(unaudited)
Performance for the period
(Comparative figures for Q1 2012 are shown in brackets / sales growth is measured in local currencies)
Operating profit (EBITDA) in Q1 was better than anticipated, while revenue was below expectations.
- Revenue was DKK 610 million (607). A decline in European vaccine sales was outweighed by higher partner income and increased sales of Jext®.
- ALK continued to expand its overseas business. As a result, revenue outside Europe, including partner income, grew by 17% corresponding to almost 20% of Group revenue.
- Cost reductions and efficiency improvements under the Simplify programme lead to an unchanged EBITDA of DKK 101 million (102) despite increased R&D expenses.
Pipeline activities
ALK's development programmes for allergy immunotherapy tablets (AITs) performed according to plans and the strategic partnerships with Merck for North America and Torii for Japan showed important progress:
- Merck submitted Biologics License Applications for both grass AIT (GRAZAX®) and ragweed AIT. The FDA has accepted the BLA for grass AIT for review, while the application for ragweed AIT is in the initial screening phase. After the end of Q1, Merck also filed ragweed AIT in Canada.
- ALK expects to present the results from the two pivotal Phase III trials with HDM (house dust mite) AIT for the treatment of allergic rhinitis and allergic asthma during Q3 2013.
- Torii's two parallel Phase II/III trials with HDM AIT for the treatment of allergic rhinitis and allergic asthma are on track and expected to complete in 2014.
Financial guidance
- Unchanged outlook for 2013. Revenue expected to exceed DKK 2.3 billion. EBITDA before special items expected at DKK 200-300 million. The guidance is subject to the timing of a significant milestone payment.
Hørsholm, 3 May 2013
ALK-Abelló A/S
Contact:
Jens Bager, President and CEO, tel. +45 4574 7576
Investor Relations: Per Plotnikof, tel. +45 4574 7527, mobile +45 2261 2525
Press: Martin Barlebo, tel. +45 4574 7901, mobile +45 2064 1143
Today, ALK hosts a meeting for analysts and institutional investors at 2.00 p.m. (CET) at which Jens Bager, President and CEO, and Flemming Pedersen, CFO, will review the financial results, the outlook and answer questions. Following the presentation of the financial results, Henrik Jacobi, EVP R&D will present ALK's clinical development programme for the new immunotherapy tablet for the treatment of allergic asthma and rhinitis caused by house dust mites. Results from two European Phase III trials are expected later in 2013. The meeting will be audio cast on www.alk-abello.com/investor. Participants in the audio cast are kindly requested to call in before 1.55 p.m. (CET). Danish participants should call in on tel. +45 70 26 50 40 or +45 70 27 90 09 and international participants should call in on tel. +44 20 8817 9301. The audio cast is available live on our website, where the related presentation will be available shortly before the meeting begins.