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Six-month interim report (Q2) 2014

COPENHAGEN, Denmark, Aug. 13, 2014 (GLOBE NEWSWIRE) -- Performance for the period (unaudited)
(Comparative figures for 2013 are shown in brackets / revenue growth is measured in local currencies)

ALK's business continued to show progress in the low-season second quarter:

  • Q2 revenue grew by 17% to DKK 615 million (532). Growth was driven by a 143% increase in revenue from SLIT-tablets, mainly due to milestone payments and reimbursements from partners.
  • Q2 EBITDA before special items grew to DKK 109 million (a loss of 7) as a result of higher revenue and lower R&D expenses.
  • Q2 cash flow from operations was an inflow of DKK 179 million (an outflow of 5). Free cash flow was an inflow of DKK 81 million (an outflow of 121).
  • H1 revenue hence grew 15% to DKK 1,299 million (1,142) and EBITDA before special items was 320 million (94).
  • H1 total sales of SCIT/SLIT-drops and GRAZAX(r) grew by 4% including 11% growth in sales of GRAZAX(r).
  • The Jext(r) adrenaline auto-injector is being re-introduced into selected markets after a temporary suspension.

Partner and pipeline activities

  • SLIT-tablets GRASTEK(r) and RAGWITEK(tm): First treatments initiated in North America where the products have generated substantial awareness. Merck continues to prepare the market for the 2015 pollen seasons.
  • Torii has initiated preparations for submission of a registration application for the house dust mite SLIT-tablet.
  • ALK continues to target a regulatory filing of the house dust mite SLIT-tablet in Europe in the second half of 2014.

2014 financial guidance

Revenue is still expected to equal approximately DKK 2.4 billion. EBITDA is now expected at approximately DKK 450 million before special items, (previously, EBITDA was expected at approximately DKK 425 before special items and future income from product supply and sales royalties in North America).The outlook now includes an estimated income from product supply and sales royalties from SLIT-tablets in North America.

Hoersholm, 13 August 2014

ALK-Abello A/S

Contact:
Jens Bager, President and CEO, tel. +45 4574 7576

Today, ALK hosts a conference call for analysts and investors at 2.00 p.m. (CET) at which Management 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 70 25 23 00 or +45 70 25 67 00 and international participants should call in on tel. +44 (0) 208 817 9311 . Please use the following Audience Passcode: 5362 7944#. The audio cast is available live on our website, where the related presentation will be available shortly before the call begins.

Attachments:

FM_27_14UK_13082014.pdf

Source:ALK-Abello