Allergy Therapeutics
Worthing, United Kingdom

Allergy Therapeutics specialises in the diagnosis and treatment of allergy. The existing European business generates c £80m annual sales. Near-term R&D efforts are focussed on the Pollinex Quattro platform, whilst in the medium-term the VLP platform is highly promising.

www.allergytherapeutics.com

Investment Perspective

Allergy Therapeutics confirmed strong FY21 trading, ahead of market expectations, with revenues up 8% (6% CER) to £84.3m (FY20 £78.2m). Lower spend due to COVID-19 restrictions on travel and conferences, coupled with phasing of planned R&D, means net income will be higher than our prior £6.2m forecast loss. Cash is at a record £40.3m vs £37.0m last year. Robust performance emphasises the resilience of the underlying business, but two development programmes are set to potentially transform medium-term prospects. Key value inflection points are expected over the coming months: the ex vivo peanut allergy biomarker study for the VLP-vaccine will read out in Q3, and data from the G309 Grass MATA MPL exploratory field study is due in H2. Our current valuation is £344.5m,or 53.8p per share.

Market information

SymbolPrimary exchanges
AGYAIM London

Research

Biomarker data confirm VLP Peanut hypoallergenicity
Lighthouse | 03 Aug 2021
Strong FY21 trading, but pipeline set to drive future
Update | 14 Jul 2021
FY21 pre-close update ahead of market expectations
Lighthouse | 24 Jun 2021

Recent News

Secondary endpoints from VLP Peanut 001
13 Sep 2021
Successful primary outcome of VLP Peanut 001
03 Aug 2021
Trading update for the year ended 30 June 2021
14 Jul 2021
Pre-close trading update
24 Jun 2021