Allergy Therapeutics PLC Notice of Results and Trading Update (8311T)
July 23 2015 - 02:00AM
UK Regulatory
TIDMAGY
RNS Number : 8311T
Allergy Therapeutics PLC
23 July 2015
23 July 2015
Allergy Therapeutics plc
("Allergy Therapeutics" or the "Company")
Notice of Results and Trading Update
Allergy Therapeutics, the fully integrated specialty
pharmaceutical company specialising in allergy vaccines, today
provides a trading update for the year ended 30 June 2015 ahead of
its preliminary results to be announced on 21 September 2015.
The Company expects to report revenue growth of 11% for the year
at constant currency*, reflecting revenues** of approximately
GBP46.6m (2014: GBP42.0m). This double digit growth rate in a flat
market demonstrates that Allergy Therapeutics has outperformed the
market, gaining market share of approximately one percent a year.
These gains have occurred in all of the Company's key markets,
making Allergy Therapeutics the outstanding performer in Europe in
this competitive area. Reported revenues are expected to be
approximately GBP43.2m (2014: GBP42.0m), slightly ahead of analyst
expectations, representing growth of 3%, despite the negative
impact from the weakening Euro.
Allergy Therapeutics is also working on expanding its portfolio
in other segments of the allergy market, such as those addressing
perennial allergens. Thus, the Company is developing Acarovac
Quattro, a potential breakthrough treatment for house dust mite
allergy. Acarovac Quattro has the potential to replicate the
success of the company's Pollinex Quattro product range, which is
focussed on the seasonal allergy market and is currently in late
stage development in Europe and the US.
During the year, Allergy Therapeutics raised net proceeds of
GBP20m from a placing with existing and new institutional investors
to fund the US clinical development of Pollinex Quattro Grass in
the US through to launch, with the development programme having now
resumed. Additionally, the Company continues to strengthen its
position in Europe through both organic growth and M&A, as
demonstrated by the acquisition of Alerpharma S.A., a Spanish-based
allergy immunotherapy company, in June 2015, enabling the Company
to continue to build a strong growth platform in Europe and to
further open up the opportunity for market share in Spain.
Manuel Llobet, Chief Executive Officer, commented as
follows:
"I am very proud of the work being done at the Company, where
our staff are working incredibly hard and with great passion. The
significant market penetration is driven by our short course
aluminium free treatments, which are efficacious, patient friendly
and save time within the healthcare system, so are optimal from a
pharma-economics point of view. The increasing acceptance of our
short course aluminium free therapies in Europe, along with the
excellent compliance of our Pollinex Quattro franchise, give us
great encouragement regarding the prospects for the potential fast
penetration that Pollinex Quattro can experience in the US market
when launched in 2019, while the acquisition of Alerpharma is a
compelling illustration of the Company executing its strategy in
Europe."
* 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
** Net of rebates and discounts
- Ends -
For further information:
+44 (0) 1903 845
Allergy Therapeutics 820
Manuel Llobet, Chief Executive Officer
Ian Postlethwaite, Finance Director
+44 (0) 20 7886
Panmure Gordon 2500
Freddy Crossley / Peter Steel / Duncan Monteith,
Corporate Finance
Tom Salvesen, Corporate Broking
+44 (0) 20 3727
FTI Consulting 1000
Simon Conway / Victoria Foster Mitchell
Note to editors:
About Allergy Therapeutics
Allergy Therapeutics is a specialty pharmaceutical company
focused on allergy vaccination. It has a growing business achieving
revenue in the last financial year of GBP42 million mainly in
Europe through its own sales and marketing infrastructure and
further afield through distributors.
This information is provided by RNS
The company news service from the London Stock Exchange
END
TSTDGGDRCBDBGUD
Allergy Therapeutics (LSE:AGY)
Historical Stock Chart
From Feb 2024 to Mar 2024
Allergy Therapeutics (LSE:AGY)
Historical Stock Chart
From Mar 2023 to Mar 2024