Allergy Therapeutics plc (LON:AGY) made further market share gains as it headed into a ‘pivotal’ twelve months.
Interim revenues at the hay fever vaccine specialist rose by 4% to £42.2mln despite the pollen season being described as ‘abnormally weak’.
WATCH: 'Pivotal' year ahead for Allergy Therapeutics with key trial readouts
Pollinex’s market share in Germany, its core market, rose one point to 14%, while bee and wasp sting product Venomil and Acarovac in Spain sold well.
Profits eased slightly to £6.03mln (£7.2mln) as Allergy increased R&D spending as two clinical trials moved into critical stages.
Headline or first glance data from the Phase III Pollinex Quattro Birch study in Europe is expected in the second half of the year along with first results from a Grass MATA MPL Phase II trial.
That trial is especially important said Manuel Llobet, chief executive, as it “provides us the platform to expand into the lucrative US market”.
Spending on the trials will peak in the second half of the year, which will double the first half’s £5.9mln R&D costs.
Net sales of the existing products are again expected to run ahead of the market in the second half.
“Our continued focus on new product development is illustrated by our work on Polyvac Peanut,” added Llobet.
“Whilst at an early stage, we believe that our well-established, innovative approach to immunising patients from allergy symptoms could provide a new approach to combating this severe affliction.”
Cash at the end of the period was £25.8mln.