Proactive Investors - Run By Investors For Investors

Allergy Therapeutics half yearly revenues grow amid market turmoil

Allergy Therapeutics said the global allergy treatment market had seen some “turmoil” that had affected the competitive market environment in Europe and the US.
Test tube graphics
Revenues grew 12%

Allergy Therapeutics plc (LON:AGY) saw revenues grow 12% to £48.5mln for the six months ended June.  

But a £16.2mln research and development spending drive meant losses widened to £13mln, resulting in losses per share of 2.29p.

Allergy Therapeutics said the global allergy treatment market had seen some “turmoil” affecting the competitive market environment in Europe and the US, but the group said it would likely see mid to long-term benefits in terms of its US market share.

The UK’s referendum vote had a short-term financial benefit for the group in terms of the weak pound against the euro, but the group said the long-term impact will depend on the final agreement between the UK and the rest of the EU.

The group had a self-confessed “mixed year” with a successful Phase II dose-ranging study for Pollinex Quattro Birch in Germany opening the way for a Phase III trial for the product in Europe, which is expected to start in early 2017.

The one-year follow-up study on Acarovac Plus concluded with patients reporting statistically significant improvements in satisfaction scores for effectiveness and convenience.

However, its Phase II Pollinex Quattro study in the US did not give conclusive evidence of an optimal dose regime.

“The allergy immunotherapy sector continues to undergo significant change and within this context our established and innovative product base continues to gain traction,” said chief executive Manuel Llobet.

The current allergy immunotherapy market is estimated to be US$2.1bn (£1.62bn) with the potential to reach US$3bn and is expected to grow at about 11% a year until 2020.

“We look forward to the future with confidence in continued growth given our strong and expanded European presence, future product development pipeline and geographic expansion opportunities,” added Llobet.

Shares fell 3% to 17.78p.

View full AGY profile View Profile

Allergy Therapeutics PLC Timeline

Related Articles

immunotherapy graphic
September 13 2018
A clinical trial application for the potential cancer treatment is on track to be filed in the current quarter, and that will be followed by patient recruitment towards the end of the year
scientist in lab
September 11 2018
The phase 1b trial of Silence’s lead candidate, SLN124, a treatment for a rare blood disorder, is scheduled to begin in the second half of 2019
Lung X-Ray
October 22 2018
In its recent half-year results, the medical research investor recorded a loss after tax of £4.6mln in the six months ended June 30, less than the £5.2mln loss a year ago

© Proactive Investors 2018

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use