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

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
Completion of treatment phase in G309 study
06 May 2021