Allergy Therapeutics PLC Trading Update (5437U)
19 January 2017 - 6:00PM
UK Regulatory
TIDMAGY
RNS Number : 5437U
Allergy Therapeutics PLC
19 January 2017
19 January 2017
Allergy Therapeutics plc
("Allergy Therapeutics" or the "Company")
Trading Update
- H1 reported revenues ahead of expectations
- Regulatory update: Pollinex Quattro clinical development programs to proceed as planned
Allergy Therapeutics (AIM:AGY), the fully integrated specialty
pharmaceutical company specialising in allergy vaccines, today
provides an update on trading for the six months ended 31 December
2016 ahead of its unaudited interim results to be announced on 29
March 2017.
Financials
Reported revenues for the six months ended 31 December 2016 are
expected to be GBP40.4m (2015: GBP29.0m), representing 17.9%
organic growth at constant currency* (39.3% growth on a reported
basis, aided by the impact on euro revenues of the weak pound).
This growth reflects continued strong momentum across the majority
of the Company's key markets. In a flat European market, the
Company is fuelling its growth by increasing market share in most
of its key markets. The main contributions in terms of net sales
growth were generated in Germany, Austria, Spain and The
Netherlands. In terms of products, growth is being provided across
the whole portfolio, with the Company's ultra-short course
aluminium-free therapies being the main contributor. The Board
expects continuing growth in the second half of the year.
The strength of the euro against sterling has also led to higher
overheads and R&D costs as most of these costs are incurred in
continental Europe in euros but are reported in sterling.
The cash balance at 31 December 2016 was GBP27.8m (GBP33.2m at
31 December 2015).
Regulatory
Further to the Company's announcement on 27 June 2016, the
Company has held discussions with the US regulatory authorities in
relation to its US Grass MATA MPL programme and is proceeding as
planned with the safety trial (G104) in the USA and the Phase II
conjunctival provocation test dose selection study (G205) in Europe
in 2017, ahead of the planned pivotal Phase III trial (G306).
Commenting on the positive trading update, Manuel Llobet, Chief
Executive Officer of Allergy Therapeutics, said: "The Company's
progress continues according to our long-term plans both in gaining
market share in our main territories and with our clinical
development. Our 18% top line organic growth in real terms reflects
the quality of our products, technology and team, and the
underlying convenience of our ultra-short course vaccines. We are
excited by the prospects of the Company as we continue expanding
our operations in Europe, progressing our development pipeline and
moving forward with a world-class portfolio of allergy vaccines. We
are confident about the full year and look forward to updating
shareholders on further progress throughout 2017."
*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 Regulation (EU) No 596/2014.
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
allergytherapeutics@consilium-comms.com
Notes for editors:
About Allergy Therapeutics
Allergy Therapeutics is an international specialty
pharmaceutical company focussed on the treatment and diagnosis of
allergic disorders including immunotherapy vaccines that cure
disease. The Company sells proprietary products and third party
products from its subsidiaries in nine major European countries and
via distribution agreements in an additional ten countries.
Formed in 1999 out of Smith Kline Beecham, Allergy Therapeutics
is headquartered in Worthing, UK with MHRA-approved manufacturing
facilities. The Company employs c.495 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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