Pharmaceutical firm Allergy Therapeutics reported broadly flat revenues and profits for the six months ended 31 December, as a result of weakness in its core German market.

First half revenue was £27.4m, slightly higher than £27.3m in 2009. Weakness in the euro also had a £1.1m impact on turnover. Pre-tax profit grew to £5.97m, from £5.64m previously.

Germany - which accounts for 70% of revenue - saw sales decline for the first time in the firm's history after the introduction of new regulation, leading to the withdrawal of certain product ranges and pressures on doctors' spending.

"Moreover, the pollen count last year was lower than normal in most areas of Germany," the group said.

Allergy Therapeutics generates some 60-70% of revenues in the first half, due to the seasonality of the pollen allergy market, and will likely record losses in the second half, as usual.

Nevertheless, shares rose after the group revealed in a separate statement that the US Food and Drug Administration intends to allow the development of the MATA-MPL grass pollen-specific allergy vaccine product.


BC

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