**Summary**
Allergy Therapeutics PLC released a half-year trading update for the six months ended 31 December 2025, highlighting strong performance and strategic advancements. Key points include
1. **Revenue Growth**H1 revenues are expected to reach £36.3 million, a 7% increase from £34.0 million in H1 2025, despite the phase-out of unregistered TAV products in Germany. This growth reflects robust performance in the company’s registered product portfolio.
2. **Grassmuno® Launch**The company successfully launched Grassmuno®, the first new subcutaneous grass pollen immunotherapy in Germany in 20 years, following marketing authorisation in December 2025. Commercialization began in January 2026, with sales expected to accelerate in H2.
3. **Financial Position**Cash balance stood at £10.1 million as of 31 December 2025, down from £12.8 million in June 2025, after repaying all outstanding shareholder loans. The company secured a new £50 million unsecured loan facility and has access to £70 million in uncommitted funding.
4. **Strategic Milestones**The approval of Grassmuno® in Germany marks a pivotal moment, offering brand differentiation and expanding market reach. The company is also progressing its VLP Peanut program and exploring a dual primary listing on the Hong Kong Stock Exchange.
5. **Outlook**The board remains confident in delivering revenue growth for the year ending 30 June 2026, supported by strong momentum in operations, supply chain reliability, and regulatory approvals.
CEO Manuel Llobet and Chairman Peter Jensen emphasized the company’s strategic achievements, regulatory milestones, and commitment to transforming allergy treatment, positioning Allergy Therapeutics for sustainable growth and value creation.