Trinity Delta Lighthouse: Allergy Therapeutics
Trinity Delta view: Revenues continue to be impacted by the planned portfolio streamlining, masking underlying performance, albeit these effects should wash out in FY23 with a return to near double-digit growth anticipated. Tight cost control continues, with phasing affecting various line items, for Net Income to be in-line with consensus. Importantly, the two key pipeline programmes, VLP Peanut and Grass MATA MPL, remain on-track to initiate trials this year. Cash together with some debt should be sufficient to reach key data read-outs for both next year. Our valuation remains £341.6m (53.1p 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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