In This Article:
ALK’s (ALKB:DC / OMX: ALK B / AKBLF) Board of Directors has approved the 2024 annual report. Following a robust performance in Q4, full-year results were in line with the latest outlook and represent the best results in the history of the company. ALK expects to continue its growth trajectory and earnings improvement in 2025.
Q4 2024 highlights
(Comparative figures are shown in brackets. Growth rates are stated in local currencies, unless otherwise indicated)
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Revenue increased by 11% to DKK 1,499 million (1,345) on continued strong performance in Europe. As anticipated, North America and International markets did not contribute to growth in this quarter.
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Tablet sales increased by 17% to DKK 795 million (677). Europe remained the key contributor with 32% growth, reflecting a continued inflow of new patients and improved pricing.
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Combined SCIT and SLIT-drops sales increased by 5% to DKK 552 million (522), while sales of Other products increased by 2% to DKK 152 million (146).
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Operating profit (EBIT) improved modestly to DKK 205 million (194) as ALK advanced investments in selected R&D projects and Sales & Marketing initiatives. Total costs also included one-off costs related to the in-licensing of neffy®, as well as DKK 26 million in optimisation costs, primarily in China.
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Major milestones achieved: the in-licensing of neffy® adrenaline nasal spray, paediatric European approval of ACARIZAX® house dust mite tablet, and positive clinical results with peanut tablet.
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| Growth |
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| DKKm | Q4 2024 | l.c. | r.c. | FY 2024 | l.c. | r.c. | |||||||
| Revenue | 1,499 | 11% | 11% | 5,537 | 15% | 15% | |||||||
| EBIT | 205 | 6% | 6% | 1,091 | 65% | 64% | |||||||
| EBIT margin | 14% |
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| 20% |
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| l.c.: local currency; r.c.: reported currency | |||||||||||||
Full-year 2024 highlights
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Revenue increased by 15% to DKK 5,537 million (4,824) on growth in all product lines.
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Tablet sales increased by 24% to DKK 2,851 million (2,296) on growth in all sales regions. European tablet sales sustained momentum with 31% growth, driven by higher volumes and improved pricing.
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Sales of SCIT and SLIT-drops increased by 6% to DKK 2,052 (1,939) on solid performance in Europe. Sales of Other products increased by 7% to DKK 634 million (589), driven by Jext®.
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EBIT was DKK 1,091 million (666) on higher sales, gross margin improvements, and modest cost increases, despite DKK 75 (0) million in one-off optimisation costs. The margin was 20% (14).
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Free cash flow was DKK minus 204 million (positive at 292), and excluding the upfront payment related to the neffy® license agreement, free cash flow ended better than expected and increased to DKK 790 million, driven by improved earnings, lower CAPEX, and changes to working capital.