ALK Abello outperforms expectations in strong 1st-qtr

Shares of Danish allergy immunotherapy specialist ALK Abello (ALKB: DC) were up almost 10% at 1,788.00 Danish kroner by late morning today, after the company released first-quarter 2020 financials, showing that performance was ahead of expectations, with strong growth in Europe and International markets.

In the first three months of the year, revenue was up 10% organically in local currencies at DKK 956 million Danish kroner ($141.0 million).

Operating profit (earnings before interest, taxes, depreciation and amortization; EBITDA) exceeded expectations and grew by 49% at 198 million kroner, reflecting higher sales, better margins and lower capacity costs. Free cash flow, at 21 million kroner (minus 17) was well ahead of plan, driven by higher earnings and the re-phasing of investments.