Slides
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FY 2025 presentation Webcast 20 February 2026
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2 Webcast 20 February 2026 Agenda and presenters • Q4 highlights • Full-year highlights • Sales regions • Product lines • FY financials • Strategic advancements • 2026 outlook • Q&A session This presentation contains forward-looking statements, including forecasts of future revenue and operating profit, as well as expected business-related events. Such statements are subject to risks and uncertainties, as various factors, some of which are beyond ALK’s control, may cause actual results and performance to differ materially from the forecasts made in this presentation. The coronavirus pandemic, and the extent and duration of countermeasures against the virus, represent additional uncertainties that may also affect forward-looking statements. If not otherwise stated, comparison period is year-over-year and growth is in local currencies. President & CEO Peter Halling EVP, Group CFO Claus Steensen Sølje VP, Head of IR Per Plotnikof
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3 Webcast 20 February 2026 Strategy execution • Paediatric launches of ACARIZAX® and ITULAZAX® progressed well in key markets • Ongoing roll-out of neffy® in e.g. Germany and the UK • Good progress across partnerships Q4 performance • Commercial momentum continued across regions • Tablets and anaphylaxis products remained key drivers • Strategic growth investments yielding EBIT margin of 22% Q4 highlights Solid performance in Q4 leads to full-year results at the top end of the latest outlook EBIT Margin % EBIT DKKm Revenue DKKm 0% 5% 10% 15% 20% 0 500 1,000 1,500 2,000 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 +17% Revenue growth rates are stated in local currencies Revenue Growth % 0% 10% 20% 30% 40% 0 100 200 300 400 500 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 +88%
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4 Webcast 20 February 2026 • Revenue growth of 15% driven by double-digit growth in all regions • Solid expansion of patient base: 3.1m now treated with ALK products (+0.5m) • EBIT margin of 26% on higher sales and gross margin, modest cost increases • Dividend payments of DKK 355 million recommended by the Board A landmark year. ‘25in25’ milestone achieved Full-year highlights Revenue Growth % EBIT Margin % 0% 5% 10% 15% 20% 0 1.000 2.000 3.000 4.000 5.000 6.000 7.000 2021 2022 2023 2024 2025 0% 5% 10% 15% 20% 25% 30% 0 500 1.000 1.500 2.000 2021 2022 2023 2024 2025 Revenue DKKmDKKm Revenue growth rates and CAGR are stated in local currencies, EBIT CAGR is in reported currency EBIT
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5 Webcast 20 February 2026 Tablets +19% Other +34% SCIT/SLIT +3% 9% 0 50 100 150 200 250 Double-digit growth in all sales regions Continued expansion of patient base in Europe and North America North AmericaEurope International markets 71% 16% 13% Higher tablet volumes from strong inflow of new patients Growth fueled by tablets, neffy® co- promotion income and US recovery In-market double-digit growth in Japan and China DKKm DKKm DKKm 0 1.000 2.000 3.000 4.000 5.000 2021 9% 2022 2023 2024 2025 0 200 400 600 800 1.000 1.200 23% 2021 2022 9% 2023 0% 2024 2025 39% 4% 15% 2021 2022 2023 2024 16% 2025 Revenue growth rates are stated in local currencies Tablets +24% SCIT/SLIT +2% Other +34% Revenue Growth % Revenue Growth % Revenue Growth % 10% 6% 12% 23%22% Tablets +8% SCIT/SLIT +44% Other +39% 14% 16%19%
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6 Webcast 20 February 2026 Tablets and anaphylaxis as key growth drivers Well-above 10% growth in new patients starting tablet treatment in 2025 SCIT/SLIT-dropsTablets Anaphylaxis & other products 53% 34% 13% Expanding patient and prescriber bases supported by paediatric launches Resumed shipments to China and some conversion to tablets in Europe Growth mainly driven by Jext®; neffy® contributing ~10 ppts DKKm DKKm DKKm 29% 0 500 1.000 1.500 2.000 2.500 3.000 3.500 2021 18% 2022 2023 2024 2025 6% 0 500 1.000 1.500 2.000 2.500 2021 2022 2023 2024 5% 2025 27% 0 200 400 600 800 1.000 10% 2021 2022 2023 2024 34% 2025 Europe +19% North Am. +24% Int’ Markets +8% Europe +3% North Am. +2% Int’ Markets +44% Europe +34% North Am. +34% Int’ Markets +39% Revenue Growth % Revenue Growth % Revenue Growth % 11% 3% -1% Revenue growth rates are stated in local currencies 7% -9% 12% 24% 17% 5% 34%
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7 Webcast 20 February 2026 Strong margins and cash-flow Profitability driven up by higher sales, favourable mix, and efficiencies DKK million 2025 2024 Change Revenue 6,312 5,537 +15% Gross profit 4,234 3,552 Gross margin 67% 64% Capacity costs 2,581 2,464 +6% Capacity cost to revenue ratio 41% 45% Operating profit 1,654 1,091 +53% EBIT-margin 26% 20% Free cash flow 1,432 -204 Capacity costs Gross profit Margin % Costs % of revenue 55% 60% 65% 70% 0 1.000 2.000 3.000 4.000 5.000 2021 2022 2023 2024 2025 20% 30% 40% 50% 60% 0 1.000 2.000 3.000 2021 2022 2023 2024 2025 DKKm DKKm Gross profit Revenue growth stated in local currencies.
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8 Webcast 20 February 2026 Progress with Allergy+ execution (1/2) Respiratory allergy • Paediatric launches in 21 countries for house dust mite and in 12 for tree tablets • +4,000 paediatric tablet prescribers and high cross-tablet adoption • Expanding footprints in the US and the UK • Partnerships advanced through GenSci in China and Shionogi in Japan • 2026 focus: Continue paediatric tablet rollout to expand reach in existing markets and launch in additional ones Anaphylaxis – neffy® • Launched in Germany and the UK • Co-promotion agreement in the USA • Ongoing Canadian regulatory review • Portfolio approach with neffy® and Jext® • 2026 focus: Continue neffy® rollout and build market position 3.1 million patients treated in 2025, ~500k more than 2024
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9 Webcast 20 February 2026 Progress with Allergy+ execution (2/2) R&D pipeline programmes on track Food allergy • Peanut tablet in phase 2 with FDA Fast Track. Topline results expected in Q2 • 2026 focus: Advance peanut tablet into program to phase 3 New disease areas • neffy ® advanced into phase 2b in acute flares associated with CSU • 2026 focus: Progress adjacent disease initiatives to expand addressable market Additional 2026 priorities • Expand production capacity for tablets and infrastructure, including IT, AI • Explore further business development and partnership opportunities
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10 Webcast 20 February 2026 2026 outlook Robust revenue and earnings growth in line with long-term financial ambitions Revenue Key assumptions Growth in local currencies • Volume-driven growth across regions and product groups • Double-digit growth in tablet sales • SCIT/SLIT-drops sales to grow by single-digits • Double-digit in Anaphylaxis and other products sales • Japan/China shipment timing may cause fluctuations. EBIT Margin • Gross margin to decrease slightly • Higher partner-related sales with lower-margins • R&D costs to remain at around 10% of revenue • S&M expenses to increase in support of market shaping DKKm Revenue EBIT EBIT marginDKKm Growth in l.c. 11-15% ~25% 0% 5% 10% 15% 20% 0 2.000 4.000 6.000 8.000 2022 2023 2024 2025 2026E 0% 5% 10% 15% 20% 25% 30% 0 500 1.000 1.500 2.000 2022 2023 2024 2025 2026E
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Q&A session
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12 Webcast 20 February 2026 Investor Relations: Per Plotnikof, VP, Head of Investor Relations Marine Arzic, Investor Relations Manager Phone: + 45 45 74 75 76 E-mail: per.plotnikof@alk.net; marine.arzic@alk.net Financial Calendar: 16 March Annual General Meeting 5 May Three-month interim report (Q1) 20 August Six-month interim report (Q2) 18 November Nine-month interim report (Q3) Upcoming events & Financial Calendar Upcoming events: 23 February Copenhagen Roadshow 24 February London Roadshow 5 March Paris Roadshow 10-11 March Barclays HC conference, Miami 25-26 March DNB/Back Bay HC US, New York ALK markets a diversified portfolio of products, including allergy immunotherapy (AIT) tablets, injections, and drops as well as adrenaline autoinjectors and nasal sprays.