ALK Alkemy Capital Investments Plc

 
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ALK delivers 8% revenue growth with operating profit up 128% in Q3 (unaudited)

ALK saw growth in all sales regions in Q3, led by sales of tablets and SCIT. As expected, European tablet sales picked up and grew by 14%, mainly driven by new patient initiations. Operating profit (EBIT) increased by 128% in local currencies on sales growth and gross margin improvements.

Q3 2023 financial highlights

Comparative figures for Q3 2022 are shown in brackets. Revenue growth rates are stated in local currencies, unless otherwise indicated

   -- Total revenue increased by 8% in local currencies to DKK 1,110 million 
      (1,062), equalling 9% growth when disregarding the one-year rebate 
      increase in Germany. Currencies lowered reported growth by 3 p.p. 
 
   -- Tablet sales increased by 10% to DKK 491 million (458) on 14% growth in 
      Europe and 26% growth in North America while sales in International 
      markets decreased 5% due to phasing of product shipments to Japan. 
 
   -- Combined SCIT/SLIT-drops sales increased by 23% to DKK 484 million (407), 
      fuelled by continued growth across Europe and an extraordinarily high 
      level of product shipments to China. 
 
   -- Sales of Other products and services decreased by 28% to DKK 135 million 
      (197) as Jext(R) sales, as anticipated, declined steeply due to 
      intermittent supply shortages from ALK's contract manufacturer of 
      adrenaline-filled cartridges. The decline in Jext(R) sales lowered 
      overall revenue growth by 4 p.p. in Q3. 
 
   -- Operating profit (EBIT) increased by 128% in local currencies and by 116% 
      in reported currency to DKK 147 million (68) on sales growth, gross 
      margin improvements and a modest decline in capacity costs, as certain 
      sales and marketing activities saw some phasing between Q3 and Q4. 

Financial performance for the first nine months 2023

 
                                              Growth (local 
in DKKm           9M 2023  9M 2022              currencies)  Growth (reported) 
Revenue             3,479    3,262                       9%                 7% 
EBIT                  472      332                      55%                42% 
EBIT margin - %       14%      10% 
 

Progress on strategic priorities

   -- Based on the recent successfully completed Phase 3 trial, ALK has started 
      preparing a registration application for authorities in Europe and Canada 
      with the aim of expanding the indication of the tree tablet (ITULAZAX(R)) 
      to include patients aged five to 17. 
 
   -- Registration applications with the aim of expanding indications for the 
      house dust mite (HDM) tablet (ACARIZAX(R)) to include children are 
      expected to be submitted to the European and American authorities in the 
      near future. 
 
   -- First interim readouts from the Phase 1 trial of the tablet treatment for 
      peanut allergy are still expected end-2023. 
 
   -- The regulatory review of the BLA for the HDM tablet in China is ongoing. 

Unchanged 2023 outlook

The full-year revenue and earnings outlook remains unchanged:

   -- Revenue is expected to grow by 8-10% organically in local currencies, 
      equivalent to 9-11% growth, disregarding the one-year, temporary 
      mandatory rebate increase in Germany. 
 
   -- Global tablet sales and SCIT/SLIT-drops sales are still expected to grow 
      by double digits respectively in the second half of the year. ALK still 
      expects 10% growth in tablet sales in Europe for the second half year. 
      Full-year tablet growth is still expected within the previously 
      communicated range. 
 
   -- The EBIT margin is still expected to increase from 10% in 2022 to 13-15% 
      on sales growth, efficiencies, economies of scale and lower R&D costs. 

Commenting on the Q3 results, ALK's new CEO Peter Halling said: "ALK's Q3 results met our expectations, and we remain on course to deliver on our full-year sales and earnings outlook. We are pleased to see sales growth in every region, particularly the increasing tablet growth in Europe due to the introduction of AIT treatments to more patients. Additionally, we are excited about the positive results from the recent Phase 3 paediatric studies, reinforcing our long-term growth prospects. Being new to the company, I want to thank all employees for their warm welcome and for their dedicated efforts."

Hørsholm, 15 November 2023

ALK-Abelló A/S

For further information, contact:

Investor Relations: Per Plotnikof, tel. +45 4574 7527, mobile +45 2261 2525

Media: Maiken Riise Andersen, tel. +45 5054 1434

Today, ALK is hosting a conference call for analysts and investors at 1.30 p.m. (CET) at which Management will review the financial results and the outlook. The conference call will be audio cast on https://www.globenewswire.com/Tracker?data=4AIgKxtU6J_PQbXoWzTv3oudNDYkvEmfxRKMJqeksl_dKeR1Iu2bWH0GLbiO9F67SmRlCMlLW-w77BKEbS83rQ== https://ir.alk.net where the relevant presentation will be available shortly before the call begins.

To register for the conference call, please use this link https://www.globenewswire.com/Tracker?data=4AIgKxtU6J_PQbXoWzTv3sGSrXktyzlgMYYsD8EYzcYB0EpQsljPmfzjMsxJPUK4Sehh93MvdF776VpPzPUdmyBFdlRj3A3WP_axcYZjzA61UwS01HBbnqIPvdedQ3MUps9TIuOzlSwwjHh6FYs0FH3QYRVchJWwmOW5D_gbeFk= https://dpregister.com/sreg/10183783/fad25cbd21 and follow the registration instructions. You will receive an email from diamondpass@choruscall.com with dial-in details, including a passcode and a pin code. Please make sure to whitelist diamondpass@choruscall.com and/or check your spam filter. We advise you to register on the day before the call at the latest.

Vedhæftet fil

   -- FM_15_23UK_15112023 
      https://ml-eu.globenewswire.com/Resource/Download/2439162f-b01d-483d-a807-0f7a8ab23b41 
 
 
 

(END) Dow Jones Newswires

November 15, 2023 01:30 ET (06:30 GMT)

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