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(Sharecast News) - Commercial biotechnology company Allergy Therapeutics said on Thursday that full-year operating profits were expected to be "well ahead" of market expectations thanks to "significantly lower" expenses.
Allergy Therapeutics stated the expected operating profit growth was reflective of "a strong group performance in challenging market conditions", with ImmunoBON, the firm's patented protein-based oral product for the general treatment of allergies, being successfully launched in Germany and Austria.
The AIM-listed firm stated cost savings had been driven by Covid-19 related restrictions to travel and a reduction in scientific conference attendance, as well as delays to some commercial projects into 2022.
As a result, expenses for the 2021 year were expected to be significantly lower than market expectations despite higher Brexit and compliance costs. However, Allergy did note that some research and development expenditure originally expected in 2021 will now be incurred in 2022.
Chief executive Manuel Llobet said: "The group has continued to perform strongly in a tough environment and I am proud of our response to the challenges presented by the ongoing Covid-19 pandemic.
"Our focus on developing a strong R&D pipeline has remained steadfast and we are looking forward to both the ex-vivo peanut study results and the Grass MATA MPL exploratory field study results in the early part of the next financial year - both significant milestones in the progress we are making to bring new immunotherapeutic treatments to allergy patients."
As of 1050 BST, Allergy Therapeutics shares were up 2.95% at 25.32p.
29 Sep 2016 11:55