Allergy Therapeutics achieve record level of operating profit supported by robust sales

Allergy Therapeutics plc (LON:AGY), the fully integrated commercial biotechnology company specialising in allergy immunotherapy, has announced its unaudited interim results for the six months ended 31 December 2020.

Highlights

Financial highlights

·      Revenue increased by 7% in actual terms and 5% at constant rate* to £54.0m (H1 2020: £50.5m)

·      18.5% growth in pre-R&D operating profit to £20.5m (H1 2020: £17.3m) largely as a result of

continued sales growth and operational efficiency

·      Operating profit pre-R&D margin of 38% (H1 2020 34%)

·      R&D expenditure higher at £4.7m (H1 2020: £1.3m, which included £3.2m received from litigation settlement with Inflamax)

·      Strong cash balance of £48.3m (30 June 2020: £37.0m). Net cash of £44.5m (30 June 2020: £33.2m)

Operational highlights

·   Robust growth across all key products in the portfolio with stronger growth in Northern Europe due to standalone clinics less impacted by Covid-19 restrictions

·      First stage of Grass MATA MPL Phase III programme is on track with patients fully recruited

·      VLP Peanut ex-vivo biomarker study with Imperial College London progressing well and manufacturing batch scale up to 400 litres achieved

·      Venomil registration granted in Austrian market

·      ImmunoBON product with patented breakthrough technology for multiple allergies launched in Germany, January 2021

Manuel Llobet, CEO at Allergy Therapeutics, stated: “The Group has made a strong start to the year despite the uncertainty of Covid-19, Brexit and the regulatory and business environment. We continue to perform well commercially with robust growth across all key products in our portfolio and further market share gains thanks to our dedicated workforce. Progressing our growing, high-potential pipeline remains a priority and provides exciting opportunities in the allergy immunotherapy field and the broader immunology space.”

*Constant currency uses prior year weighted average exchange rates to translate current year foreign currency denominated revenue to give a year-on-year comparison excluding the effects of foreign exchange movements. See table in finance review for an analysis of revenue.

Analyst briefing and webcast today

Manuel Llobet, Chief Executive Officer, Nick Wykeman, Chief Financial Officer, and Alan Bullimore, Head of Business Innovation, will host a virtual presentation for analysts to provide an update on the Group, followed by a Q&A session, at 09.30am GMT.

Webcast link: https://www.lsegissuerservices.com/spark/AllergyTherapeutics/events/27be0274-2be7-4f4d-912d-5ab92e872ea4

Click to view all articles for the EPIC:
Or click to view the full company profile:
Facebook
X
LinkedIn

More articles like this

Allergens dominate UK food recalls, finds study

More than half of food recalls in the United Kingdom over a 5-year period were due to allergens, according to a recently released study. Allergen-related recalls increased annually until 2019, peaking at 118 before decreasing to

Allergy Therapeutics welcomes new Non-Executive Directors

Allergy Therapeutics announced the appointments of Anthony Parker and Simon Shen to its Board as Non-Executive Directors effective immediately. “I would like to welcome Anthony and Simon. Southern Fox and ZQ Capital have been long-standing and supportive shareholders of Allergy

Allergy Therapeutics updates on its clinical programmes

Allergy Therapeutics plc (LON:AGY), the fully integrated commercial biotechnology company specialising in allergy vaccines, has announced that the first subject has been dosed in the pivotal Phase III G306 trial, to evaluate the efficacy and safety of

Allergy Therapeutics appoints two Non-Executive Directors

Allergy Therapeutics plc (LON:AGY), the fully integrated commercial biotechnology company specialising in allergy vaccines, has today announced the appointments of Anthony Parker and Zheqing (Simon) Shen as Non-Executive Directors of the Company, with immediate effect. Anthony represents

Allergies and Thanksgiving

As Thanksgiving and other holiday celebrations bring people around the table, Intermountain Healthcare dietitians say it’s crucial to take food allergies into consideration when planning the big meal. “A response to an allergic reaction can be

Allergy Therapeutics appoints Martin Hopcroft as interim CFO

Allergy Therapeutics plc (LON:AGY), the fully integrated commercial biotechnology company specialising in allergy vaccines, has announced the appointment of Martin Hopcroft to the role of Interim Chief Financial Officer (CFO). Martin will report into Chief Executive

Food business operator fined for allergy breach

A food business operator based in Newcastle, England has been fined in court after serving a dish containing peanuts to a woman with a peanut allergy, resulting in her being hospitalised. According to the Food Standards

Are restaurants taking allergies seriously?

In an engaging panel held at Twickenham Stadium as part of New Food’s Food Safety Conference 2022, experts came together to debate whether food allergy regulations in restaurants are sufficient. Here’s the highlights. Are restaurant allergy

Allergy Therapeutics Subscription to raise £7 million

Allergy Therapeutics plc (LON:AGY), the fully integrated specialty pharmaceutical company specialising in allergy immunotherapy, today announces a conditional Subscription by the Subscribers, Southern Fox and ZQ Capital (acting through its affiliate SkyGem), to raise £7 million