Allergy Therapeutics PLC – Interim Results

Allergy Therapeutics PLC – Interim Results

Interim Results for the six months ended 31 December 2018. Continued good sales growth and strong operating profit with 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.

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