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Allergy Therapeutics plc Release: Interim Report For The Six Months Ended 31 December 2013


3/24/2014 9:16:13 AM

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March 24, 2014 -- Allergy Therapeutics plc (the fully integrated specialty pharmaceutical company), announces unaudited interim results for the six months ended 31 December 2013.

Highlights

• 12% increase (6% at constant currency) in gross revenue (excluding milestones and rebates) to £29.9m (H1 2013: £26.6m)*
• Gross profit increased 11% to £20.7m (H1 2013: £18.7m)
• Operating profit increased 26% to £6.7m (H1 2013: £5.3m)
• Cash balance improved to £5.2m (H1 2013: £3.5m)
• Competitive position in European markets strengthened with market share increasing by 12% with consistent improvements across our key European markets
• European roll out of probiotic products
• Appointment of Professor Tim Higenbottam as R&D Director

Post-period events
• Canadian Health Authority approved the submission of the Clinical Trial Application (CTA) for environmental challenge chamber study for Pollinex Quattro 0.5ml
• Dosing completed in Pollinex Quattro Birch dose ranging study in Germany

Manuel Llobet, Chief Executive Officer, commented:
“We have reported a strong financial performance for the period underpinned by a marked increase in market share in the key European territories in which we operate such that we completed the half-year with an overall share increase of 12% in the allergy segment. We have also made significant progress improving our product portfolio during the period including the launch of our probiotics product range and Acarovac, a mite allergoid product. We initiated a phase II clinical programme for Pollinex Quattro Birch, and in Germany we are proceeding with the registration of the Pollinex Quattro Grass MATA MPL (1.0ml).”

“In North America, post period end, the Canadian Health Authority approved the submission of our Clinical Trial Application (CTA) for a new environmental challenge chamber study with Pollinex Quattro Grass MATA MPL (0.5ml). The recent positive developments in the US allergy regulatory environment underscore our confidence that North America will emerge as a valuable market for registered allergy vaccines. We continue to explore our strategic options for the development and commercialisation of Pollinex Quattro in this territory.”

* 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. See table in financial review for an analysis of revenue.

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

About Allergy Therapeutics

Allergy Therapeutics is a specialty pharmaceutical company focused on allergy vaccination. It has a growing business achieving sales in the prior financial year of almost £40 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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