Commenting on announcement, Manuel Llobet, CEO of Allergy Therapeutics, said: “Allergy Therapeutics has continued to perform strongly this year, combining good sales performance with strong cost control, resulting in earnings ahead of market expectations for the full year. With the announcement today of a successful litigation result in relation to the Grass MATA MPL Phase II trial in challenge chambers, our cash position has been further boosted. We look forward to giving more detail on the Group’s performance at our full year results in September.”
Allergy Therapeutics plc (LON:AGY), the fully integrated commercial biotechnology company specialising in allergy vaccines, today announced a pre-close trading update for the 12 months ended 30 June 2019 and the successful outcome of the litigation related to the Grass MATA MPL Phase II trial. The Group will announce its post year-end trading update on 11 July 2019 and preliminary results on 25 September 2019.
Net sales this year are likely to be in line with market expectations showing good growth over the past year on a constant currency basis across most of Europe but especially in Spain, Netherlands and Switzerland. In terms of products, Venomil, Pollinex and Pollinex Quattro have all performed well and Acarovac Plus continues to be a top performing product in Spain.
As a result of lower than anticipated overheads through cost control and lower R&D costs (now expected to be less than £14m), due to the timing of the Grass MATA MPL Phase III trial, the Group now expects earnings for the full year 2019 to be ahead of market expectations.
As announced separately today, the Group has also received a $7.6m settlement from Inflamax Research Inc. (“Inflamax”) in relation to legal proceedings about the previously disclosed inconclusive Phase II Grass MATA MPL trial which took place in the USA in 2015-16. Inflamax has also agreed to pay a substantial part of the Group’s legal costs.