Interim Results for the six months ended 31 December 2019

• Record level of operating profit pre R&D supported by strong sales
• Strong cash position with Grass MATA MPL Phase III programme fully funded for H2 2020 start
• Publication of promising preclinical data from VLP Peanut candidate

4 March 2020 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 2019.

Highlights

Financial highlights

• Revenue increased by 9% at constant rate^* and 8% in actual terms to £50.5m (H1 2019: £46.7m)
• 10% growth in pre-R&D operating profit to £17.3m (H1 2019: £15.7m) largely as a result of

continued sales growth

• Operating profit pre R&D margin of 34% (H1 2019 34%)
• R&D expenditure lower at £1.3m (H1 2019: £5.0m) due to receipt of Inflamax legal costs (£3.2m)
• Strong cash balance of £39.7m (30 June 2019: £27.4m)

Operational highlights

• Good growth across all key products in the portfolio with small increase in market share in European business
• First stage of Grass MATA MPL Phase III programme to start in H2 2020 in EU and USA
• Preclinical VLP Peanut data published in highly respected journal post period end

Manuel Llobet, CEO at Allergy Therapeutics, stated: “The Group has made a steady start to the year with good sales growth supporting our strategy. The regulatory environment remains uncertain but we continue to perform well commercially and to progress our high potential pipeline.”

^*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.

This announcement contains inside information for the purposes of Article 7 of Regulatory (EU) No596/2014.