13th Jul 2016 08:43
LONDON (Alliance News) - Allergy Therapeutics PLC on Wednesday said it expects to post full-year revenue slightly ahead of current market expectations, despite the negative impact from the weakening euro during most of the year.
Allergy Therapeutics, a pharmaceutical company which specialises in allergy vaccines, said its revenue for the year ended June 30 is expected to be GBP48.5 million, compared to the GBP43.2 million reported a year earlier, which is slightly ahead of current market expectations.
The company said this 12% growth came despite the negative impact from the weakening euro during most of the year and, at constant currency, it represents growth of 19% for the year.
Allergy Therapeutics said this "solid growth" has been against a flat market backdrop and means the company has grown its market share to 12% from 10% across its key European markets, driven by key gains in the UK, Germany, Spain and Austria.
The company said the market penetration is consistent across its portfolio, and said it expects strong revenue growth to continue for several years.
In its pipeline, Allergy Therapeutics said the development program for its flagship product Pollinex Quatro, for the treatment of pollen allergies, is on track and the Phase III study is planned to start in the first half of 2017.
For the US, Allergy Therapeutics said it will perform another dose ranging study for PQ Grass in order to ensure that the best dose is chosen for the final Phase III study, whilst Acarovac Quattro development is on track and initiation of Phase I studies is expected to start in the second half of 2016.
Meanwhile, the proof of concept study for the novel vaccine, Polyvac Peanut, is progressing according to plan, Allergy Therapeutics said.
"We continue to invest in our business and remain on course to become the leading company in the subcutaneous segment. We are also very excited about the commercial opportunities in our current broad portfolio," said Chief Executive Manuel Llobet.
Shares in Allergy Therapeutics were up 7.9% at 20.50 pence on Wednesday.
By Hannah Boland; [email protected]; @Hannaheboland
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