22nd Sep 2014 09:06
LONDON (Alliance News) - Allergy Therapeutics PLC Monday posted a higher profit in the year to end-June as it improved market share and launched new products, and gave a positive outlook for its future, buoyed by developments in the US allergy market.
The pharmaceutical company posted a pretax profit of GBP1.1 million in the recent financial year, up from GBP529,000 in the previous year, as revenue rose 13% to GBP42.0 million from GBP39.3 million. Previous year results were restated to retroactively apply account changes for employee benefits.
Revenue growth was bolstered by the stronger euro; at constant currency, revenue rose 7%.
The company performed well in Europe, seeing a strong performance from its German subsidiary, and central and southern Europe performing well. However, Allergy continued to see regulatory hurdles in Latin America, leading to minimal sales during the year.
Its flagship product Pollinex Quatro, for the treatment of pollen allergies, saw sales up 11% at constant currency.
Allergy launched a new allergoid vaccine for mites in Spain. Positive recommendations from the US Food and Drug Administration allowed the company to roll out three sublingual vaccines during the year. Finally, the company said it increased its probiotic range during the year by adding food intolerance treatment Syngut in Italy, Spain, Austria, Germany and Poland.
Allergy said its discussions with the US FDA and with Canadian health authorities has been positive during the year.
The company continued to make progress with its pipeline of pollen allergy treatments during the year. It has completed its Phase II clinical study for its Pollinex Quattro Birch treatment; the study met its primary endpoint. It is planning a Phase III study to test response to its MATA MPL and Grass MATA treatments compared to a placebo.
Allergy Therapeutics add that it expects to improve its market share next year, and further consolidate its position in European markets, alongside further progress with its clinical development programme in Germany.
And the company expressed optimism in its prospects in the US market.
"The US market represents a potentially transformational opportunity for the company, and we continue to develop an agreed roadmap to register MATA MPL Grass in the US to realise this," said Chief Executive Manual Llobet in a statement.
Shares in Allergy were trading up 3.0% at 25.50 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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