REG - Allergy Therapeutics - Half Year Trading Update

Allergy TherapeuticsAnnouncement

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RNS Number : 3295P  Allergy Therapeutics PLC  19 January 2026

Allergy Therapeutics plc

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

 

Trading update for the six months ended 31 December 2025

 

Strong H1 with recovery of the underlying product portfolio in Germany

Grassmuno(®): First new launch in the German subcutaneous immunotherapy
market in the last 20 years

 

-     Momentum building with H1 revenues expected to be £36.3 million (H1
2025: £34.0 million) representing 7% growth on a reported basis in spite of a
significant phase out of German TAV products

-     Commercialisation of Grassmuno(®) has commenced in the second half
of the financial year following the marketing authorisation approval from the
Germany regulatory authority in December 2025

-     Cash position of £10.1 million at 31 December 2025 (30 June 2025:
£12.8 million) following repayment of all outstanding shareholder loans

-     The board remains confident in delivering revenue growth in year to
30 June 2026

 

19 January 2026: Allergy Therapeutics plc (AIM: AGY), the fully integrated
commercial biotechnology company specialising in allergy immunotherapies,
today announces its trading update for the six months ended 31 December 2025.

The Group expects revenue for the six months ended 31 December 2025 to be
£36.3 million (2024: £34.0 million), representing growth of 7 percent on a
reported basis, or 3 percent on a constant currency basis*. This performance
is positive given the ongoing transition away from unregistered products under
Germany's TAV programme and reflects strong growth in the Group's existing
German registered product portfolio.

During the period, the Group received marketing authorisation in Germany for
Grassmuno(®), the first subcutaneous grass pollen immunotherapy approved
under the TAV programme. Commercialisation commenced in January 2026 and sales
momentum is expected to accelerate further in the second half of the financial
year. Overall Group sales for the full year ending 30 June 2026 are expected
to exceed those achieved in the year ended 30 June 2025.

The Group's cash balance as at 31 December 2025 was £10.1 million (30 June
2025: £12.8 million). As previously announced, during the period the Company
received exercise notices from the Shareholder Lenders in respect of their
warrants, generating aggregate proceeds of £55 million. These proceeds were
applied to repay all outstanding financial indebtedness owed to the
Shareholder Lenders, significantly reducing the Group's level of debt and
strengthening the balance sheet.

In addition, the Shareholder Lenders agreed to provide a new £50 million
unsecured loan facility although no amounts had been drawn as at 31 December
2025.

Together with the previously announced £20 million uncommitted Hayfin
facility, the Group has access to total uncommitted funding of £70 million,
while it continues to explore a potential dual primary listing on the Hong
Kong Stock Exchange.

The Company intends to announce its Interim Results in March 2026.

Manuel Llobet, Chief Executive Officer of Allergy Therapeutics, commented: "We
enter 2026 with strong momentum across all aspects of our business. The first
half of the year saw growth driven by improved operational execution and the
restoration of reliability across our supply chain. December's regulatory
approval in Germany for our subcutaneous grass pollen immunotherapy, Grass
MATA MPL or Grassmuno(®), represents a pivotal moment for the Group. This
approval is particularly significant as the German allergen ordinance TAV
process concludes later this year, leading to the market removal of competitor
products that did not meet regulatory requirements.

"Our new product in Germany, which is our largest market, offers meaningful
brand differentiation for patients and allows us to address the largest
segment of the immunotherapy market. This approval also marks an important
first step towards expanding our reach into other major global markets.
Additionally, the interim analyses from our VLP Peanut program, investigating
our next-generation peanut allergy immunotherapy candidate, continue to be
encouraging, reinforcing our confidence in its potential. Together, the
significant achievements of 2025 and our ongoing development programs position
us well to execute our strategy and build sustainable value for the Group and
shareholders."

Peter Jensen, Chairman of Allergy Therapeutics, commented: "By maintaining our
sharp focus on priority R&D programmes, Allergy Therapeutics is making
significant strides in our commitment to transforming patient care in allergy
treatment. The regulatory approval in Germany of Grass MATA MPL was a
significant milestone, and our comprehensive development strategy for this
immunotherapy continues to advance, with a paediatric trial progressing on
track. Subject to successful completion, this trial would support label
expansion to include children, thereby enhancing the value of this important
new product. Furthermore, achieving registration in Germany has proven that we
now have a clinical trial methodology that, after many years of refinement,
can be used as our standard for clinical trials on other indications, such as
birch, ragweed, and others covering the most significant pollen allergy
segments."

*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

+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 and branches in nine major European countries and via
distribution agreements in an additional four countries. For more information,
please see www.allergytherapeutics.com.

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