(unaudited)
Financial performance in the nine months ended September 30, 2008
(Comparative figures for the same period last year are shown in brackets)
- Revenue for Q3 showed 16% organic growth. Accumulated organic growth in
vaccine sales for the first nine months of the year was 12%.
- Revenue for the first nine months was DKK 1,308 million (1,209).
- The gross margin continued to improve and rose to 70% (69).
- Operating profit (EBIT) for the first nine months of the year was DKK 78
million (207*).
- Profit before tax (EBT) for the period was DKK 106 million (218*).
*) Including a milestone payment from Schering-Plough in 2007 of DKK 199 million
Highlights of the period
ALK recently announced breakthrough and very favourable clinical results from a
long-term study of GRAZAX® demonstrating a lasting disease modifying effect of
the treatment. The clinical study documents that the effect of the tablet
persists following completion of the recommended three-year treatment regimen.
The results represent a milestone in the history of ALK and concurrently put a
sound foundation under the company's long-term strategic goal of expanding the
use of allergy vaccination.
These recent research results, the satisfactory financial results and the
strong financial position without any debt put ALK in a strong position to meet
its long-term strategic ambitions and react to the effects of the expected
global economic downturn.
Forecast of earnings for 2008 unchanged
ALK's forecast of EBIT for the full year is unchanged and can now be specified
at DKK 110-140 million against the previous forecast of DKK 100-150 million. As
a result of the recent fluctuations in exchange rates, EBT is now forecast at
DKK 130-160 million against the previous forecast of DKK 110-160 million.
Organic growth in vaccine sales is expected to be 12-15%, which is in line with
ALK's long-term growth ambitions. Partly due to the exchange rate fluctuations,
ALK now expects revenue to be slightly lower than previously forecast.
Hørsholm, November 20, 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.
