Allergy Therapeutics PLC (AIM:AGY, OTC:AGYTF, FRA:HHU) said on Monday that revenues rose in the first half of its financial year, helped by a recovery in Germany and the launch of its first new allergy injection in that market for two decades.
The AIM-listed group said sales for the six months to the end of December are expected to come in at £36.3 million, up from £34.0 million a year earlier.
That represents growth of 7%, despite the continued phase-out of older, unregistered allergy products in Germany under tougher regulatory rules.
The company said the performance reflected stronger sales of its existing approved products in Germany, its largest market, alongside improving operational execution and a more reliable supply chain.
A key development came in December, when German regulators approved Grassmuno, a grass pollen allergy treatment given by injection under the skin.
Allergy Therapeutics said it is the first new product of its kind to be launched in Germany in 20 years. Commercial sales began in January, in the second half of the financial year, and the board expects momentum to build from here.
Germany has been tightening rules under its allergen ordinance, known as the Therapy Allergen Ordinance, or TAV.
Products that do not meet the new standards are due to be removed from the market later this year, a shift that Allergy Therapeutics believes will favour companies with fully approved therapies.
Chief executive Manuel Llobet said: “We enter 2026 with strong momentum across all aspects of our business. December’s regulatory approval in Germany for our subcutaneous grass pollen immunotherapy, Grassmuno, represents a pivotal moment for the group.”
He added that the approval was significant because competing products that failed to meet regulatory requirements are expected to disappear from the market as the TAV process concludes.
The company said it remains confident of delivering revenue growth for the full year to the end of June 2026, with total sales expected to exceed those reported last year.
Cash stood at £10.1 million at the end of December, down from £12.8 million six months earlier. During the period, however, shareholder lenders exercised warrants, bringing in £55 million. The proceeds were used to repay all outstanding shareholder loans, reducing debt and strengthening the balance sheet.
Allergy Therapeutics also has access to additional funding. Shareholder lenders have agreed to provide a new £50 million unsecured loan facility, which had not been drawn by the end of December.
Alongside an existing £20 million uncommitted facility from Hayfin, the group says it has access to £70 million of potential funding.
Peter Jensen, chairman, said the approval of Grassmuno was “a significant milestone” and noted that a paediatric trial is under way, which could allow the product to be used in children if successful.
The company plans to publish its interim results in March.