Allergy Therapeutics plc “Strong financials, 19% increase in revenue”

Allergy Therapeutics plc LON:AGY the fully integrated specialty pharmaceutical company specialising in allergy vaccines, announces preliminary results for the year ended 30 June 2016.

Highlights

   --      19% increase in revenue at constant currency to GBP51.5m (2015: GBP43.2m)* 
   --      12% increase in revenue to GBP48.5m (2015: GBP43.2m) 
   --      Increased market share in our main European markets to 12% (2015: 10%)

— Core business (excluding R&D) shows 11% increase in Operating Profit to GBP4.3m (2015: GBP3.8m)

— Ramp up on R&D investment with GBP16.2m (2015: GBP3.1m) spent, reflecting investment in PQ registration and pipeline

— Achieved primary endpoint for PQ Birch Phase II Study in Europe and selected dose to be used in Phase III, starting in 2017

   --      Inconclusive results of Phase II dosing study in the US for Pollinex Quattro Grass

— Successfully raised GBP11.5m (gross) to fund new product development and organic and inorganic growth opportunities

   --      Acarovac Plus(TM) one-year study showed statistically significant improvement for patients

— Acquisition of Virus Like Particle technology licence for the development of a potential new injectable vaccine immunotherapy treatment for allergy sufferers with peanut as lead project

   --      Strong cash balance of GBP23.4m at year end (2015: GBP21.2m)

Manuel Llobet, Chief Executive Officer, commented: “This year has seen many events in the allergy market. I would like to highlight Allergy Therapeutics’ revenue growth, now accounting for 12% of the share in our competitive market, and progressing well towards our long-term strategic plans with developments across all areas of the business. Our excellent products and outstanding team have delivered success in product development and marketing and, despite the requirement for our additional range-finding study, we look forward to capitalising on opportunities to continue growing into new markets and delivering patient-friendly, market-leading treatments, to help patients across the allergy spectrum. We are a thriving, visionary company, led by a self-driven team, totally committed to transforming allergy treatments. We are passionate about what we do and we are convinced that the best is yet to come.”

* 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 financial review for an analysis of revenue.

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