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Allergy Therapeutics plc (AIM: AGY) has pioneered an ultra-short course allergy treatment (typically acute hayfever), Pollinex Quattro, which last year generated revenues in excess of £43m in Europe.

The ability to deliver a disease-modifying outcome as opposed to simply symptomatic relief, with short/ultrashort course treatments significantly differentiates Pollinex Quattro from its competitors.

AGY has established a significant market share in the European market, achieving double-digit compound annual revenue growth over the past 18 years. AGY is seeking to roll out Pollinex Quattro in the US, which has an estimated US$2bn market. To date 14 clinical trials have been completed, including phase I, II & III.

As at 30 June 2017 AGY had a cash balance of £22.1m.

To visit Allergy Therapeutics website, click here


Manuel Llobet  (CEO)
Joined 2009. Previously CEO of International Operations of the Weinstein family’s group of companies.

Nick Wykeman (FD)
Ex Group Financial Controller of Skyepharma. Held same role at Quest International (part of ICI PLC)

Peter Jensen (NE Chairman)
21yrs with SmithKline Beecham. Previously NED of several listed businesses.

NED’s – Thomas Lander (25 yrs R&D in pharma), Stephen Smith (management accountant), Jeff Barton (VP licensing & acquisitions, Abbott)


Gross Revenue
Cost of Sales(16,771)(14,070)
Gross Profit47,36734,439
Profit Before Tax/ (Loss)(1,970)(12,064)
Balance Sheet2017
Cash & cash equivalents22,12223,406
Total assets57,18356,679
Total liabilities(27,218)(26,355)
Net assets

Peer Group

Grass & ragweed allergy treatment

Stallergenes (EURO: STAGR)
Grass allergy treatment

Circassia (LSE: CIR)
Grass, cat & ragweed allergy treatment


Manuel Llobet – 0.55%
Stephen Smith – 0.13%
Peter Jensen – 0.03%
Nick Wykeman – 0.03%

Weinstein A ESQ – 40.54%
Southern Fox Investments Ltd – 21.45%
Odey Asset Management – 7.37%
Invesco AM – 5.75%
Blackrock – 3.20%
GlaxoSmithKlein PLC – 1.72%

Macro Indicators

“…the global vaccine market, in its entirety, has quadrupled in value since 2000 with the World Health Organisation estimating market growth to almost $100bn by 2025.” (Panmure Gordon note, June 2015)

“In the US, it is estimated over 80m people suffer from Allergic Rhinitis (AR), albeit with diagnosis rates which remain low at 31%.” (Panmure Gordon note, June 2015)

Media Coverage

The Daily Telegraph (Sep 2017):

“Inside the £6bn race to find cures for food allergies” 

The Sunday Times (Sep 2017)

“Children allergic to peanuts could soon be offered a short course of injections to cure them of the condition. AIM-listed Allergy Therapeutics has already tested the vaccine in the laboratory, and is poised to scale up production before applying for approval from regulators. It will then begin human trials.”

Daily Telegraph (July 2017): Hay fever vaccines spike Allergy Therapeutics shares

“A big bump in sales of vaccines for hay fever has sent shares in AIM-listed Allergy Therapeutics up 17% today.”

Investors Chronicle (May 2017): 

“Allergy Therapeutics (AGY) is attempting to revolutionise the immunotherapy market with the launch of its four-dose injection treatments and, eventually, its orally administered vaccines. ”


Broker Coverage

Panmure Gordon (House Broker, Jan 2017)
“Allergy Therapeutics has released an interim trading update for the six months to 31 December 2016 with 1H reported revenues ‘ahead of expectations’ and expected to be £40.4m (2015: £29.0m) …it is clear that commercial momentum is strong. A regulatory update on the US Grass MATA MPL programme also sees the company looking to carry out the planned dose-ranging study in 2017 following discussions with the US regulator. Good progress, the stock still represents an excellent opportunity for investors given current levels and the trajectory of the sales line. “


FinnCap (Initiation Jan 2017)
“(AGY) has a solid and profitable underlying European business with growing market share, strong growth (11% CAGR 2014-16) and the prospect of an approved and therefore fully marketable (rather than named patient) product in 2019… Coupled to this, we consider the US clinical programme for Pollinex Quattro …with further strategic assets that could exploit the untapped market for food allergies (e.g. peanut) and perennial rhinitis (e.g. house dust mite).


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