Allergy Therapeutics plc (LON:AGY) will report sales well ahead of market forecasts after strong organic growth combined with a hefty currency boost.
Revenues for the year to June will be £64.1mln (2016:£48.5mln), comprising 15% annual growth stripping out the foreign exchange effect and 32% on an actual basis.
Over the past year, Allergy continued to gain market share in Europe with its hay fever vaccines Pollinex Quattro and Pollinex.
Allergy also said research and development expenditure has also come below market expectations due to the phasing of activity, though these will now be incurred in the current year.
Cash at end June was £22.1mln (£23.4mln).
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The company has just recruited the first patients to its phase III trial of core product Pollinex Quattro in people with a sensitivity to birch pollen.
The year-long study will take place over 50 sites in Germany, Sweden, Austria and Poland will recruit 550 patients and assess the efficacy and safety of its ultra-short course treatment Pollinex Quattro. The trial is scheduled to start in the autumn.
In the US, a Phase II Grass MATA MPL trial is also still planned to start this autumn while patients for the Acarovac Quattro dust mite allergy Phase I trial are being recruited and results continue to be expected in the autumn of 2018.
Manuel Llobet, Allergy's chief executive, said: "Revenue growth of 15% at constant currency reflects the continued strong performance of the product portfolio and its growing market share.
“Our double digit CAGR of revenue over the past 18 years demonstrates that we have a robust, reliable and successful business model."