Allergy Therapeutics, the fully integrated specialty pharmaceutical company specialising in allergy vaccines, today provides a trading update for the year ended 30 June 2015 ahead of its preliminary results to be announced on 21 September 2015.
The Company expects to report revenue growth of 11% for the year at constant currency*, reflecting revenues** of approximately £46.6m (2014: £42.0m). This double digit growth rate in a flat market demonstrates that Allergy Therapeutics has outperformed the market, gaining market share of approximately one percent a year. These gains have occurred in all of the Company’s key markets, making Allergy Therapeutics the outstanding performer in Europe in this competitive area. Reported revenues are expected to be approximately £43.2m (2014: £42.0m), slightly ahead of analyst expectations, representing growth of 3%, despite the negative impact from the weakening Euro.
Allergy Therapeutics is also working on expanding its portfolio in other segments of the allergy market, such as those addressing perennial allergens. Thus, the Company is developing Acarovac Quattro, a potential breakthrough treatment for house dust mite allergy. Acarovac Quattro has the potential to replicate the success of the company’s Pollinex Quattro product range, which is focussed on the seasonal allergy market and is currently in late stage development in Europe and the US.
During the year, Allergy Therapeutics raised net proceeds of £20m from a placing with existing and new institutional investors to fund the US clinical development of Pollinex Quattro Grass in the US through to launch, with the development programme having now resumed. Additionally, the Company continues to strengthen its position in Europe through both organic growth and M&A, as demonstrated by the acquisition of Alerpharma S.A., a Spanish-based allergy immunotherapy company, in June 2015, enabling the Company to continue to build a strong growth platform in Europe and to further open up the opportunity for market share in Spain.
Manuel Llobet, Chief Executive Officer, commented as follows:
“I am very proud of the work being done at the Company, where our staff are working incredibly hard and with great passion. The significant market penetration is driven by our short course aluminium free treatments, which are efficacious, patient friendly and save time within the healthcare system, so are optimal from a pharma-economics point of view. The increasing acceptance of our short course aluminium free therapies in Europe, along with the excellent compliance of our Pollinex Quattro franchise, give us great encouragement regarding the prospects for the potential fast penetration that Pollinex Quattro can experience in the US market when launched in 2019, while the acquisition of Alerpharma is a compelling illustration of the Company executing its strategy in Europe.”
* 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 ** Net of rebates and discounts
- Ends -
For further information:
Allergy Therapeutics
+44 (0) 1903 845 820
Manuel Llobet, Chief Executive Officer
Ian Postlethwaite, Finance Director
Panmure Gordon +44 (0) 20 7886 2500
Freddy Crossley / Peter Steel / Duncan Monteith, Corporate Finance
Tom Salvesen, Corporate Broking
FTI Consulting +44 (0) 20 3727 1000
Simon Conway / Victoria Foster Mitchell
Note 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 last financial year of £42 million mainly in Europe through its own sales and marketing infrastructure and further afield through distributors.
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