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Allergy Therapeutics plc Preliminary Results for the year ended 30 June 2020

Allergy Therapeutics
·4-min read

Allergy Therapeutics plc

(“Allergy Therapeutics”, “ATL” or the “Group”)

Preliminary Results for the year ended 30 June 2020

  • Record level of pre R&D operating profit supported by robust sales and operational efficiency

  • Strong cash position with Grass MATA MPL Phase III programme and initial Phase I peanut trial fully funded

  • Exclusive licencing agreement signed for further virus like particle(VLP) candidates

23 September 2020 Allergy Therapeutics plc (AIM: AGY), the fully integrated commercial biotechnology company specialising in allergy immunotherapy, today announces its preliminary results for the year ended 30 June 2020.

Financial Highlights

  • 7% revenue growth at constant rate* and 6% at reported rate to £78.2m (2019: £73.7m)

  • 25% increase in pre-R&D operating profit to £14.2m (2019: £11.3m) as a result of sales growth and lower overhead cost growth

  • Strong cash balance of £37.0m at 30 June 2020 (2019: £27.4m)

  • Net profit of £7.1m for the year including one-off, legal settlement of £3.2m (2019: Net profit of £3.5m)

Operating Highlights (including post period)

  • Good growth across all key products in the portfolio with further incremental increase in market share in European business

  • Exploratory field study for Grass MATA MPL will begin in Q4 2020, moving on to the second stage Phase III trial in H2 2022 to improve outcome and mitigate risk

  • Licence agreement signed with Saiba and DeepVax, VLP partner to explore new therapeutic areas, including solid cancer tumours and asthma

  • Signed exclusive rights to multi-allergy oral product ImmunoBON

  • VLP-based Peanut product Phase I trial due to commence in 2021

Manuel Llobet, CEO at Allergy Therapeutics, stated: “The robust, all-round performance of the business this year has shown the key qualities of Allergy Therapeutics, with strong financial results, a fast response to the COVID-19 challenge and continued development and expansion of our commercial portfolio and pipeline. These present new opportunities for us to strengthen our leadership in the allergy immunotherapy field and, longer-term, explore the broader immunology space, with the potential to deliver increased value to shareholders and the patients we serve.”

*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.

This announcement contains inside information for the purposes of Article 7 of Regulatory (EU) No596/2014.

Analyst briefing and webcast today

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

Dial-in details are:

Webcast link: https://www.lsegissuerservices.com/spark/AllergyTherapeutics/events/6b256adc-9c2f-4e00-985b-d90848ce4fd0

UK dial-in: +44 (0) 203 107 0289
US dial-in: +1 (918) 922 6506
Conference ID: 4299121

- ENDS -

For further information, please contact:

Allergy Therapeutics
+44 (0) 1903 845 820
Manuel Llobet, Chief Executive Officer
Nick Wykeman, Chief Financial Officer

Panmure Gordon
+44 (0) 20 7886 2500
Freddy Crossley, Emma Earl, Corporate Finance
Rupert Dearden, Corporate Broking

Consilium Strategic Communications
+44 20 3709 5700
Mary-Jane Elliott, David Daley, Ashley Tapp, Olivia Manser
allergytherapeutics@consilium-comms.com

Stern Investor Relations, Inc.
+1 212 362 1200
Christina Tartaglia
christina@sternir.com

Notes for editors:
About Allergy Therapeutics

Allergy Therapeutics is an international commercial biotechnology company focused 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 over 9% compound annual growth since formation, employs c.600 employees and is listed on the London Stock Exchange (AIM:AGY). For more information, please see www.allergytherapeutics.com.


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