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08 March 2016
Allergy Therapeutics plc
("Allergy Therapeutics" or "the Company")
Interim Results for the six months ended 31 December 2015
Allergy Therapeutics plc (AIM:AGY), the fully integrated specialty pharmaceutical company specialising in allergy vaccines, announces unaudited interim results for the six months ended 31 December 2015.
· Revenue increased by 12% at constant currency to £31.5m (H1 2015: £28.2m)* and reported revenue increased by 3% to £29.0m (H1 2015: £28.2m)
· R&D expenditure increased to £6.5m (H1 2015: £1.1m) as the two Phase II studies in Germany and the US were successfully progressed
· Fundraising of £11.5m (gross) successfully completed with placing of 41,005,500 ordinary shares in the Company to invest in new product development, strengthen the balance sheet and accelerate growth
· Cash balance bolstered to £33.2m (H1 2015: £8.0m)
Products and pipeline highlights
· Increasing market share in all major markets
· Spanish Alerpharma acquisition fully integrated
· US Phase II study for GrassMATAMPL (marketed in Europe as Pollinex Quattro Grass product) initiated in December 2015 - on track for data read out in H2 2016
· PQ Birch204 Phase II study patient enrolment completed - results expected in H2 2016
· Acquisition of Virus Like Particles ("VLP") technology licence for the development of a potential new injectable vaccine immunotherapy treatment for allergy sufferers, with peanut as the lead project
· Positive house dust mite study results for Acarovac - July 2015
Post period end highlights
· US Grass MATAMPL study fully recruited according to plan in February 2016
Commenting on the interim results, Manuel Llobet, Chief Executive Officer, said:
"The first half of this year has seen continued momentum with our product sales continuing to outperform the market with further market share gains across Europe. We delivered 12% revenue growth at constant currency. This double-digit growth against a (broadly) flat market has been driven by a combination of our winning proposition of lifestyle enhancing short course aluminium-free vaccines boosted by our successful sales strategy.
"Our business is gaining significant scale and momentum in Europe through both organic and acquisitive growth and we expect this to continue as we further invest in our commercial infrastructure and prepare to take our products over to the US. We eagerly await the data from two ongoing Phase 2 studies for GrassMATAMPL and PQ Birch204 which are both due to report later in 2016."
* 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. See table in financial review for an analysis of revenue.
Joint Statement from the Chairman and Chief Executive Officer
During the first six months of the year, the Company's revenues grew 12% (at constant currency) compared to 11% at the end of June 2015, and against flat or low growth markets in Europe. Allergy Therapeutics' robust level of double digit top line growth at constant currency is due to the benefits offered to patients of a short course, aluminium-free, therapy which is enabling the Company to outperform its competitors and grow its market share in Europe. Geographically, the major contributing markets to the Company's growth have been Germany and Spain, followed by The Netherlands, the UK and Austria.