Allergy Therapeutics plc
(“Allergy Therapeutics”, “ATL” or the “Group”)
Interim Results for the six months ended 31 December 2019
- Record level of operating profit pre R&D supported by strong sales
- Strong cash position with Grass MATA MPL Phase III programme fully funded for H2 2020 start
- Publication of promising preclinical data from VLP Peanut candidate
4 March 2020 Allergy Therapeutics plc (AIM: AGY), the fully integrated commercial biotechnology company specialising in allergy immunotherapy, today announces its unaudited interim results for the six months ended 31 December 2019.
Highlights
Financial highlights
- Revenue increased by 9% at constant rate* and 8% in actual terms to £50.5m (H1 2019: £46.7m)
- 10% growth in pre-R&D operating profit to £17.3m (H1 2019: £15.7m) largely as a result of
continued sales growth
- Operating profit pre R&D margin of 34% (H1 2019 34%)
- R&D expenditure lower at £1.3m (H1 2019: £5.0m) due to receipt of Inflamax legal costs (£3.2m)
- Strong cash balance of £39.7m (30 June 2019: £27.4m)
Operational highlights
- Good growth across all key products in the portfolio with small increase in market share in European business
- First stage of Grass MATA MPL Phase III programme to start in H2 2020 in EU and USA
- Preclinical VLP Peanut data published in highly respected journal post period end
Manuel Llobet, CEO at Allergy Therapeutics, stated: “The Group has made a steady start to the year with good sales growth supporting our strategy. The regulatory environment remains uncertain but we continue to perform well commercially and to progress our high potential pipeline.”
*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.
This announcement contains inside information for the purposes of Article 7 of Regulatory (EU) No596/2014.
- ENDS -
Analyst briefing and webcast today
Manuel Llobet, Chief Executive Officer, and Nick Wykeman, Chief Financial Officer, will host a meeting and webcast for analysts to provide an update on the Group, followed by a Q&A session, at 09.30am GMT today at the offices of Panmure Gordon & Co, One New Change, London, EC4M 9AF.
Dial-in details are:
Webcast link: https://edge.media-server.com/mmc/p/mhc6ku2o
UK dial-in: +44 (0) 2071 928000
US dial-in: +16315107495
Conference ID: 3622619
For further information, please contact:
Allergy Therapeutics
+44 (0) 1903 845 820
Manuel Llobet, Chief Executive Officer
Nick Wykeman, Chief Financial Officer
Panmure Gordon
+44 (0) 20 7886 2500
Freddy Crossley, Emma Earl, Corporate Finance
James Stearns, Corporate Broking
Consilium Strategic Communications
+44 20 3709 5700
Mary-Jane Elliott / David Daley / Nicholas Brown / Olivia Manser
allergytherapeutics@consilium-comms.com
Stern Investor Relations, Inc.
+1 212 362 1200
Christina Tartaglia
christina@sternir.com
Notes for editors:
About Allergy Therapeutics
Allergy Therapeutics is an international commercial biotechnology company focussed on the treatment and diagnosis of allergic disorders, including aluminium free 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 over 9% compound annual growth since formation, employs c.600 employees and is listed on the London Stock Exchange (AIM:AGY). For more information, please see www.allergytherapeutics.com.
*Please see PDF for the full statement*
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