29 March 2017

Allergy Therapeutics plc - Interim Results for the six months ended 31 December 2016


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 2016.

Highlights (including post period end highlights)

Financial highlights

  • Revenue increased by 18% at constant currency to £34.2m (H1 2016: £29.0m)* while reported revenue increased by 39% to £40.4m (H1 2016: £29.0m)
  • R&D expenditure of £3.8m (H1 2016: £6.5m) following a higher level of investment in Phase II trials in H1 2016
  • Strong growth in operating profit pre R&D of 40% as a result of broad investment in the business to £11.1m (H1 2016: £7.9m) and the strength of the euro against sterling
  • Cash balance of £27.8m (H1 2016: £33.2m)

Products and pipeline highlights

  • Increased market share in the Group’s main European markets to 13% (2016: 12%) against a low to flat market
  • Pollinex franchise continues to expand and shape the market as a more convenient treatment
  • First patient recruited in pivotal Pollinex Quattro Birch Phase III study in Europe
  • US Grass MATA MPL programme proceeding as planned with the safety trial (G104) advancing to a dosing trial in H2 2017
  • CTA approval in Spain for Phase I clinical study investigating the safety and tolerability of Acarovac MPL (monophosphoryl lipid A)
  • Positive proof of concept preclinical trial results announced with Polyvac®Peanut, the Group’s peanut allergy vaccine

“In the first half of this year, we delivered an increase of 18% in revenue at constant currency, despite flat or low growth in European markets, driven by the quality of the Group’s highly convenient, ultra-short course, aluminium-free therapy enabling us to continue to gain market share. This, linked to the recent announcements on progress with our pipeline projects, illustrates that the approach of investing both in the current business as well as the pipeline is working, paving the way for our long-term strategic international plans for a world-class allergy vaccines portfolio.”

Manuel Llobet

Chief Executive Officer

*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.

Conference call

Manuel Llobet, Chief Executive Officer, and Nick Wykeman, Finance Director, will host a conference call for analysts at 0900 BST today.
UK: +44 1452 555 566
Conference ID: 75062637

A replay of the call will be available for 30 days after the event and can be accessed through the numbers below.
UK: +44 1452 550 000
USA: +1 866 247 4222
Conference ID: 75062637

The results presentation will be made available on the Investor section of Allergy Therapeutics’ website shortly before the call.

For further information, please contact:

Allergy Therapeutics
+44 (0) 1903 845 820
Manuel Llobet, Chief Executive Officer
Nick Wykeman, Finance Director

Panmure Gordon
+44 (0) 20 7886 2500
Freddy Crossley / Duncan Monteith, Corporate Finance
Tom Salvesen, Corporate Broking

Consilium Strategic Communications
+44 20 3709 5700
Mary-Jane Elliott / Ivar Milligan
allergytherapeutics@consilium-comms.com

Notes for editors:
About Allergy Therapeutics

Allergy Therapeutics is an international specialty pharmaceutical company focussed on the treatment and diagnosis of allergic disorders including immunotherapy vaccines that cure disease.  The Company sells proprietary products and third party products from its subsidiaries in nine major European countries and via distribution agreements in an additional ten countries.

Formed in 1999 out of Smith Kline Beecham, Allergy Therapeutics is headquartered in Worthing, UK with MHRA-approved manufacturing facilities.  The Company employs c.495 employees and is listed on the London Stock Exchange (AIM:AGY).
For more information, please see www.allergytherapeutics.com.

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