Allergy Therapeutics Interim results for the six months ending 31 December 2017 Delivering on our strategy – three areas for growth March 2018
Disclaimer The information contained in this presentation (“Presentation”) is being supplied to you solely for your information and may not be copied, reproduced or further distributed to any person or published, in whole or in part, for any purpose. No reliance may be placed for any purpose whatsoever on the information contained in this Presentation or on its completeness. No representation or warranty, express or implied, is given as to the accuracy of the information or opinions contained in the Presentation and no liability is accepted for any such information or opinions by Allergy Therapeutics plc (the “Company”) or any of its directors, members, officers, employees, agents or advisers or any other person. Notwithstanding this, nothing in this paragraph shall exclude liability for any representation or warranty made fraudulently. The Presentation speaks as of the date shown on the front cover. The Company assumes no obligation to notify or inform the recipient of any developments or changes occurring after the date of this Presentation that might render the contents of the Presentation untrue or inaccurate in whole or in part. This Presentation does not constitute or form part of any offer of or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for any securities for sale in any jurisdiction, nor shall it, or any part of it, or the fact of its distribution form the basis of, be relied upon in connection with, or act as an inducement to enter into, any contract or commitment to do so. The Company’s securities have not been and will not be registered under the U.S. Securities Act of 1933 (the “Securities Act”), and may not be offered or sold in the United States absent registration under the Securities Act or an available exemption from, or transaction not subject to, the registration requirements of the Securities Act. This Presentation includes “forward -looking statements” which include all statements other than statements of historical facts, including, without limitation, those regarding the Company’s financial position, business strategy, plans and objectives of management for future operations (including development plans and objectives relating to the products and services of the Company and its subsidiaries (the “Group”)), and any statements preceded by, followed by or that include forward-looking terminology such as the words “targets”, “believes”, “estimates”, “expects”, “aims”, “intends”, “will”, “can”, “may”, “anticipates”, “would”, ”should”, “could” or similar expressions or the negative thereof. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the Group’s control that could cause the actual results, performance or achievements of the Group to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the Group’s present and future business strategies and the environment in which the Group will operate in the future. These forward- looking statements speak only as at the date of this Presentation. The Group expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in the Presentation to reflect any change in the Group’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based. 2
Introduction to Allergy Therapeutics Leading allergy immunotherapy Double digit compound annual company with a portfolio of growth achieved over the past Dedicated to marketed products and strong 18 years allergy treatment development pipeline and prevention Provide treatments that have Robust revenue growth and potential to cure disease, not successful M&A delivered. Three just symptoms. Focus on pillar strategy for growth: Europe, moderate to severe patients pipeline and US Spun out of Smith Kline Beecham Approximately 500 in 1999 employees Headquartered and manufacturing Products currently in trials base in Worthing, West Sussex for the US market Market capitalisation of approximately £150m, AIM ticker LSE:AGY 3
Financial highlights ~ Double digit compound annual growth achieved over the past 18 years ~ 1.3%* Solid growth in operating profit pre R&D up 12% to £12.3m increase in revenue at constant currency** to as a result of leveraging sales growth, a stated aim of management £40.9m (H1 2017: £11.1m) (H1 2017: £40.4m) R&D expenditure of Cash balance of 4.4% £5.9m £25.8m increase in revenue at (H1 2017: £3.8m) (H1 2017: £27.8m) £42.2m (H1 2017 £40.4m) *Percentage based on numbers in thousands (H1 2018: £40.956m, H1 2017: £40.427m) ** 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. See table in financial review for an analysis of revenue. N.B. All financial dates refer to the financial year. All clinical dates refer to the calendar year. 4
Operational highlights Solid revenue growth across Europe – strong performance from Increased market share in Germany Venomil and Acarovac Plus 14% Completion of recruitment for pivotal Phase III Pollinex Quattro Birch trial (2017: 13%) Completion of recruitment for US Grass Mata MPL Phase II trial ahead of schedule Contract for scale up of Polyvac peanut signed with aim for first trial in humans in 2019 Acarovac Phase I trial continues with read out expected in H1 2019 Contract for Oralvac joint development signed with Ergomed. TAV projects on track 5
Strategy March 2018
Delivering our strategy Three pillars to the business Expanding in Europe Strong pipeline Preparing for US entry Strongly performing New technologies Significant opportunity profitable business underpin pipeline breadth and depth in largest allergy market Growing market share Investment strategy Changing environment and additional product supported by growing to drive market share towards Allergy’s products registrations revenue stream 7
Delivering our strategy EXPANDING IN EUROPE 8
Delivery of European growth strategy Solid sales growth of 1.3%* in H1 2018 and increased German market share to 14% from 13% driven by: Innovative, convenient Increased regulatory Scaling-up to drive Focused investment Strength of broad and patient-friendly requirements to ATL technological and across business portfolio with Acarovac (short-course) products advantage (TAV) reflected in performance Plus and Venomil geographical expansion Double digit CAGR growth over the last 18 years since formation (full year data) 80 £m 70 60 50 40 30 20 10 - 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Financial Year Ending Gross Revenue (excludes rebates) *Percentage based on figures in thousands (H1 2018: £40.956m, H1 2017: £40.427m) 9
Sales breakdown for FY 2017 Sales by product 1 Sales by country Pollinex, Venomil, 17% 3% Diagnostics, 1% 4% 4% Netherlands Third Party UK Products, 9% 59% Germany 2% Acarovac Plus, Czech republic 2% 2% 7% Slovakia TyroMILBE, 5% 1% 3% Pollinex Austria Quattro, 44% Other Switzerland Tyrosine S / TU, 5% 9% Italy Oralvac, 14% 9% Spain 1.Sales breakdown based on gross sales at budget exchange rates (before freight, discounts, rebates and exchange) : £63.2 million. After deducting discounts, rebates, freight charges and foreign exchange adjustments, total sales for FY2017 is £64.1 million 10
Delivering our strategy STRONG PIPELINE 11
TAV (Therapy Allergy Ordinance) process Includes all products 40% of all submitted products have now been without registration removed from the process and are no longer TAV German process on the market (PEI Seminar, 2017) initiated in 2008 and driven by the Paul Ehrlich Institute based Germany contributes Future advantage of clinical evidence on European legislation 59% of AGY Group sales to support marketing plus potential reduction in competition All of Allergy’s products submitted in 2011 are still in process 12
Broad pipeline Also available as a Pre-clinical Phase I Phase II Phase III Market/Registered Named Patient Product Short-course SCIT Pollinex Grass Short-course SCIT Pollinex Tree Short-course SCIT Pollinex Ragweed Bee venom SCIT Venomil Bee Wasp venom SCIT Venomil Wasp ✓ Pollinex Quattro Grass * Short-course Grass SCIT with MPL ✓ Pollinex Quattro Birch Short-course Birch SCIT with MPL - Pollinex Quattro Ragweed Short-course Ragweed SCIT with MPL ** Short-course Grass SCIT with MPL - Pollinex Quattro Grass ✓ Short-course Tree SCIT with MPL Pollinex Quattro Trees Oralvac Grass, Trees Sublingual immunotherapy with flexible-dosing ✓ & house dust mite Short-course modified Allergen HDM SCIT + MPL ✓ Acarovac Platform Polyvac Peanut Short-course Peanut SCIT * - 0.5mL formulation ** - 1.0 mL formulation 13
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