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Allergy Therapeutics enjoys a strong and profitable year

The vaccines specialist weighed in with an 8% boost to revenues on a constant currencies basis to £73.7mln, giving ‘pre-R&D’ operating earnings of £11.3mln, up 22%

Allergy Therapeutics PLC -

Allergy Therapeutics PLC (LON:AGY) surpassed City forecasts with the company quietly confident about the coming year.

The vaccines specialist weighed in with an 8% boost to revenues on a constant currencies basis to £73.7mln, giving ‘pre-R&D’ operating earnings of £11.3mln, up 22%. European market share grew by half a percentage point to 14.1% in the year ended June 30.

As of that date, the firm had £27.4mln in cash and it banked £6mln from successful litigation around a clinical trial.

Allergy said it is prepared for Brexit, having invested £1.3mln in cold storage facilities and a quality control laboratory in Spain. It has also moved stock to the new base in advance of the deadline.

Looking ahead, a major landmark is expected to be the start of a phase III clinical trial of its Grass MATA MPL product due to start next autumn, with the data read-out a year later.

Allergy said it would take all the “learnings” from its unsuccessful birch study and apply them to the assessment of the grass vaccine.

The group is also gearing up for a first-in-human trial of its peanut allergy drug next summer.

“With our strong cash position, successful core products and exciting R&D pipeline, we look forward to the future with confidence,” said chief executive Manuel Llobet.

Quick facts: Allergy Therapeutics PLC

Price: 11.25 GBX

AIM:AGY
Market: AIM
Market Cap: £71.57 m
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