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Allergy Therapeutics PLC: Trading Update
Allergy Therapeutics plc
(“Allergy Therapeutics” or the “Group”)
Group’s market share continues to grow
12 July 2018 Allergy Therapeutics plc (AIM: AGY), the fully integrated commercial biotechnology company specialising in allergy vaccines, today provides a trading update for the year ended 30 June 2018 ahead of its Preliminary Results to be announced in September.
Revenues for the year are expected to be in line with market expectations at £68.3m (2017: £64.1m). This performance represents 6.6% annual growth on a reported basis and 3.5% on a constant currency basis which reflects a strong performance during an unusually weak pollen season in 2017. The Group is continuing to gain market share within its core markets in Europe and data for the key markets for the 9 months ending 31 March 2018 showed an increase of 0.7 of a market share point1. Expenses are expected to be in line with market expectations due to continuing cost control.
The cash balance at the end of June 2018 was £15.5m (30 June 2017: £22.1m).
Following the positive Grass Phase II trial, the ongoing pipeline trials continue to progress well and timing remains in line with the Group’s strategy. The results of the pivotal Birch Phase III trial for Europe continue to be expected in Q3 2018.
Manuel Llobet, CEO at Allergy Therapeutics, stated: “Our convenient, flexible and varied product portfolio has enabled us over the past 19 years to grow revenues at 10% compound annual growth rate. We are pleased that we have continued to make headway in market share this year, despite a poor pollen season, and have maintained a tight control on costs in the period. Our pipeline continues to progress well, with the announcement of excellent Grass Phase II results, the publication of significant papers on the long-term effect of our product and the positive Birch Phase II Trials. We are looking forward to the results of the Birch Phase III trial, expected in Q3 2018.”
1Market data and internal estimates for 9 months to 31 March 2018, for the core European markets in which Allergy Therapeutics operates excluding Switzerland (competitor data not available)
This announcement contains inside information for the purposes of Article 7 of Regulatory (EU) No596/2014.
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For further information, please contact:
+44 (0) 1903 845 820
Manuel Llobet, Chief Executive Officer
Nick Wykeman, Chief Financial Officer
+44 (0) 20 7886 2500
Freddy Crossley, Emma Earl, Corporate Finance
Consilium Strategic Communications
+44 20 3709 5700
Mary-Jane Elliott / Ivar Milligan / Olivia Manser
Stern Investor Relations, Inc.
+1 212 362 1200
Notes for editors:
About Allergy Therapeutics
Allergy Therapeutics is an international commercial biotechnology company focussed on the treatment and diagnosis of allergic disorders, including aluminium free immunotherapy vaccines that have the potential to cure disease. The Group sells proprietary and third party products from its subsidiaries in nine major European countries and via distribution agreements in an additional ten countries. Its broad pipeline of products in clinical development include vaccines for grass, tree and house dust mite, and peanut allergy vaccine in pre-clinical development. Adjuvant systems to boost performance of vaccines outside allergy are also in development.
Formed in 1999 out of Smith Kline Beecham, Allergy Therapeutics is headquartered in Worthing, UK with more than 11,000m2 of state-of-the-art MHRA-approved manufacturing facilities and laboratories. The Group, which has achieved double digit compound annual growth since formation, employs c.500 employees and is listed on the London Stock Exchange (AIM:AGY). For more information, please see www.allergytherapeutics.com.