REG - Allergy Therapeutics - Trading update for the year ended 30 June 2025

Allergy TherapeuticsAnnouncement

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RNS Number : 7460R  Allergy Therapeutics PLC  21 July 2025

Allergy Therapeutics plc

("Allergy Therapeutics" or the "Company" or the "Group")

 

Trading update for the year ended 30 June 2025

 

-     Stable financial performance with the Group well positioned for
future growth

-     H2 revenues expected to be £21.0 million (H2 2024: £21.6 million)
giving full year revenues of £55.0 million (2024: £55.2 million)

-     Robust cost controls continued to be operated during the year whilst
enabling selective investment in strategic growth related projects

-     Cash position of £12.8 million at 30 June 2025 (2024: £12.9
million) following ongoing funding from Shareholder Loan Facility and Hayfin
Facility

-     Progression of Grass MATA MPL Marketing Authorisation Application
('MAA') to the Paul Ehrlich Institut in Germany, G308 Phase III Paediatric
trial and VLP Peanut Phase I/IIa PROTECT trial all remain on track

-     Expecting to receive the MAA decision and top line data for PROTECT
trial in late 2025

 

 

21 July 2025: Allergy Therapeutics plc (AIM: AGY), the integrated commercial
biotechnology company specialising in allergy vaccines, today announces its
trading update for the year ended 30 June 2025 ahead of its Full Year Results
to be announced in the final quarter of 2025.

 

Manuel Llobet, Chief Executive Officer of Allergy Therapeutics, commented:
"The Group's performance in 2025, through the execution of a clear commercial
strategy in key markets and maintaining a laser focus on our priority R&D
programmes, positions Allergy Therapeutics well for future growth. With our
near-term opportunities to significantly strengthen our commercial portfolio
and to deliver clinical data within our pipeline of next-generation allergy
immunotherapies, the Board remains confident in the Group's trading prospects,
underpinned by a commitment to improve the lives of people living with
allergies."

 

Financials

Subject to audit, revenue for H2 is expected to be £21.0 million (H2 2024:
£21.6 million), reflecting an earlier than expected impact of the approaching
change in the German regulatory landscape, as the end of the TAV transition
period is reached in 2026. This is expected to result in unregistered allergy
treatments being withdrawn from the market and a shift to fully licensed
products.

 

Revenue for the year ended 30 June 2025 is expected to be broadly flat at
£55.0 million (2024: £55.2 million) based on actual foreign currency
rates. However, on a constant currency basis* revenue is expected to have
grown over 2%, with revenue in Germany flat due to the reasons mentioned above
and strong growth in the Group's second largest market, Spain, of 11%.

 

Continuing cost controls operated during the year have managed the cost base
of the Group whilst enabling selective investment in strategic growth related
projects.

 

The unaudited cash balance at 30 June 2025 was £12.8 million (30 June 2024:
£12.9 million) after drawing down £15.0 million during the year (net of
repayments) from the Shareholder Loan Facility with major shareholders, SkyGem
Acquisition Limited (an affiliate of ZQ Capital Management Limited) and
Southern Fox Investments Limited, and £20.0 million from the Hayfin Facility,
the secured senior loan facility with Hayfin Healthcare Opportunities LuxCo
S.a.r.l., a fund advised by Hayfin Capital Management LLP.

 

Commercial

The Group is well placed to benefit from the changing regulatory environment
in Germany by leveraging its existing registered product portfolio. The
Company has submitted a Marketing Authorisation Application to the Paul
Ehrlich Institut in Germany for Grass MATA MPL - a new, short-course
subcutaneous allergen-specific immunotherapy (SCIT) that aims to address the
cause of symptoms of allergic rhinoconjunctivitis due to grass pollen. Should
this result in a regulatory approval, the Company expects to launch the
product in FY2026.

 

Confidence in prospects for the German market are underpinned by recent trends
in order intake and sales of first-year (patient initiation) treatments. A
continued decline in orders for the Group's unregistered Pollinex Quattro
product in the last two months of the financial year were more than offset by
increased orders for its registered Grass, Trees and Venomil products, as
order intake in Germany for the Group's own-manufactured vaccines grew double
digit overall (in terms of units) vs the same two-month period in the previous
year. Further, the vast majority of growth in the Group's registered products
during FY25 results from sales of first-year treatments - a lead indicator for
future growth as first-year patients become maintenance patients in years 2
and 3 of the treatment cycle.

 

Pipeline

Progression of the Group's Grass MATA MPL MAA in Germany remains on track and
preparations are well underway for the product's commercial launch, should the
MAA result in a regulatory approval.

 

The Phase III G308 trial to evaluate the long-term efficacy and safety of
that product candidate in paediatric subjects continues, with treatment phase
completed for year 1 and e-diary compliance on target.

 

The Group's Phase I/IIa PROTECT trial investigating the novel peanut allergy
vaccine candidate VLP Peanut has advanced to its final phase of treatment
with initial topline data anticipated later in the year.

 

Outlook

The Board remains confident in the Group's prospects, with multiple
opportunities for growth, building value over the coming 12 months from both
its commercial business and the progress anticipated within its innovative
pipeline.

 

Whilst the Group continues to make good commercial progress, it will require
additional funding from August, principally for working capital, capital
expenditure and continuing R&D programmes. The major shareholders have
provided sustained funding to the Group over the last two and a half years,
complemented by funding from Hayfin in October 2024 and remain supportive of
the business. The shareholders have committed to providing the funding
required in August from the existing shareholder facility.

 

* Constant currency uses prior year weighted average exchange rates to
translate current year foreign currency denominated revenue to give a
year-on-year comparison excluding the effects of foreign exchange movements.

 

This announcement contains inside information for the purposes of the UK
Market Abuse Regulations.

 

 

-  ENDS -

For further information, please contact:

 

Allergy Therapeutics

Manuel Llobet, Chief Executive Officer

Shaun Furlong, Chief Financial Officer

+44 (0)1903 845 820

 

Cavendish Capital Markets Limited (Nominated Adviser and Broker)

Geoff Nash / Giles Balleny / Seamus Fricker

Nigel Birks - Life Science Specialist Sales

Tamar Cranford Smith - Sales

+44 (0)20 7220 0500

 

ICR Healthcare

Mary-Jane Elliott / David Daley / Davide Salvi

+44 (0)20 3709 5700

allergytherapeutics@icrhealthcare.com
(mailto:allergytherapeutics@icrhealthcare.com)

 

 

About Allergy Therapeutics

 

Allergy Therapeutics is an international commercial biotechnology company,
headquartered in the UK, focussed on the treatment and diagnosis of allergic
disorders, including aluminium free immunotherapies that have the potential to
cure disease. The Group sells proprietary and third-party products from its
subsidiaries in nine major European countries and via distribution agreements
in an additional ten countries. For more information, please
see www.allergytherapeutics.com (http://www.allergytherapeutics.com/) .

 

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