Allergy Therapeutics PLC Trading Update (3797U)
July 12 2018 - 2:00AM
UK Regulatory
TIDMAGY
RNS Number : 3797U
Allergy Therapeutics PLC
12 July 2018
Allergy Therapeutics plc
("Allergy Therapeutics" or the "Group")
Trading update
Group's market share continues to grow
12 July 2018 Allergy Therapeutics plc (AIM: AGY), the fully
integrated commercial biotechnology company specialising in allergy
vaccines, today provides a trading update for the year ended 30
June 2018 ahead of its Preliminary Results to be announced in
September.
Financials
Revenues for the year are expected to be in line with market
expectations at GBP68.3m (2017: GBP64.1m). This performance
represents 6.6% annual growth on a reported basis and 3.5% on a
constant currency basis which reflects a strong performance during
an unusually weak pollen season in 2017. The Group is continuing to
gain market share within its core markets in Europe and data for
the key markets for the 9 months ending 31 March 2018 showed an
increase of 0.7 of a market share point(1) . Expenses are expected
to be in line with market expectations due to continuing cost
control.
The cash balance at the end of June 2018 was GBP15.5m (30 June
2017: GBP22.1m).
Pipeline
Following the positive Grass Phase II trial, the ongoing
pipeline trials continue to progress well and timing remains in
line with the Group's strategy. The results of the pivotal Birch
Phase III trial for Europe continue to be expected in Q3 2018.
Manuel Llobet, CEO at Allergy Therapeutics, stated: "Our
convenient, flexible and varied product portfolio has enabled us
over the past 19 years to grow revenues at 10% compound annual
growth rate. We are pleased that we have continued to make headway
in market share this year, despite a poor pollen season, and have
maintained a tight control on costs in the period. Our pipeline
continues to progress well, with the announcement of excellent
Grass Phase II results, the publication of significant papers on
the long-term effect of our product and the positive Birch Phase II
Trials. We are looking forward to the results of the Birch Phase
III trial, expected in Q3 2018."
(1) Market data and internal estimates for 9 months to 31 March
2018, for the core European markets in which Allergy Therapeutics
operates excluding Switzerland (competitor data not available)
This announcement contains inside 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, Chief Financial Officer
Panmure Gordon
+44 (0) 20 7886 2500
Freddy Crossley, Emma Earl, Corporate Finance
Consilium Strategic Communications
+44 20 3709 5700
Mary-Jane Elliott / Ivar Milligan / Olivia Manser
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 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, which has achieved double digit compound
annual growth since formation, 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 news service of the
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END
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