03 Mar 2021
Record revenues demonstrate resilience of operations
Allergy Therapeutics delivered record interim revenue of £54.0m (+7%, +5% CER) and operating profit pre-R&D of £20.5m during financial H121, emphasising the resilience of its European commercial business despite COVID-19 impacts and the spectre of Brexit. Operationally, the company is also progressing steadily with its pipeline. The G309 exploratory Grass MATA MPL Phase III study is fully enrolled, with most subjects treated ahead of the pollen season; data, anticipated in the autumn, are expected to inform design of the G306 pivotal grass trial (scheduled to start autumn 2022). The ongoing P001 ex vivo peanut allergy biomarker study should read out in the spring, ahead of an FDA pre-IND meeting in calendar H121 and potential IND submission by year end. Allergy Therapeutics’ £48.3m cash balance (at end-December 2020) will fund both the Grass MATA MPL Phase III trial programme and the peanut allergy Phase I trial, with data from these representing material value-inflection points. We upgrade our valuation to £344.5m, equivalent to 53.8p per share.
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Record revenues demonstrate resilience of operations
Allergy Therapeutics plc (AGY:LON) | 2.8 0 0.0% | Mkt Cap: 135.8m
- Published:
03 Mar 2021 -
Author:
Franc Gregori | Lala Gregorek -
Pages:
7
Allergy Therapeutics delivered record interim revenue of £54.0m (+7%, +5% CER) and operating profit pre-R&D of £20.5m during financial H121, emphasising the resilience of its European commercial business despite COVID-19 impacts and the spectre of Brexit. Operationally, the company is also progressing steadily with its pipeline. The G309 exploratory Grass MATA MPL Phase III study is fully enrolled, with most subjects treated ahead of the pollen season; data, anticipated in the autumn, are expected to inform design of the G306 pivotal grass trial (scheduled to start autumn 2022). The ongoing P001 ex vivo peanut allergy biomarker study should read out in the spring, ahead of an FDA pre-IND meeting in calendar H121 and potential IND submission by year end. Allergy Therapeutics’ £48.3m cash balance (at end-December 2020) will fund both the Grass MATA MPL Phase III trial programme and the peanut allergy Phase I trial, with data from these representing material value-inflection points. We upgrade our valuation to £344.5m, equivalent to 53.8p per share.