UK group Allergy Therapeutics has announced that its sales for the year are on track to overshoot market expectations at £64.1 million, as its hay fever vaccines continue to gain ground in core European markets.
Preliminary results are to be announced in September 2017, but in a trading update just issued by the firm it said sales growth should hit 15 percent at constant exchange rates and 32 percent on a reported basis, reflecting “the continued strong performance of the product portfolio and its growing market share,” said Manuel Llobet, Allergy's chief executive.
“Our successful strategy focuses on our patient-convenient products and controlled investment in our development pipeline to expand our addressable market. Our double digit CAGR of revenue over the past 18 years demonstrates that we have a robust, reliable and successful business model,” he added.
The firm also noted that research and development expenses for the year are anticipated to be lower than market expectations due to phasing of certain activities across the year, costs from which are now to be included in the current year, and reported a cash balance of £22.1 million at the end of June, a little down on last year’s £23.4 million (at June 30, 2106).
Allergy recently began recruiting first patients for a Phase III trial of immunotherapy Pollinex Quattro in people sensitive to birch pollen, due to start later this year.
The study will take place over 50 sites and aims to enrol 550 patients, to and assess the efficacy and safety of a short course of treatment with the vaccine.