REG - Allergy Therapeutics - Half Year Trading update

Allergy TherapeuticsAnnouncement

28/01/2025 07:00

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RNS Number : 8539U  Allergy Therapeutics PLC  28 January 2025

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
(mailto: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
(http://www.allergytherapeutics.com) .

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