Allergy Therapeutics report record pre-R&D operating profit ahead of market expectations

Allergy Therapeutics

Allergy Therapeutics plc (LON:AGY), the fully integrated specialty pharmaceutical company specialising in allergy vaccines, today announced its preliminary results for the year ended 30th June 2021.

Financial highlights

·      8% revenue growth in actual terms and 6% at constant rate* to £84.3m (2020: £78.2m)

·      19% increase in pre-R&D operating profit to £16.9m (2020: £14.2m) as a result of sales growth and lower overhead cost growth

·      Strong cash balance of £40.3m at 30 June 2021 (2020: £37.0m)

·      Net profit of £2.9m for the year (2020: Net profit of £7.1m including cash settlement of £3.2m)

Operating highlights (including post period)

·      Successful ex-vivo VLP Peanut biomarker study ahead of Phase I trial (named PROTECT) anticipated in Q1 2022

·      Robust growth across all key products and countries in a challenging year

·      Successful launch of ImmunoBON in Germany and Austria

·      Grass MATA MPL exploratory field trial to read out in autumn 2021

·      Registration of Venomil in Austria

Manuel Llobet, CEO of Allergy Therapeutics, stated: “Allergy Therapeutics has performed well in 2021, driving our European commercial business and progressing our clinical programmes amid challenging conditions. Our commercial and pipeline products demonstrate our commitment to allergy and immunology solutions to help people worldwide. 

“Engaging with our stakeholders is key to our success as a business. They trust us to deliver safe and effective products on time, to stand by our values and to operate our business with high standards of quality and integrity. Our three core values – Vision, Commitment and Menschlichkeit (Humanity), shape the way in which we work and are at the heart of every decision we make. I would like to thank our team and all our partners for their contribution to another successful year.”

*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 finance review for an analysis of revenue.

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–     Record pre-R&D operating profit ahead of market expectations reflecting continued sales growth 

–     Successful ex-vivo VLP Peanut biomarker study showing 24-fold reduction in allergenicity and beneficial efficacy profile paving the way for first-in-human trial in 2022

–     Strong cash balance of £40.3m providing sufficient funds with a small amount of debt under current assumptions to support Grass MATA MPL pivotal Phase III field studies and Phase I VLP Peanut PROTECT trial

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