StockMarketWire.com - Allergy Therapeutics swung to a full-year profit, as sales rose and R&D costs fell.

Pre-tax profit for the year through June amounted to £4.3m, compared to a loss of £6.9m on-year. Revenue rose 8% to £73.7m.

'Allergy Therapeutics has traded well in 2019 with good sales growth, cost control and the favourable settlement of legal action delivering profitability for the year,' chief executive Manuel Llobet said.

'Clinically, the unexpected failure of the Birch trial has been a disappointment, but we have learned from this outcome and will apply the lessons to our future clinical field-trials including the Grass MATA MPL Phase III trial.'

'We are looking forward to the first in-human peanut trial in the summer of next year.'

'With our strong cash position, successful core products and exciting R&D pipeline, we look forward to the future with confidence.'


At 2:47pm: [LON:AGY] Allergy Therapeutics PLC share price was +0.2p at 13.2p



Story provided by StockMarketWire.com