Publication of Annual Report and Accounts 2023

Allergy Therapeutics PLC

30 January 2024

 

Allergy Therapeutics plc

("Allergy Therapeutics" or the "Company")

Publication of Annual Report and Accounts 2023

30 January 2024 Allergy Therapeutics plc (AIM: AGY), the fully integrated commercial biotechnology company specialising in allergy vaccines, announces that it has today published its Annual Report and Accounts for the year ended 30 June 2023 (the "2023 Accounts").

The 2023 Accounts have been posted to Shareholders and are available to view on, and download from, the Company's website at https://www.allergytherapeutics.com/investors/results-reports-and-presentations/.

Lifting of Suspension and Resumption of Trading

As a result of publication of the 2023 Annual Report and Accounts, trading in the Company's ordinary shares on AIM is expected to be restored with effect from 07.30 a.m. today.

Post-Publication Updates and Financial Adjustments

Subsequent to the Company's publication of the unaudited preliminary results for the year ended 30 June 2023 on 27 September 2023 ("Preliminary Results"), the Company sets out below a number of key amendments to the final results.

Following the amendments below, the Company's audited revenue for the year to 30 June 2023 was £59.6 million (2022: £72.8 million) which is £1.4 million lower than stated in the Preliminary Results. The audited operating loss pre-research and development costs and exceptional costs was £14.8 million (2022: profit of £3.4m) and full year net loss was £43.1 million (2022: net loss of £13.8 million). Year on year changes reflect the reduction in revenue as a result of the temporary pause in manufacturing in late 2022, increase in research and development costs and exceptional funding costs. Further detail is set out in the Preliminary Results. The key amendments to the audited results are as follows:

1)   Statutory Rebates

Discussions with the German Health Insurance Association have reached an advanced stage and indicate that a settlement of the historic rebates, in relation to amounts paid to the German government as contributions to the cost of medicines paid for by the state and private health funds, is possible at a level lower than the maximum rebate. Accordingly, the best estimate of the amount required to settle relating to revenue recognised up to and including 30 June 2023 has been provided. This has been recognised as a reduction in current year revenue of £1.4 million and an increase in exceptional costs for the element relating to prior years. Accordingly, the contingent liability disclosed in the Preliminary Results has been reduced. Note 26 in the 2023 Accounts provides further details.

2)   Contingent Payment

The unaudited preliminary results included an exceptional charge of £11.3 million in relation to the non-cash fair value accounting for the G306 Contingent Payment. As planned, the equity financing which occurred in October 2023 repaid all amounts outstanding under the loan facility, therefore the G306 Contingent Payment did not become payable. In accordance with IFRS 9 the charge has been removed from the audited results reducing exceptional finance expenses in the Income Statement by £11.3 million.

3)   Retirement Benefit

The Company has in place an insurance policy designed to contribute towards its obligations in respect of the German defined benefit pension scheme. At 30 June 2022, the Company recognised this insurance policy as a 'retirement benefit asset' within investments at £6.0 million, this value was provided by the Company's insurer. In 2023, the Company engaged an independent actuary to value the insurance policy in accordance with accounting standards at both 30 June 2023 and 30 June 2022. The actuary's valuation as at 30 June 2022 was £5.3 million, indicating the insurance policy's value was previously overstated. A prior year adjustment has been recorded to correct this, note 34 of the 2023 Accounts provides further details.

-  ENDS -

For further information, please contact:

Allergy Therapeutics

[phone]

Manuel Llobet, Chief Executive Officer

Shaun Furlong, Chief Financial Officer

Panmure Gordon (Nominated Adviser and Broker)

[phone]

Freddy Crossley, Emma Earl, Corporate Finance

Rupert Dearden, Corporate Broking

ICR Consilium

[phone]

Mary-Jane Elliott / David Daley / Davide Salvi

[e-mail]

Notes for editors:

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 immunotherapy vaccines 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. Its broad pipeline of products in clinical development includes vaccines for grass, tree, house dust mite and peanut. For more information, please see www.allergytherapeutics.com.

 

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