Videos

Close Video

Overview

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

Directors

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)

Financials

P&L2019
£~000
2018
£~000
Gross Revenue
73,71768,346
Cost of Sales(18,379)(17,013)
Gross Profit55,33851,333
Profit/ (Loss) for the period3,467(7,533)
Balance Sheet2019
£~000
2018
£~000
Cash & cash equivalents27,44015,533
Total assets68,49751,016
Total liabilities(30,939)(27,982)
Net assets
37,55823,034

Peer Group

ALK (OMX: ALKB)
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

Shareholders

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

Other
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 (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, Sep 2019)
“Results reflect another year of progress on the core commercial business with the 8% revenue growth to £73.7m and further market share gains in the European business…While the missed endpoint for the Birch MATA MPL Phase III in March overshadowed the last stage development programme, lessons will be applied to the planning of the Grass Phase III, which remains on track for Autumn 2020. With the stock trading at sub 1x EV/Sales we consider the share price – particularly in the context for peanut – represent a discount against the value potential.”

Submit your details to be kept up to date with announcements regarding Allergy Therapeutics plc

We have a strict data protection policy and will not share your details with external parties.