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Allergy Therapeutics PLC grows in Europe and targets US

Revenue in the six months to December 31 rose 12% to £31.5mln

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Allergy Therapeutics hopes to expand vaccine business in the US

Allergy Therapeutics PLC (LON:AGY) reported higher revenues and said it had relaunched plans to enter the US market in 2019.

The allergy vaccine specialist said revenue in the six months to December 31 rose 12% to £31.5mln as its share of all major markets increased.

It started a US phase II study for its GrassMatampl product in December and said it was on track for data read-out in the second half of this year.

The group is also expecting the results of its PQ Birch204 Phase II study, for which patient enrolment is complete, in the second half.

It has restarted clinical development plans, aiming to enter the US market following Food & Drug Administration approval in 2019, thereby becoming the first company to launch a subcutaneous vaccine in the seasonal segment of the US allergic rhinitis market.

Chief executive Manuel Llobet said the company's US commercialisation strategy was where significant growth potential lies and its strengthened balance sheet left it well-placed to build a strong allergy business.

"The first half of this year has seen continued momentum with our product sales continuing to outperform the market with further market share gains across Europe," he said.

"Our business is gaining significant scale and momentum in Europe through both organic and acquisitive growth.

"We expect this to continue as we further invest in our commercial infrastructure and prepare to take our products over to the US."

Quick facts: Allergy Therapeutics PLC

Price: 11.225 GBX

AIM:AGY
Market: AIM
Market Cap: £71.41 m
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