ALK reported solid execution with broad-based double-digit revenue growth and margin expansion, but the stock remained flat as investors digested normalization in margin mix and cautious commentary on partner-related revenue trends.

• Q1 revenue rose 18% in local currencies to DKK 1.8 billion, driven by strong tablet sales across Europe (+26%), North America (+26%), and select international markets.
• EBIT increased 22% to DKK 570 million, pushing the EBIT margin up to 32%, supported by higher sales volumes and a favorable sales mix with more European tablets.
• Capacity costs rose 23% to DKK 658 million due to investments in growth initiatives and expanded sales resources, leading to a slight increase in capacity cost to revenue ratio to 37%.
• Gross margin improved by 2 percentage points to 69% but is expected to normalize over the year as lower-margin partner revenue grows.
• Strategic progress included the first sales of pediatric respiratory tablets across key markets, regulatory approvals ahead of the neffy rollout, and positive Phase II trial results for the peanut allergy tablet.