Allergy Therapeutics: Strong FY21 trading, but pipeline set to drive future
Allergy Therapeutics confirmed strong FY21 trading, ahead of market expectations, with revenues up 8% (6% CER) to £84.3m (FY20 £78.2m). Lower spend due to COVID-19 restrictions on travel and conferences, coupled with phasing of planned R&D, means net income will be higher than our prior £6.2m forecast loss. Cash is at a record £40.3m vs £37.0m last year. Robust performance emphasises the resilience of the underlying business, but two development programmes are set to potentially transform medium-term prospects. Key value inflection points are expected over the coming months: the ex vivo peanut allergy biomarker study for the VLP-vaccine will read out in Q3, and data from the G309 Grass MATA MPL exploratory field study is due in H2. Our current valuation is £344.5m,or 53.8p 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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