Allergy Therapeutics plc Preliminary Results For The Year Ended 30 June 2014

Allergy Therapeutics plc, the fully integrated specialty pharmaceutical company, announces its preliminary results for the year ended 30 June 2014.

Highlights

• 13% increase in gross revenue (excluding rebate and discounts) to £46.8m (2013: £41.5m)
• 7% increase in gross revenue (excluding rebate and discounts) at constant currency* to £44.3m (2013: £41.5m)
• 7% increase in revenue to £42.0m (2013: £39.3m)
• Gross profit increased 10% to £30.0m (2013: £27.3m)
• Increased investment in clinical studies to £1.5m (2013: £0.3m)
• Operating profit increased 71% to £1.2m (2013: £0.7m)
• Cash balance improved to £2.0m (2013: £1.3m)
• Competitive position in our key European markets strengthened with average market share increasing by 9%
• European roll out of probiotic products
• Appointment of Professor Tim Higenbottam as Research and Development Director
• Canadian Health Authority approved the submission of the Clinical Trial Application (CTA) for environmental challenge chamber study

* 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.

Manuel Llobet, Chief Executive Officer, commented:

“We have made good progress this year. Our improved financial performance was underpinned by significant growth in our average market share in the countries in which we operate. This was supplemented by the launch of new products and advances in our clinical development programme. During the year we also grew the team under our new R&D director, Professor Tim Higenbottam, which will allow us to continue to effectively meet the challenges of modern medicine development.

“Whilst the European allergy market faces a number of challenges, our continuing momentum across all segments gives us confidence that the outlook for Allergy Therapeutics remains positive. We expect to improve our market share again next year and to further consolidate our position in our European markets. We also aim to continue to progress our clinical development programme within the TAV framework in Germany.

“Finally, we are very excited by recent developments in the US allergy market. The US market represents a potentially transformational opportunity for the Company and we continue to develop an agreed roadmap to register MATA MPL Grass in the US to realise this.”

For further information

Allergy Therapeutics +44 (0) 1903 845 820
Manuel Llobet, Chief Executive Officer
Ian Postlethwaite, Finance Director

Peel Hunt LLP +44 (0) 20 7418 8900
James Steel
Clare Terlouw

FTI Consulting +44 (0) 20 3727 1000
Simon Conway
Victoria Foster Mitchell

Notes to editors

About Allergy Therapeutics

Allergy Therapeutics is a specialty pharmaceutical company focused on allergy vaccination. It has a growing business achieving revenue in the current financial year of £42 million mainly in Europe through its own sales and marketing infrastructure and further afield through distributors. The Company is expanding its infrastructure into the Emerging Markets.

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