(“Allergy Therapeutics”, “ATL” or the “Group”)
Preliminary Results for the year ended
- Record level of pre R&D operating profit supported by robust sales and operational efficiency
- Strong cash position with Grass MATA MPL Phase III programme and initial Phase I peanut trial fully funded
- Exclusive licencing agreement signed for further virus like particle(VLP) candidates
Financial Highlights
- 7% revenue growth at constant rate* and 6% at reported rate to £78.2m (2019: £73.7m)
- 25% increase in pre-R&D operating profit to £14.2m (2019: £11.3m) as a result of sales growth and lower overhead cost growth
- Strong cash balance of £37.0m at
30 June 2020 (2019: £27.4m) - Net profit of £7.1m for the year including one-off, legal settlement of £3.2m (2019: Net profit of £3.5m)
Operating Highlights (including post period)
- Good growth across all key products in the portfolio with further incremental increase in market share in European business
- Exploratory field study for Grass MATA MPL will begin in Q4 2020, moving on to the second stage Phase III trial in H2 2022 to improve outcome and mitigate risk
- Licence agreement signed with Saiba and DeepVax, VLP partner to explore new therapeutic areas, including solid cancer tumours and asthma
- Signed exclusive rights to multi-allergy oral product ImmunoBON
- VLP-based Peanut product Phase I trial due to commence in 2021
*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. See table in finance review for an analysis of revenue.
This announcement contains inside information for the purposes of Article 7 of Regulatory (EU) No596/2014.
Analyst briefing and webcast today
Dial-in details are:
Webcast link: https://www.lsegissuerservices.com/spark/AllergyTherapeutics/events/6b256adc-9c2f-4e00-985b-d90848ce4fd0
UK dial-in: +44 (0) 203 107 0289
US dial-in: +1 (918) 922 6506
Conference ID: 4299121
- ENDS -
For further information, please contact:
+44 (0) 1903 845 820
Nick Wykeman, Chief Financial Officer
+44 (0) 20 7886 2500
+44 20 3709 5700
allergytherapeutics@consilium-comms.com
Stern Investor Relations, Inc.
+1 212 362 1200
christina@sternir.com
Notes for editors:
About
Formed in 1999 out of
Attachment
- 200923 Allergy Therapeutics Preliminary Results for the year ended
30 June 2020
Source:
2020 GlobeNewswire, Inc., source