24th Mar 2014 11:11
LONDON (Alliance News) - Speciality pharmaceutical company Allergy Therapeutics PLC Monday posted a rise in pretax profit as it increased its market share in European markets and launched new products in the half-year ended December 31, 2013.
Allergy Therapeutic posted a pretax profit of GBP6.5 million, up from GBP5.1 million in the previous year, as revenue rose to GBP27.2 million from GBP25.7 million in the previous year and sales costs dropped to GBP6.4 million from GBP7.0 million. Revenue was boosted by an exchange gain of GBP1.7 million, the company said.
The company said that, given the seasonality of the pollen allergy market, around 60% to 70% of its revenues are generated in the first-half, and it typically records losses in the second-half.
Allergy increased its overall market share in European markets by 12% compared to the previous year, it said. The company launched a new allergoid vaccine for mites in Spain called Acarovac, and continued to roll out its new probiotic product portfolio. It also signed new commercial deals, including deals in new markets including Estonia, Latvia and Lithuania.
Allergy said it had made progress with its product portfolio during the period, and would continue to develop this portfolio throughout the rest of the year. It will continue to roll out its new products in Europe, and has begun the clinical programme for the second phase of development for its allergy treatment Pollinex Quattro Birch.
Recent positive developments in the US allergy regulatory environment, along with progress that it has made with North American regulatory authorities, give Allergy confidence that the US will emerge as a valuable market for the company's allergy vaccines. It is continuing to explore its options for development and commercialisation of its hay fever treatment Pollinex Quattro in the US.
Shares in Allergy were trading down 10.3% at 24.00 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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