TIDMALK TIDMB 
 
   ALK's (ALKB:DC / OMX: ALK B / AKABY / AKBLF) Board of Directors has 
considered the company's 2019 annual report and approved it for 
publication with the following highlights: 
 
   ALK reached 11% growth in 2019 and closed the year ahead of schedule 
with its strategic transformation plan, targeting sustainable 
double-digit growth and earnings on a par with the specialty pharma 
sector. Important progress was seen in the company's optimisation 
efforts and the commercialisation of the tablet portfolio, which saw 45% 
sales growth. Q4 continued the positive momentum seen in previous 
quarters, so that revenue and earnings ended at the upper end of the 
most recent guidance range. 
 
   Q4 2019 performance 
 
 
   -- Revenue grew 11% in local currencies to DKK 883 million (787), the 
      best-ever Q4 revenue with growth in all regions. Tablet sales were up 48% 
      and SCIT sales saw continued solid growth. 
 
   -- Earnings (EBITDA) of DKK 48 million (10) reflected higher sales. EBITDA 
      included a one-off income of DKK 15 million from the divestment of the US 
      veterinary business. 
 
 
   See pages 19 and 96 in the attached report for further details on Q4 
performance. 
 
   2019 full-year performance 
 
 
   -- Revenue increased 11% in local currencies and 12% in reported currency to 
      DKK 3,274 million (2,915). Sales of tablets grew by 45%. 
 
   -- EBITDA improved to DKK 241 million (136) due to revenue growth, better 
      margins and efficiencies. 
 
   -- Free cash flow was an outflow of DKK 25 million (outflow of 294), which 
      was better than expected, and was positively impacted by higher earnings, 
      lower tax payments, the timing of investments and changes to working 
      capital. 
 
 
   See page 15-18 in the attached report for further details on full-year 
performance. 
 
   Continued broad-based growth expected in 2020 
 
   ALK expects growth across its regions in 2020 with tablets as the key 
growth driver. Earnings and free cash flow will continue to be subdued 
by strategic investments in 2020, the final year of ALK's three-year 
transformation programme. 
 
 
   -- Revenue is expected to grow 8-12% organically to DKK 3.50-3.65 billion, 
      despite the accelerated phase-out of older products, which are projected 
      to reduce growth by approximately 4 percentage points, and implying 
      underlying growth on a like-for-like basis of 12-16%. 
 
   -- Tablets are expected to become the single largest product category for 
      the first time. 
 
   -- EBITDA is expected at DKK 200-300 million due to investments in 
      transformation and growth. R&D expenses are projected at around DKK 600 
      million, a substantial increase over 2019. 
 
   -- Free cash flow is expected to be negative at DKK 300 million, reflecting 
      the higher R&D costs, increased CAPEX and re-phasing of 2019 investments 
      and changes in working capital. 
 
 
   See page 11-12 in the attached report for a detailed review of the 2020 
outlook. 
 
   Audio cast 
 
   Today, ALK is hosting a conference call at 12.00 p.m. (CET) where 
Management will review the results and the outlook. The conference call 
will be audio cast on https://ir.alk.net/investors. Participants in the 
call are kindly requested to call in before 11.55 a.m. (CET). Danish 
participants should call in on tel. +45 3544 5577 and international 
participants should call in on tel. +44 333 300 0804 or +1 631 913 1422. 
Please use the following participant pin code: 66887893#. The call will 
be webcast live on our ALK's website, where the accompanying 
presentation will be made available shortly before the call begins. 
 
   ALK-Abelló A/S 
 
   For further information please contact: 
 
   Investor Relations: Per Plotnikof, tel. +45 4574 7527, mobile +45 2261 
2525 
 
   Media: Jeppe Ilkjær, mobile +45 3050 2014 
 
   This information is information that ALK-Abelló A/S is obliged to 
make public pursuant to the EU Market Abuse Regulation. 
 
   About ALK 
 
   ALK is a global specialty pharmaceutical company focused on allergy and 
allergic asthma. It markets allergy immunotherapy treatments and other 
products and services for people with allergy and allergy doctors. 
Headquartered in Hørsholm, Denmark, ALK employs around 2,400 people 
worldwide and is listed on Nasdaq Copenhagen. Find more information at 
www.alk.net. 
 
 
 
   Attachment 
 
 
   -- FM_01_20UK_05022020_combined 
      https://ml-eu.globenewswire.com/Resource/Download/5d4e07ce-8f28-4f44-af95-b115c23f9854 
 
 
 
 
 
 
 

(END) Dow Jones Newswires

February 05, 2020 01:00 ET (06:00 GMT)