Copenhagen, 2013-11-08 08:22 CET (GLOBE NEWSWIRE) --
ALK (ALKB:DC / OMX:ALK B / AKABY / AKBLF) (unaudited)
Performance for the period
(Comparative figures for 2012 are shown in brackets / sales growth is measured in local currencies)
Operating profit (EBITDA) in Q3 was better than expected. Revenue was in line with expectations:
- Revenue was DKK 509 million (608). Revenue last year included DKK 93 million in one-time payments.
- Product sales grew by 5%. The adrenaline pen Jext® performed as expected and the European vaccine sales continued to show a stabilising trend although market conditions are still difficult.
- Operating profit (EBITDA) before special items amounted to DKK 54 million (131). EBITDA excluding milestone payments showed a stronger than expected improvement.
- In 9M, revenue and EBITDA amounted to DKK 1,651 million (1,730) and DKK 141 million (210), respectively.
Pipeline activities
ALK's development programmes for allergy immunotherapy (AIT) tablets are moving ahead as planned although the programmes for the USA were temporarily affected by the recent government shutdown:
- The US Food and Drug Administration (FDA) has rescheduled the Allergenic Products Advisory Committee meeting to discuss the Biologic License Application for the grass AIT tablet to 12 December 2013.
- Merck has successfully completed a Phase IIb trial with the allergy immunotherapy tablet for treatment of house dust mite-induced respiratory diseases and is now finalising the design of a Phase III trial. ALK expects first patient to receive first dose in 2014 and the associated milestone payment is therefore deferred from 2013 to 2014.
- ALK has successfully completed a Phase II clinical trial with the new AIT tablet for tree pollen allergy.
- In Japan, Torii has initiated clinical development of a new innovative cedar tree AIT tablet under the development and licence agreement with ALK.
Revised financial guidance
- The deferral of Merck’s milestone payment into 2014 is largely offset by a stronger than expected improvement in ALK’s underlying profitability. Hence, revenue is now expected at DKK 2.2-2.25 billion (previously: DKK >2.3bn) and EBITDA before special items at approximately DKK 250 million (previously: DKK 200-300m including the deferred milestone payment).
Hørsholm, 8 November 2013
ALK-Abelló A/S
For further information, please contact:
Jens Bager, President and CEO, tel. +45 4574 7576
Investor Relations: Per Plotnikof, tel. +45 4574 7527, mobile +45 2261 2525
Press: Martin Barlebo, tel. +45 4574 7901, mobile +45 2064 1143
Today, ALK hosts a conference call for analysts and investors at 2.00 p.m. (CET) at which Jens Bager, President and CEO, and Flemming Pedersen, CFO will review the financial results and the outlook. The conference call will be audio cast on www.alk-abello.com/investor. Participants in the audio cast are kindly requested to call in before 1.55 p.m. (CET). Danish participants should call in on tel. +45 7026 5040 or +45 7027 9009 and international participants should call in on tel. +44 20 8817 9301. The audio cast is available live on our website, where the related presentation will be available shortly before the call begins.
