8th Mar 2016 10:59
LONDON (Alliance News) - Allergy Therapeutics PLC on Tuesday said its pretax profit shrunk in the first half of its financial year due to a ramp-up in research and development costs, while revenue crept higher.
The allergy-focused pharmaceutical company said pretax profit for the six months to the end of December was GBP1.3 million, well down on GBP7.4 million a year earlier, as revenue edged up to GBP29.0 million from GBP28.0 million.
The rise in sales, driven by market share gains in all major markets for the company, was offset by research and development spending rising to GBP6.5 million, from only GBP1.1 million a year earlier, due to the progression of two phase II product studies in Germany and the US.
"The first half of this year has seen continued momentum with our product sales continuing to outperform the market with further market share gains across Europe," said Chief Executive Manuel Llobet.
"Our business is gaining significant scale and momentum in Europe through both organic and acquisitive growth and we expect this to continue as we further invest in our commercial infrastructure and prepare to take our products over to the US," Llobet added.
Shares in Allergy Therapeutics were up 0.9% to 27.50 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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