Highlights

  • H1 FY26 revenue rose 7% despite phased withdrawal of German TAV products.
  • Grassmuno® received German approval, marking a new TAV-compliant product launch.
  • Debt reduced after repayment of shareholder loans, with GBP 70 million funding access.

Allergy Therapeutics (LSE:AGY) reported a trading update for the six months ended 31 December 2025. The Group expects H1 revenue of GBP 36.3 million, compared with GBP 34.0 million in the corresponding period last year. This reflects 7% growth on a reported basis and 3% growth on a constant currency basis, despite the continued phase-out of unregistered products under Germany’s Therapy Allergen Ordinance (TAV).

The revenue outcome was supported by improved sales from the Group’s registered product portfolio in Germany, which remains its largest market. The transition away from legacy TAV products continued during the period.

Grassmuno® Regulatory Approval
In December 2025, the Group received marketing authorisation in Germany for Grassmuno®, also known as Grass MATA MPL. This is the first subcutaneous grass pollen immunotherapy approved under the TAV programme and represents the first new launch in this German market segment in nearly two decades.

Commercialisation began in January 2026, during the second half of the financial year. The approval comes ahead of the conclusion of the TAV process later in 2026, after which non-compliant competitor products are expected to be withdrawn from the market.

Cash Position and Funding Access
As of 31 December 2025, Allergy Therapeutics reported a cash balance of GBP 10.1 million, compared with GBP 12.8 million at 30 June 2025. During the period, the Company received GBP 55 million from the exercise of warrants held by Shareholder Lenders.

These proceeds were used to repay all outstanding shareholder loans, reducing financial indebtedness on the balance sheet. In addition, Shareholder Lenders agreed to provide a new GBP 50 million unsecured loan facility, which remained undrawn at the period end.

Alongside an existing GBP 20 million uncommitted Hayfin facility, the Group had access to GBP 70 million in total uncommitted funding as of 31 December 2025.

Outlook and Upcoming Results
The board stated it remains confident in delivering revenue growth for the year ending 30 June 2026, with full-year sales expected to exceed those reported in FY25. The Company also continues to evaluate a potential dual primary listing on the Hong Kong Stock Exchange.

Share Performance
As of 19 January, at the time of writing, AGY shares are trading at GBX 11.70, representing a decline of 3.31% for the day.