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ALK-Abelló A/S

ALK-B.CO
82
Biotechnology · Healthcare
Price
kr 216.00
+7.00 (+3.35%)
Market Cap
kr 47.86B
Exchange
NASDAQ Copenhagen
Winston Score
82
Winston is happy
A high-quality business with solid fundamentals.
Data as of Aug 23, 2026 · filings through Jun 30, 2026
How the score breaks down
Quality
Exceptional
Growth
Exceptional
Cash Flow
Exceptional
Stability
Exceptional
Valuation
Good
Dividends
Weak

Winston Score History

The full picture

ALK-Abelló is a Danish pharmaceutical company that makes allergy treatments. Its main products are allergy immunotherapy medicines — these are treatments that help people's immune systems stop overreacting to things like pollen, dust mites, and pet dander. The company sells to doctors, clinics, and hospitals across Europe, North America, and other markets worldwide.

ALK-Abelló earns money by selling prescription allergy immunotherapy products, including both injections and dissolvable tablets that patients take under the tongue. It operates primarily in Europe but has been expanding in North America and Asia. The company holds a strong competitive position because allergy immunotherapy is a specialized field with high regulatory barriers, and ALK-Abelló has decades of clinical data and established doctor relationships. The key growth driver is the shift toward convenient tablet-based treatments, which are easier for patients than injections, though pricing pressure from generic competitors and reimbursement decisions by health insurers remain ongoing risks.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+17.6% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+27.5% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

kr 596M/ year

Rising (+12% vs prior year)

9.4% of revenue

Below sector average (18%)

R&D investment increasing — building for the future

Insider Activity

40.5%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

kr 1.7B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

ALK-Abelló A/S is a rare growth stock that's already generating positive cash flow while growing at 18%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

+0.4% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 221.0M (2021) → 221.8M (2025)

Score breakdown

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Quality

Profit per sale
Gross Margin
66.6%
Premium pricing power — 66.6% gross margin
Profit after running costs
Operating Margin
24.8%
Excellent — 24.8% operating margin
Return on the money invested
ROCE
25.5%
Exceptional — 25.5% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth
Sales YoY
+16.5%
Fast-growing sales (+16.5% YoY)
Profit growth
EPS YoY
+33.5%
Earnings growing fast (+33.5% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is
EPS Consistency
8/8 quarters
Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash
Cash Conversion
159%
Turns 159% of profit into real cash
Spare cash per sale
FCF Margin
27.1%
Converts sales into free cash efficiently (27.1%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns
Debt / Equity
0.03
Conservative — low debt load (0.03)
Covers its interest
Interest Cover
456.00x
Comfortably covers interest (456.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
35.4x
Pricey — P/E 35.4

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year
P/E vs Forward
+8.5
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (35.4 → 26.9)

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Dividends

Dividend
Dividend Yield
0.71%
Small dividend — 0.71% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record
Dividend Growth
-17.0%
Dividend cut (-17.0% YoY) — warning sign

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