viewAllergy Therapeutics PLC

Allergy Therapeutics: Profitable with strong product pipeline


  • Profitable allergy specialist developing new inoculations
  • Strong revenue growth in Europe
  • Long pipeline of new products under development
Allergy Therapeutics PLC -

Quick facts: Allergy Therapeutics PLC

Price: 14 GBX

Market: AIM
Market Cap: £89.22 m

With our strong cash position, successful core products and exciting R&D pipeline, we look forward to the future with confidence

CEO Manuel Llobet


What the company does

As the name suggests, Allergy Therapeutics PLC (LON:AGY), which is headquartered in Worthing, West Sussex and employs around 500 people, develops inoculations against common allergies.

It has five products registered, as well as another five that are available on a named patient basis – this means they can only be prescribed by a doctor.

It has a strong presence in Europe, with established operations in Germany, Italy, Spain, Austria, Switzerland, the Netherlands and the United Kingdom, while in other markets, it often makes its products available through distribution partners.

Its Pollinex Quattro vaccine for the treatment of seasonal allergic rhinitis (hay fever) from grass, tree or ragweed pollen allergy is well-established in Europe.

The company has been pouring money into making injections rather than tablets. This has two major benefits, both of which are linked.

Firstly, injections tend to yield improved clinical results versus tablets.

And they are preferred by physicians in places such as the US and Germany – some of the largest markets in the world.

How’s the company doing?

Revenues in the six months to December 31 2019 rose by 9% to £50.5mln with growth across all major countries, though Germany, Spain, Netherlands and Switzerland did the best.

The group's Pollinex Quattro and sting treatment Venomil were the strongest performers.

Cash at the end of December was £39.7mln which will suffice to fund the Grass MATA MPL Phase III trial, the company said.

Allergy recently took the decision to split this trial over two years to assess its efficacy during two pollen seasons.

In April, an academic paper endorsed the approach it has taken in using adjuvant technology for allergy immunotherapies.

The paper, “State-of-the-art in marketed adjuvants and formulations in Allergen Immunotherapy: a position paper of the European Academy of Allergy and Clinical Immunology (EAACI)”, in the journal Allergy, was written by an independent taskforce of EAACI members and co-authored by the Paul-Ehrlich-Institut

What the boss says: Chief executive Manuel Llobet 

"This represents another six months of consistent growth reflecting the quality of our platform and our team.

“Despite an evolving regulatory environment, we continue to perform well and we have great confidence in our commercial abilities and clinical pipeline."


Inflexion points

  • 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 get underway 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 the first-in-human trial of its peanut allergy drug next summer.


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