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Allergy Therapeutics says revenues “up strongly on prior year” in update ahead of AGM

The firm, which specialises in allergy vaccines, said sales were in line with expectations for the year, adding that it had continued to gain market share in Europe

Child sneezing
Allergy also said it was preparing for the Phase III trial of its PQ Grass hay fever treatment

Allergy Therapeutics PLC (LON:AGY) has said its revenues are “up strongly” on the prior year in most of its markets as it issued a trading update ahead of its annual general meeting (AGM) later today.

The firm, which specialises in allergy vaccines, said sales were in line with expectations for the year, adding that it had continued to gain market share in Europe, particularly in Germany.

WATCH: Allergy Therapeutics outperforming the market "significantly" in latest financial year

Allergy also said it was continuing to prepare for the Phase III trial of its PQ Grass hay fever treatment, which is scheduled for the second half of 2019 and would allow it to register the product in the US market.

In July, the firm raised around £10.6mln in a share placing to fund the expansion of the Phase III trial, with the proceeds being used to conduct an analysis of pollen trends in the US to maximise patient exposure to grass pollen.

READ: Allergy Therapeutics raises £10.6mln to fund expansion of late-stage PQ Grass study

An end of Phase II meeting with the US Food & Drug Administration (FDA) had been confirmed for January next year, with the firm adding that results from the Phase III trial of its PQ Birch treatment were expected in the first quarter of 2019.

Manuel Llobet, chief executive of Allergy Therapeutics, said: "Our revenue growth reflects the quality of our products, the strength of our supply chain and our sales and marketing team.

We are pleased that we have continued to make headway this year both in market share and in the progress of our pipeline."

The company is scheduled to release its half year results in March 2019.

In late-afternoon trading Tuesday, Allergy's shares were steady around 15.7p.

--Adds share price--

Quick facts: Allergy Therapeutics PLC

Price: 11.15 GBX

AIM:AGY
Market: AIM
Market Cap: £70.93 m
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