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06-Mar-2019

Allergy Therapeutics Interim Results for the six months ended 31 December 2018

 

  • Continued good sales growth and strong operating profit
  • Pipeline progressing well with PQ Birch results due Q1 and house dust mite results due in H1

 

6 March 2019 Allergy Therapeutics plc (AIM:AGY), the fully integrated specialty pharmaceutical group specialising in allergy vaccines, announces its unaudited interim results for the six months ended 31 December 2018.

 

Highlights

 

Financial highlights

  • Revenue increased by 10.6% (both reported and constant rate*) to £46.7m (H1 2018: £42.2m)
  • 27% growth in pre-R&D operating profit to £15.7m (H1 2018: £12.3m) largely as a result of  investment in the commercial business last year and a higher gross margin
  • R&D expenditure lower at £5.0m (H1 2018: £5.9m) due to lower level of activity
  • Cash balance of £31.6m (30 June 2018: £15.5m)
  • Oversubscribed equity raise of £10.6m gross in July 2018 to support the development of the Group’s clinical pipeline

 

Operational highlights

  • Increased market share in Germany to 14.5%** (2018: 13.7%)
  • Breadth of portfolio demonstrated by strong performance from ultra-short course products as well as venom and modified allergen house dust mite therapies
  • Completion of PQ Birch Phase III trial, with data readout expected before the end of Q1 2019
  • Scale up of Polyvac Peanut progressing well with intention to begin first in human trial in 2019
  • Modified allergen house dust mite Phase I trial completed last patient last treatment with readout expected in H1 2019

 

Commenting on the interim results, Manuel Llobet, Chief Executive Officer, said: “The Group has made a strong start to the financial year. Our ultra-short course products continue to drive good sales growth in a relatively flat market and the Group’s pre-R&D operating profit has increased as a result of investment into our commercial business last year and our focused sales and marketing strategy. 2019 will be a very important year for the Group and, in particular, our ultra-short course technology platform, with the start of the pivotal Phase III Grass MATA MPL trial for the US and Europe.  With an increasing market share, a healthy balance sheet, and an exciting clinical pipeline nearing key value inflection points, we look to the future with confidence.”

 

* Constant 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. See table in financial review for an analysis of revenue.

 

** Market data and internal estimates for the 12 months ended 31 December 2018 of Allergy Therapeutics’ direct sales in Germany.

 

 

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

 

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Last Updated: 08-Mar-2019