ALK-Abelló A/S (ALK-B.CO) Stock Analysis & Winston Score

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.

Winston Score History

Growth Profile

For growth stock investors

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

Revenue Growth

+16.4% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+23.1% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

$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

$1.5B 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 16%. 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

Gross Margin

69.3%

Premium pricing power — 69.3% gross margin

Operating Margin

32.2%

Excellent — 32.2% operating margin

ROCE

8.5%

Below par — 8.5% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

+14.9%

Fast-growing sales (+14.9% YoY)

EPS YoY

+34.8%

Earnings growing fast (+34.8% YoY)

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

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

171%

Turns 171% of profit into real cash

FCF Margin

27.8%

Converts sales into free cash efficiently (27.8%)

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

Debt / Equity

0.02

Conservative — low debt load (0.02)

Interest Cover

60.48x

Comfortably covers interest (60.5x)

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

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Valuation

P/E Ratio (TTM)

38.8x

Pricey — P/E 38.8

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

P/E vs Forward

+11.9

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (38.8 → 26.9)

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Dividends

Dividend Yield

0.71%

Small dividend — 0.71% yield

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

Dividend Growth

-17.0%

Dividend cut (-17.0% YoY) — warning sign

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