Allergy Therapeutics PLC (LON:AGY) fleshed out June’s trading statement in which it said operating profit would be well ahead of expectations.
In the latest update, it told investors revenues would also beat forecasts. They are set to grow 8% to £84.3mln for the 12 months to June 30.
Expenses, meanwhile, have been significantly lower than anticipated, largely due to the Coronavirus (COVID-19) pandemic, while the group, which develops inoculations for common allergies, hit a record £40.3mln of cash by the period-end.
In the latest release, the market was told that results from VLP peanut biomarker study would be reported at some point in the third quarter.
The Grass MATA MPL programme, meanwhile, is due for read-out in the second half with the exploratory field study treatment phase complete.
Finally, the company hailed the launch in Germany and Austria of its ImmunoBON, which reduces allergic reactions for people who live close to farm livestock.
It said the latest data supports its use as a treatment for birch and house dust mite allergies which means the treatment could potentially be used across a broader patient population.