Allergy Therapeutics PLC (LON:AGY) posted record profits for the six-month stage as the group, which, as the name suggests, specialises in allergy treatments for conditions such as hay fever, emerged from the period in rude health.
On revenues up 7% at £54mln for the half to December 31, the group posted pre-R&D operating income of £20.5mln, up 18.5%.
Allergy cited top-line momentum and operational efficiency for the growth in profitability.
The operating margin advanced four percentage points to 38% year on year, while the cash balance was an impressive £48.3mln, or a net £44mln, up from £37mln 12 months earlier.
“The group has made a strong start to the year despite the uncertainty of COVID-19, Brexit and the regulatory and business environment,” said chief executive Manuel Llobet.
“We continue to perform well commercially with robust growth across all key products in our portfolio and further market share gains thanks to our dedicated workforce.”
As well as operating a commercial allergy vaccines business, the company is bringing through the next generation of inoculations.
It is now fully-recruited for its phase III study of Grass MATA for people affected by grass pollen with results from the field trial expected in the autumn.
Investors will be provided with the read-out from a preclinical assessment of blood samples of peanut-allergic patients sometime in the spring.
This will then play an important part in the submissions made to the US Food & Drug Administration for Investigational New Drug status for its VLP Peanut allergy vaccine candidate.
All things being equal, recruitment for a phase I trial should get underway early next year.
“Progressing our growing, high-potential pipeline remains a priority and provides exciting opportunities in the allergy immunotherapy field and the broader immunology space,” said CEO Llobet.
Work continues on the company’s adjuvant technology, which is being developed to help immunotherapies work faster and more efficiently and which has potential uses in cancer, asthma and skin conditions.
In January, Allergy launched a new product into the German market called ImmunoBON.
This is a protein-based general treatment based on the ‘farm effect’ – a scientific observation that people living in close proximity to livestock have a lower incidence of allergies. ImmunoBON will offer relief for those with mild allergies.