7 March 2018
Allergy Therapeutics plc: Interim Results for the six months ended 31 December 2017
Manuel Llobet, Chief Executive Officer, and Nick Wykeman, Finance Director, will host a meeting and call for analysts to provide an update on the Group, followed by a Q&A session, at 0930 GMT today. Dial-in details are: +44 (0) 1452 580733. Conference ID: 2485568.
Consistent performance driven by market share gains
Pivotal year with Grass MATA MPL readout due in H2 2018
7 March 2018 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 2017.
Highlights (including post period end highlights)
- Reported revenue increased by 4.4% to £42.2m (H1 2017: £40.4m) and to £40.9m at constant currency*, representing 1.3%** growth despite an abnormally weak pollen season
- R&D expenditure increased to £5.9m (H1 2017: £3.8m) due to investment in the Grass MATA MPL Phase II and PQ Birch Phase III trials
- 12% growth in pre-R&D operating profit to £12.3m (H1 2017: £11.1m) as a result of broad investment in the business and the strength of the euro against sterling
- Strong cash balance of £25.8m (H1 2017: £27.8m)
- Increased market share in the German market to 14% (2017: 13%)
- Breadth of portfolio demonstrated by strong performance from Venomil and Acarovac Plus
- Completion of recruitment in the pivotal Pollinex Quattro Birch Phase III study for Europe
- Completion of recruitment ahead of schedule for the Grass MATA MPL Phase II dosing trial for the US
- Contract for scaling up the Polyvac® Peanut product signed with AGC Biologics, aiming for first in human trials in 2019
- Acarovac Phase I trial continues with readout expected in H1 2019
- Contract for joint development of Oralvac products in the TAV process signed with Ergomed
- Bencard Adjuvant Systems continues to build its IP assets with microcrystalline tyrosine manufacturing process patented in key worldwide markets
“2018 is set to be a pivotal year for Allergy Therapeutics with the key Grass MATA MPL Phase II trial on course for readout in the second half of the calendar year. This could provide us the platform to expand into the lucrative US market. In the first half of this year, we continued to outperform the wider market and delivered an increase in revenue at constant currency despite an abnormally weak pollen season, demonstrating the strength of our differentiated products. This reflects the quality of the Group’s highly convenient, ultra-short course, aluminium-free therapy, enabling us to continue to gain market share.”
Manuel LlobetChief Executive Officer
This announcement contains insider information for the purposes of Article 7 of Regulatory (EU) No596/2014.
* 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.
** Percentage based on figures in thousands (2017: £40.956m, 2016: £40.427m)
For further information, please contact:
+44 (0) 1903 845 820
Manuel Llobet, Chief Executive Officer
Nick Wykeman, Finance Director
+44 (0) 20 7886 2500
Freddy Crossley, Corporate Finance
Tom Salvesen, Corporate Broking
Consilium Strategic Communications
+44 20 3709 5700
Mary-Jane Elliott / Ivar Milligan / Philippa Gardner
Stern Investor Relations
+1 212 362 1200
Notes for editors:
About Allergy Therapeutics
Allergy Therapeutics is an international specialty pharmaceutical group focussed on the treatment and diagnosis of allergic disorders, including immunotherapy vaccines that have the potential to cure disease. The Group sells proprietary and third party products from its subsidiaries in nine major European countries and via distribution agreements in an additional ten countries. Its broad pipeline of products in clinical development include vaccines for grass, tree and house dust mite, and peanut allergy vaccine in pre-clinical development. Adjuvant systems to boost performance of vaccines outside allergy are also in development.
Formed in 1999 out of Smith Kline Beecham, Allergy Therapeutics is headquartered in Worthing, UK with more than 11,000m2 of state-of-the-art MHRA-approved manufacturing facilities and laboratories. The Group, which has achieved double digit compound annual growth since formation, employs c.500 employees and is listed on the London Stock Exchange (AIM:AGY). For more information, please see www.allergytherapeutics.com.
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