Allergy Therapeutics plc

("Allergy Therapeutics" or the "Company" or the "Group")

Trading update for the year ended 30 June 2025

-     Stable financial performance with the Group well positioned for future growth

-     H2 revenues expected to be £21.0 million (H2 2024: £21.6 million) giving full year revenues of £55.0 million (2024: £55.2 million)

-     Robust cost controls continued to be operated during the year whilst enabling selective investment in strategic growth related projects

-     Cash position of £12.8 million at 30 June 2025 (2024: £12.9 million) following ongoing funding from Shareholder Loan Facility and Hayfin Facility

-     Progression of Grass MATA MPL Marketing Authorisation Application ('MAA') to the Paul Ehrlich Institut in Germany, G308 Phase III Paediatric trial and VLP Peanut Phase I/IIa PROTECT trial all remain on track

-     Expecting to receive the MAA decision and top line data for PROTECT trial in late 2025

21 July 2025: Allergy Therapeutics plc (AIM: AGY), the integrated commercial biotechnology company specialising in allergy vaccines, today announces its trading update for the year ended 30 June 2025 ahead of its Full Year Results to be announced in the final quarter of 2025.

Manuel Llobet, Chief Executive Officer of Allergy Therapeutics, commented: "The Group's performance in 2025, through the execution of a clear commercial strategy in key markets and maintaining a laser focus on our priority R&D programmes, positions Allergy Therapeutics well for future growth. With our near-term opportunities to significantly strengthen our commercial portfolio and to deliver clinical data within our pipeline of next-generation allergy immunotherapies, the Board remains confident in the Group's trading prospects, underpinned by a commitment to improve the lives of people living with allergies."

Financials

Subject to audit, revenue for H2 is expected to be £21.0 million (H2 2024: £21.6 million), reflecting an earlier than expected impact of the approaching change in the German regulatory landscape, as the end of the TAV transition period is reached in 2026. This is expected to result in unregistered allergy treatments being withdrawn from the market and a shift to fully licensed products.

Revenue for the year ended 30 June 2025 is expected to be broadly flat at £55.0 million (2024: £55.2 million) based on actual foreign currency rates. However, on a constant currency basis* revenue is expected to have grown over 2%, with revenue in Germany flat due to the reasons mentioned above and strong growth in the Group's second largest market, Spain, of 11%.

Continuing cost controls operated during the year have managed the cost base of the Group whilst enabling selective investment in strategic growth related projects.

The unaudited cash balance at 30 June 2025 was £12.8 million (30 June 2024: £12.9 million) after drawing down £15.0 million during the year (net of repayments) from the Shareholder Loan Facility with major shareholders, SkyGem Acquisition Limited (an affiliate of ZQ Capital Management Limited) and Southern Fox Investments Limited, and £20.0 million from the Hayfin Facility, the secured senior loan facility with Hayfin Healthcare Opportunities LuxCo S.a.r.l., a fund advised by Hayfin Capital Management LLP.  

Commercial

The Group is well placed to benefit from the changing regulatory environment in Germany by leveraging its existing registered product portfolio. The Company has submitted a Marketing Authorisation Application to the Paul Ehrlich Institut in Germany for Grass MATA MPL - a new, short-course subcutaneous allergen-specific immunotherapy (SCIT) that aims to address the cause of symptoms of allergic rhinoconjunctivitis due to grass pollen. Should this result in a regulatory approval, the Company expects to launch the product in FY2026.

Confidence in prospects for the German market are underpinned by recent trends in order intake and sales of first-year (patient initiation) treatments. A continued decline in orders for the Group's unregistered Pollinex Quattro product in the last two months of the financial year were more than offset by increased orders for its registered Grass, Trees and Venomil products, as order intake in Germany for the Group's own-manufactured vaccines grew double digit overall (in terms of units) vs the same two-month period in the previous year. Further, the vast majority of growth in the Group's registered products during FY25 results from sales of first-year treatments - a lead indicator for future growth as first-year patients become maintenance patients in years 2 and 3 of the treatment cycle.

Pipeline

Progression of the Group's Grass MATA MPL MAA in Germany remains on track and preparations are well underway for the product's commercial launch, should the MAA result in a regulatory approval.

The Phase III G308 trial to evaluate the long-term efficacy and safety of that product candidate in paediatric subjects continues, with treatment phase completed for year 1 and e-diary compliance on target.

The Group's Phase I/IIa PROTECT trial investigating the novel peanut allergy vaccine candidate VLP Peanut has advanced to its final phase of treatment with initial topline data anticipated later in the year.

Outlook

The Board remains confident in the Group's prospects, with multiple opportunities for growth, building value over the coming 12 months from both its commercial business and the progress anticipated within its innovative pipeline.

Whilst the Group continues to make good commercial progress, it will require additional funding from August, principally for working capital, capital expenditure and continuing R&D programmes. The major shareholders have provided sustained funding to the Group over the last two and a half years, complemented by funding from Hayfin in October 2024 and remain supportive of the business. The shareholders have committed to providing the funding required in August from the existing shareholder facility.

* Constant currency uses prior year weighted average exchange rates to translate current year foreign currency denominated revenue to give a year-on-year comparison excluding the effects of foreign exchange movements.

This announcement contains inside information for the purposes of the UK Market Abuse Regulations.

-  ENDS -

For further information, please contact:

Allergy Therapeutics

Manuel Llobet, Chief Executive Officer

Shaun Furlong, Chief Financial Officer

+44 (0)1903 845 820

Cavendish Capital Markets Limited (Nominated Adviser and Broker)

Geoff Nash / Giles Balleny / Seamus Fricker

Nigel Birks - Life Science Specialist Sales

Tamar Cranford Smith - Sales

+44 (0)20 7220 0500

ICR Healthcare

Mary-Jane Elliott / David Daley / Davide Salvi

+44 (0)20 3709 5700

allergytherapeutics@icrhealthcare.com

About Allergy Therapeutics

Allergy Therapeutics is an international commercial biotechnology company, headquartered in the UK, focussed on the treatment and diagnosis of allergic disorders, including aluminium free immunotherapies that have the potential to cure disease. The Group sells proprietary and third-party products from its subsidiaries in nine major European countries and via distribution agreements in an additional ten countries. For more information, please see www.allergytherapeutics.com.