allergies and being indicated for all age groups in relevant markets. Further to the rollouts of tablets for children, ALK continued to expand in selected geographies. In the USA, ALK has built a new dedicated sales force to target paediatricians (refer to the section ‘Anaphylaxis’). The extended sales reach is expected to provide attractive synergies for the respiratory tablets indicated for use in children and adolescents. In China, the country with the highest prevalence of HDM allergy world-wide, ALK still expects to initiate a bridging trial in Q3 to facilitate the approval of the HDM tablet. The trial is planned to enrol 300 subjects. In Japan, ALK’s partner Torii expects to start operations at a new API manufacturing facility in Q3 with a view to roughly double capacity and enable Torii to incrementally increase market supply of CEDARCURE™. Torii is about to become a wholly- owned subsidiary of Shionogi & Co. Ltd., and the new owner is in the process of dissolving its partnership with a competitor and will focus on ALK’s tablets going forward. The phase 3 registration study with ALK’s GRAZAX® tablet is moving forward according to plan. In the UK, the National Institute for Health and Care Excellence (NICE) endorsed ITULAZAX® in July for treatment of uncontrolled tree pollen allergy in adults. The tablet will now become accessible through the National Health Service systems in England, Wales and Northern Ireland with general reimbursement. In Q1, ACARIZAX® became the first Allergy INCOME STATEMENT Q2 2025 % of revenue Q2 2024 % of revenue Amounts in DKKm H1 2025 % of revenue H1 2024 % of revenue 1,527 100 1,374 100 Revenue 3,049 100 2,725 100 532 35 507 37 Cost of sales 1,038 34 969 36 995 65 867 63 Gross profit 2,011 66 1,756 64 146 9 125 9 Research and development expenses 275 9 255 9 474 31 480 35 Sales, marketing and administrative expenses 892 29 924 34 - - 2 - Other operating items, net - - 3 - 375 25 264 19 Operating profit (EBIT) 844 28 580 21 (25) (2) 5 1 Net financial items (21) (1) (2) - 350 23 269 20 Profit before tax (EBT) 823 27 578 21 87 6 68 5 Tax on profit 206 7 145 5 263 17 201 15 Net profit 617 20 433 16 450 29 331 24 Operating profit before depreciation and amortisation (EBITDA) 990 32 713 26
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Page 5 of 16 Company release No 13/2025 – 21 August 2025 ALK-Abelló A/S – Bøge Allé 6-8 – DK-2970 Hørsholm – Denmark – www.alk.net Tel +45 4574 7576 – CVR No 63 71 79 16 – LEI code: 529900SGCREUZCZ7P020 Immunotherapy (AIT) product to be recommended by NICE, and the two tablets’ admission to the public healthcare systems represents a paradigm shift in a market, where AIT is significantly underutilised compared to other European countries. ALK plans to make submissions to extend the approvals of the two tablets to include children, while also taking steps to make GRAZAX® widely available in the UK. Anaphylaxis ALK launched the neffy® adrenaline nasal spray in the first EU market end-June. German physicians were the first to prescribe the 2 mg EURneffy® (the EU trade name) spray to adults and children (≥ 30 kg) facing potentially life -threatening type 1 allergic reactions, including anaphylaxis. Additional launches are planned for the second half- year in other EU countries. Market access negotiations are progressing as planned, and a price premium for EURneffy® relative to adrenaline autoinjectors ha s been secured in Germany and Slovenia, which were the first markets to settle pricing and reimbursement . The initial market response to ALK’s p re-launch and launch activities is encouraging and the interest among allergy specialists is generally high . Furthermore, an application has been submitted to expand the EU approval of EURneffy® to include a 1 mg version for children aged four or older and weighing 15-30 kg. Outside the EU, the 2 mg version was approved in July in the UK, where a launch is expected in the second half-year. The UK is Europe’s – and ALK’s – largest anaphylaxis market. A filing has also been made for approval in Canada, and ALK further intends to make neffy® available in other territories covered by the license agreement with ARS Pharma. On 2 May, ALK entered into a four-year agreement with ARS Pharma to co-promote neffy® to US paediatricians. The agreement allows ALK to accelerate the build-up of a dedicated US paediatric sales force in a balanced way, based on performance- based cost and revenue sharing with ARS Pharma. The new paediatric sales force, comprising around 60 people, has been onboarded, trained, and deployed in the field. Customer engagement progresses as planned, and initial market feedback is positive. Food allergy and new disease areas Patient recruitment for the phase 2 trial of the peanut allergy tablet has been completed ahead of target with 150 subjects. The trial is expected to report topline data in H1 2026, after which ALK plans to proceed the programme into phase 3. Work continues to develop treatments for adjacent diseases through in-house innovation, licensing, and partnerships. Patient recruitment has been initiated for ARS Pharma’s phase 2b trial to investigate neffy®’s efficacy in acute flares in patients with chronic spontaneous urticaria. The agreement with ARS Pharma grants ALK exclusive rights to this and other new indications. Q2 SALES AND MARKET TRENDS (Comparative figures for Q2 2024 are shown in brackets. Growth rates are stated in local currencies, unless otherwise indicated) Revenue by geography DKKm Q2 2025 Growth* Share of revenue Q2 2024 Europe 1,024 13% 67% 900 North America 269 17% 18% 241 Int’l markets 234 1% 15% 233 Revenue 1,527 12% 100% 1,374 * In local currencies Europe Revenue in Europe grew by 13% in local currencies to DKK 1,024 million (900). The region’s largest markets, Germany and France, reported double-digit growth, while single- or double-digit growth was observed in most other markets. Tablets and anaphylaxis products were the main sources of growth and sales of both product groups exceeded expectations. Tablet sales increased by 17% on broad-based growth across markets. Progress was mainly driven by higher volumes following the 2024/25 initiation season for tablets where the intake of new patients exceeded the previous season by more than 10%. Volume growth was reinforced by an inflow of particularly new ACARIZAX® patients in Q2, as ALK continued to mobilise patients and prescribers, and strengthen advocacy for evidence-based, registered AIT products. The new paediatric indications for ACARIZAX® and ITULAZAX® contributed positively to this development, although the input was modest, reflecting the early stage of the ongoing launches. Conversely, there was a reduced impact from price and rebate adjustments compared to last year, when these factors accounted for approximately half of tablet sales growth in Europe. Tablet sales growth was identical to Q1 although the impact from inventory build-ups at wholesalers is estimated to have declined in Q2 compared to Q1. Combined sales of SCIT/SLIT drops increased by 1%. Sales of SLIT-drops, which are mainly marketed in France, increased, whereas SCIT sales fell short of expectations with a modest decrease. In line with Q1, this decrease was linked to fewer patients having started treatment, combined with reduced effects from price and rebate adjustments. Sales of Other products and services (anaphylaxis, diagnostics, etc.) increased by 51%, driven by the anaphylaxis portfolio, which reported 62% growth.
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Page 6 of 16 Company release No 13/2025 – 21 August 2025 ALK-Abelló A/S – Bøge Allé 6-8 – DK-2970 Hørsholm – Denmark – www.alk.net Tel +45 4574 7576 – CVR No 63 71 79 16 – LEI code: 529900SGCREUZCZ7P020 Sales of Jext® autoinjectors benefited from favourable market dynamics, including a competitor’s supply issues, while sales of EURneffy® reflected inventory build-up at wholesalers ahead of the launch in Germany. North America Revenue in North America increased by 17% in local currencies to DKK 269 million (241). Sales in the USA continued to recover from last year’s stagnancy and reported solid double-digit growth, based on progress in all product lines. In Canada, where tablets constitute the predominant product line, growth was higher. Tablet sales in the region grew by 32%. US tablet sales benefited from the new paediatric indication for ODACTRA® which led to a higher uptake among both existing allergist prescribers and – to a minor extent – new paediatric prescribers. Canadian tablet sales growth mirrored sustained underlying demand, combined with some stockpiling at wholesalers ahead of price increases. Sales of SCIT bulk allergen extracts to primarily US allergists grew by 2% witnessing an improved momentum with a continued focus on pricing optimisations. Sales of Other products increased by 23%. Sales of PRE-PEN® for diagnosis of penicillin allergy continued the positive trend, and sales of life science products also regained momentum following last year’s phase- out of a major low-margin account. Revenue from Other products also included a minor, estimated cost compensation from ARS Pharma for sales force activities under the co-promotion agreement for neffy®. International markets Revenue in International markets grew modestly, by 1%, to DKK 234 million (233), mainly reflecting the phasing of product shipments to China. Tablet revenue increased by 9%. The primary market, Japan, delivered low double-digit growth in revenue from product shipment and sales royalties, partly impacted by the phasing of product shipments. In- market sales in Japan grew by double digits, still reflecting CEDARCURE™ capacity limitations at ALK’s partner. SCIT revenue decreased by 20%. In Q2, ALK resumed shipments to China, the region’s largest SCIT market, after the recent renewal of ALK’s import license, but shipments – as expected – were at a lower level than last year. Chinese in-market sales of SCIT continued to grow by double digits based on existing wholesaler inventories. Global revenue by product line DKKm Q2 2025 Growth* Share of revenue Q2 2024 SLIT tablets 831 16% 54% 716 SCIT/ SLIT-drops 481 -1% 32% 490 Others incl. anaphylaxis 215 30% 14% 168 Revenue 1,527 12% 100% 1,374 * In local currencies SIX-MONTH FINANCIAL REVIEW (Comparative figures for H1 2024 are shown in brackets. Growth rates are stated in local currencies, unless otherwise indicated) Revenue increased by 12% in local currencies to DKK 3,049 million (2,725), driven by double-digit growth in tablet and anaphylaxis revenue. Exchange rates impacted reported revenue growth negatively by less than 1 percentage point. Cost of sales increased by 7% in local currencies to DKK 1,038 million (969). The gross profit of DKK 2,011 million (1,756) yielded a gross margin of 66% (64%), mirroring higher sales volumes, changes to the sales mix, and production efficiencies. These factors were to some extent offset by higher input costs. Capacity costs to R&D, Sales & Marketing and Administration decreased by 1% in local currencies to DKK 1,167 million (1,179). The decrease was enabled by last year’s optimisation and prioritisation initiatives, where ALK downsized operations in certain markets with limited immediate growth prospects for AIT, and further adapted the Chinese organisation to the new timeline for the ACARIZAX® launch. R&D expenses increased by 8% to DKK 275 million (255) and mainly reflected funding of the peanut tablet programme, pre-clinical development projects, and preparations for the clinical trial with ACARIZAX® in China. Sales and marketing expenses decreased by 2% in local currencies to DKK 724 million (741), as savings offset growth investments in e.g. the paediatric tablet launches and the neffy® rollout. Administrative costs of DKK 168 million (183) decreased by 8% compared to H1 2024 where costs included activities to the Allergy+ strategy process. EBIT (operating profit) improved by 46% in local currencies to DKK 844 million (580), raising the EBIT margin from 21% to 28%. Progress was driven by higher sales, improved gross margin, and a lower capacity cost-to-revenue ratio of 38% (43%). The first half-year 2024 EBIT included DKK 38 million in one- offs to optimisation efforts, while no such costs were recognised this year. Exchange rates impacted growth in reported EBIT negatively by approximately 0.5 percentage point.
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Page 7 of 16 Company release No 13/2025 – 21 August 2025 ALK-Abelló A/S – Bøge Allé 6-8 – DK-2970 Hørsholm – Denmark – www.alk.net Tel +45 4574 7576 – CVR No 63 71 79 16 – LEI code: 529900SGCREUZCZ7P020 Net financials showed a loss of DKK 21 million (a loss of 2) related to interest expenses and currency losses. Tax on the profit totalled DKK 206 million (145), and net profit increased to DKK 617 million (433). Cash flow from operating activities was DKK 709 million (542) as higher earnings offset changes in working capital, mainly related to planned inventory build-up in support of future revenue growth. Cash flow from investing activities was DKK minus 163 million (minus 270 which included the DKK 115 million PRE-PEN® acquisition) reflecting the continued build- up of capacity for tablet production, upgrades to legacy production, as well as a milestone payment to ARS Pharma of DKK 35 million (USD 5 million) related to first commercial sale of EURneffy® in the licensed territory and investments in the next generation adrenaline auto-injector. Free cash flow was positive at DKK 546 million (positive at 272). Cash flow from financing activities amounted to DKK minus 608 million (minus 329), mainly related to repayment of loans. At the end of June, ALK held 1,261,283 of its own shares or 0.6% of the share capital, which is 0.1 percentage point down compared to year-end and June 2024. Equity totalled DKK 5,847 million (4,919) at the end of June, and the equity ratio was 71% (70%). OUTLOOK FOR 2025 On 12 August 2025, ALK upgraded the full-year outlook based on the better-than-expected performance in Q2 and an improved outlook for the remainder of the year: Revenue is now expected to grow by 12-14% in local currencies (previously: 9-13%), driven by growth in all sales regions and product lines. Growth will predominantly be attributable to higher volumes, as ALK expects to treat more patients with its allergy immunotherapy (AIT) and anaphylaxis products. The EBIT margin is still projected to improve by 5 percentage points to 25%, fuelled by revenue growth, gross margin improvements, and optimisations. The upgraded outlook mainly reflects higher sales of adrenaline autoinjectors and the momentum for tablets in Europe. Moreover, the upgrade reflects reduced risks associated with market conditions in Europe. On the basis of the improved revenue outlook, ALK has decided to allocate additional funds to strategic growth initiatives in the second half-year. The outlook is based on the following assumptions: Revenue Tablet sales are expected to grow by double digits. Growth will be fuelled by a growing number of patients in treatment, including children and adolescents, while the impact from price and rebate adjustments compared to 2024 is expected to be less. Combined SCIT/SLIT drops sales are still projected to grow by single digits with growth in all three sales regions, although timing of SCIT shipments to China may influence growth in International markets. Sales of Other Products (anaphylaxis, diagnostics, and life science products) are projected to grow by double digits, primarily driven by the anaphylaxis portfolio (Jext® and EURneffy®). EURneffy® is expected to increasingly contribute to revenue growth in the second half-year, while investments in market building activities will adversely impact the EBIT margin. The timing of product shipments as well as inventory variations at wholesalers may lead to quarterly fluctuations in revenue. Costs The gross margin is projected to further improve, driven by higher revenue, sales mix changes, and production efficiencies. These factors will be somewhat offset by inflationary cost pressure and the in-licensing of EURneffy®, which holds a lower gross margin. R&D expenses are expected to increase by double digits in support of the peanut tablet programme, the clinical trial with ACARIZAX® in China, and pre-clinical development projects, however, R&D expenses are expected to remain at around 10% of the projected revenue. Sales and marketing as well as administrative expenses are expected to increase by single digits. No one-off costs for optimisation and prioritisation initiatives are planned. In 2024, such costs totalled DKK 75 million. Other assumptions Except for neffy®, no revenue is included from acquisitions, partnerships, or in-licensing activities, nor does the outlook include additional payments to M&A or in-licensing activities. CAPEX investments are projected at DKK 350-400 million, excluding neffy® milestone payments, while free cash flow is expected to be positive at DKK 600-800 million. USA’s new tariff agreements with the EU and other trade partners are not expected to materially impact ALK’s growth or earnings due to ALK’s business footprint.
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Page 8 of 16 Company release No 13/2025 – 21 August 2025 ALK-Abelló A/S – Bøge Allé 6-8 – DK-2970 Hørsholm – Denmark – www.alk.net Tel +45 4574 7576 – CVR No 63 71 79 16 – LEI code: 529900SGCREUZCZ7P020 The outlook is based on current exchange rates, which are expected to negatively impact reported revenue growth by approximately 1 percentage point and to have only a minor effect on the EBIT result. RISK FACTORS This interim report contains forward-looking statements, including forecasts of future revenue, operating profit, and cash flows as well as expected business-related events. Such statements are subject to risks and uncertainties, as various factors, some of which are outside ALK's control, may cause actual results and performance to differ materially from the forecasts made. Such factors include, but are not limited to, consequences of pandemics, general economic and business-related conditions including: legal issues, uncertainty relating to demand, pricing, reimbursement rules, partners’ plans and forecasts, fluctuations in exchange rates, competitive factors, reliance on suppliers and tariffs. Additional factors include the risks associated with the sourcing and manufacturing of ALK’s products, as well as the potential for side effects from the use of ALK’s products, as allergy immunotherapy may be associated with allergic reactions of differing extent, duration, and severity. R&D PIPELINE ALK maintains focus on broadening its core business within respiratory allergies and gradually expanding into the wider allergy field, including anaphylaxis, food allergy, and new adjacent disease areas. FINANCIAL CALENDAR Silent period 16 October 2025 Nine-month interim report (Q3) 13 November 2025
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Page 9 of 16 Company release No 13/2025 – 21 August 2025 ALK-Abelló A/S – Bøge Allé 6-8 – DK-2970 Hørsholm – Denmark – www.alk.net Tel +45 4574 7576 – CVR No 63 71 79 16 – LEI code: 529900SGCREUZCZ7P020 STATEMENT BY MANAGEMENT The Board of Directors and Board of Management today considered and approved the interim report of ALK-Abelló A/S for the period 1 January to 30 June 2025. The interim report has not been audited or reviewed by the company's independent auditor. The consolidated interim report has been prepared in accordance with IAS 34 'Interim financial reporting' and additional Danish disclosure requirements for the presentation of quarterly interim reports by listed companies. In our opinion, the interim report gives a true and fair view of the ALK Group's assets, equity and liabilities, financial position, results of operations and cash flow for the period 1 January to 30 June 2025. We further consider that the Management review in the preceding pages gives a true and fair statement of the development in the ALK Group's activities and business, the profit for the period and the ALK Group's financial position as a whole, and a description of the most significant risks and uncertainties to which the ALK Group is subject. Besides what has been disclosed in the interim report, no changes in the ALK Group’s most significant risks and uncertainties have occurred relative to what was disclosed in the consolidated annual report 2024. Hørsholm, 21 August 2025 Board of Management Peter Halling President & CEO Henriette Mersebach Executive Vice President Research & Development Søren Daniel Niegel Executive Vice President Commercial Operations Claus Steensen Sølje CFO & Executive Vice President Board of Directors Anders Hedegaard Chair Lene Skole Vice Chair Gitte Aabo Katja Barnkob Nanna Rassov Carlson Lars Holmqvist Jesper Høiland Bertil Lindmark Alan Main Lise Lund Mærkedahl Johan Smedsrud
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Page 10 of 16 Company release No 13/2025 – 21 August 2025 ALK-Abelló A/S – Bøge Allé 6-8 – DK-2970 Hørsholm – Denmark – www.alk.net Tel +45 4574 7576 – CVR No 63 71 79 16 – LEI code: 529900SGCREUZCZ7P020 INCOME STATEMENT FOR THE ALK GROUP Q2 2025 Q2 2024 Amounts in DKKm H1 2025 H1 2024 1,527 1,374 Revenue 3,049 2,725 532 507 Cost of sales 1,038 969 995 867 Gross profit 2,011 1,756 146 125 Research and development expenses 275 255 385 387 Sales and marketing expenses 724 741 89 93 Administrative expenses 168 183 - 2 Other operating items, net - 3 375 264 Operating profit (EBIT) 844 580 (25) 5 Net financial items (21) (2) 350 269 Profit before tax (EBT) 823 578 87 68 Tax on profit 206 145 263 201 Net profit 617 433 Earnings per share (EPS) 1.2 0.9 Earnings per share (EPS) 2.8 2.0 1.2 0.9 Earnings per share (DEPS), diluted 2.8 2.0 STATEMENT OF COMPREHENSIVE INCOME Q2 2025 Q2 2024 Amounts in DKKm H1 2025 H1 2024 263 201 Net profit 617 433 Other comprehensive income Items that will subsequently be reclassified to the income statement, when specific conditions are met: (114) 15 Foreign currency translation adjustment of foreign affiliates (165) 42 149 216 Total comprehensive income 452 475
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Page 11 of 16 Company release No 13/2025 – 21 August 2025 ALK-Abelló A/S – Bøge Allé 6-8 – DK-2970 Hørsholm – Denmark – www.alk.net Tel +45 4574 7576 – CVR No 63 71 79 16 – LEI code: 529900SGCREUZCZ7P020 CASH FLOW STATEMENT FOR THE ALK GROUP Amounts in DKKm H1 2025 H1 2024 Net profit 617 433 Adjustments for non-cash items (note 3) 377 339 Changes in w orking capital (200) (177) Financial income, received 62 8 Financial expenses, paid (32) (10) Income taxes, paid (net) (115) (51) Cash flow from operating activities 709 542 Acquisitions of companies and operations - (115) Investments in intangible assets (57) (23) Investments in tangible assets (106) (133) Investments in other financial assets - 1 Cash flow from investing activities (163) (270) Free cash flow 546 272 Exercised share options, paid (7) (37) Repayment of lease liabilities (32) (22) Proceeds from borrow ings 671 - Repayment of borrow ings (1,240) (270) Cash flow from financing activities (608) (329) Net cash flow (62) (57) Cash beginning of year 589 474 Unrealised gains/(losses) on cash held in foreign currency and financial assets carried as cash (18) 3 Net cash flow (62) (57) Cash end of period 509 420 Cash end of period 509 420 The consolidated statement of cash flow is compiled using the indirect method. As a result, the individual figures in the cash flow statement cannot be reconciled directly to the income statement and the balance sheet.
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Page 12 of 16 Company release No 13/2025 – 21 August 2025 ALK-Abelló A/S – Bøge Allé 6-8 – DK-2970 Hørsholm – Denmark – www.alk.net Tel +45 4574 7576 – CVR No 63 71 79 16 – LEI code: 529900SGCREUZCZ7P020 BALANCE SHEET - ASSETS FOR THE ALK GROUP Amounts in DKKm 30 Jun 2025 30 Jun 2024 31 Dec 2024 Non-current assets Intangible assets Goodwill 455 461 463 Other intangible assets 1,342 331 1,329 1,797 792 1,792 Tangible assets Land and buildings 1,074 1,000 1,137 Plant and machinery 676 495 603 Other fixtures and equipment 76 75 79 Property, plant and equipment in progress 423 703 528 2,249 2,273 2,347 Other non-current assets Prepayments 30 32 26 Deferred tax assets 626 661 642 Income tax receivables 120 209 145 776 902 813 Total non-current assets 4,822 3,967 4,952 Current assets Inventories 1,718 1,593 1,716 Trade receivables 987 846 812 Income tax receivables 12 29 10 Other receivables 103 34 49 Prepayments 121 156 118 Cash 509 420 589 Total current assets 3,450 3,078 3,294 Total assets 8,272 7,045 8,246
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Page 13 of 16 Company release No 13/2025 – 21 August 2025 ALK-Abelló A/S – Bøge Allé 6-8 – DK-2970 Hørsholm – Denmark – www.alk.net Tel +45 4574 7576 – CVR No 63 71 79 16 – LEI code: 529900SGCREUZCZ7P020 BALANCE SHEET - EQUITY AND LIABILITIES FOR THE ALK GROUP Amounts in DKKm 30 Jun 2025 30 Jun 2024 31 Dec 2024 Equity Share capital 111 111 111 Currency translation adjustment (100) 24 65 Retained earnings 5,836 4,784 5,197 Total equity 5,847 4,919 5,373 Liabilities Non-current liabilities Mortgage debt 159 175 166 Pensions and similar liabilities 255 249 251 Lease liabilities 256 267 285 Provisions 1 1 1 Deferred tax liabilities - 3 3 Deferred income 42 46 45 Income tax payables 173 231 173 886 972 924 Current liabilities Mortgage debt 17 19 19 Bank loans 112 - 671 Trade payables 131 189 165 Lease liabilities 48 46 46 Deferred income 7 4 4 Provisions 17 29 38 Income tax payables 174 116 124 Other payables 1,033 751 882 1,539 1,154 1,949 Total liabilities 2,425 2,126 2,873 Total equity and liabilities 8,272 7,045 8,246
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Page 14 of 16 Company release No 13/2025 – 21 August 2025 ALK-Abelló A/S – Bøge Allé 6-8 – DK-2970 Hørsholm – Denmark – www.alk.net Tel +45 4574 7576 – CVR No 63 71 79 16 – LEI code: 529900SGCREUZCZ7P020 Amounts in DKKm Share capital Currency translation adjustment Retained earnings Total equity Equity at 1 January 2025 111 65 5,197 5,373 Net profit - - 617 617 Other comprehensive income - (165) - (165) Total comprehensive income - (165) 617 452 Share-based payments - - 25 25 Share options settled - - (7) (7) Tax related to items recognised directly in equity - - 4 4 Other transactions - - 22 22 Equity at 30 June 2025 111 (100) 5,836 5,847 Equity at 1 January 2024 111 (18) 4,354 4,447 Net profit - - 433 433 Other comprehensive income - 42 - 42 Total comprehensive income - 42 433 475 Share-based payments - - 30 30 Share options settled - - (37) (37) Tax related to items recognised directly in equity - - 4 4 Other transactions - - (3) (3) Equity at 30 June 2024 111 24 4,784 4,919 EQUITY FOR THE ALK GROUP
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Page 15 of 16 Company release No 13/2025 – 21 August 2025 ALK-Abelló A/S – Bøge Allé 6-8 – DK-2970 Hørsholm – Denmark – www.alk.net Tel +45 4574 7576 – CVR No 63 71 79 16 – LEI code: 529900SGCREUZCZ7P020 NOTES 1 ACCOUNTING POLICIES This non-audited interim report for the first six months of 2025 has been prepared in accordance with IAS 34 and the additional Danish regulations for the presentation of quarterly interim reports by listed companies. The Interim report for the first six months of 2025 follows the same accounting policies as the annual report for 2024, except for new, amended or revised accounting standards and interpretations (IFRSs) endorsed by the EU effective for the accounting period beginning on 1 January 2025. These IFRSs have not had any impact on the Group’s interim report. 2 REVENUE AND SEGMENT INFORMATION Amounts in DKKm H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 SLIT-tablets 1,189 1,018 142 115 357 289 1,688 1,422 SCIT/SLIT-drops 759 744 177 175 45 71 981 990 Other products and services 167 130 196 162 17 21 380 313 Total revenue 2,115 1,892 515 452 419 381 3,049 2,725 Sale of goods 2,991 2,676 Royalties 51 48 Services 7 1 Total revenue 3,049 2,725 Growth, H1 2025 Organic growth local currencies Growth (reported) Organic growth local currencies Growth (reported) Organic growth local currencies Growth (reported) Organic growth local currencies Growth (reported) SLIT-tablets 17% 17% 27% 23% 23% 24% 19% 19% SCIT/SLIT-drops 2% 2% 3% 1% -37% -37% -1% -1% Other products and services 27% 28% 22% 21% -16% -19% 21% 21% Total revenue 12% 12% 16% 14% 10% 10% 12% 12% Total Europe America Markets Geographical markets (based on customer location): o Europe comprises the EU, the UK, Norway and Switzerland o North America comprises the USA and Canada o International Markets comprise Japan, China and all other countries Total International North International North AmericaEurope Markets
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Page 16 of 16 Company release No 13/2025 – 21 August 2025 ALK-Abelló A/S – Bøge Allé 6-8 – DK-2970 Hørsholm – Denmark – www.alk.net Tel +45 4574 7576 – CVR No 63 71 79 16 – LEI code: 529900SGCREUZCZ7P020 2 REVENUE AND SEGMENT INFORMATION (CONTINUED) Amounts in DKKm Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 SLIT-tablets 570 487 76 61 185 168 831 716 SCIT/SLIT-drops 350 345 89 92 42 53 481 490 Other products and services 104 68 104 88 7 12 215 168 Total revenue 1,024 900 269 241 234 233 1,527 1,374 Sale of goods 1,497 1,350 Royalties 24 23 Services 6 1 Total revenue 1,527 1,374 Growth, Q2 2025 Organic growth local currencies Growth (reported) Organic growth local currencies Growth (reported) Organic growth local currencies Growth (reported) Organic growth local currencies Growth (reported) SLIT-tablets 17% 17% 32% 25% 9% 10% 16% 16% SCIT/SLIT-drops 1% 1% 2% -3% -20% -21% -1% -2% Other products and services 51% 53% 23% 18% -33% -42% 30% 28% Total revenue 13% 14% 17% 12% 1% 0% 12% 11% Geographical markets (based on customer location): o Europe comprises the EU, the UK, Norway and Switzerland o North America comprises the USA and Canada o International markets comprise Japan, China and all other countries North International Total Total Europe America Markets Europe America Markets North International 3 ADJUSTMENTS FOR NON-CASH ITEMS Amounts in DKKm H1 2025 H1 2024 Tax on profit 206 145 Financial income and expenses 21 2 Share-based payments 25 30 Depreciation, amortisation and impairment 146 133 Other adjustments (21) 29 Total 377 339