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Interim Results for the six months ended 31 December 2021

·3-min read
Allergy Therapeutics
Allergy Therapeutics

Allergy Therapeutics plc
(“Allergy Therapeutics” or the “Company” or the “Group”)

Interim Results for the six months ended 31 December 2021

~ US readiness plan underway including two pivotal trials

  • Portfolio focused on high value growth products to enhance future profitability

  • Ground-breaking Phase I trial of peanut allergy vaccine on track to commence in 2022 following recent FDA clearance of IND application with data expected sooner than previously anticipated

  • Pivotal Phase III trial of short-course grass pollen immunotherapy to commence in Q3 2022 following impressive results from exploratory field trial

  • Solid revenue of £49m, increased cash position of £41m

3 March 2022 Allergy Therapeutics plc (AIM: AGY), the fully integrated commercial biotechnology company specialising in allergy vaccines, today announces its unaudited interim results for the six months ended 31 December 2021.

Highlights

Financial

  • Solid revenue from commercial portfolio of £48.7m. Strategic streamlining of older products has affected a short-term revenue decrease of 10% (5% at constant currency* and up 4% on like for like constant currency* plus phasing) from £54.0m in H1 2021

  • Operating profit pre-R&D of £12.5m (H1 2021 £20.5m) reflecting portfolio streamlining and activity to pre-Covid-19 levels

  • Increased cash balance of £41.4m (30 June 2021: £40.3m). Net cash of £38.5m (30 June 2021 £36.9m)

  • £10m revolving credit facility signed post period to replace previous £7m overdraft facility

  • Strong outlook for the full year with operating profit (pre-R&D) expected to be in line with consensus forecasts

Operational

  • IND application cleared by the United States Food & Drug Administration (FDA) for peanut allergy vaccine candidate, VLP Peanut, with initial patient treatment due to begin in 2022 and top line data expected H1 2023, earlier than originally intended data readout of Q4 2023

    • $8bn per annum market opportunity

    • VLP Peanut has the potential to provide long-term immune response in comparison to continual dosing required by other treatments

  • Impressive results from exploratory field trial of wholly owned short-course grass pollen immunotherapy, Grass MATA MPL, enabling pivotal Phase III trial to begin in Q3 2022

  • Growth of key commercial portfolio products, Pollinex, Venomil and Acarovac

Manuel Llobet, CEO at Allergy Therapeutics, stated:This year will see the Company prepare for entry into the US market where the allergy immunotherapy market is estimated to be worth $2 billion. Our Company continues to stand out as a high value hybrid, with its strong commercial business and high science R&D programmes. We are well placed to create shareholder value through our pivotal stage grass pollen immunotherapy and our innovative peanut allergy vaccine, both of which have significant potential in the US market.

“Our strong cash position and commercial capabilities give Allergy Therapeutics a highly differentiated position and opportunity to investors compared to solely R&D-focused healthcare companies.”

*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.

- ENDS

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.

The live webcast can be accessed here.

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 / Davide Salvi
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 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 includes 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 employs c.600 employees and is listed on the London Stock Exchange (AIM:AGY). For more information, please see www.allergytherapeutics.com.

View the full statement HERE