Core Insights - ALK's full-year results for 2025 exceeded expectations, driven by strong Q4 performance and ongoing commercial momentum [1] - The company anticipates sustained organic revenue growth of 11-15% and an EBIT margin of around 25% by 2026, aligning with long-term targets [1][14] - A dividend payment of DKK 355 million, approximately 30% of net profit after tax, is recommended to reward shareholders [1][6] Financial Performance - Q4 2025 revenue reached DKK 1,733 million, a 17% increase compared to the previous year, while full-year revenue grew by 15% to DKK 6,312 million [3][4] - EBIT for Q4 increased by 88% to DKK 387 million, with a margin of 22%, and for the full year, EBIT rose by 53% to DKK 1,654 million, achieving a margin of 26% [3][4] - Free cash flow was positive at DKK 1,432 million, significantly improved from a negative DKK 204 million the previous year [4] Product Performance - Tablet sales increased by 15% to DKK 910 million in Q4, with notable growth in Europe and North America [4] - Sales of SCIT/SLIT drops rose by 11% to DKK 607 million, while anaphylaxis and other products saw a 50% increase to DKK 216 million [4] - Pediatric launches of ACARIZAX and ITULAZAX exceeded expectations, with strong prescriber adoption [5] Strategic Outlook - The company plans to continue double-digit revenue growth and higher earnings in 2026, with a focus on treating more patients with AIT and anaphylaxis products [7][8] - The EBIT margin may experience slight pressure due to a decline in gross margin, offset by higher partner-related sales at lower margins [8] - Ongoing partnerships and clinical trials are expected to contribute positively to future growth [5]