Allergy Therapeutics: FY21 results show continued strong growth
Allergy Therapeutics has reported solid FY21 trading, with revenues up 8% (6% CER) to £84.3m (FY20: £78.2m). Pre-R&D operating profit rose 19% to £16.9m (FY20: £14.2m) given lower promotional and marketing spend due to COVID-19 restrictions, coupled with tight cost control. R&D investment increased from £9.0m to £12.9m to support the two key programmes: the G309 Grass MATA MPL exploratory field study and the VLP Peanut ex vivo biomarker study. Cash of £40.3m (FY20: £37.0m) is sufficient to fund the two Grass MATA MPL Phase III trials and the VLP Peanut Phase I trial. These two development programmes could transform the company’s medium-term prospects, underpinning entry into the commercially important US market. Our updated valuation is £350.7m, or 54.7p per share.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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