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.

Investment Perspective

Trading in Allergy Therapeutics’ shares has recently been restored following suspension in January 2023. Publication of the FY22 Annual Report and accounts confirms preliminary results announced in September 2022. H123 interim results (to end-December 2022) reported revenues of £39.9m (H122: £48.7m) with a pre-R&D operating profit of £0.5m (H122: £12.5m) owing to lower gross margins (65% vs H122: 74%) and higher operating costs. The H123 net loss was £8.5m (H122: profit of £6.7m). Cash at 31 December 2022 was £15.2m and in April a £40.75m loan facility was agreed, which is planned to be refinanced via equity. The company has outlined that additional funding will be required from around September 2023. In the clinical pipeline, both the Phase III G306 grass allergy and the Phase I PROTECT peanut allergy trials are ongoing, with data from G306 expected in Q423. Our valuation and forecasts are currently suspended.

Market information

SymbolPrimary exchanges


Annual report and accounts delayed, shares suspended
Lighthouse | 29 Dec 2022
Start of pivotal Grass MATA MPL Phase III trial
Lighthouse | 08 Dec 2022
Manufacturing pause takes it toll on revenues
Update | 28 Oct 2022

Recent News

Publication of open offer circular
27 Sep 2023
Unaudited preliminary FY23 results
27 Sep 2023
Phase I VLP Peanut PROTECT trial progress
26 Sep 2023
Satisfaction of FDI clearance conditions
22 Sep 2023