ALK-Abelló – Allergy Vaccines

• ALK-Abelló’s revenue totalled DKK 1,217 million (1,054) equivalent to organic growth of 15%, up from the latest forecast of 12%.
• EBITA for the core business before the settlement of share options was DKK 245 million (143), representing a 71% increase. The latest forecast of EBITA for the core business was approximately DKK 210 million. The improvement of earnings was primarily the result of improved sales and subdued costs.
• Pipeline costs were DKK 192 million (198), which was in line with the latest forecast.
• Overall EBITA for ALK-Abelló, before the settlement of share options, was DKK 53 million (a loss of 55) compared to a forecast of approximately DKK 20 million.

Chr. Hansen – Food Ingredients

• The Ingredients Sector’s revenue totalled DKK 3,164 million, based on 11 months’ sales.
• EBITA for the Ingredients Sector was DKK 353 million for the 11 months included in the 2004/05 financial statements, equivalent to an EBITA margin of 11% compared to the latest forecast of an EBITA margin of approximately 13%.

Chr. Hansen Group

• Group revenue totalled DKK 4,381 million (4,474). The reason for the decline in revenue was primarily that the Ingredients Sector was only consolidated for 11 months in 2004/05.
• The Group's pre-tax profit on ordinary activities was DKK 4,395 million (202), including the profit from 11 months’ operations in the Ingredients Sector and the DKK 4,206 million gain on the divestment of the Ingredients Sector.
• Excluding the gain on the divestment of the Ingredients Sector, the Group's profit on ordinary activities before tax for 2004/05 was estimated at DKK 275-295 million based on 12 months’ operations in the Ingredients Sector. Primarily as a result of the lower profit of the Ingredients Sector, the Group's profit on ordinary activities before tax and excluding the gain on the divestment of Ingredients Sector was DKK 189 million.

Outlook for the 2005/06 financial year

• Revenue, which will solely derive from ALK-Abelló in future, is forecast at approximately DKK 1.5 billion for the 2005/06 financial year, with organic growth in the range of 8-10%. After pipeline costs of approximately DKK 200 million and costs associated with the launch of GRAZAX^®, the tablet against grass pollen allergy, EBIT is forecast at DKK 35-55 million. EBT is forecast at DKK 45-65 million.