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Allergy Therapeutics earnings to exceed expectations after a strong year

Net revenues for the 12 months ended June 30 were £78.2mln, up 6% year-on-year

Allergy Therapeutics PLC -

Allergy Therapeutics PLC (LON:AGY) has said its earnings are likely to exceed expectations after a strong year.

Net revenues for the 12 months ended June 30, 2020, were £78.2mln, up 6%, it said, while the firm was in a strong financial position with £37mln in the bank at the period end.

The performance of the group, which develops and sells short course allergy inoculations, was particularly impressive given the challenges in the closing quarter of the year posed by the coronavirus (COVID-19) lockdown.

Allergy's chief executive Manuel Llobet praised his team’s “robust and rapid response” to the strictures imposed by the outbreak. Part of this response was to create a COVID-19 diagnostic facility, which has now been approved by Spanish authorities.

Allergy said its strong financial position meant it was able to fully fund the upcoming Grass MATA MPL pilot and pivotal phase III field studies and the phase I peanut trial with just ”a small amount of additional debt”.

“Our plans to develop a strong R&D pipeline remain on track and our two recently signed agreements with partners provide exciting new opportunities for our VLP technology and our oral treatment offerings for allergy patients,” CEO Llobet said in the trading update.

Quick facts: Allergy Therapeutics PLC

Price: 13.63 GBX

AIM:AGY
Market: AIM
Market Cap: £86.86 m
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