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Allergy Therapeutics sees growth across Europe as new trials approach

Published: 16:40 23 Sep 2020 AEST

Allergy Therapeutics PLC -

Allergy Therapeutics PLC (LON:AGY) said profits rose in the year to end June 2020, as sales in Germany and elsewhere in Europe stayed strong despite coronavirus disruption.

Net profits jumped to £7.1mln, up from £3.5mln a year earlier, though the increase was helped by a legal settlement worth £3.2mln the hay fever treatment specialist said.

Allergy had flagged already that revenues for the year had risen by 7% to £78.2mln. Sales in Germany, which accounts for 61% of revenues, rose by 8%, Spain by 10%, the Netherlands 22% and Switzerland 18%.

Bee sting treatment Venomil continued to grow very strongly, said Allergy, while hay fever products Pollinex and Pollinex Quattro achieved 'reasonable growth'

There was a 25% increase in pre-R&D operating profit to £14.2mln, it added, and the group had a cash balance at the year-end of £37mln.

Going forward, Allergy noted that plans for the pilot field study (G309) in the Grass MATA MPL clinical development programme are well underway with the trial due to start in Q4 2020 and a readout expected in the second half of 2021. A Phase III field trial will start in the second half of 2022.

The phase I trial of a new peanut allergy vaccine is expected to start in 2021. 

In the results statement, Manuel Llobet, Allergy's chief executive, said: "The robust, all-round performance of the business this year has shown the key qualities of Allergy Therapeutics, with strong financial results, a fast response to the COVID-19 challenge and continued development and expansion of our commercial portfolio and pipeline.”

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