Three-month interim report (Q1) 2025 (unaudited)

Core Viewpoint - ALK reported strong Q1 results with a 12% organic revenue growth and a 50% increase in operating profit, driven by robust sales across all regions and product lines [1][7][9] Financial Performance - Total revenue for Q1 2025 reached DKK 1,522 million, up from DKK 1,351 million, reflecting a 12% growth in local currencies and a 13% increase in reported terms [3][7] - Operating profit (EBIT) surged by 50% to DKK 469 million, compared to DKK 316 million in Q1 2024, with an EBIT margin of 31%, up from 23% [3][7] - Free cash flow nearly tripled to DKK 330 million, driven by increased earnings, while CAPEX remained stable at DKK 57 million [7] Sales Growth - Global tablet sales increased by 22% to DKK 857 million, with European tablet sales growing by 17% due to an influx of new patients [7][8] - Revenue growth in Europe and International markets was 10% and 24% respectively, while North America saw a 14% rebound [7] Strategic Developments - The launch of the house dust mite tablet for children positively impacted sales, with initial market responses exceeding expectations [8] - ALK is progressing well with the market access for the neffy adrenaline nasal spray, expecting first launches in Europe by Q3 2025 [8] - The company has entered a four-year agreement with ARS Pharma to co-promote the neffy adrenaline nasal spray in the USA [8] Outlook - The full-year revenue growth outlook remains unchanged at 9-13%, primarily driven by higher volumes in allergy immunotherapy and anaphylaxis products [6][9] - The EBIT margin is anticipated to improve by 5 percentage points to around 25%, supported by revenue growth and optimization efforts [9]