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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 2021 year generated revenues in excess of £84m 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 2021 AGY had a cash balance of £40.3m.

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(22,106)(20,201)
Gross Profit62,22558,003
Profit/ (Loss) for the period2,8867,058
Balance Sheet2021
Cash & cash equivalents40,27336,962
Total assets88,08986,225
Total liabilities(39,554)(42,442)
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 – 0.49%
Stephen Smith – 0.12%
Nick Wykeman – 0.05%
Peter Jensen – 0.04%

Southern Fox Investments Ltd – 22.39%
Yissum Holding – 21.42%
Skygem Acquisition Limited – 20.04%
Abbott Laboratories – 16.06%
River & Mercantile – 4.59%
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 (Sep 2019): “Allergy looks to future trials”
“Shares in Allergy Therapeutics (AGY) tumbled earlier this year after the unexpected failure of its birch allergy treatment at the third phase of trials. Remaining “in dialogue” with German regulators, the group has shifted its attention instead to its grass allergy vaccine, due to start its Phase III trial in autumn next year. Success here would be one of the last hurdles before being able to tap into a US market estimated to be worth $2bn (£1.6bn).”

Broker Coverage

Panmure Gordon (House Broker, June 2021)
“The trading update indicates earnings for FY21E to be well ahead of market expectations, a strong performance against challenging COVID-related market conditions. Cost savings have helped, with some commercial projects and R&D expenditure moving from FY21E to FY22E…Continued development progress on Grass MATA MPL and the opportunity in peanut allergy continue to offer significant upside potential.
FinnCap (Sep 2021)
“The readout of the exploratory Phase III (G309) Grass MATA MPL study in the autumn should be the next meaningful news flow, which will determine the final design of the pivotal study…We remain excited about the VLP opportunity, awaiting the Phase I data through 2022/23 before formally including it in the valuation, but in time we believe that this product could be worth substantially more than the current market capitalisation.”

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