Robust growth, pipeline progress, and cash position
Update | 13 January 2021
Allergy Therapeutics’ European commercial business remains resilient despite COVID-19 impacts. The H121 trading statement indicates sales growth of 7% (+5% CER), while steady pipeline progress is also being made. Recruitment and treatment in the G309 Grass MATA MPL Phase III study is on track, with post period key events including initiation of the P001 ex vivo peanut allergy biomarker study and publication of positive challenge chamber results for ImmunoBON in a peer reviewed journal. This bodes well for news flow delivery over the rest of calendar 2021. G309 results in the autumn are expected to inform design of the G306 pivotal grass trial; P001 data in the spring will support IND submission; and ImmunoBON is set to launch in Germany later this month. A record cash balance of £48m (at end-December 2020) covers near-term requirements taking the company through to material value-inflection points. Ahead of H121 results on March 3, we maintain our £325m (51p/share) valuation.
|Year-end: June 30||2019||2020||2021E||2022E|
|Adj. PBT (£m)||(3.7)||3.5||(6.0)||(4.9)|
|Net Income (£m)||3.5||6.9||(5.6)||(4.4)|
|Adj. EPS (p)||0.5||1.1||(0.9)||(0.7)|
13 January 2021
|Shares in issue||639.9m|
|12 month range||7.0p-21.5p|
|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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