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

Allergy Therapeutics delivered record interim revenue of £54.0m (+7%, +5% CER) and operating profit pre-R&D of £20.5m during financial H121, emphasising the resilience of its European commercial business despite COVID-19 impacts and the spectre of Brexit. Operationally, the company is also progressing steadily with its pipeline. The G309 exploratory Grass MATA MPL Phase III study is fully enrolled, with most subjects treated ahead of the pollen season; data, anticipated in the autumn, are expected to inform design of the G306 pivotal grass trial (scheduled to start autumn 2022). The ongoing P001 ex vivo peanut allergy biomarker study should read out in the spring, ahead of an FDA pre-IND meeting in calendar H121 and potential IND submission by year end. Allergy Therapeutics’ £48.3m cash balance (at end-December 2020) will fund both the Grass MATA MPL Phase III trial programme and the peanut allergy Phase I trial, with data from these representing material value-inflection points. We upgrade our valuation to £344.5m, equivalent to 53.8p per share.

Market information

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G309 exploratory grass trial on course for H221 read-out
Lighthouse | 06 May 2021
Record revenues demonstrate resilience of operations
Update | 03 Mar 2021
Robust growth, pipeline progress, and cash position
Update | 13 Jan 2021

Recent News

Completion of treatment phase in G309 study
06 May 2021
Interim H121 results
03 Mar 2021
H121 trading update and notice of results
13 Jan 2021
Initiation of peanut allergy biomarker study
05 Jan 2021