Slides
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Q3 2025 presentation Webcast 13 November 2025
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2 Webcast 13 November 2025 This presentation 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 such as trade policies. If not otherwise stated, comparison period is year-over-year and growth is in local currencies. Agenda and presenters • Q3 highlights • Market trends • Product trends • 9M results • Strategy highlights • 2025 outlook • Q&A session President & CEO Peter Halling EVP, Group CFO Claus Steensen Sølje VP, Head of IR Per Plotnikof
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3 Webcast 13 November 2025 Execution of growth strategy • ACARIZAX® roll-out for children progresses well • Encouraging early uptake of ITULAZAX® for children and adolescents • China expansion via new GenSci partnership • EURneffy® introduced in the UK and gaining traction in Germany Strong Q3 performance led by tablets and anaphylaxis • Double digit growth in all regions • Strong momentum for tablets and Jext® Momentum expected to continue despite some minor phasing of sales benefitting Q3 growth Q3 highlights Strong results and focus on execution of key strategic initiatives EBIT Margin % EBIT DKKm Revenue DKKm 0% 5% 10% 15% 20% 0 500 1,000 1,500 2,000 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 +18% Revenue growth rates are stated in local currencies Revenue Growth % 0% 10% 20% 30% 40% 0 100 200 300 400 500 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 +41%
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4 Webcast 13 November 2025 0 50 100 150 200 250 Double-digit growth across regions Europe key driver of total global growth North AmericaEurope International markets 69% 16% 15% Growth driven by sales of tablets and anaphylaxis Progress driven by other life science products and tablets Sales influenced by phasing of shipments to China DKKm DKKm DKKm 0 200 400 600 800 1.000 1.200 21% Q3-24 23% Q4-24 Q1-25 Q2-25 Q3-25 0 50 100 150 200 250 300 Q3-24 Q4-24 14% Q1-25 17% Q2-25 20% Q3-25 1% Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Revenue growth rates are stated in local currencies Tablets +23% SCIT/SLIT +7% Other +39% Tablets +20% SCIT/SLIT +1% Other +41% Tablets -4% SCIT/SLIT +43% Other +112% Revenue Growth % Revenue Growth % Revenue Growth % 10% 18% -7% 27% -25% 24% 3% 13% 14%
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5 Webcast 13 November 2025 Tablets and AAIs* main sources of growth Continued momentum in Europe for both product groups SCIT/SLIT-dropsTablets Other products 48% 36% 16% Solid volume-driven growth mainly from Europe and North America Performance improved by higher SCIT sales in China Growth driven by Jext® sales and other life science products DKKm DKKm DKKm 29% 0 200 400 600 800 1.000 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 5% 5% 0 100 200 300 400 500 600 Q3-24 Q4-24 Q1-25 Q2-25 11% Q3-25 42% 0 50 100 150 200 250 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Europe +23% North Am. +20% Int’ Markets -4% Europe +7% North Am. +1% Int’ Markets +43% Europe +39% North Am. +41% Int’ Markets +112% Revenue Growth % Revenue Growth % Revenue Growth % 17% 22% 11% 2% * Adrenaline autoinjector 16% 17% 0% -1% 30% 26% Revenue growth rates are stated in local currencies
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6 Webcast 13 November 2025 Strong margins and cash-flow Profitability driven by higher sales, improved gross margin, and lower capacity costs to revenue ratio DKK million 9M 2025 9M 2024 Change Revenue 4,579 4,038 +14% Gross profit 3,054 2,598 Gross margin 67% 64% Capacity costs 1,787 1,715 +5% Capacity cost to revenue ratio 39% 42% Operating profit 1,267 886 +44% EBIT-margin 28% 22% Free cash flow 836 425 Revenue and EBIT growth rates are stated in local currencies Capacity costs Gross profit Margin % Costs % of revenue 55% 60% 65% 70% 0 500 1.000 1.500 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 25% 30% 35% 40% 45% 50% 0 200 400 600 800 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 DKKm DKKm Gross profit
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7 Webcast 13 November 2025 Allergy+ progress Respiratory allergy • Paediatric launches in 21 countries for house dust mite and in 11 for tree tablets - initial market response exceeded expectations with 3,000+ active prescribers • New partnership in China with GenSci to expand the AIT market • Shionogi progresses with its integration of Torii, ALK’s Japanese partner Anaphylaxis – neffy® • Launched in the UK, encouraging initial market share in Germany • Co-promotion agreement in the USA and Canadian review on track • Real-world effectiveness of neffy® consistent with historic AAI response rates Food allergy • Fast Track designation granted by the FDA for the peanut tablet program Focus on high-potential growth levers
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8 Webcast 13 November 2025 New 2025 outlook Outlook adjusted on 12 November, 2025 Revenue Key assumptions 13-15% Growth in local currencies (previously: 12-14%) • Volume-driven growth across all sales regions • Double-digit growth in tablet sales • Single-digit growth in SCIT/SLIT-drops sales • Double-digit growth in sales of Other products • Limited exposure to new tariff agreements EBIT ~26% Margin (Previously: ~25%) • Gross margin to improve extraordinarily • Accelerated growth investments in the Q4 • R&D costs to increase but remain at ~10% of revenue • S&M and Adm. costs to increase DKKm Revenue EBIT EBIT marginDKKm Growth in l.c. 0% 5% 10% 15% 0 1.000 2.000 3.000 4.000 5.000 6.000 7.000 2021 2022 2023 2024 2025E 0% 5% 10% 15% 20% 25% 30% 0 500 1.000 1.500 2.000 2021 2022 2023 2024 2025E
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Q&A session
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10 Webcast 13 November 2025 Investor Relations: Per Plotnikof, Vice President, Head of Investor Relations Phone: +45 4574 7576 E-mail: per.plotnikof@alk.net • 14 Nov Q3 roadshow, Copenhagen • 18 Nov Jefferies Healthcare Conference, London • 19 Nov Roadshow, Montréal & Toronto • 25 Nov DNB-Carnegie Healthcare Conference, Oslo • 27 Nov Danske Bank Winter Seminar, Copenhagen • 20 Feb Q4 Annual report www.alk.net Upcoming events