# ALK-Abelló A/S (ALK-B.CO)

Canonical: https://gigainvestors.com/s/ALK-B.CO

Analysis as of: 2026-10-16T07:36:26.607Z. Financial observations: FY2004–FY2026.

Listing currency: DKK. Reporting currency: DKK.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: DKK 232.80 per share; close as of 2026-10-15.

Estimated value: low DKK 42.33 per share, central DKK 54.75 per share, high DKK 62.91 per share. Buy at or below the central value DKK 54.75 per share. Valuation as of 2026-10-16T07:36:26.607Z; scenarios are not confidence intervals.

Expected annual return: 4.5% at the stated quote. About 4.5% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; DK 10-year bond 3.2% + 4 points).

## Checklist

### understandable: fail

- 1 revenue decline in the last 10 years (informational)

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 3

- Operating margin variation: 1.04×

Chart: Operating margin; fiscal year observations.

- FY2017: -0.03×

- FY2018: -0.03×

- FY2019: -0.00×

- FY2020: 0.04×

- FY2021: 0.07×

- FY2022: 0.10×

- FY2023: 0.14×

- FY2024: 0.20×

- FY2025: 0.26×

- LTM to Jun 2026: 0.27×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 7.6%

- ROIC, second-lowest year: -2.2%

- Typical minus recent gross margin: -2.6 pp

- Typical gross margin (annual median): 61.5%

- Recent gross margin (lower of latest and 3-year median): 64.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 6.5%

- ROIC including acquisitions, ten-year median: 5.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 13.0%

- FY2017: -2.2%

- FY2018: -2.5%

- FY2019: -0.3%

- FY2020: 2.9%

- FY2021: 6.5%

- FY2022: 8.8%

- FY2023: 11.7%

- FY2024: 15.3%

- FY2025: 23.6%

### economics: pass

- Owner earnings / net income, 5-yr: 0.93×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: DKK 2.8B

- Net income, five-year total: DKK 3.1B

- Return on incremental invested capital: 45.0%

- Working capital / revenue, annual change: 0.9 pp

- Working capital / revenue, change between three-year averages: 6.4 pp

- Working capital / revenue, final three-year average: 45.3%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.78×

- FY2022: 0.84×

- FY2023: 0.88×

- FY2024: 0.93×

- FY2025: 1.00×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: -2.2% vs 15.3%

- Per-share earnings: 1.38 to 3.67 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 1.4%

- Ordinary dilution, 5-year annual growth: -0.1%

- Market cap gain: DKK 42B

- Cumulative retained earnings: DKK 3.3B

- Diluted shares, 10-year annual growth: 1.4%

- Diluted shares, 5-year annual growth: -0.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 13.0%

- Per-share value change: DKK 2.28

- Per-share value, starting three-year median: DKK 1.38

- Per-share value, ending three-year median: DKK 3.67

- Buybacks concentrated in cheaper years (correlation): -1.00

- Average buyback yield: 0.1%

- Buyback history: 3 years

- Debt-funded buybacks: No

- Acquisition spending: DKK 1.2B

- Cumulative net income, 10 years: DKK 3.0B

- ROIC, first three-year median: -2.2%

- ROIC, last three-year median: 15.3%

Chart: Earnings per share; fiscal year observations.

- FY2016: DKK 1.38

- FY2017: DKK -0.80

- FY2018: DKK -0.78

- FY2019: DKK -0.23

- FY2020: DKK 0.11

- FY2021: DKK 1.01

- FY2022: DKK 1.52

- FY2023: DKK 2.06

- FY2024: DKK 3.67

- FY2025: DKK 5.40

### accounting: pass

- Sloan accruals: -6.8%

- Receivables to sales index (DSRI): 1.36×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 2.5%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.52×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.27×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.8%

- FY2017: 4.6%

- FY2018: -1.5%

- FY2019: -3.3%

- FY2020: -5.0%

- FY2021: -4.3%

- FY2022: -1.3%

- FY2023: -2.7%

- FY2024: -4.8%

- FY2025: -6.8%

## Holders

- [Thomas Russo](https://gigainvestors.com/GR): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Price needs cash profits to grow 25.4% a year for ten years · sales +8.2%

Story as of 2026-10-16T10:00:07.481Z; price observation 2026-10-15.

Price needs cash profits to grow 25.4% a year for ten years

### Sales · FY2025–2026

sales +8.2%; source https://filings.xbrl.org/529900SGCREUZCZ7P020/2026-06-30/ESEF/DK/0/alk-2026-06-30-en/reports/alk-2026-06-30-en.xhtml; observed 2026-09-02.

- FY2017: DKK 2.9B 

- FY2018: DKK 2.9B 

- FY2019: DKK 3.3B 

- FY2020: DKK 3.5B 

- FY2021: DKK 3.9B 

- FY2022: DKK 4.5B 

- FY2023: DKK 4.8B 

- FY2024: DKK 5.5B 

- FY2025: DKK 6.3B 

- FY2026: DKK 6.8B 

### Gross margin · FY2025

gross margin 65.9%; source https://filings.xbrl.org/529900SGCREUZCZ7P020/2026-06-30/ESEF/DK/0/alk-2026-06-30-en/reports/alk-2026-06-30-en.xhtml; observed 2026-09-02.

- FY2016: 66.5% 

- FY2017: 56.4% 

- FY2018: 56.0% 

- FY2019: 57.8% 

- FY2020: 58.1% 

- FY2021: 61.2% 

- FY2022: 61.9% 

- FY2023: 62.9% 

- FY2024: 64.2% 

- FY2025: 65.9% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in biotechnology; annual sales are DKK 6.3 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2025: revenue 6312000000; grossProfit 4158000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ALK-B.CO: ALK-Abelló A/S, an allergy solutions company, develops treatments for respiratory allergy, anaphylaxis, and food allergy and new disease areas in the European Union, the United Kingdom, Norway, Switzerland, the United States, Canada, Japan, China, and internationally. The company offers allergy immunotherapy products in the form of vaccines, injections, sublingual drops, and tablets for the treatment of various allergies, including grass and tree pollen, house dust mites, ragweed, Japanese cedar, peanuts, and tree nuts; adrenaline nasal sprays for emergency treatment of anaphylaxis and acute flares in chronic spontaneous urticaria; and ALK 014, a biologic for food allergies. It also provides GRAZAX/GRASTEK, a tablet for grass pollen allergy; ACARIZAX, ODACTRA, and MITICURE/SENSIMUNE, which are tablets for house dust mite allergies; ITULAZAX/ITULATEK, a tablet for tree pollen allergy; RAGWITEK/RAGWIZAX, a tablet for ragweed pollen allergy; and CEDARCURE, a tablet for Japanese cedar pollen allergy. In addition, the company offers consumer healthcare solutions, such as klarify.me, a digital patient engagement platform to help people manage their allergies. Further, it provides allergen extracts for use in the diagnosis of specific allergies, such as skin prick and blood test; and emergency medicine treatment, such as adrenaline autoinjectors, an intra-muscular injection of adrenaline for the treatment of acute life-threatening allergic reactions, including anaphylaxis. The company has a collaboration with Torii Pharmaceutical Co., Ltd. for the development of GRAZAX and CEDARCURE; and Dr. Reddy's Laboratories for the development of Sensimune. ALK-Abelló A/S was founded in 1923 and is headquartered in Horsholm, Denmark.

### Why customers stay

Margins ranged from 62.9% to 65.9% during 2023–25; it earns 7.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2023: grossProfit / revenue = 62.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2024: grossProfit / revenue = 64.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2025: grossProfit / revenue = 65.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); 10-year return on capital observations [[2016,0.13038107202680066],[2017,-0.021974965229485395],[2018,-0.024784313725490194],[2019,-0.003263499557391561],[2020,0.029139270771069935],[2021,0.06476527297973123],[2022,0.087993289149469],[2023,0.1169133032786915],[2024,0.15272616282225426],[2025,0.2355841878035618]]; median 0.07637928106460011. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 62% gross margin through 2022 cost inflation.

- Source: https://filings.xbrl.org/529900SGCREUZCZ7P020/2026-06-30/ESEF/DK/0/alk-2026-06-30-en/reports/alk-2026-06-30-en.xhtml (filed 2026-09-02); Gross margin observations: [[2021,0.6118488253319714],[2022,0.6187098204389271],[2023,0.6291459369817579]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 2 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2016: growth capex 62000000; upkeep 163000000; owner earnings 270000000. Growth capex / owner earnings = 0.22962962962962963.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2020: growth capex 0; upkeep 222000000; owner earnings 200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2021: growth capex 21000000; upkeep 242000000; owner earnings 170200000. Growth capex / owner earnings = 0.12338425381903642.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2022: growth capex 60000000; upkeep 238000000; owner earnings 281600000. Growth capex / owner earnings = 0.21306818181818182.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2023: growth capex 134000000; upkeep 245000000; owner earnings 425800000. Growth capex / owner earnings = 0.3147017379051198.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2024: growth capex 0; upkeep 260000000; owner earnings 760800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2025: growth capex 0; upkeep 276000000; owner earnings 1199000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); Dividend observations: [[2016,49000000],[2017,51000000],[2018,0],[2019,0],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 0% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ALK-B.CO SharesStats.PercentInsiders = 0 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 25.4% yearly over ten years; actual growth was 11.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); Ten-year compound average after fade. Initial solved rate 0.3577721166272815. Price 232.8; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.7754838709677419 → FY2025 5.411563142877002. Closing-price date 2026-10-15.

## Monthly share-price history (DKK per share)

- 2016-10: DKK 45.80 per share

- 2016-11: DKK 43.15 per share

- 2016-12: DKK 46.00 per share

- 2017-01: DKK 50.75 per share

- 2017-02: DKK 46.90 per share

- 2017-03: DKK 50.30 per share

- 2017-04: DKK 53.25 per share

- 2017-05: DKK 49.93 per share

- 2017-06: DKK 48.58 per share

- 2017-07: DKK 49.50 per share

- 2017-08: DKK 48.73 per share

- 2017-09: DKK 49.53 per share

- 2017-10: DKK 49.98 per share

- 2017-11: DKK 45.35 per share

- 2017-12: DKK 37.00 per share

- 2018-01: DKK 38.10 per share

- 2018-02: DKK 36.00 per share

- 2018-03: DKK 37.85 per share

- 2018-04: DKK 39.20 per share

- 2018-05: DKK 51.60 per share

- 2018-06: DKK 53.30 per share

- 2018-07: DKK 59.20 per share

- 2018-08: DKK 58.30 per share

- 2018-09: DKK 53.60 per share

- 2018-10: DKK 52.80 per share

- 2018-11: DKK 45.55 per share

- 2018-12: DKK 48.00 per share

- 2019-01: DKK 50.20 per share

- 2019-02: DKK 51.40 per share

- 2019-03: DKK 55.00 per share

- 2019-04: DKK 56.55 per share

- 2019-05: DKK 76.90 per share

- 2019-06: DKK 76.50 per share

- 2019-07: DKK 76.35 per share

- 2019-08: DKK 68.45 per share

- 2019-09: DKK 70.45 per share

- 2019-10: DKK 71.95 per share

- 2019-11: DKK 83.30 per share

- 2019-12: DKK 81.75 per share

- 2020-01: DKK 90.00 per share

- 2020-02: DKK 86.25 per share

- 2020-03: DKK 77.10 per share

- 2020-04: DKK 86.70 per share

- 2020-05: DKK 89.25 per share

- 2020-06: DKK 88.55 per share

- 2020-07: DKK 89.00 per share

- 2020-08: DKK 105.50 per share

- 2020-09: DKK 104.90 per share

- 2020-10: DKK 106.60 per share

- 2020-11: DKK 110.40 per share

- 2020-12: DKK 125.00 per share

- 2021-01: DKK 120.40 per share

- 2021-02: DKK 129.90 per share

- 2021-03: DKK 120.50 per share

- 2021-04: DKK 134.10 per share

- 2021-05: DKK 136.00 per share

- 2021-06: DKK 149.60 per share

- 2021-07: DKK 154.60 per share

- 2021-08: DKK 153.90 per share

- 2021-09: DKK 134.90 per share

- 2021-10: DKK 139.40 per share

- 2021-11: DKK 164.80 per share

- 2021-12: DKK 171.50 per share

- 2022-01: DKK 139.30 per share

- 2022-02: DKK 126.80 per share

- 2022-03: DKK 149.44 per share

- 2022-04: DKK 155.25 per share

- 2022-05: DKK 138.24 per share

- 2022-06: DKK 123.20 per share

- 2022-07: DKK 145.00 per share

- 2022-08: DKK 138.10 per share

- 2022-09: DKK 120.80 per share

- 2022-10: DKK 124.80 per share

- 2022-11: DKK 101.10 per share

- 2022-12: DKK 96.05 per share

- 2023-01: DKK 101.80 per share

- 2023-02: DKK 104.90 per share

- 2023-03: DKK 106.10 per share

- 2023-04: DKK 85.40 per share

- 2023-05: DKK 82.45 per share

- 2023-06: DKK 74.45 per share

- 2023-07: DKK 73.80 per share

- 2023-08: DKK 81.95 per share

- 2023-09: DKK 79.45 per share

- 2023-10: DKK 78.15 per share

- 2023-11: DKK 94.80 per share

- 2023-12: DKK 101.20 per share

- 2024-01: DKK 111.60 per share

- 2024-02: DKK 128.50 per share

- 2024-03: DKK 124.10 per share

- 2024-04: DKK 130.50 per share

- 2024-05: DKK 152.60 per share

- 2024-06: DKK 153.10 per share

- 2024-07: DKK 155.60 per share

- 2024-08: DKK 179.00 per share

- 2024-09: DKK 171.80 per share

- 2024-10: DKK 160.40 per share

- 2024-11: DKK 162.00 per share

- 2024-12: DKK 159.10 per share

- 2025-01: DKK 162.80 per share

- 2025-02: DKK 153.10 per share

- 2025-03: DKK 138.80 per share

- 2025-04: DKK 152.00 per share

- 2025-05: DKK 177.90 per share

- 2025-06: DKK 186.90 per share

- 2025-07: DKK 191.20 per share

- 2025-08: DKK 201.20 per share

- 2025-09: DKK 208.40 per share

- 2025-10: DKK 213.40 per share

- 2025-11: DKK 230.80 per share

- 2025-12: DKK 228.60 per share

- 2026-01: DKK 207.60 per share

- 2026-02: DKK 220.40 per share

- 2026-03: DKK 202.20 per share

- 2026-04: DKK 238.40 per share

- 2026-05: DKK 268.00 per share

- 2026-06: DKK 244.20 per share

- 2026-07: DKK 222.00 per share

- 2026-08: DKK 208.80 per share

- 2026-09: DKK 198.40 per share

- 2026-10: DKK 227.20 per share

## Annual estimated value (DKK per share)

- FY2016: low DKK 18.96 per share, central DKK 24.49 per share, high DKK 28.02 per share

- FY2017: low DKK 15.34 per share, central DKK 16.99 per share, high DKK 19.20 per share

- FY2018: low DKK 12.38 per share, central DKK 13.88 per share, high DKK 15.87 per share

- FY2022: low DKK 0.61 per share, central DKK 0.61 per share, high DKK 0.62 per share

- FY2023: low DKK 12.89 per share, central DKK 16.66 per share, high DKK 19.24 per share

- FY2024: low DKK 21.78 per share, central DKK 28.10 per share, high DKK 32.52 per share

- FY2025: low DKK 37.48 per share, central DKK 48.96 per share, high DKK 56.50 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:42:14.574Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/529900SGCREUZCZ7P020/2026-06-30/ESEF/DK/0/alk-2026-06-30-en/reports/alk-2026-06-30-en.xhtml); period 2026-06-30, filed 2026-09-02.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.