Shares of ALK-Abelló A/S fell 6.35% in premarket trading on Thursday after the Danish allergy immunotherapy company reported a second-quarter revenue increase of 18% in local currencies to about DKK 1.8 billion. The stock slipped to $209.40 from a prior close of $223.60, extending losses from a 52-week high of $271.40.
Net profit rose 26% to DKK 776 million in the first half of 2026, while operating profit climbed 20% to above DKK 1 billion. Gross margin improved to 68% from 66% a year earlier, generating DKK 2.4 billion in gross profit. However, capacity costs surged 22% and sales and marketing expenses increased 25%, keeping EBIT margin steady at 25% year-over-year.
Revenue growth was broad-based, with global tablet sales exceeding DKK 1 billion for the second consecutive quarter, up 22% overall. Europe led with a 27% increase, while North America rose 17% and international markets gained 9%. Anaphylaxis and related products grew 26% to DKK 267 million, driven by a 30% jump in Europe where Germany’s market share doubled to roughly 50% since early 2025.
ALK-Abelló raised its full-year revenue guidance to a 14%-16% growth range in local currencies from 13%-16%, while maintaining its EBIT margin target of about 26%. Free cash flow is now expected to exceed DKK 1 billion for the year, up from prior expectations.
The company’s pipeline includes a Phase III trial for its peanut allergy tablet expected to begin before year-end, with a China Phase III readout for ACARIZAX slated for Q4 2025. A Japan Phase III trial for GRAZAX is targeted for completion in 2027, alongside potential clinical development of ALK 014 in the same year.
Management noted constructive dialogue with regulators in Europe and the U.S. regarding the peanut trial, while highlighting the impact of Germany’s upcoming rebate increase from 7% to 15.5% effective January 1, 2027, which the company described as slightly higher than anticipated.
