Business
Unaudited Preliminary Results 2023
Unaudited Preliminary Results 2023.
About this update from Allergy Therapeutics Plc
[{"type":"text","content":"\n\n\n \n \nAllergy Therapeutics PLC\n(\"Allergy Therapeutics\" or the \"Group\")\n \n \nUnaudited Preliminary Results for the Year ended 30 June 2023\n- Pivotal Phase III Grass G306 MATA MPL trial underway and on track to report interim trial results in, or around, November 2023\n- Phase I VLP Peanut PROTECT trial progressing as planned with both healthy volunteers and peanut allergic patients receiving doses via short-course subcutaneous allergen-specific immunotherapy (\"SCIT\") and skin prick testing (\"SPT\") respectively\n- Trading of core portfolio showing signs of recovery after manufacturing pause, with revenue of £61.0m (2022: £72.8m)\n- £40.75m senior secured loan facility (the \"Loan Facility\") secured in April\n- Equity refinancing of the Loan Facility underway\n \n27 September 2023 Allergy Therapeutics (AIM: AGY), the fully integrated specialty pharmaceutical company specialising in allergy vaccines, today announces its unaudited preliminary results for the year ended 30 June 2023.\nHighlights (including post-period events)\nFinancial\n- Revenue of £61.0m (2022: £72.8m) from commercial portfolio. Revenue reduction a\nconsequence of the short-term pause in production that occurred during October and November 2022\n- Operating loss pre-research and development costs (\"R&D\") and exceptional costs[1] is £13.3m (2022: profit of £3.4m). This reflects the significant reduction in revenue and ongoing programme of continuous improvement across the supply chain and quality systems, together with higher manufacturing and labour costs\n- Exceptional costs of £14.0m consist of a £11.3m charge for the non-cash fair value accounting of the G306 Contingent Payment (as defined below) associated with the Loan Facility and fundraising costs of £2.7m. It is expected that the Equity Financing (as defined below) will repay all amounts outstanding under the Loan Facility, therefore the G306 Contingent Payment will not be payable and the associated £11.3m accounting charge will be reversed in the subsequent accounting period\n- Increase in re...