Financial outlook
Q2 2026 outlook update
On 20 August 2026, ALK updated the full-year outlook reflecting a strong underlying momentum for tablet sales and reduced risks associated with price and rebate adjustments in 2026.
- Revenue is now expected to grow by 14-16% (previously 13-16%) in local currencies, based on growth across all sales regions and product lines.
- The EBIT margin is still expected at around 26%. ALK’s long-term financial ambitions remain unchanged.
The outlook is based on the following assumptions:
Revenue
Topline growth will predominantly be volume-driven, as ALK expects to treat more patients with AIT and anaphylaxis products.
Tablet sales are expected to grow by double digits across regions, fuelled by the continued expansion of prescriber and patient bases with children and adolescents projected to account for a higher share of sales. Combined SCIT/SLIT drop sales are anticipated to grow by single digits, while sales of Anaphylaxis & other products are expected to grow by low double digits with a modest contribution from neffy®.
As usual, the timing of product shipments to China and Japan may lead to quarterly fluctuations in revenue.
Margins and costs
The gross margin is now expected to be slightly higher than last year (67% in 2025). The margin will benefit from favourable volume/mix changes, especially higher tablet sales in Europe. This will partly be offset by growth in partner-related revenue at lower margins in the remainder of the year, primarily product shipments to Japan and China, as well as neffy® sales.
Capacity costs are still projected to increase and their ratio to revenue is expected to be slightly higher compared to last year as ALK reinvests the benefits of increased scale into key strategic growth opportunities. R&D expenses are planned to increase in support of pre-clinical and clinical programmes and expected to slightly exceed 10% of revenue.
Other assumptions
- The outlook does not include revenue from and/or payments to new partnerships, in-licensing activities, or acquisitions.
- Changes to international tariff agreements are not expected to materially impact growth or earnings.
- The impact from increasing energy prices and transportation costs on gross margin and capacity cost is expected to be modest in 2026.
- CAPEX is projected at around DKK 400 million, as ALK expands capacity for tablet production, upgrades legacy production, and strengthens the supply chain for anaphylaxis.
- The build-up of inventories is broadly assumed in line with revenue growth. Free cash flow is expected to be positive and now slightly exceed DKK 1,000 million.
- No non-recurring costs for optimisation and prioritisation initiatives are planned.
- The outlook is based on current exchange rates, resulting in an immaterial impact on reported revenue growth and EBIT.
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