Slides
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Q2 2026 presentation Webcast 20 August 2026
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2 Webcast 20 August 2026 Agenda and presenters • Q2 highlights • Sales regions • Product lines • Q2 financials • Strategic advancements • 2026 outlook • Q&A session 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. President & CEO Peter Halling EVP, Group CFO Claus Steensen Sølje VP, Head of IR Per Plotnikof
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3 Webcast 20 August 2026 Q2 performance • Commercial momentum sustained across regions and products • EBIT up on sales growth and gross margin improvement, partly offset by R&D and commercial investments Strategy execution • Paediatric tablet roll-out perform well • Phase 3 with ACARIZAX® in China near completion • neffy® now available in 10 ALK markets • Progress with peanut tablet development Outlook • Revenue outlook updated • Efforts to mitigate impact of German rebate increase from 2027 Jacob Glenting appointed new head of R&D Q2 highlights Strong tablet sales and reduced risks lead to updated full-year revenue outlook EBIT Margin % EBIT DKKm Revenue DKKm 0% 5% 10% 15% 20% 0 500 1,000 1,500 2,000 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 +18% Revenue Growth % 0% 10% 20% 30% 40% 0 200 400 600 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 +19% Revenue growth rates are stated in local currencies
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4 Webcast 20 August 2026 Double-digit growth in all sales regions Increased patient reach drives broad-based momentum North AmericaEurope International markets 68% 17% 15% Double-digit growth in most markets fueled by tablets and anaphylaxis Growth fueled by tablets in Canada Tablet growth accelerated in Japan DKKm DKKm Revenue growth rates are stated in local currencies Tablets +9% SCIT/SLIT +49% Other +65% Revenue Growth % Revenue Growth % 14% 0 1.000 200 400 600 800 1.200 1.400 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 19%19% 0 100 200 300 50 150 250 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 13% Tablets +27% SCIT/SLIT +4% Other +28% Tablets +17% SCIT/SLIT 0% Other +22% Revenue Growth % 1% 0 100 200 300 50 150 250 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 18%18% 13% 18% 14% 17% 20% 24% 16% 14% 17% 19% 14% DKKm
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5 Webcast 20 August 2026 Tablets and anaphylaxis as key growth drivers Paediatric indications increasingly contribute to tablet growth SCIT/SLIT-dropsTablets Anaphylaxis & other products 56% 29% 15% Increasing growth contribution from paediatric roll-out Increasing shipments to China Growth boosted by Jext®; neffy® still modest DKKm DKKm DKKm Europe +27% North Am. +17% Int’ Markets +9% Europe +4% North Am. 0% Int’ Markets +49% Europe +28% North Am. +22% Int’ Markets +65% Revenue Growth % Revenue Growth % Revenue Growth % Revenue growth rates are stated in local currencies 0 200 400 600 800 1.000 1.200 Q2-25 Q3-25 Q4-25 Q1-26 22% Q2-26 7% 0 100 200 300 400 500 600 700 Q3-25 Q4-25 Q1-26 Q2-26 Q2-26 50% 31% 0 50 100 150 200 250 300 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 22% 7% 26%17% 15% 11% 11% 15% 30% 16% 18% -1% 42%
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6 Webcast 20 August 2026 Higher earnings and strong cash flow Profitability mainly driven by sales growth and favourable mix DKK million H1 2026 H1 2025 Change Revenue 3,566 3,049 +18% Gross profit 2,423 2,011 Gross margin 68% 66% Capacity costs 1,408 1,167 +22% Capacity cost to revenue ratio 39% 38% Operating profit 1,015 844 +20% EBIT-margin 28% 28% Free cash flow 889 546 Revenue growth stated in local currencies. Gross profit Margin % Costs % of revenue Gross profit Capacity costs 55% 60% 65% 70% 0 500 1.000 1.500 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 +2ppDKKm 20% 30% 40% 50% 60% 0 200 400 600 800 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 +22%DKKm
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7 Webcast 20 August 2026 Progress with Allergy+ execution Momentum continues to build with important milestones ahead* New picture – this is a “pollen” picture” *) All future milestones subject to trial outcome as well as dialogue with partners and regulatory authorities Respiratory allergy • Paediatric tablets launched in 22 countries for HDM and in 13 for tree • Results from ACARIZAX® phase 3 in China in Q4 2026 • Results from GRAZAX® phase 3 in Japan in 2027 Anaphylaxis • neffy® launched in Canada and 5 more EU markets, now in 10 ALK markets • EURneffy® 1 mg approved across Europe for younger children • Progress with market access, preparing for scaling up neffy® business Food allergy & new disease areas • Ongoing dialogue with regulators on phase 3 design with peanut tablet. Trial initiation still expected in 2026 • ALK014 (biologic) progressing towards clinical development in 2027 • Results from Phase 2b trial with neffy® in CSU expected in Q1 2027
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8 Webcast 20 August 2026 2022 2026 outlook updated Strong momentum with tablet sales and improved risk profile 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 • Anaphylaxis and other to grow by low double-digit • Japan/China shipment timing may cause fluctuations EBIT Margin DKKm Revenue Growth in l.c. 14-16%* ~26% 0% 5% 10% 15% 20% 0 2.000 4.000 6.000 8.000 2023 2024 2025 2026E EBIT EBIT marginDKKm 0% 5% 10% 15% 20% 25% 30% 0 500 1.000 1.500 2.000 2022 2023 2024 2025 2026E • Gross margin slightly higher than last year • R&D costs slightly above 10% of revenue • S&M expenses to increase in support of market shaping *) Previously 13-16%
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Q&A session
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10 Webcast 20 August 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: 20 October Silent period 17 November Nine-month interim report (Q3) Upcoming events & Financial Calendar Upcoming events: • 21 Aug Q2 roadshow, Copenhagen • 5 Sept Roadshow, Paris • 14 Sept Morgan Stanley HC, New York • 15-16 Sept Roadshow, Canada • 15 Sept Berenberg Nordics Seminar, Madrid • 30 Sept Roadshow, Tokyo ALK markets a diversified portfolio of products, including allergy immunotherapy (AIT) tablets, injections, and drops as well as adrenaline autoinjectors and nasal sprays.