Allergy Therapeutics plc Preliminary Results for the Year Ended 30 June 2011  
9/19/2011 10:11:43 AM

19 September 2011 -- Allergy Therapeutics plc (AIM: AGY), the fully integrated specialty pharmaceutical company specialising in allergy vaccines announces preliminary results for the year ended 30 June 2011.


- FDA to lift clinical hold on INDs for MATA-MPL© products subject to submission of agreed protocols

- Partnering process initiated to exploit significant US market opportunity

- 10 Marketing Authorisation Applications filed in Germany

- Pollinex Quattro grass filed in Switzerland

- Teomed AG acquisition in Switzerland fully integrated and beginning to deliver

- Netherlands subsidiary established and operating successfully

- Full-year revenue up 2% to £42 million (2010: £41 million); revenue up 5% at constant currency to £43 million

- Pollinex Quattro revenue up 2% at constant currency to £22 million (2010: £21 million)

- Number of in-licensing deals signed leveraging sales infrastructure

- PQ grass dossier report received from Germany’s PEI, response to be submitted November 2011

- EBITDA £1.8 million (2010: £2.9 million); adjusted EBITDA pre FX hedge fair valuation impact £2.6 million (2010: £2.9 million)

- Cost reduction plan executed and headcount reduced by 10%

Post reporting period events

- Initial roll-out of Emerging Market strategy with supplies to Latin America (August 2011)

- Anapen® distribution agreement extended to include UK and Ireland (September 2011)

Manuel Llobet, Chief Executive of Allergy Therapeutics, added:

“Allergy Therapeutics has made significant progress towards its goal to become one of the top 3 immunotherapy companies in the world and a leader in the subcutaneous segment of the market.

“During the year, we achieved important regulatory milestones including discussions with the FDA to resume US development of Pollinex Quattro and feedback from the PEI, the German regulatory body, for the registration of Pollinex Quattro Complete. Pollinex Quattro could be the first registered subcutaneous vaccine available to allergy sufferers in the US, and could also become the first injectable vaccine registered under the new European regulatory requirements.

“We remained profitable at an EBITDA level, despite a difficult environment in Germany, currently our largest market. This reflects a number of measures implemented to improve efficiency and reduce costs, which we expect will also benefit our performance in the current year. Transforming Allergy Treatment 2

“We have made good progress with our Emerging Markets strategy, introducing our own products in Latin America and licensing in products to improve our portfolio. We have established a subsidiary in Argentina and plans are already in place for additional distribution agreements in other key countries.

“By leveraging our established infrastructure in Europe and extending our presence into new markets, we are confident of improving profitability going forward and creating a sustainably profitable company.”

For further information

Allergy Therapeutics +44 (0) 1903 845 820

Manuel Llobet, Chief Executive Officer

Ian Postlethwaite, Finance Director

Nomura Code Securities +44 (0) 207 776 1200

Juliet Thompson/ Clare Terlouw

Financial Dynamics +44 (0) 207 831 3113

Ben Brewerton/ Susan Quigley