Allergy Therapeutics issued a trading update with, revenue growth ahead of our forecasts (c2.1% on a statutory basis). Statutory results, however, do not tell the full story as the company performed very strongly with double-digit growth (c11%) shown in constant currencies in the period. Further on, the investment case should be strengthened this year as a US strategy becomes clearer. We make no changes to forecasts at this stage and re-iterate our Buy recommendation and 28p target price.
