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Allergy Therapeutics plc (AIM: AGY) has pioneered an ultra-short course allergy treatment (typically acute hayfever), Pollinex Quattro, which in the financial year ending June 2018 year generated revenues in excess of £68m mostly 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 15 clinical trials have been completed, including phase I, II & III.

As at 30 June 2019 AGY had a cash balance of £27.4m.

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), Scott Leinenweber VP of IR & Licensing & Acquisitions at Abbott), Mary Taverner (19yrs Director at Advance Medial Solutions)


Gross Revenue
Cost of Sales(18,379)(17,013)
Gross Profit55,33851,333
Profit/ (Loss) for the period3,467(7,533)
Balance Sheet2019
Cash & cash equivalents27,44015,533
Total assets68,49751,016
Total liabilities(30,939)(27,982)
Net assets

Peer Group

Grass & ragweed allergy treatment

Stallergenes (EURO: STAGR)
Grass allergy treatment

ALK Abello (CPH: ALK-B)
Research-driven pharma, focused on allergies

DBV Technologies (EPA: DBV)
Biopharmaceutical company focused on food allergies


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

Weinstein A ESQ – 37.82%
Southern Fox Investments Ltd – 22.69%
Odey Asset Management – 6.46%
River & Mercantile – 5.54%
Blackrock – 5.33%
Invesco – 4.15%
GlaxoSmithKlein PLC – 1.59%

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

Investors Chronicle (Jan 2019)
“If upcoming results from a Phase III trial of a new birch allergy drug are positive, Allergy Therapeutics’ (AGY) share price could find renewed momentum.”

Shares Magazine (May 2018)
“Allergy Therapeutics grass allergy product meets primary objectives” (May 2018)
“Allergy Therapeutics shares were boosted by positive data from a phase two study for its grass allergy treatment. It paves the way for phase three trials next year. Shares ticked up 9.2 per cent, or, 2.25p to 26.75p.”

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.”

Broker Coverage

Panmure Gordon (House Broker, May 2018)
“The Grass MATA MPL (PQ Grass) Phase II does ranging trial (G205) has been a success, with the primary endpoint met, establishing a dose-response relationship and a Phase III dose. Discussions with regulators will be the next immediate step, but this effectively paves the way towards the commencement of the Phase III programme in 2019. Today’s news speaks well to management capabilities in product development, further underlines the effectiveness of the already marketed PQ Grass product and de-risks our investment thesis. “

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