Allergy Therapeutics lifts full-year revenue expectations

Specialty pharmaceutical group Allergy Therapeutics said revenues for its full-year were now expected to be ahead of market expectations and £64.1m, which would be a sizeable rise from £48.5m in 2016.

The AIM-traded firm said that “strong performance” represented 15% annual growth on a constant currency basis and 32% on a reported basis, reflecting the favourable euro exchange rate.

Allergy said it continued to gain market share within its core markets in Europe in the 12 months to 30 June, with revenues growing at double-digit compound annual growth rate over the last 18 years.

“Revenue growth of 15% at constant currency reflects the continued strong performance of the product portfolio and its growing market share,” said Allergy Therapeutics chief executive Manuel Llobet.

“Our successful strategy focuses on our patient-convenient products and controlled investment in our development pipeline to expand our addressable market.

“Our double digit CAGR of revenue over the past 18 years demonstrates that we have a robust, reliable and successful business model.”

Research and expenditure for the 2017 financial year was anticipated to be lower than market expectations, the board noted, which was down to the “phasing of activities” across the year, with those costs now expected to be incurred in the 2018 fiscal year.

The ongoing pipeline trials were continuing to progress “well”, the board added, with the trial timing remaining in line with its own expectations.

Cash balances at year-end stood at £22.1m, down slightly from £23.4m a year earlier.

Allergy Therapeutics said it will release its preliminary results for the year to 30 June in September.