Preliminary Results for the year ended 30 June 2020

• Record level of pre R&D operating profit supported by robust sales and operational efficiency
• Strong cash position with Grass MATA MPL Phase III programme and initial Phase I peanut trial fully funded
• Exclusive licencing agreement signed for further virus like particle(VLP) candidates

23 September 2020 Allergy Therapeutics plc (AIM: AGY), the fully integrated commercial biotechnology company specialising in allergy immunotherapy, today announces its preliminary results for the year ended 30 June 2020.

Financial Highlights

• 7% revenue growth at constant rate* and 6% at reported rate to £78.2m (2019: £73.7m)
• 25% increase in pre-R&D operating profit to £14.2m (2019: £11.3m) as a result of sales growth and lower overhead cost growth
• Strong cash balance of £37.0m at 30 June 2020 (2019: £27.4m)
• Net profit of £7.1m for the year including one-off, legal settlement of £3.2m (2019: Net profit of £3.5m)

Operating Highlights (including post period)

• Good growth across all key products in the portfolio with further incremental increase in market share in European business
• Exploratory field study for Grass MATA MPL will begin in Q4 2020, moving on to the second stage Phase III trial in H2 2022 to improve outcome and mitigate risk
• Licence agreement signed with Saiba and DeepVax, VLP partner to explore new therapeutic areas, including solid cancer tumours and asthma
• Signed exclusive rights to multi-allergy oral product ImmunoBON
• VLP-based Peanut product Phase I trial due to commence in 2021

Manuel Llobet, CEO at Allergy Therapeutics, stated: “The robust, all-round performance of the business this year has shown the key qualities of Allergy Therapeutics, with strong financial results, a fast response to the COVID-19 challenge and continued development and expansion of our commercial portfolio and pipeline. These present new opportunities for us to strengthen our leadership in the allergy immunotherapy field and, longer-term, explore the broader immunology space, with the potential to deliver increased value to shareholders and the patients we serve.”

^*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.