Interim Results for the six months ended 31 December 2020

• Record level of operating profit pre-R&D (£20.5m) supported by robust sales and operational efficiency
• Strong cash position with Grass MATA MPL Phase III programme and Peanut Phase I fully funded
• Pivotal clinical programmes for Virus Like Particle (VLP) Peanut and Grass MATA MPL on track despite challenging environment
• Pre-Investigational New Drug (IND) meeting with FDA for VLP Peanut programme scheduled for H1 2021

Allergy Therapeutics plc (AIM: AGY), the fully integrated commercial biotechnology company specialising in allergy immunotherapy, today announces its unaudited interim results for the six months ended 31 December 2020.

Highlights

Financial highlights

• Revenue increased by 7% in actual terms and 5% at constant rate* to £54.0m (H1 2020: £50.5m)
• 18.5% growth in pre-R&D operating profit to £20.5m (H1 2020: £17.3m) largely as a result of

continued sales growth and operational efficiency

• Operating profit pre-R&D margin of 38% (H1 2020 34%)
• R&D expenditure higher at £4.7m (H1 2020: £1.3m, which included £3.2m received from litigation settlement with Inflamax)
• Strong cash balance of £48.3m (30 June 2020: £37.0m). Net cash of £44.5m (30 June 2020: £33.2m)

Operational highlights

• Robust growth across all key products in the portfolio with stronger growth in Northern Europe due to standalone clinics less impacted by Covid-19 restrictions
• First stage of Grass MATA MPL Phase III programme is on track with patients fully recruited
• VLP Peanut ex-vivo biomarker study with Imperial College London progressing well and manufacturing batch scale up to 400 litres achieved
• Venomil registration granted in Austrian market
• ImmunoBON product with patented breakthrough technology for multiple allergies launched in Germany, January 2021

Manuel Llobet, CEO at Allergy Therapeutics, stated:

“The Group has made a strong start to the year despite the uncertainty of Covid-19, Brexit and the regulatory and business environment. We continue to perform well commercially with robust growth across all key products in our portfolio and further market share gains thanks to our dedicated workforce. Progressing our growing, high-potential pipeline remains a priority and provides exciting opportunities in the allergy immunotherapy field and the broader immunology space.”

*Constant currency uses prior year weighted average exchange rates to translate current year foreign currency denominated revenue to give a year-on-year comparison excluding the effects of foreign exchange movements. See table in finance review for an analysis of revenue.

News in full

CEO Manuel Llobet, CEOF Nick Wykeman and Head of Comms Alan Bullimore outline the key points of the results in the short film below