Outlook: Solid European base; with US opportunity
Allergy Therapeutics’ current market valuation is supported by its solid predominantly European commercial base business; however, there is potential for a significant medium-term stock re-rating should plans to break into the evolving US allergy immunotherapy (AIT) market crystallise. Securing a US development/commercialisation partnership, or other funding, to resume development of Pollinex Quattro (PQ) in the US would be a transformative event. Clarity on the US opportunity could add more than £38m to our £96-129m DCF valuation range.Allergy Therapeutics is a pharmaceutical group focused on allergy vaccination. Co. mainly sell its products in European countries and its pipeline of products in clinical development includes vaccines for grass, tree and house dust mite, as well as a peanut allergy vaccine in preclinical development. Co. sells a range of aluminium-free allergy vaccines and diagnostics. Co. sells both injectable and sublingual (oral) formats. The commonly prescribed are those for the treatment of pollen related allergies, particularly for allergies to grasses, weeds and trees. Co.'s vaccines trade under various brand names depending on the market, e.g. Pollinex Quattro, Polligoid and TA Graser Top.
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