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Allergy Therapeutics’ sales (LON:AGY) will beat expectations for the year to June with revenues rising 11% on a constant currency basis.
“This double digit growth rate in a flat market demonstrates that Allergy Therapeutics has outperformed the market, gaining market share of approximately one percent a year” the company said.
Revenues on a constant currency basis are expected to be £46.6mln (£42mln last year), with reported revenues of £43.2mln (42mln).
Chief financial officer, Ian Postlethwaite, said: “When you look our market, which is pretty much flat in Europe, we have grown 11%.
“We have beaten our competitors in our major markets and it is because we have the better products.”
Earlier this year, Allergy raised £20mln to fund the US clinical development of hay fever treatment Pollinex Quattro Grass through to launch.
The Pollinex Quattro product range, aimed at the seasonal allergy market, is currently in late stage development in Europe and the US.
Typically, patients with allergies in Europe require 30 injections a year while in America, that number can be as high as 50, but the company expects Pollinex to reduce that number to just four.
Manuel Llobet, chief executive, said: “The increasing acceptance of our short course aluminium free therapies in Europe, along with the excellent compliance of our Pollinex Quattro franchise, give us great encouragement regarding the prospects for the potential fast penetration that Pollinex Quattro can experience in the US market when launched in 2019.”
The company also bought Spanish-based allergy immunotherapy company Alerpharma in June for €3.8mln.
Panmure Gordon said: “On the basis of today’s announcement, and commercial performance aligned with our expectations, we continue to view Allergy Therapeutics as a business with significant upside potential.”
It repeated its ‘buy’ recommendation and put a target price on the shares of 47p, more than double yesterday’s close.
Shares rose 4.9% to 24p today.