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1. Company Snapshot

1.a. Company Description

ALK-Abelló A/S operates as an allergy solutions company in Europe, North America, and internationally.It product portfolio include GRAZAX/GRASTEK, RAGWITEK/RAGWIZAX, ACARIZAX/ODACTRA, MITICURE, CEDACURE, and ITULAZAX for treatment of allergic rhinitis and allergic asthma.The company offers allergy immunotherapy products in the form of injections, sublingual drops, and tablets for the treatment of various allergies, including grass, ragweed, house dust mite, Japanese cedar, tree, and food.


It also provides consumer healthcare solution, which include Digital eco-system, a platform which connect and engages with allergy sufferers much earlier in the disease journey through tools and e-commerce offerings that supports, guidance and relief, and smoothing the path to allergy immunotherapy treatment.In addition, the company offers diagnostic allergy solutions through testing by skin prick test or blood test; and emergency treatment, such as intramuscular injection of adrenaline for the treatment of acute life-threatening allergic reactions including Anaphylaxis.ALK-Abelló A/S was founded in 1923 and is headquartered in Hørsholm, Denmark.

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1.b. Last Insights on ALK

ALK-Abelló A/S's recent performance was driven by strong Q2 results, exceeding expectations with 12% organic revenue growth and a 41% increase in operating profit. The company's upgraded full-year revenue outlook, now expecting 12-14% growth, reflects higher-than-expected revenue in Europe and an improved outlook for the rest of the year. Sales of adrenaline autoinjectors and tablets contributed to the strong performance, with the company's tree pollen tablet, ITULAZAX, receiving a positive recommendation from NICE for use in the UK health system.

1.c. Company Highlights

2. ALK Abello: Strong Q3 Results with 18% Revenue Growth

ALK Abello reported a robust Q3 with revenue growth of 18% and earnings growth of 41% in local currencies, resulting in an EBIT margin of 28%. Earnings per share (EPS) came in at 1.4, beating analyst estimates of 1. The company's financial performance was driven by double-digit growth across sales regions and product groups, with tablet sales up 23% on a broad-based growth across brands and markets. As Claus Solje mentioned, "tablet sales were up 23% on a broad-based growth across brands and markets," indicating a strong underlying momentum.

Publication Date: Nov -14

📋 Highlights
  • Q3 Revenue & Earnings Growth:: Revenue grew 18% and earnings increased 41% in local currencies, with an EBIT margin of 28%.
  • Full-Year Outlook Adjustment:: Revenue guidance raised to 13%-15% growth (up from 12%-14%), with EBIT margin expected to reach ~26%.
  • Tablet Sales Momentum:: Europe’s tablet sales rose 23%, driven by higher patient volumes, particularly for house dust mite (ACARIZAX) and tree pollen (ITULAZAX) products.
  • Anaphylaxis Portfolio Growth:: Revenue from the anaphylaxis portfolio surged 68%, led by neffy’s strong market performance and early commercial success.
  • Gross Margin Impact:: 2% gross margin improvement from higher-margin tablet sales, but 2026 headwinds expected from lower-margin product shipments to partner markets.

Revenue Growth Drivers

The revenue growth was driven by a broad-based increase across product groups, with the tablet business being a significant contributor. The company saw encouraging early uptake of the pediatric tablet ITULAZAX for children and adolescents. Additionally, the anaphylaxis portfolio grew by 68%, with neffy contributing to growth at an early stage of its commercial rollout. The partnership with GenSci in China is also expected to accelerate the uptake of ALK's house dust mite allergy products.

Outlook and Guidance

The company has adjusted its full-year outlook, expecting revenue growth of 13% to 15% and an EBIT margin of approximately 26%. For next year, analysts estimate revenue growth of 12.2%. The company is increasingly allocating funds to growth initiatives, including the children launches, neffy, and the Phase II peanut trial, which will lead to increased capacity costs in Q4.

Valuation

With a P/E Ratio of 50.2 and an EV/EBITDA of 30.62, the stock appears to be priced for high growth expectations. The ROE of 18.18% and ROIC of 15.05% indicate a strong return on equity and invested capital. The current valuation metrics suggest that the market is expecting continued strong growth from the company, which is in line with the analyst estimates for next year's revenue growth.

3. NewsRoom

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ALK and GenSci partner to expand the AIT market in China

Sep -17

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Is Now the Moment to Reassess ALK-Abelló After Shares Jump 24% in 2025?

Sep -09

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Could Direct Executive Oversight in Core Regions Reshape ALK-Abelló's Strategic Path (CPSE:ALK B)?

Sep -08

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Real-world evidence supports clinical effectiveness of the neffy® nasal adrenaline spray

Sep -08

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ALK expands the Executive Leadership Team to include key commercial regions

Sep -04

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Six-month interim report (Q2) 2025 (unaudited)

Aug -21

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Invitation to the presentation of ALK’s first six months (Q2) 2025 results on Thursday, 21 August 2025

Aug -14

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ALK upgrades its full-year revenue outlook

Aug -12

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (10.68%)

6. Segments

Sublingual Immunotherapy-Tablets

Expected Growth: 10%

ALK-Abelló A/S's Sublingual Immunotherapy-Tablets growth is driven by increasing adoption in allergy treatment, rising prevalence of allergies, and growing demand for convenient, self-administered therapies. Expanding product offerings, strategic partnerships, and geographic expansion into new markets also contribute to the 10% growth.

Subcutaneous Immunotherapy/Sublingual Immunotherapy-Drops

Expected Growth: 12%

ALK-Abelló A/S's Subcutaneous Immunotherapy/Sublingual Immunotherapy-Drops growth is driven by increasing adoption in allergy treatment, rising prevalence of allergies, and growing demand for convenient and patient-friendly therapies. Additionally, expanding product offerings, strategic partnerships, and geographic expansion into emerging markets contribute to the 12% growth.

Other

Expected Growth: 9%

ALK-Abelló A/S's 9% growth is driven by increasing demand for allergy immunotherapy treatments, expansion into new markets, and strategic partnerships. The company's strong R&D pipeline, focus on digitalization, and cost-saving initiatives also contribute to its growth. Additionally, the rising prevalence of allergies and growing awareness of treatment options support the company's upward trend.

7. Detailed Products

ACARIZAX

Acarizax is a sublingual allergy immunotherapy tablet for the treatment of house dust mite-induced allergic rhinitis.

GRAZAX

Grazax is a sublingual allergy immunotherapy tablet for the treatment of grass pollen-induced allergic rhinitis.

MITICURE

Miticure is a sublingual allergy immunotherapy tablet for the treatment of mite-induced allergic rhinitis.

RAGWITEK

Ragwitek is a sublingual allergy immunotherapy tablet for the treatment of ragweed pollen-induced allergic rhinitis.

ODACTRA

Odactra is a sublingual allergy immunotherapy tablet for the treatment of house dust mite-induced allergic rhinitis.

8. ALK-Abelló A/S's Porter Forces

Forces Ranking

Threat Of Substitutes

ALK-Abelló A/S operates in a niche market with limited substitutes, but there are some alternatives available, which reduces the threat of substitutes.

Bargaining Power Of Customers

ALK-Abelló A/S has a diverse customer base, which reduces the bargaining power of individual customers. Additionally, the company's products are specialized, making it difficult for customers to switch to alternative suppliers.

Bargaining Power Of Suppliers

ALK-Abelló A/S relies on a few key suppliers for raw materials, which gives them some bargaining power. However, the company's size and reputation help to mitigate this risk.

Threat Of New Entrants

The pharmaceutical industry has high barriers to entry, including significant regulatory hurdles and high research and development costs, which reduces the threat of new entrants.

Intensity Of Rivalry

The pharmaceutical industry is highly competitive, with many established players competing for market share. ALK-Abelló A/S operates in a niche market, but still faces intense competition from other companies.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 14.68%
Debt Cost 3.95%
Equity Weight 85.32%
Equity Cost 6.04%
WACC 5.73%
Leverage 17.20%

11. Quality Control: ALK-Abelló A/S passed 8 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Genmab

A-Score: 5.9/10

Value: 3.7

Growth: 9.7

Quality: 9.4

Yield: 0.0

Momentum: 8.0

Volatility: 4.3

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Alkermes

A-Score: 5.2/10

Value: 4.4

Growth: 8.4

Quality: 8.9

Yield: 0.0

Momentum: 6.0

Volatility: 3.7

1-Year Total Return ->

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Stock-Card
ALK-Abelló

A-Score: 5.0/10

Value: 0.5

Growth: 8.2

Quality: 7.5

Yield: 0.0

Momentum: 8.0

Volatility: 6.0

1-Year Total Return ->

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Jazz Pharmaceuticals

A-Score: 4.9/10

Value: 5.6

Growth: 7.1

Quality: 2.4

Yield: 0.0

Momentum: 8.5

Volatility: 5.7

1-Year Total Return ->

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Camurus

A-Score: 4.4/10

Value: 0.0

Growth: 9.3

Quality: 9.0

Yield: 0.0

Momentum: 6.0

Volatility: 2.0

1-Year Total Return ->

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Zealand Pharma

A-Score: 3.2/10

Value: 7.0

Growth: 2.2

Quality: 9.9

Yield: 0.0

Momentum: 0.0

Volatility: 0.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

227.8$

Current Price

227.8$

Potential

-0.00%

Expected Cash-Flows