Allergy Therapeutics Plc · LSE:AGY
Allergy Therapeutics — H1 2016 Earnings Presentation
21 slides from Allergy Therapeutics's earnings presentation, March 2016
Slide 1: Interim results for the six months ended 31 December 2015
Allergy Therapeutics Interim results for the six months ended 31 December 2015 March 2016
Slide 2: Interim Results – Highlights
Interim Results – Highlights Financial highlights Revenue increased by 12% at constant currency to £31.5m (H1 2015: £28.2m) Reported revenue increased by 3% to £29.0m (H1 2015: £28.2m) R&D expenditure increased to £6.5m (H1 2015: £1.1m) as the two Phase II studies in Germany and the US were su
Slide 3: Interim Results – Highlights
Interim Results – Highlights Products and pipeline highlights Increasing market share in all major markets against a broadly flat EU market Spanish Alerpharma acquisition fully integrated US Phase II study for GrassMATAMPL (marketed in Europe as Pollinex Quattro Grass product) initiated in Dec
Slide 4: Strategy, international presence and products
Strategy, international presence and products Interim Results for the six months ended 31 December 2015 4
Slide 5: Strategy overview
Strategy overview * Short course, aluminium-free therapies drive growth £m Patients and lifestyle drive wider adoption Strong European business with +12% growth at constant currency Pursuit of US opportunity progressing well Development of new therapeutic areas Further organic and M&A gr
Slide 6: Sales breakdown
Sales breakdown 1.Sales breakdown based on FY2015 gross sales at budget exchange rates (before freight, discounts, rebates and exchange) : £49.3 million. After deducting discounts, rebates, freight charges and foreign exchange adjustments, total sales for FY2015 is £43.2 million Interim Results for
Slide 7: Growth opportunities
Growth opportunities Interim Results for the six months ended 31 December 2015 7
Slide 8: Growth in Europe
Growth in Europe History of growth in a flat market Germany, Spain, The Netherlands, UK and Austria contributing major growth Best performer in Europe Market penetration across all the markets Good progress of new products: Acarovac Plus and symbiotics Looking for geographic expansion in
Slide 9: Pollinex Quattro Birch European vaccine trial
Pollinex Quattro Birch European vaccine trial 6% of European population skin-prick positive for birch pollen allergen Good progress with German TAV (Therapy Allergy Ordinance) for clinical development programme Phase II of PQB 204 enrolled in November 2015 Headline data expected in H2 2016
Slide 10: US opportunity on track
US opportunity on track Immunotherapy is expected to grow at a CAGR of 11% to 2020* Estimated market cost to payer $2 billion** Currently no registered injected products Clinical development plan for GrassMATAMPL (PQ Grass) on track and progressing well Filing for US FDA approval expected
Slide 11: PQ breakthrough product opportunity in US
PQ breakthrough product opportunity in US Current US SCIT market Allergy Therapeutics’ entry in the US Home made preparation Standardised dose vaccine Non GMP manufacturing GMP manufacturing Non registered FDA submission planned in 2018 No clinical evidence Multiple clinical studies
Slide 12: Keys to success for PQ in the US
Keys to success for PQ in the US Proprietary technology IP protected De-risked opportunity Treated more than 250,000 patients and currently marketed in 7 European countries Building on progress to date in the US: US$ 100 million invested in clinical studies to date 14 clinical trials c
Slide 13: New high value projects
New high value projects Interim Results for the six months ended 31 December 2015 13
Slide 14: New high value projects
New high value projects VLP Acarovac Quattro Immunomodulators and Peanut allergy Dust mite allergy adjuvants Exclusive right to develop World’s most common Feasibility studies ongoing VLP technology for allergy cause of allergy in use of symbiotics in vaccines – 90 million people in allergy re
Slide 15: Financials and catalysts
Financials and catalysts Interim Results for the six months ended 31 December 2015 15
Slide 16: Six months to 31 December 2015 – Revenue
Six months to 31 December 2015 – Revenue Performing well in all 2015 2014 Variance % markets and across all At a constant exchange rate*: £'m £'m £'m products Gross Revenue 34.1 30.2 3.9 13% Significant improvement in Rebate (2.6) (2.0) (0.6) (30%) sales against flat markets Net Revenue 31.5 28.
Slide 17: Six months to 31 December 2015 – P&L
Six months to 31 December 2015 – P&L 2015 2014 Variance % Seasonal sales profile £'m £'m £'m Revenue 29.0 28.2 0.8 3% Continuing to leverage Gross profit 21.6 21.4 0.2 1% manufacturing capacity Overheads (13.7) (12.8) (0.9) (7%) Overheads include Alerpharma R&D (6.5) (1.1) (5.4) 491% costs and
Slide 18: Six months to 31 December 2015 – Balance Sheet
Six months to 31 December 2015 – Balance Sheet 2015 2014 Var Alerpharma acquisition £'m £'m £'m adds to PPE and intangible assets Non-current assets Property, plant and equipment 8.8 6.8 2.0 Intangible assets 5.0 3.8 1.2 Cash balance increased Investments 3.5 3.4 0.1 significantly after two fund
Slide 19: 2016 expected key news flow
2016 expected key news flow Strong trading update – January 2016 US Grass MATAMPL study fully recruited according to plan – February Europe - PQ Birch 204 - headline results – Q2 US - PQ Grass 204 - headline results – Q2 US - Initiate G306 study recruitment – Q4 Europe - Clinical Tri
Slide 20: Summary
Summary Interim Results for the six months ended 31 December 2015 20
Slide 21: Summary: delivering on strategy
Summary: delivering on strategy Strong trading in the first half of the financial year: +12% growth at constant currency against a (broadly) flat market Successful sales strategy boosted by short-course aluminium-free vaccines Business gaining significant scale and momentum in Europe through o