(I) GRAZAX - ProInvestor

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May 2007 Revenue outlook for 2007 Curing Allergy 40 Revenue is still forecast at DKKm 1,650-1,700 Organic sales growth of allergy vaccines in the range of 15-19% GRAZAX ® sales forecast unchanged Significant uncertainty attached to GRAZAX ® forecast Price and reimbursement talks ongoing in a number of countries Anticipated seasonal variation in sales GRAZAX ® is still expected launched in Northern, Central and Southern Europe
May 2007 Earnings outlook for 2007 Curing Allergy 41 R&D costs still expected to be on level with 2006 S&M costs affected by considerable GRAZAX ® sales and marketing costs Operational start-up of collaborations also affects costs EBIT is still forecast at DKKm 200-220 Includes income from Schering-Plough of DKKm 199 EBT is still forecast at DKKm 230-250 and EAT at DKKm 130-150 Positive effect of DKKm 37 from final regulations of the selling price of Chr. Hansen Net profit for the year is forecast at DKKm 176-187
Page 1 and 2: Curing Allergy We improve quality o
Page 3 and 4: May 2007 Table of content Curing Al
Page 5 and 6: May 2007 What is allergy? Curing Al
Page 7 and 8: May 2007 Allergies have a significa
Page 9 and 10: May 2007 Curing Allergy 9 What is a
Page 11 and 12: May 2007 Curing Allergy 11 Immunoth
Page 13 and 14: Curing Allergy THE IMMUNOTHERAPY MA
Page 15 and 16: May 2007 The market for specific im
Page 17 and 18: Curing Allergy GRAZAX ® See more o
Page 19 and 20: May 2007 GRAZAX ® - improving qual
Page 21 and 22: May 2007 Status on GRAZAX ® - ALK-
Page 23 and 24: May 2007 Curing Allergy 23 Seasonal
Page 25 and 26: May 2007 GRAZAX ® well received in
Page 27 and 28: May 2007 GRAZAX ® is highly cost-e
Page 29 and 30: May 2007 Schering-Plough - Partner
Page 31 and 32: May 2007 ALK-Abelló and Menarini -
Page 33 and 34: May 2007 R&D Pipeline Curing Allerg
Page 35 and 36: Curing Allergy FINANCIAL HIGHLIGHTS
Page 37 and 38: May 2007 Strong underlying sales de
Page 39: May 2007 Earnings in line with expe
Page 43 and 44: May 2007 Forward-looking statements
Page 45 and 46: May 2007 Ongoing progress and news
Page 47 and 48: May 2007 Shareholder structure Curi
Page 49 and 50: May 2007 GRAZAX ® launch strategy
Page 51 and 52: May 2007 Market potential (I) Curin
Page 53 and 54: May 2007 GRAZAX ® - Clinical trial
Page 55 and 56: May 2007 GRAZAX ® - Clinical trial
Page 57 and 58: May 2007 Long-term efficacy of GRAZ
Page 59 and 60: May 2007 GRAZAX ® safety and toler
Page 61 and 62: May 2007 GRAZAX ® safety and toler
Page 63 and 64: May 2007 ALK-Abelló publications L
Page 65 and 66: May 2007 References Curing Allergy
Page 67 and 68: May 2007 Allergy calendar Curing Al
Page 69: May 2007 Contact Investor Relations

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