Allergy Therapeutics plc (AIM: AGY), the specialist pharmaceutical company focused on allergy vaccination, announces preliminary results for the year ended 30 June 2007.
Financial Highlights
Net sales increased by 9% to £25.7m (2006: £23.6m)
Pollinex® Quattro named-patient sales increased by 23%
Core business performance
| 2007 | 2006 |
| £m | £m |
Operating loss | (26.8) | (6.7) |
Research and development | 25.3 | 9.6 |
Strategic costs developing Pollinex Quattro | 3.5 | 0.7 |
| | |
Core business operating profit | 2.0 | 3.6 |
Operating profit before R&D and strategic costs was £2.0m (2006: £3.6m), 44% lower, due in part to an increase in German rebates
R&D expenditure increased 165% to £25.3m (2006: £9.6m) as pivotal Phase III programme progressed
€40 million debt facility secured
Operational Highlights
Started two pivotal Phase III studies for Pollinex Quattro Grass and Ragweed
The world’s first global Phase III allergy vaccine development programme
Promising interim data from Phase I/II study of an oral (sub-lingual) grass allergy vaccine
New UK manufacturing facility opened as part of an extensive manufacturing upgrade
However, all clinical activity put on hold by FDA in July
Impact on timing and potential size of subsequent programmes
Discussions with FDA are ongoing
Allergy Therapeutics remains confident of a positive outcome
Keith Carter, Chief Executive of Allergy Therapeutics, said:
“Given the wealth of evidence supporting the safety and efficacy of Pollinex Quattro we remain confident that the FDA will lift its clinical hold in due course. In the meantime, we have created a flexible development programme to manage the uncertainty around the timing of further clinical activity.
Our core business is profitable and sales continue to grow strongly. We have invested during the past year to increase sales and margins going forward and expect to see the first benefits of that investment in the current financial year. Despite the development programme delay, the core business continues to provide the Company with a solid base giving us confidence in the future.
We look forward to announcing the results of our 1024 patient pivotal Phase III Pollinex Quattro Grass trial, the world’s first global Phase III allergy vaccine study, in the first quarter of 2008.”
A briefing for analysts will be held at 9.30am today at the offices of Financial Dynamics, Holborn Gate, 26 Southampton Buildings, London WC2A 1PB. Please call Mo Noonan for further details on 020 7269 7116. In addition, the presentation will be made available on the Company’s website at www.allergytherapeutics.com
For further information
Allergy Therapeutics +44 (0) 1903 844 720
Keith Carter, Chief Executive
Ian Postlethwaite, Finance Director
www.allergytherapeutics.com
Financial Dynamics +44 (0) 207 831 3113
David Yates
Ben Brewerton
Click here to download the Preliminary Results
