Allergy Therapeutics Plc · LSE:AGY
Allergy Therapeutics — H1 2020 Earnings Presentation
25 slides from Allergy Therapeutics's earnings presentation, Mar 4, 2020
Slide 1: Interim Results for the six months ending 31 December 2019
Interim Results for the six months ending 31 December 2019 Presentation and global webcast, 4 March 2020 Manuel Llobet, Chief Executive Officer Nick Wykeman, Chief Financial Officer Alan Bullimore, Head of Communications & Market Development
Slide 2: Disclaimer
Disclaimer The information contained in this presentation (“Presentation”) is being This Presentation includes “forward-looking statements” which include supplied to you solely for your information and may not be copied, reproduced all statements other than statements of historical facts, including,
Slide 3: Agenda
Agenda • Financial and operational highlights • Commercial overview • Pipeline progress – Polyvac peanut and Grass MATA MPL • Financial results • Summary and outlook 3
Slide 4: Financial and operational highlights
Financial and operational highlights 9% increase in constant* revenue to £50.5m (H1 2019 £46.7m) 10% increase in operating profit pre R&D** Strong cash balance of £39.7m (30 June 2019 £27.4m) Clinical progress of key assets Polyvac Peanut Grass MATA MPL Key preclinical data First stage of PhIII tria
Slide 5: Good sales growth of 8%
European business shows robust revenue stream Good sales growth of 8% 3% 4% Netherlands UK 61% 1% Czech republic Strong performances from Germany, Germany 1% Slovakia 7% 3% 3% Austria Switzerland Spain, Netherlands and other 7% Italy Switzerland 10% Spain 9% CAGR growth FY 19 Sales of £73.7m by prod
Slide 6: Polyvac peanut product
Polyvac peanut product Positive preclinical data Provides proof of concept published in JACI * for the generation of sustained demonstrates positive safety immunity and protection and efficacy profile reducing through vaccination systemic and local allergic symptoms in a peanut allergy model Aim is
Slide 7: Reduced reactogenicity and protection against systemic anaphylaxis
Reduced reactogenicity and protection against systemic anaphylaxis Vaccines require low reactogenicity so they do not cause anaphylaxis when administered to patients Single injection protected against systemic anaphylaxis One injection against single allergen sufficient to induce protection against
Slide 8: Peanut programme progressing well
Peanut programme progressing well Proof of concept established Optimal strain of E.coli in animal models for identified to express the VLP- generation of sustained peanut proteins immunity and protection through vaccination Successful Scientific Advice Meetings held with three Manufacturing Process
Slide 9: Grass MATA MPL programme
Grass MATA MPL programme In the Phase II (G205) study, a highly statistically significant dose response (p<0.0001) was shown for the range of cumulative doses from 5100 SU to 35600 SU G205 G309 Phase III study Europe + USA (2020/2021) Stepwise approach enables phase III development to begin in 2020
Slide 10: Financial Results
Financial Results 10
Slide 11: P&L – six months ended 31 December 2019
P&L – six months ended 31 December 2019 2020 2019 Variance % +8% £’m £’m £’m Revenue 50.5 46.7 3.8 8% Good sales performance in mixed pollen season (underlying figures) Gross profit 39.1 37.3 1.8 5% Overheads (21.8) (21.6) (0.2) 1% +£0.2m R&D - Expenditure (4.5) (5.0) 0.5 Overheads up due to phasing
Slide 12: Sales – six months ended 31 December 2019
Sales – six months ended 31 December 2019 2020 2019 Variance % £’m £’m £’m Good sales growth driven by good performance in Gross Revenue at Constant Northern Europe 54.1 49.1 5.0 10% Exchange Rate Rebate at Constant Growth in Pollinex, Pollinex (3.3) (2.4) (0.9) Exchange Rate Quattro and Venomil Net
Slide 13: Balance sheet at 31 December 2019
Balance sheet at 31 December 2019 2020 2019 Variance £'m £'m £'m Non-current assets IFRS 16* Property , plant and equipment 11.3 10.0 1.3 Operating lease assets Right of use assets* 9.0 9.0 (£9m) and lease creditors Intangible assets 4.6 4.9 (0.3) (£9m) on balance sheet Investments 5.5 5.4 0.1 30.4
Slide 14: Cashflow for the six months ended 31 December 2019
Cashflow for the six months ended 31 December 2019 2020 2019 £’m £’m £’m £’m st Opening cash balance 1 July 27.4 15.5 Positive net cash Profit before tax 15.9 10.7 generated by good sales, cost phasing and control Adjustments re operations (1.6) (4.0) Net cash generated by operations 14.3 6.8 Tax re
Slide 15: Summary and outlook
Allergy Therapeutics "° Summary and outlook
Slide 16: Three Pillars to Growth
Three Pillars to Growth 01 02 03 Europe Strong pipeline US Market New technologies underpin Significant opportunity Continue good growth via pipeline breadth and depth in largest allergy market marketing and supply chain as well as better adherence Looking for further opportunities to Preparing for
Slide 17: 2020 set to be a key year
2020 set to be a key year Consistent sales Continued gain in First stage of growth market share Grass MATA MPL outperforming the Phase III trial start market Continued progress of Delivering against Groundwork to Peanut vaccine our strategy: capture the US programme ahead of three pillars to market
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Slide 19: Appendix
Section 4 Appendix 19
Slide 20: Solid Sales and Global presence
Solid Sales and Global presence Sales and marketing network comprising c.140 European sales force Latvia Estonia Lithuania South Korea Belarus Netherlands Poland UK Germany Czech Rep. Slovakia Austria Switzerland Serbia Italy Albania Spain Portugal Greece Canada Malta Subsidiaries in 7 countries and
Slide 21: Preparing for US entry
Preparing for US entry >100 injections Capturing the Current treatment: up to 100 $2bn opportunity injections over 3-5 years*** estimated allergy immunotherapy market** New USP and FDA regulations drive towards pharmaceutical 2-3m grade, centrally manufactured, Americans receive allergy single aller
Slide 22: Innovative, Broad Pipeline and Marketed Products
Innovative, Broad Pipeline and Marketed Products Also available as a Pre-clinical Phase I Phase II Phase III Market/Registered Named Patient Product Grass MATA Short-course SCIT Tree MATA Short-course SCIT Ragweed MATA Short-course SCIT Bee Venom SCIT Short-course SCIT Wasp Venom SCIT Short-course S
Slide 23: Cutting-edge Platform Technologies
Cutting-edge Platform Technologies Modified Recombinant Microcrystalline Monophosphoryl Virus-Like Allergen Native Allergen Allergen Tyrosine (MCT) Lipid A (MPL) Particles (VLP) (Allergoid) MATA MATA MPL (PQ) Sublingual Mite SCIT Mite SCIT + MPL Venom SCIT Peanut* * Product under pre-clinical invest
Slide 24: PQ: Differentiated platform approach enhances compliance and efficacy
PQ: Differentiated platform approach enhances compliance, leads to higher efficacy and successful outcomes Allergoid Allergoid Allergen chemically Reduces IgE reactivity and modified thus aids tolerability Micro Crystalline MCT Tyrosine (MCT) L Tyrosine retains the Allergoid A natural amino acid whi
Slide 25: VLP technology
VLP technology Make the allergen look like a virus to the immune system Consequently induces a strong cellular and humoral immune response Antagonizing the Th2 driven allergy = protective immunity VLP + allergen = optimized immunotherapy: Th2 Th1