ALK initiation of coverage BUY, DKK160 ALK | initiation of coverage BUY, DKK160 | A global leader in allergy immunotherapy
ALK is the largest player in the global EUR1.3bn allergy immunotherapy (AIT) market. Recent market growth has been driven by EU adoption of tablets while historically the market was dominated by shots. This has been spearheaded by ALK, as the only company with a complete tablet offering for the main respiratory allergies. ALK guides for ?10% annual topline growth into 2025 (and beyond) and for EBIT margin to reach ~25% in 2025 (FY22E: 9%). We believe this is more than achievable based on tablets revenue momentum in Europe and Japan as well as fully reflected in the share price. We initiate coverage with a BUY and DKK 160 PT and see upside from the initial clinical data in peanut allergy in 2023, that has the potential to double ALK’s addressable market.
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