Allergy Therapeutics plc (AIM: AGY), the fully integrated commercial biotechnology company specialising in allergy immunotherapy, today announces 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 GBP54.0m (H1 2020: GBP50.5m)
18.5% growth in pre-R&D operating profit to GBP20.5m (H1 2020: GBP17.3m) 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 GBP4.7m (H1 2020: GBP1.3m, which included GBP3.2m received from litigation settlement with Inflamax)
Strong cash balance of GBP48.3m (30 June 2020: GBP37.0m). Net cash of GBP44.5m (30 June 2020: GBP33.2m)
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.
This announcement contains inside information for the purposes of Article 7 of Regulatory (EU) No596/2014.
Contact:
Tel: +44 (0) 1903 845 820
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, which has achieved over 9% compound annual growth since formation, employs c.600 employees and is listed on the London Stock Exchange (AIM:AGY).
ALLERGY THERAPEUTICS PLC 
