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Allergy therapeutics plc

Allergy Therapeutics achieve good sales growth in 2019

Allergy Therapeutics (LON:AGY), the fully integrated specialty pharmaceutical company specialising in allergy vaccines, today announced preliminary results for the year ended 30 June 2019.

Highlights

Financial Highlights

·      8% revenue growth (both reported and constant rate1) to £73.7m (2018: £68.3m)

·      22% increase in pre-R&D operating profit to £11.3m (2018: £9.3m) as a result of sales growth and lower overhead cost growth

·      Strong cash balance of £27.4m at 30 June 2019 (2018: £15.5m)

·      Net profit of £3.5m for the year including Inflamax settlement of £6m (2018: Net loss of £7.5m)

Operating Highlights

·      Good growth across key countries and products with 0.5point increase in market share2 in European business to 14.1% (2018:13.6%)

·      Scale up of VLP-based (virus like particle) Peanut product going well following encouraging initial discussions with regulatory authorities; Phase I trial due to commence next year

·      Successful Modified House Dust Mite Phase I safety trial

·      Primary endpoint of Birch MATA MPL Phase III trial not met but learnings being applied to clinical field-trial planning

·      Successful completion of legal action resulting in £6m settlement with costs recovered in 2020

Manuel Llobet, Chief Executive Officer of Allergy Therapeutics, commented: Allergy Therapeutics  has traded well in 2019 with good sales growth, cost control and the favourable settlement of legal action delivering profitability for the year. Clinically, the unexpected failure of the Birch trial has been a disappointment, but we have learned from this outcome and will apply the lessons to our future clinical field-trials including the Grass MATA MPL Phase III trial. We are looking forward to the first in human peanut trial in the summer of next year. With our strong cash position, successful core products and exciting R&D pipeline, we look forward to the future with confidence.”

1Constant currency uses prior year weighted average exchange rates to translate current year foreign currency denominated revenue to give a year on year comparison excluding the effects of foreign exchange movements.

2Market data and internal estimates for 12 months to 30 June 2019 for Allergy Therapeutics’ direct sales competitive markets excluding UK and Switzerland due to lack of competitor information.

This announcement contains inside information for the purposes of Article 7 of Regulatory (EU) No596/2014.

Analyst briefing and webcast today

Manuel Llobet, Chief Executive Officer, and Nick Wykeman, Chief Financial Officer, will host a meeting and webcast for analysts to provide an update on the Group, followed by a Q&A session, at 09.30am BST today at the offices of Panmure Gordon & Co, One New Change, London, EC4M 9AF.

Dial-in details are:

Webcast link: https://edge.media-server.com/mmc/p/rwpq8gxe

UK dial-in: +44 (0) 2071 928000

US dial-in: +16315107495

Conference ID: 4269897

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Disclaimer: Statements in this article should not be considered investment advice, which is best sought directly from a qualified professional.