Detailed Peanut Allergy Tablet Results Shouldn't Surprise

Research evidence excerpt

Detailed Peanut Allergy Tablet Results Shouldn't Surprise

Denmark | Biotechnology

ALK-Abello A/S EquityJuneResearch15, 2026

FLASH NOTEDetailed Peanut Allergy Tablet Results

RATING BUYShouldn't Surprise

PRICE DKK270.40^

Detailed Phase II ALLIANCE data for ALK's peanut tablet were presented

at EAACI. Given topline efficacy had already impressed, the focus was on PRICE TARGET | % TO PT DKK285.00 | +5%

detailed safety, which reassuringly showed an acceptable profile, in our 52W HIGH-LOW DKK271.40 - DKK172.40

view, that is, for the most part, broadly in the range of existing house FLOAT (%) | ADV MM (USD) 54.9% | 8.97

dust mite tablets. Recurrent adverse events were transient, whilst systemic MARKET CAP DKK59.9B | $9.3B

safety remains encouraging, though larger studies are still needed to further TICKER ALKB DC ^Prior trading day's closing price unless otherwise

validate. noted.

Detailed safety profile seems acceptable, particularly compared to the on-market house

dust mite tablet: The most common adverse events with the peanut allergy tablet were broadly 70%

60%within the range reported on the on-market house dust mite tablet label, with the vast majority

considered mild. Recurrent adverse events (AEs) were transient, most commonly lasting for %) 50%40% (Placebo-adj.5-30 mins. Some AEs, such as oral swelling, were unsurprisingly more frequent with the peanut 30%

Frequency

allergy tablet, which is likely due to the higher severity & sensitivity of this patient cohort AE 20%

10%compared to respiratory allergies, in our view. Events were largely similar between the low and

Throat irritation Oral pruritus Abdominalupper pain Lip swelling Mouth swelling Swollen tongue Ear pruritushigh doses, though we note that oral sores were somewhat more common with the higher 0%

dose.