TIDMAGY
RNS Number : 4048D
Allergy Therapeutics PLC
31 January 2018
Allergy Therapeutics plc
("Allergy Therapeutics" or the "Group")
Trading Update
Market share gains driving top line growth
Strong cash position sustained by good performance.
31 January 2017 Allergy Therapeutics plc (AIM:AGY), the fully
integrated specialty pharmaceutical group specialising in allergy
vaccines, today provides a trading update for the six months ended
31 December 2017, ahead of its unaudited interim results to be
announced on 7 March 2018.
Financials
The Group reports that it is trading in line with the Board's
expectations. Reported revenues for the six months ended 31
December 2017 are expected to be GBP42.2m (2016: GBP40.4m),
representing 4.4% growth on a reported basis and 1.3% growth at
constant currency. The Group has continued to grow in the past six
months of 2017, notwithstanding an abnormally weak pollen season in
Central Europe(1) , outperforming the market by an average of 4
percentage points(2) thanks to focused sales and marketing strategy
and its exclusive technology platform. In Germany, the Group's
market share has risen by one percentage point to 14% over the past
twelve months on a moving annual average basis. The fastest growing
operations for the Group in the six months ended 31 December 2017
were the Spanish subsidiary as well as the Emerging Markets
segment.
By leveraging additional revenues on current infrastructure, the
Group continues to improve its operational margins pre-R&D.
This, along with careful planning of working capital and capex
investments, has allowed the Group to maintain a strong cash
position of GBP25.8m (31 December 2016: GBP27.8m).
Products
There continues to be increasing uptake of the Group's portfolio
of convenient and patient-friendly treatments. Pre-seasonal
ultrashort course aluminium free vaccine Pollinex Quattro, designed
to address the cause of symptoms of patients sensitised to seasonal
allergens (grass, trees, ragweed), remains a key growth driver for
Allergy Therapeutics based on the benefits of the Group's treatment
programs.
Venomil, the Group's product that treats the life threatening
condition of venom allergy, grew strongly as well as Acarovac
Plus(3) which continued to outperform the rest of the portfolio in
Spain.
Pipeline
The Group's Phase III PQ Birch trial has recently completed
recruitment, with results expected in H2 2018. The successful
completion of this pivotal Phase III study would fulfil the
requirements for PQ Birch under the Therapieallergene-Verordnung
(TAV) of the Paul Ehrlich Institute before anticipated marketing
authorisation.
The PQ Grass Phase II trial continues to recruit on schedule
with results also expected in H2 2018. Following completion of this
trial, meetings with the regulatory authorities in the US and
Germany will be necessary to enable Phase III trial design.
Additionally, all the German TAV plans are on track with the
recent incorporation of the clinical development programmes for the
oral vaccine Oralvac, under a co- development agreement with
Ergomed announced in December 2017.
Outlook
Post the period end current trading remains positive and the
Board remains confident in the outlook for the business for the
remainder of the year. Allergy Therapeutics' competitive position
continues to improve with increased market share, in the countries
in which it operates, increasing in line with its long term plans
to achieve 20% market share. Market share gains are consistent
across its key European markets, notably in highly competitive
markets like Spain, Germany, Austria and Holland.
Manuel Llobet, Chief Executive Officer of Allergy Therapeutics,
commented: "Our strategy to prioritise patient friendly vaccines
with focus on patient compliance and improving adherence rates is
demonstrating success. Our portfolio of ultra-short course vaccines
is driving our market penetration in Europe and preparing the
ground for a successful US entry. All our key development
programmes are being executed according to plan and our long-term
strategic objectives, are on track. We feel privileged to keep
developing Allergy Therapeutics as we satisfy the significant unmet
needs of our patients."
This announcement contains insider information for the purposes
of Article 7 of Regulatory (EU) No596/2014.
References
(1) German IMS data for anti-histamine market during the pollen
season (spring 2017)
(2) Market data and internal estimates for 12 months to December
2017, for Allergy Therapeutics' competitive markets (3)
Acarovac
(3) Plus is an innovative, short course perennial vaccine for
allergic patients to house dust mite (HDM) allergies. It is
commercialised in Spain and Austria as a NPP product (named patient
basis). A version with adjuvant is being developed as part of a
global clinical program, currently in Phase I.
- 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, 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, is listed on the
London Stock Exchange (AIM:AGY) [and has kept a track record of
double digit growth CAGR for the last 18 years, since the company
successfully spun off from GSK]. For more information, please see
www.allergytherapeutics.com.
This information is provided by RNS
The company news service from the London Stock Exchange
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