COPENHAGEN, Denmark, May 8, 2014 (GLOBE NEWSWIRE) --
Performance for the period (unaudited)
(Comparative figures for 2013 are shown in brackets / revenue growth is measured in local currencies)Revenue and operating profit (EBITDA) in Q1 was strong. In particular, performance of allergy immunotherapy products in Europe exceeded expectations.
- Revenue grew by 14% to DKK 684 million (610) driven by a 70% increase in revenue from SLIT-tablets in North America (milestone payments) and Europe (organic growth) as well as a 6% increase in revenue from SCIT/SLIT-drops.
- Total sales of SCIT/SLIT-drops and GRAZAX (R) (previously reported as 'vaccine sales') grew organically by 7% including 12% organic growth in sales of GRAZAX (R).
- EBITDA before special items more than doubled to DKK 211 million (101) as a result of higher revenue, efficiency improvements, lower R&D expenses following completion of certain development activities and receipt of milestone payments of DKK 81 million (36).
- Cash flow from operations amounted to DKK 93 million (82). Free cash flow was DKK 39 million (26).
- GRASTEK (R) and RAGWITEK(TM) launched by Merck in the USA following the FDA's grant of marketing authorisations for both products. GRASTEK (R) was also launched in Canada.
- House dust mite SLIT-tablet commences Phase III trial in North America.
- Positive results from a pivotal Phase II/III trial into the SLIT-tablet for house dust mite-induced hay fever in Japan. Results from a parallel trial with allergic asthma are expected in the coming months.
- ALK and Abbott (NYSE:ABT) have entered into a partnership for the commercialisation of SLIT-tablets in selected emerging markets. The partnership adds ALK's portfolio of SLIT-tablets to Abbott's established franchise of respiratory products.
- Collaboration with Eddingpharm in China to expand ALK's reach and accelerate growth from ALK's already marketed house dust mite products. ALK will maintain a local organisation in China.