Allergy vaccines specialist Allergy Therapeutics (AGY:AIM) reports revenue for its financial year to 30 June will be slightly ahead of expectations at £48.5 million thanks to market share gains.
Shares are up 4% to 19.7p.
The company’s revenues are 12% higher than the £43.2 million posted last year, despite the negative impact of a weakening euro throughout the majority of 2016.
At constant currency, growth was 19%, which is encouraging against a flat market backdrop. The outperformance of the wider market reflects an increase in its share from 10% to 12% across key European geographies including Germany, Austria, Spain and the UK.
Panmure is positive, saying the firm has achieved strong commercial traction and offers investors an excellent opportunity. It reiterates its ‘buy’ recommendation.
Allergy has consistent market penetration across its product portfolio, including Pollinex Quattro, with plans to enter new products Acarovac and Synbiotics into the market.
It is expecting strong revenue growth in the future and wants to achieve a leading European position in the allergoid subcutaneous immunotherapy product (SCIT) market before 2020.
CEO Manuel Llobet said: ‘Our strong sales growth of 19% at constant rates and further gain in market share of two points to 12% shows that our ambition to build a world-leading portfolio of aluminium-free, patient-friendly vaccines is gaining increased traction.’
