Overview
ALK-Abello A/S reported fourth quarter results that outpaced analyst expectations, with top-line revenue of DKK1.73 billion versus a consensus of DKK1.69 billion. Operating profit, measured as earnings before interest and taxes, reached DKK387 million, ahead of the DKK370 million forecast.
Drivers of the beat
The company attributed the revenue and earnings outperformance to particularly strong demand for its European tablet portfolio and a better-than-expected contribution from Other Products. European tablet sales were 6% above estimates, while Other Products exceeded forecasts by 14%. On the broader tablet category, sales were 2% above analyst projections. Sales of subcutaneous and sublingual immunotherapy drops met expectations at DKK607 million.
Profitability and taxes
ALK-Abello reported an EBIT margin of 22.3% for the quarter, slightly higher than the consensus estimate of 21.9%. Management noted that an improved gross margin supported the stronger operating margin, but that benefit was partly offset by higher operating expenses. In addition, a rise in taxes contributed to net income falling short of expectations despite the EBIT beat.
Dividend
The board has proposed a dividend of DKK1.6 per share. This would be the company’s first dividend distribution since 2017 and is presented in the context of the company’s current net debt position.
2026 outlook
For fiscal 2026, ALK-Abello provided guidance for revenue growth of 11% to 15% in constant exchange rates, which implies revenue between DKK6.9 billion and DKK7.2 billion. The consensus estimate of DKK7.04 billion lies roughly 40 to 70 basis points below the midpoint of that guidance range. The company expects an EBIT margin of around 25% for 2026, which aligns with analyst forecasts.
Management cautioned that gross margin is expected to decline slightly next year as favorable effects from higher tablet sales in Europe are balanced by increased lower-margin partner-related sales.
Product performance and market access
Within the Other Products segment, the neffy product displayed solid initial uptake in Germany, where reimbursement has been secured. The company reported that neffy captured an 18% value share within six months in the German market. However, the timeline for approval in Canada is running a bit longer than originally expected.
Leadership changes in R&D
ALK-Abello said that Henriette Mersebach will step down as head of research and development effective February 23. The departure was described as a mutual decision intended to find a successor with a different profile. Henrik Jacobi, who previously served as head of research and development, has been named special advisor to the chief executive officer and the executive team. The company has begun a search for a new head of research and development.
Implications
The quarter’s results combine a modest operational beat with management actions that signal a return of capital to shareholders via a reinstated dividend. Guidance for 2026 points to continued top-line growth and an EBIT margin target consistent with analyst expectations, while the company flags some margin pressure from partner-related sales mix and ongoing tax effects on net income.