Business
Interim Results
Interim Results.
About this update from Allergy Therapeutics Plc
[{"type":"text","content":"\n \nRNS Number : 9540R Allergy Therapeutics PLC 06 March 2019 \n\nAllergy Therapeutics plc\n(\"Allergy Therapeutics\" or \"the Group\")\n \nInterim Results for the six months ended 31 December 2018\n \n- Continued good sales growth and strong operating profit\n- Pipeline progressing well with PQ Birch results due Q1 and house dust mite results due in H1\n \n6 March 2019 Allergy Therapeutics plc (AIM:AGY), the fully integrated specialty pharmaceutical group specialising in allergy vaccines, announces its unaudited interim results for the six months ended 31 December 2018.\n \nHighlights \n \nFinancial highlights\n· Revenue increased by 10.6% (both reported and constant rate*) to £46.7m (H1 2018: £42.2m)\n· 27% growth in pre-R&D operating profit to £15.7m (H1 2018: £12.3m) largely as a result of investment in the commercial business last year and a higher gross margin\n· R&D expenditure lower at £5.0m (H1 2018: £5.9m) due to lower level of activity\n· Cash balance of £31.6m (30 June 2018: £15.5m) \n· Oversubscribed equity raise of £10.6m gross in July 2018 to support the development of the Group's clinical pipeline \n \nOperational highlights\n· Increased market share in Germany to 14.5%** (2018: 13.7%)\n· Breadth of portfolio demonstrated by strong performance from ultra-short course products as well as venom and modified allergen house dust mite therapies\n· Completion of PQ Birch Phase III trial, with data readout expected before the end of Q1 2019\n· Scale up of Polyvac Peanut progressing well with intention to begin first in human trial in 2019\n· Modified allergen house dust mite Phase I trial completed last patient last treatment with readout expected in H1 2019\n \nCommenting on the interim results, Manuel Llobet, Chief Executive Officer, said: \"The Group has made a strong start to the financial year. Our ultra-short course products continue to drive good sales growth in a relatively flat market and the Group's pre-R&D operatin...