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 has reported solid FY21 trading, with revenues up 8% (6% CER) to £84.3m (FY20: £78.2m). Pre-R&D operating profit rose 19% to £16.9m (FY20: £14.2m) given lower promotional and marketing spend due to COVID-19 restrictions, coupled with tight cost control. R&D investment increased from £9.0m to £12.9m to support the two key programmes: the G309 Grass MATA MPL exploratory field study and the VLP Peanut ex vivo biomarker study. Cash of £40.3m (FY20: £37.0m) is sufficient to fund the two Grass MATA MPL Phase III trials and the VLP Peanut Phase I trial. These two development programmes could transform the company’s medium-term prospects, underpinning entry into the commercially important US market. Our updated valuation is £350.7m, or 54.7p per share.

Market information

SymbolPrimary exchanges
AGYAIM London

Research

Positive top line G309 results for Grass MATA MPL
Lighthouse | 25 Oct 2021
FY21 results show continued strong growth
Update | 23 Sep 2021
VLP Peanut heading towards US Phase I studies
Update | 21 Sep 2021

Recent News

Positive top line results from G309 exploratory field trial
25 Oct 2021
Preliminary FY21 results
23 Sep 2021
Secondary endpoints from VLP Peanut 001
13 Sep 2021
Successful primary outcome of VLP Peanut 001
03 Aug 2021