Today: November 14, 2018, 6:47 pm
  
Business

Allergy Therapeutics PLC: Trading Update

PR-Inside.com: 2018-07-12 13:02:02

Porto

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 £68.3m (2017: £64.1m). 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 point1. 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 £15.5m (30 June 2017: £22.1m).

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.”

1Market 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 11,000m2 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.




# 857 Words
Related Articles
More From The Author
Ontex UK Optimizes Home Delivery with Descartes' [..]
LONDON, July 12, 2018 (GLOBE NEWSWIRE) -- Descartes Systems Group (Nasdaq:DSGX) (TSX:DSG), the global leader in uniting logistics-intensive [..]
The Ministry of Transportation (Aviation) of Nigeria [..]
InvitationNigeria's National Flag Carrier The Ministry of Transportation (Aviation) of Nigeria, would like to invite the media [..]
Atos launches new VSAT monitoring and geolocation [..]
Paris, July 12 2018 - Atos, a global leader in digital transformation, launches its new satellite monitoring and geolocation system [..]
UPDATE - Nasdaq to Provide Clearing Technology [..]
Nasdaq post-trade technology to support clearing of pan-European equities and Nordic derivatives for SIX   STOCKHOLM, Sweden, July [..]
Oboya launches a new e-commerce platform with [..]
Oboya Horticulture Industries AB (publ) ("the company"), has together with the Haier Group RRS, through previous cooperation [..]
 
More From Business
NJAWBO Annual Holiday Dinner & Expo for [..]
The New Jersey Association of Women Business Owners (NJAWBO) Annual Statewide Holiday Dinner and Expo will take place on November [..]
Have the coziest living room with Marble [..]
UK – 12th November 2018 – Often times we want our apartmens and houses to be cozier, and thus, more [..]
Huge Success for Iberia Consulting´s B2B Meetings [..]
The annual Eurasia Packaging Fair is a 4-day event that started on the 31st of October until the 3rd of [..]
Revelation Creative Certified by the Women’s Business [..]
Revelation Creative, a business specializing in digital marketing, web and print design, and branding, is proud to announce national [..]
Why Unified Acquires UK Payment Processor, Verified [..]
Why Unified, the Tampa, Florida sales and marketing platform has announced a pending acquisition of Verified Payments, a UK [..]

Disclaimer: If you have any questions regarding information in this press release please contact the company added in the press release. Please do not contact pr-inside. We will not be able to assist you. PR-inside disclaims the content included in this release.