Nine-month interim report (Q3) 2025 (unaudited)

Core Insights - ALK reported an 18% global organic revenue growth in Q3, with operating profit increasing by 41%, driven by strong sales in tablets, adrenaline autoinjectors, and SCIT/SLIT-drops [1][7] - The company has upgraded its full-year outlook based on Q3 performance and positive business momentum, particularly in Europe [9][14] Q3 Performance Highlights - Total revenue reached DKK 1,530 million, an 18% increase from DKK 1,313 million, with double-digit sales growth across all regions [7] - Tablet sales grew by 17% to DKK 737 million, with Europe and North America showing growth rates of 23% and 20% respectively [7] - SCIT/SLIT-drops sales increased by 11% to DKK 557 million, driven by sales growth in China and France [7] - Operating profit (EBIT) rose by 41% to DKK 423 million, with an EBIT margin of 28%, up from 23% [7] Financial Highlights - Free cash flow improved to DKK 290 million, primarily due to higher earnings, while cash flow from investing activities was negative DKK 96 million [7] - The EBIT margin is projected to improve to approximately 26% for the full year, up from a previous estimate of 25% [14] Strategic Developments - The pediatric roll-out of allergy tablets exceeded expectations, particularly the house dust mite tablet for children [8] - A phase 3 bridging trial for ACARIZAX has been initiated in China, and a new partnership with GenSci aims to enhance market uptake of ALK's products [8] - The company launched the EURneffy nasal adrenaline spray in the UK, with additional launches in Europe expected soon [8] Full-Year Outlook - Revenue growth is now expected to be between 13-15% in local currencies, an increase from the previous estimate of 12-14% [14] - The company anticipates treating more patients with its allergy immunotherapy and anaphylaxis products, contributing to the revenue growth [14]