Allergy Therapeutics (AGY) has provided a trading update for the 12 months to June 2025, with revenues of £55.0m broadly flat YoY (FY24: £55.2m) on a reported basis, up c2% at CER, and slightly below our FY25 estimates of £58.0m. The FY25 revenue figure reflects an observed shift in the group’s product mix, driven by German regulators accelerating the transition from non-registered to registered allergen immunotherapy products more quickly than previously anticipated, echoing commentary from AGY ....
