23 Sep 2021
FY21 results show continued strong growth
Allergy Therapeutics has reported solid FY21 trading, with revenues up 8% (6% CER) to £84.3m (FY20: £78.2m). Pre-R&D operating profit rose 19% to £16.9m (FY20: £14.2m) given lower promotional and marketing spend due to COVID-19 restrictions, coupled with tight cost control. R&D investment increased from £9.0m to £12.9m to support the two key programmes: the G309 Grass MATA MPL exploratory field study and the VLP Peanut ex vivo biomarker study. Cash of £40.3m (FY20: £37.0m) is sufficient to fund the two Grass MATA MPL Phase III trials and the VLP Peanut Phase I trial. These two development programmes could transform the company’s mediumterm prospects, underpinning entry into the commercially important US market. Our updated valuation is £350.7m, or 54.7p per share.
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FY21 results show continued strong growth
Allergy Therapeutics plc (AGY:LON) | 3.0 0 0.0% | Mkt Cap: 143.0m
- Published:
23 Sep 2021 -
Author:
Franc Gregori | Lala Gregorek -
Pages:
7
Allergy Therapeutics has reported solid FY21 trading, with revenues up 8% (6% CER) to £84.3m (FY20: £78.2m). Pre-R&D operating profit rose 19% to £16.9m (FY20: £14.2m) given lower promotional and marketing spend due to COVID-19 restrictions, coupled with tight cost control. R&D investment increased from £9.0m to £12.9m to support the two key programmes: the G309 Grass MATA MPL exploratory field study and the VLP Peanut ex vivo biomarker study. Cash of £40.3m (FY20: £37.0m) is sufficient to fund the two Grass MATA MPL Phase III trials and the VLP Peanut Phase I trial. These two development programmes could transform the company’s mediumterm prospects, underpinning entry into the commercially important US market. Our updated valuation is £350.7m, or 54.7p per share.