14th Jul 2021 12:29
(Alliance News) - Allergy Therapeutics PLC on Wednesday said it expects its revenue to increase from last year, reflecting the company's strong performance in "challenging" market conditions.
Allergy Therapeutics is a commercial biotechnology company specialising in allergy immunotherapy.
Allergy Therapeutics said it expects revenue for the financial year to June 30 to be GBP84.3 million, an 8% rise from GBP78.2 million the year before and a 6% increase on a constant currency basis.
Cash balance at the end of June was GBP40.3 million, an increase from GBP37.0 million the year before.
Cost savings have been driven by Covid-19 related restrictions to travel and a reduction in scientific conference attendance, as well as delays to some commercial projects into 2022, which means Allergy's expenses for 2021 are expected to be significantly lower than market expectations.
The company said it is continuing to look for innovative ways to expand its market and reach.
"The group has performed strongly this year in challenging circumstances. Providing patients with novel, effective and convenient treatments is our focus at Allergy Therapeutics, alongside the development of a next-generation of innovative therapies," said Chief Executive Manuel Llobet.
Shares in Allergy Therapeutics were up 1.9% at 25.48 pence each in London on Wednesday.
By Amrit Sahota; [email protected]
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