Commercialising and developing a differentiated portfolio
Update | 13 January 2022
Allergy Therapeutics continues to trade solidly in a challenging environment. Its H122 trading statement confirmed six-month revenues to end-December 2021 of £48.7m (H121: £54.0m, down 5% on CER) reflecting commercial portfolio streamlining, phasing, and German headwinds. FY22 revenue guidance is for an upper single digit percentage decline on FY21, with pre-R&D operating profit in line with current consensus. A strong cash balance of £41.4m, when coupled with modest additional debt, will fund the ongoing Grass MATA MPL pivotal Phase III programme and Phase I trials for VLP Peanut. Resilient performance of the European allergy business and continued progress of the grass allergy programme underpin medium term prospects. Ahead of H122 results, we maintain our valuation of £350.7m (54.7p/share).
|Year-end: June 30||2020||2021||2022E||2023E|
|Adj. PBT (£m)||3.5||2.5||(13.5)||(18.5)|
|Net Income (£m)||6.9||2.9||(13.6)||(19.2)|
|Adj. EPS (p)||1.1||0.5||(2.1)||(3.0)|
13 January 2022
|Shares in issue||643.6m|
|12 month range||17.8-40.5p|
|Primary exchange||AIM London|
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
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