Last checked at 13 Jul 2016 07:00
13 July 2016
Allergy Therapeutics plc
("Allergy Therapeutics" or the "Company")
Trading Update
Allergy Therapeutics (AIM:AGY), the fully integrated specialty pharmaceutical company specialising in allergy vaccines, today provides a trading update for the year ended 30 June 2016 ahead of its Preliminary Results to be announced in September 2016.
Financials
Reported revenues are expected to be £48.5m (2015: £43.2m), slightly ahead of current market expectations. This represents a growth of 12%* despite the negative impact from the weakening Euro during most of the year. At constant currency, this represents a growth of 19%* for the year. This solid growth has been against a flat market backdrop and has allowed the Company to increase its market share two percentage points from 10% to 12% on average across its key European markets. The main contributions in terms of market share gains for the Company have come from Germany, Austria, Spain and the UK.
Product
Allergy Therapeutics' market penetration is consistent across the product portfolio, particularly from Pollinex Quattro, Oralvac (which has benefited from a competitor situation) and our newer products entering the market including Acarovac and Synbiotics.
The Company expects strong revenue growth to continue for several years and aims to achieve a leading European market position in the allergoid subcutaneous immunotherapy product (SCIT) market before 2020.
Pipeline
In Europe, the development program for PQ Birch is on track and the Pivotal Phase III study is planned to start in H1 2017. For the US, the Company will perform another dose ranging study for PQ Grass in order to ensure that the best dose is chosen for the final Phase III study. Acarovac Quattro development is on track and initiation of Phase I studies is expected to start in H2 2016. Finally, the proof of concept study for the novel vaccine, Polyvac Peanut, is progressing according to plan.
Commenting on the positive trading update, Manuel Llobet, Chief Executive Officer of Allergy Therapeutics, said:
Our strong sales growth of 19%* at constant rates and further gain in market share of two points to 12% shows that our ambition to build a world-leading portfolio of aluminium-free, patient-friendly vaccines is gaining increased traction. We continue to invest in our business and remain on course to become the leading company in the subcutaneous segment. We are also very excited about the commercial opportunities in our current broad portfolio."
\* The growth figures include 3% which relates to the acquisition of the Alerpharma business in June 2015.
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014.
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 / Duncan Monteith, Corporate Finance
Tom Salvesen, Corporate Broking
Consilium Strategic Communications
+44 20 3709 5700
Mary-Jane Elliott / Ivar Milligan / Matthew Neal / Laura Thornton
allergytherapeutics@consilium-comms.com
Notes for editors:
About Allergy Therapeutics
Allergy Therapeutics is an international specialty pharmaceutical company focussed on the treatment and diagnosis of allergic disorders including immunotherapy vaccines that cure disease. The Company sells proprietary products and third party products from its subsidiaries in nine major European countries and via distribution agreements in an additional ten countries.
Formed in 1999 out of Smith Kline Beecham, Allergy Therapeutics is headquartered in Worthing, UK with MHRA-approved manufacturing facilities. The Company employs c.420 employees and is listed on the London Stock Exchange (AIM:AGY). For more information please see www.allergytherapeutics.com.