(unaudited)
Financial performance in the six months ended June 30, 2008
(Comparative figures for the same period last year are shown in brackets)
- Total sales of allergy vaccines in Q2 showed organic growth of 19%. Sales of
SLIT products alone rose by 27%.
- Revenue in H1 was DKK 871 million (823).
- The gross margin continued to improve in the first half of the year, rising
to 71% (68).
- Operating profit (EBIT) for H1 was DKK 45 million (205*).
- Profit before tax (EBT) for H1 was DKK 48 million (213*).
*) Including a milestone payment from Schering-Plough in 2007 of DKK 199 million
Highlights of the period
A clinical study of ALK's tablet vaccine against house dust mite allergy showed
a very favourable effect and highly statistically significant results, and the
study thus met its primary endpoint. Moreover, the study demonstrated that the
tablet vaccine is well tolerated and has a good safety profile. A clinical
tolerability study in children (MT-03) furthermore showed that the tablet is
well tolerated and suited for further clinical development for this patient
group as well.
The Board of Directors has considered and adopted ALK's strategy for the period
through 2012. The strategy supports the company's long-term ambitions. ALK has
a goal of increasing its vaccine sales by a minimum of 15% per year on average
and of strengthening the favourable trend of the company's earnings capacity.
Forecast of earnings for 2008
ALK's forecast of revenue for the financial year 2008 is unchanged at DKK
1,875-1,925 million (1,652). Sales of GRAZAX® continue to be subject to
significant uncertainty. The gross margin is still expected to improve in 2008
compared to 2007. Both research and development expenses and sales and
marketing expenses are expected to increase compared to 2007 as a result of the
company's continued focus on the introduction of the tablet-based allergy
vaccines. Operating profit (EBIT) is still expected to be DKK 100-150 million,
and profit before tax (EBT) is expected to be DKK 110-160 million.
Hørsholm, August 26, 2008
ALK-Abelló A/S
Contact:
Jens Bager, President and CEO, tel +45 4574 7576.
ALK holds a conference call for analysts and investors today at 3.30 p.m. (CET)
at which Jens Bager, President and CEO, and Jutta of Rosenborg, CFO, will
review the results. Danish participants must call in on tel +45 7026 5040
before 3.25 p.m. (CET), and international participants must call in on tel +44
208 817 9301 before 3.25 p.m. (CET). The conference call will also be webcast
on our website: www.alk-abello.com, where the related presentation will be
available shortly before the conference call begins.
