Three-month interim report (Q1) 2008
(unaudited)
Financial performance in the three months ended March 31, 2008
(Comparative figures for the same period last year are shown in brackets)
- The forecast of operating profit (EBIT) for the full year has been increased
from DKK 75-125 million to DKK 100-150 million.
- In Q1, revenue was DKK 445 million (450) and was affected by period-to-period
fluctuations in sales.
- At the end of April, total sales in the first four months showed an organic
growth of 8% and forecast of revenue for the year as a whole is unchanged.
- In Q1, overall sales of allergy vaccines showed organic growth of 6%, of
which sales of SLIT products accounted for 18% growth.
- Operating profit (EBIT) was DKK 45 million (41*).
- Profit before tax (EBT) was DKK 42 million (43*).
*) Disregarding the milestone payment from Schering-Plough in 2007
Highlights of the period
The regulatory authorities in Switzerland and Ireland have decided to provide
full reimbursement for treatment with GRAZAX®.
ALK-Abelló has filed an application with the regulatory authorities for the
approval of GRAZAX® to include treatment of children and adolescents.
After the end of Q1, ALK-Abelló will recognize as income a payment of DKK 28
million from Schering-Plough in connection with pharmaceutical development
activities relating to the new tablet-based vaccine against ragweed allergy.
Forecast of earnings for 2008 upgraded
ALK-Abelló'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 and depend, among other things, on the outcome of the
current price and reimbursement discussions with the health authorities in
Europe. Gross profit is still expected to improve in 2008. Both research and
development expenses and sales and marketing expenses are still expected to
increase as a result of the company's continued focus on the introduction of
tablet-based allergy vaccines. As a result of the payment from Schering-Plough,
operating profit (EBIT) is now expected to be DKK 100-150 million, up from the
previous forecast of DKK 75-125 million. EBT is now forecast at DKK 110-160
million, compared to the previous forecast of DKK 85-135 million.
Hørsholm, May 15, 2008
ALK-Abelló A/S
Contact:
Jens Bager, President and CEO, tel +45 4574 7576.
ALK-Abelló 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.
