Trading update for the year ended 30 June 2026

Allergy Therapeutics PLC

29 July 2026

 

Allergy Therapeutics plc

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

Trading update for the year ended 30 June 2026

-     Commercial momentum accelerating, with H2 2026 revenues expected to be £23.6 million (H2 2025: £21.0 million) representing growth of over 12% on a reported basis, compared to 7% growth in H1 2026

-     Full year revenues expected to be £59.9 million (2025: £55.0 million), representing growth of 9% on a reported basis

-     Cash position of £24.2 million at 30 June 2026 (30 June 2025: £12.8 million) following repayment of all outstanding shareholder loans and draw down of new secured funding from Hayfin

-     The successful launch of Grassmuno^® in H2 2026, the first subcutaneous grass pollen immunotherapy approved under the TAV programme, positions the Group for double digit revenue growth in the year to 30 June 2027

29 July 2026: Allergy Therapeutics plc (AIM: AGY), the fully integrated commercial biotechnology company specialising in allergy immunotherapies, today announces its trading update for year ended 30 June 2026.

Financials

Subject to audit, the Group expects revenue for H2 2026 to be £23.6 million (H2 2025: £21.0 million), representing growth of over 12 percent on a reported basis, or 9 percent on a constant currency basis*. This marks an acceleration compared to H1 where growth was 7 percent on a reported basis (3 percent constant currency).

Revenue for the year ended 30 June 2026 is expected to be £59.9 million (2025: £55.0 million) representing growth of 9 percent on a reported basis, and a return to double digit growth on a gross revenue basis pre rebates. On a constant currency basis* revenue is expected to have grown approximately 5 percent, with growth in Germany, the Group's largest market, of over 4 percent and strong growth in its second largest market, Spain, of 12 percent.

The performance in Germany is positive given the ongoing transition away from unregistered products under Germany's TAV programme, and that Grassmuno^® launched in mid-January 2026, missing the majority of the peak treatment season of September-February. The performance therefore reflects strong underlying growth in the Group's German registered product portfolio, comprising Pollinex^® and Venomil^® as well as Grassmuno^®.

The Group's unaudited cash balance as at 30 June 2026 was £24.2 million (30 June 2025: £12.8 million). During the year, the Group drew down £12.5 million under the amended shareholder facility; as announced on 29 October 2025, the Company subsequently received exercise notices from the shareholder lenders in respect of their associated warrants, generating aggregate proceeds of £55 million. These proceeds were applied to repay all outstanding financial indebtedness owed to the shareholder lenders. The Group also announced on 23 February 2026 that it had entered into an amendment to the secured senior loan facility, with Hayfin Healthcare Opportunities LuxCo S.a.r.l., a fund advised by Hayfin Capital Management LLP, under which a new £40 million senior secured facility was made available and immediately drawn down.

In addition, the Shareholder Lenders agreed to provide a new £50 million unsecured loan facility although no amounts had been drawn as at 30 June 2026. The Group continues to explore a potential dual primary listing on The Hong Kong Stock Exchange.

Outlook

The year ended 30 June 2026 was a year of inflection for the Group; with the ongoing transition away from unregistered products under Germany's TAV programme continuing to weigh on the Group's results, particularly in the first half of the fiscal year. Despite this headwind the Group still grew revenues in H1. The second half of FY 2026 commenced with the launch of Grassmuno^®, the first subcutaneous grass pollen immunotherapy approved under the TAV programme. Its approval represents a significant milestone for the Group's grass allergy franchise and provides a foundation from which the Group intends to pursue potential registrations in further markets over time. This launch at the end of the peak season has supported an accelerated growth rate in H2 2026 and has been underpinned by strong growth in the rest of the Group's registered product portfolio.

With the German TAV programme now coming to an end in October 2026 and the first full high season for vaccination since the launch of Grassmuno^® approaching, the Group is strongly positioned for a further acceleration in sales momentum. The year ending 30 June 2027 is expected to be the first to benefit from a full high season of the product's availability. The Group expects to achieve year-over-year double digit revenue growth for the year ending 30 June 2027.

The Company intends to announce its preliminary audited results in October 2026.

Manuel Llobet, Chief Executive Officer of Allergy Therapeutics, commented: "2026 represented a milestone year for Allergy Therapeutics, with significant commercial and operational progress made. Revenue growth accelerated to over 12 percent in the second half of the year, demonstrating the strength of our German registered product portfolio as the TAV transition draws to a close. The successful launch of Grassmuno^® in Germany has underpinned this acceleration; as the first full high season since the product's launch approaches, and with the German approval providing a platform from which we intend to expand the Grassmuno franchise into additional markets, we are confident in delivering further growth in FY 2027 and beyond.

"Beyond our commercial progress, we strengthened our balance sheet during the year, with new secured funding from Hayfin providing us with a robust foundation from which to pursue our strategic growth initiatives, including the advancement of our pipeline of next-generation allergy immunotherapies, such as VLP Peanut."

*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

[phone]

Cavendish Capital Markets Limited (Nominated Adviser and Broker)

Geoff Nash/Giles Balleny/Seamus Fricker

Nigel Birks - Life Science Specialist Sales

[phone]

ICR Healthcare

Mary-Jane Elliott/David Daley/Phillip Marriage

[phone]

[e-mail]

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 and branches in nine major European countries and via distribution agreements in an additional four countries. For more information, please see www.allergytherapeutics.com.

 

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