- Allergy Therapeutics reports a 6% annualised growth in revenue in fiscal 2020.
- The British biotechnology company's annual profit jumps to £8 million.
- Allergy Therapeutics says R&D expenses are likely to be 70% higher in fiscal 2021.
Allergy Therapeutics plc (LON: AGY) said on Wednesday that sales growth in the next financial year was likely to remain flat as COVID-19 restrictions continue to make people avoid visits to the clinic. The novel flu-like virus has so far infected more than 400 thousand people in the United Kingdom and caused over 41 thousand deaths.
In separate news from the UK, Halma plc forecast an up to 10% decline in full-year adjusted profit on Wednesday.
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According to Allergy Therapeutics, since the number of patients that visited clinic remained under pressure in spring this year and for the most of summer as well due to the Coronavirus pandemic, the number of new patients in autumn was also likely to see a sharp decline. Allergy Therapeutics acquired VLP platform earlier in September.
Allergy Therapeutics’ annual profit jumps to £8 million
In the fiscal year that concluded on 30th June, however, the company reported an annualised growth in profit and revenue. At £8 million, it said that its pre-tax profit in fiscal 2020 came in 100% higher than £4 million in the previous year.
In terms of revenue, the biotechnology firm recorded a 6% year over year growth to £78.2 million. Allergy Therapeutics acknowledged the impact of the ongoing health crisis on growth in fiscal 2020 as hospitals and clinics were pushed into temporarily shutting down from March to May for non-urgent cases.
Other prominent figures included in the British company’s financial update on Wednesday include £14.2 million of pre-R&D operating profit versus a lower £11.3 million last year. Allergy Therapeutics valued its cash balance at £37 million as of June 30th.
R&D expenses are likely to be 70% higher in fiscal 2021
As per the British company:
“R&D expenses are anticipated to be approximately 70% higher than in 2020 (excluding the one-off legal settlement of £3.2 million) as research continues with Grass MATA MPL and our peanut allergy candidate vaccine.”
Shares of the company were reported about 2% up in premarket trading on Wednesday but lost the entire intraday gain on market open. Allergy Therapeutics now has a per-share price of 17 pence versus a much lower 10.25 pence per share at the start of 2020. Here’s what you need to know about the different types of stock investments.
At the time of writing, the British biotech company is valued at £108 million and has a price to earnings ratio of 14.24.