Strong Growth in Core Business
No Change in US Clinical Hold
Allergy Therapeutics plc (AIM: AGY), the specialty pharmaceutical company focused on allergy vaccination, announces interim results for the period ended 31 December 2007.
Financial Highlights
Gross sales increased by 23% to £21.6 million (2006: £17.5m)
Operating profit before R&D and strategic costs increased to £7.5 million (2006: £4.5m)
R&D expenditure reduced to £10.2 million (2006: £11m)
Operating loss reduced to £4.4 million (2006: £7.9m)
Operational key points
Successful MHRA audit in February 2008 at both facilities
FDA’s clinical hold remains pending their general review of novel vaccines and adjuvants
No further significant new investment in R&D without the support of a partner
Keith Carter, Chief Executive of Allergy Therapeutics, said:
“Our core business is profitable and growing strongly. It continues to provide the Company with a solid base giving us confidence in the future. Furthermore, the changes made to the sales force last year should deliver additional revenue benefits from the second half onwards.
“Allergy Therapeutics is fundamentally a European speciality pharmaceutical company with a growing sales base, a substantial manufacturing facility, a full sales and marketing infrastructure operating in growth markets. Phase III clinical trial results are expected in May and, if successful, registrations in the EU will follow, adding further value to the core business.
“Once the FDA position has been resolved, the Company has valuable late phase development assets for partnering, representing significant upside potential.”
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
Keith Carter, Chief Executive
Ian Postlethwaite, Finance Director
+44 (0) 1903 844 7200
Financial Dynamics
David Yates
Ben Brewerton
+44 (0) 207 831 3113
Click here to download PDF
