Allergy Therapeutics
plc
("Allergy
Therapeutics" or the "Company" or the "Group")
Half Year Trading update for
the six months ended 31 December 2024
- Financial
turnaround progressing with H1 revenues expected to be £34.0m (H1
2024: £33.6m), 4% growth on a constant currency basis (H2 2024: 2%
growth), marking the second consecutive period of half year
growth
- Cash
position of £21.7m at 31 December 2024 (30 June 2024: £12.9m)
following receipt of new £20m five-year term loan
- Increase
of 5% in volume of units sold reflecting a recovery in
manufacturing capacity
- Submission
of Marketing Authorisation Application for Grass MATA MPL to the
Paul Ehrlich Institut in Germany in November 2024
- First
patient treated in the G308 Phase III trial to evaluate long-term
efficacy and safety of Grass MATA MPL in paediatric patients;
and
- Positive interim analysis data from the Phase I/IIa VLP Peanut
PROTECT Trial showing up to 48% reduction in wheal size after
skin-prick testing compared to 8% in placebo
28
January 2025: Allergy Therapeutics
plc (AIM: AGY), the integrated commercial biotechnology company
specialising in allergy vaccines, today announces its trading
update for the six months ended 31 December 2024
ahead of its Interim Results to be announced in
March 2025.
Manuel Llobet, Chief Executive
Officer of Allergy Therapeutics, commented: "We enter 2025 building
strong momentum across all aspects of our business. Our return to
first-half growth and strengthened position, having secured the
Hayfin facility in late 2024, give us the confidence and financial
stability to further our ambitious strategy. The submission of a
Marketing Authorisation Application for Grass MATA MPL and
initiation of the G308 paediatric trial represent significant steps
forward in our grass allergy programme. Meanwhile, encouraging
interim analysis data from our VLP Peanut programme has
demonstrated meaningful reductions in skin sensitivity, reinforcing
our confidence in the transformational potential of our peanut
allergy vaccine candidate. With our encouraging progress in 2024,
we are well positioned to deliver on our commitment to transform
patient care in allergy."
Financials
The Group expects revenue for the
six months ended 31 December 2024 to be £34.0 million
(2023: £33.6 million), representing 1% growth on a reported
basis, or more than 4% on a constant* currency basis. Revenue is
now expected to have grown for two consecutive half year periods,
when compared to the equivalent periods in the prior financial
year, as the Group's financial recovery continues. Further, the
volume of units sold increased by 5%, indicating a recovery in
manufactory output, with the growth primarily driven by a rebuild
of the diagnostic portfolio. In the second half of the financial
year, sales are expected to continue to
grow. Overall sales for the full year ending on 30 June 2025
are expected to exceed sales in the corresponding period ended 30
June 2024.
The cash balance as of
31 December 2024 was £21.7 million (30 June
2024: £12.9 million). As previously announced, the Group
strengthened its cash position during the period with a new £40m
facility from Hayfin Healthcare Opportunities ("Hayfin"),
comprising a £20m committed five-year term loan and £20m
uncommitted incremental facility. The Group also secured additional
support from its major shareholders, SkyGem Acquisition Limited and
Southern Fox Investments Limited (together
the "Shareholder Lenders"), through an amendment
to the Loan Facility. The total facility was increased from £40m to
£50m during the period, with an undrawn but uncommitted balance of
£27.5m as at 31 December 2024. With the £20m uncommitted Hayfin
funding, the Group has access to a total £47.5m of uncommitted
facilities, from Hayfin and the Shareholder Lenders, to continue to
drive the business forward.
*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
This announcement contains inside
information for the purposes of the UK Market Abuse
Regulations.
- ENDS
-
For
further information, please contact:
Allergy Therapeutics
Manuel Llobet, Chief Executive
Officer
Shaun Furlong, Chief Financial
Officer
+44 (0)1903 845 820
Cavendish Capital Markets Limited (Nominated Adviser and
Broker)
Geoff Nash/Giles Balleny/Seamus
Fricker/Rory Sale
Nigel Birks/Tamar Cranford Smith -
Sales
+44 (0)20 7220 0500
ICR
Healthcare
Mary-Jane Elliott/David Daley/Davide
Salvi
+44 (0)20 3709 5700
allergytherapeutics@icrhealthcare.com
About Allergy Therapeutics
Allergy Therapeutics is an
international commercial biotechnology company, headquartered in
the UK, 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
includes vaccines for grass, tree, house dust mite and peanut. For
more information, please see www.allergytherapeutics.com.
