- Q4 Revenue Growth: Increased by 17%, driven by strong performance in geographies, tablets in Europe, and anaphylaxis.
- Full-Year Revenue 2025: Rose to DKK 6.3 billion, a 15% growth, exceeding initial expectations with a gross margin of 67%.
- EBIT Margin Expansion: Full-year EBIT margin improved to 26%, up 53% year-over-year, reflecting higher sales and cost control.
- Germany Market Share: EURneffy captured 18% value share in Germany by year-end 2025 with 11-12% volume share via digital efforts.
- Dividend Recommendation: Board proposed DKK 355 million dividend for 2025, signaling confidence in financial performance and growth prospects.
Segment Performance
The company's tablet sales grew by 17% in 2025, driven by the expansion of the patient base in Europe and Canada. SCIT and SLIT drops delivered a 5% sales growth, while anaphylaxis and other product sales increased by 34%. In Europe, revenue grew 14% with tablets driving 19% growth. North America saw revenue increase 19% driven by tablets and anaphylaxis, while international markets recorded revenue growth of 16%.
Guidance and Outlook
ALK expects double-digit revenue growth in 2026, with an EBIT margin of around 25%. The company anticipates organic growth across all sales regions and product groups, driven by volume growth. Tablet sales are expected to grow by double digits, fueled by the continued expansion of prescriber and patient bases. Anaphylaxis and other product sales are also projected to grow by double digits, led by the commercialization of neffy.
Valuation and Metrics
With a P/E Ratio of 39.13 and an EV/EBITDA of 23.33, the market appears to be pricing in significant growth expectations. The company's ROE stands at 19.83%, indicating a strong return on equity. The dividend yield is currently 0.0%, but the Board of Directors recommends a dividend payment of DKK 355 million for 2025. The Free Cash Flow Yield is 3.17%, suggesting a reasonable cash generation capability.
Pipeline Progress
ALK is making progress in its pipeline, including the initiation of a Phase II clinical trial for its peanut SLIT tablet, which has received Fast Track Designation from the FDA. The company is also exploring new areas, such as urticaria, through partnerships and business development. The top-line results for the peanut allergy study are expected in Q2 2026.