Allergy Therapeutics plc (LON:AGY), the fully integrated commercial biotechnology company specialising in allergy vaccines, today provided a trading update for the year ended 30 June 2018 ahead of its Preliminary Results to be announced in September.
Revenues for the year are expected to be in line with market expectations at £68.3m (2017: £64.1m). This performance represents 6.6% annual growth on a reported basis and 3.5% on a constant currency basis which reflects a strong performance during an unusually weak pollen season in 2017. The Group is continuing to gain market share within its core markets in Europe and data for the key markets for the 9 months ending 31 March 2018 showed an increase of 0.7 of a market share point1. Expenses are expected to be in line with market expectations due to continuing cost control.
The cash balance at the end of June 2018 was £15.5m (30 June 2017: £22.1m).
Following the positive Grass Phase II trial, the ongoing pipeline trials continue to progress well and timing remains in line with the Group’s strategy. The results of the pivotal Birch Phase III trial for Europe continue to be expected in Q3 2018.
Manuel Llobet, CEO at Allergy Therapeutics plc, stated: “Our convenient, flexible and varied product portfolio has enabled us over the past 19 years to grow revenues at 10% compound annual growth rate. We are pleased that we have continued to make headway in market share this year, despite a poor pollen season, and have maintained a tight control on costs in the period. Our pipeline continues to progress well, with the announcement of excellent Grass Phase II results, the publication of significant papers on the long-term effect of our product and the positive Birch Phase II Trials. We are looking forward to the results of the Birch Phase III trial, expected in Q3 2018.”
1Market data and internal estimates for 9 months to 31 March 2018, for the core European markets in which Allergy Therapeutics operates excluding Switzerland (competitor data not available)