Allergy Therapeutics PLC Trading Update (3133L)
July 18 2017 - 1:00AM
UK Regulatory
TIDMAGY
RNS Number : 3133L
Allergy Therapeutics PLC
18 July 2017
Allergy Therapeutics plc
("Allergy Therapeutics" or the "Group")
Trading Update
15% constant currency revenue growth
Double-digit compound annual revenue growth over the past 18
years
18 July 2017 Allergy Therapeutics plc (AIM:AGY), the fully
integrated specialty pharmaceutical group specialising in allergy
vaccines, today provides a trading update for the year ended 30
June 2017 ahead of its Preliminary Results to be announced in
September 2017.
Financials
Revenues for the year are expected to be ahead of market
expectations at GBP64.1m (2016: GBP48.5m). This strong performance
represents 15% annual growth on a constant currency basis and 32%
on a reported basis which reflects the favourable euro exchange
rate. The Company is continuing to gain market share within its
core markets in Europe. Revenues have grown over the past 18 years
at a double-digit compound annual growth rate. Research and
development expenditure for the 2017 financial year is anticipated
to be lower than market expectations due to the phasing of
activities across the year end and these costs will now be incurred
in financial year 2018. The ongoing pipeline trials continue to
progress well and timing remains in line with Board
expectations.
The cash balance at the end of June 2017 was GBP22.1m (30 June
2016: GBP23.4m).
Products
Allergy Therapeutics' market penetration has continued with
strong growth in Pollinex Quattro and Pollinex. Venomil sales have
also performed well due to the pre-stocking of raw materials
compared to elsewhere in the market where there have been shortages
of stock. Sales of the newer products in the Group's portfolio
(Synbiotics and Acarovac) continue to develop well.
Pipeline
In Europe, recruitment of patients for the pivotal Phase III PQ
Birch trial is on track with the trial still expected to start in
the autumn of 2017. Likewise for the US, the Phase II Grass MATA
MPL trial is also still planned to start this autumn. Patients for
the Acarovac Quattro Phase I trial are being recruited and results
continue to be expected in the autumn of 2018.
Manuel Llobet, Chief Executive Officer of Allergy Therapeutics,
commented: "Revenue growth of 15% at constant currency reflects the
continued strong performance of the product portfolio and its
growing market share. Our successful strategy focuses on our
patient-convenient products and controlled investment in our
development pipeline to expand our addressable market. Our double
digit CAGR of revenue over the past 18 years demonstrates that we
have a robust, reliable and successful business model."
This announcement contains insider information for the purposes
of Article 7 of Regulatory (EU) No596/2014.
- ENDS -
For further information, please contact:
Allergy Therapeutics
+44 (0) 1903 845 820
Manuel Llobet, Chief Executive Officer
Nick Wykeman, Finance Director
Panmure Gordon
+44 (0) 20 7886 2500
Freddy Crossley / Duncan Monteith, Corporate Finance
Tom Salvesen, Corporate Broking
Consilium Strategic Communications
+44 20 3709 5700
Mary-Jane Elliott / Ivar Milligan / Philippa Gardner
allergytherapeutics@consilium-comms.com
Notes for editors:
About Allergy Therapeutics
Allergy Therapeutics is an international specialty
pharmaceutical group focussed on the treatment and diagnosis of
allergic disorders including immunotherapy vaccines that have the
potential to cure disease. The Group sells proprietary products 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 11,000m(2) of
state-of-the-art MHRA-approved manufacturing facilities and
laboratories. The Group employs c.500 employees and is listed on
the London Stock Exchange (AIM:AGY). For more information, please
see www.allergytherapeutics.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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