Allergy Therapeutics
plc
("Allergy
Therapeutics" or the "Company")
Publication of Annual Report
and Accounts 2023
30
January 2024 Allergy Therapeutics
plc (AIM: AGY), the fully integrated commercial biotechnology
company specialising in allergy vaccines, announces that it has
today published its Annual Report and Accounts for the year ended
30 June 2023 (the "2023 Accounts").
The 2023 Accounts have been posted
to Shareholders and are available to view on, and download from,
the Company's website at https://www.allergytherapeutics.com/investors/results-reports-and-presentations/.
Lifting of Suspension and Resumption of
Trading
As a result of publication of the
2023 Annual Report and Accounts, trading in the Company's ordinary
shares on AIM is expected to be restored with effect from 07.30
a.m. today.
Post-Publication Updates and Financial
Adjustments
Subsequent to the Company's
publication of the unaudited preliminary results for the year ended
30 June 2023 on 27 September 2023 ("Preliminary Results"), the
Company sets out below a number of key amendments to the final
results.
Following the amendments below, the
Company's audited revenue for the year to 30 June 2023 was £59.6
million (2022: £72.8 million) which is £1.4 million lower than
stated in the Preliminary Results. The audited operating loss
pre-research and development costs and exceptional costs
was £14.8 million (2022: profit of £3.4m) and full year net
loss was £43.1 million (2022: net loss of £13.8 million). Year on
year changes reflect the reduction in revenue as a result of the
temporary pause in manufacturing in late 2022, increase in research
and development costs and exceptional funding costs. Further detail
is set out in the Preliminary Results. The key amendments to the
audited results are as follows:
1) Statutory
Rebates
Discussions with the German Health
Insurance Association have reached an advanced stage and indicate
that a settlement of the historic rebates, in relation to amounts
paid to the German government as contributions to the cost of
medicines paid for by the state and private
health funds, is possible at a level lower
than the maximum rebate. Accordingly, the
best estimate of the amount required to settle relating to revenue
recognised up to and including 30 June 2023 has been provided. This
has been recognised as a reduction in current year revenue of £1.4
million and an increase in exceptional costs for the element
relating to prior years. Accordingly, the contingent liability
disclosed in the Preliminary Results has been reduced. Note 26 in
the 2023 Accounts provides further details.
2) Contingent
Payment
The unaudited preliminary results
included an exceptional charge of £11.3 million in relation to the
non-cash fair value accounting for the G306 Contingent Payment. As
planned, the equity financing which occurred in October 2023 repaid
all amounts outstanding under the loan facility, therefore the G306
Contingent Payment did not become payable. In accordance with IFRS
9 the charge has been removed from the audited results reducing
exceptional finance expenses in the Income Statement by £11.3
million.
3) Retirement
Benefit
The Company has in place an
insurance policy designed to contribute towards its obligations in
respect of the German defined benefit pension scheme. At 30 June
2022, the Company recognised this insurance policy as a 'retirement
benefit asset' within investments at £6.0 million, this value was
provided by the Company's insurer. In 2023, the Company engaged an
independent actuary to value the insurance policy in accordance
with accounting standards at both 30 June 2023 and 30 June 2022.
The actuary's valuation as at 30 June 2022 was £5.3 million,
indicating the insurance policy's value was previously overstated.
A prior year adjustment has been recorded to correct this, note 34
of the 2023 Accounts provides further details.
- ENDS
-
For
further information, please contact:
Allergy Therapeutics
+44 (0) 1903 845 820
Manuel Llobet, Chief Executive
Officer
Shaun Furlong, Chief Financial
Officer
Panmure Gordon (Nominated Adviser and
Broker)
+44 (0) 20 7886 2500
Freddy Crossley, Emma Earl,
Corporate Finance
Rupert Dearden, Corporate
Broking
ICR
Consilium
+44 20 3709 5700
Mary-Jane Elliott / David Daley /
Davide Salvi
allergytherapeutics@consilium-comms.com
Notes for editors:
About Allergy Therapeutics
Allergy Therapeutics is an
international commercial biotechnology company, headquartered in
the UK, 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, house dust mite and peanut. For
more information, please see www.allergytherapeutics.com.