Allergy Therapeutics reports 7% first-half revenue growth as Germany rebounds and Grassmuno launches

Meta description: Allergy Therapeutics delivered a 7% revenue increase to £36.3m in the six months ended 31 December 2025, launched Grassmuno in Germany after regulatory approval, strengthened its balance sheet, and outlined next steps for growth into FY2026.

Allergy Therapeutics plc, an allergy immunotherapy specialist listed on London’s AIM market (ticker: AGY), has started 2026 with an upbeat trading update: revenue rose to £36.3 million for the six months ended 31 December 2025, a 7% increase compared with the same period a year earlier.

That top-line growth matters because it comes while Germany—the company’s largest and most strategically important market—continues to move away from “unregistered” allergy products. In plain terms: the regulatory bar has been rising, and the market has been shifting. Yet Allergy Therapeutics still grew, and it did so while preparing a significant new product launch that could reshape its competitive position for the next phase of German allergen immunotherapy.

The headline catalyst is Grassmuno, a newly approved subcutaneous grass pollen immunotherapy that has now entered commercialization in January 2026 after receiving marketing authorization from German regulators in December 2025. The company calls this the first new launch in the German subcutaneous immunotherapy market in 20 years, underscoring the significance of the approval and the opportunity it may unlock.

What happened: the core update in simple terms

Here’s what the company communicated, boiled down into the facts investors usually care about most:

Revenue: £36.3m for the six months ended 31 Dec 2025, up 7% year-on-year.
Germany: Growth was delivered despite the ongoing phase-out of unregistered products in Germany.
New product launch: Grassmuno commercialization begins in January 2026 following German marketing authorization in December 2025.
Cash: Cash position of £10.1m at end-December, down from £12.8m in June 2025 after repaying outstanding shareholder loans.
Debt reduction: The company received £55m from warrant exercises by shareholder lenders, which it used to clear financial debt.
Funding headroom: Access to £70m in uncommitted funding facilities.
Strategic option: Exploring a potential dual primary listing on the Hong Kong Stock Exchange.
Pipeline: VLP Peanut program continues to show encouraging interim results.
Next milestone: Interim results expected in March; confidence reiterated for full-year revenue growth to 30 June 2026.

In other words, the update ties together commercial execution (revenue growth), regulatory progress (German approval), balance sheet actions (loan repayment and debt clearing), and forward strategy (potential Hong Kong listing and pipeline momentum).

Why Germany matters so much to Allergy Therapeutics

Germany is not “just another market” for allergy immunotherapy. It is one of Europe’s largest and most established markets for allergen immunotherapy, with long-standing physician familiarity and patient demand. If you’re trying to build a meaningful immunotherapy business in Europe, Germany is often the place where you prove your model works at scale.

But Germany has also been undergoing a structural shift. Regulators have been tightening requirements and pushing the market toward registered, fully authorized products. That shift can be painful in the short term—companies that relied heavily on legacy or unregistered offerings may see disruption—but it can also be a big long-term opportunity for businesses that can navigate the regulatory pathway and win approvals.

Allergy Therapeutics is effectively positioning itself as a “regulation-ready” competitor. Management explicitly framed the Grassmuno approval as strategically important at a moment when the German allergen ordinance process is approaching a key phase. The CEO described the approval as a “pivotal moment”, highlighting how the changing regulatory environment could remove competitor products that don’t meet the evolving standards.

For investors, this is the heart of the story: as the market cleans up, the winners are more likely to be the companies with approved, well-supported products and credible clinical packages.

Grassmuno: what it is, why approval matters, and how commercialization could play out

What is Grassmuno?

Grassmuno is a subcutaneous immunotherapy (SCIT) product designed to treat grass pollen allergy through a structured injection-based course. SCIT is a well-known approach in allergy medicine, and it has a long track record as a category. What makes Grassmuno noteworthy is not that SCIT is new, but that this is a newly approved entrant in a market where fresh launches have reportedly been rare.

Why the timing is important

Germany’s stricter regulatory direction raises the value of products that are properly authorized. When a market moves from a mixed environment (with various legacy and unregistered products) to a more standardized and regulated environment, the “approved” label can start functioning like a competitive moat. That doesn’t guarantee success, but it can improve the odds of stable access, better confidence among prescribers, and longer product life.

Commercialization: what investors should watch next

Launching is one thing; scaling is another. Over the next quarters, the signals that matter most will likely include:

Physician adoption: Are allergy specialists prescribing Grassmuno quickly, or does it take multiple seasons to build momentum?
Reimbursement and access: How smooth is coverage, and are there any bottlenecks that slow patient uptake?
Competitive response: Do competitors discount, accelerate their own submissions, or shift promotional strategies?
Repeat-season persistence: Allergy treatment often involves multi-season plans; continued use can be as important as first-time starts.

Because allergy demand is seasonal, early commercial readouts can sometimes look “lumpy.” The best approach is usually to track progress across a full cycle, while also watching management’s commentary in interim and full-year reports.

The revenue growth story: what 7% means in context

Revenue growth to £36.3m in the first half is a meaningful signal because it suggests the business is not merely “holding on” during regulatory transition—it is still expanding.

It’s also notable that the company delivered this result while Germany continues to phase out unregistered products. In transition periods like this, many companies face a dip: volumes can fall before new products are fully ramped, and customers can hesitate while they wait for clarity. In that context, growth implies either (a) the company’s registered and core portfolio is strong enough to offset headwinds, (b) commercial execution improved, or (c) other markets and channels contributed more than expected.

From an SEO and investor-education perspective, it’s useful to separate two types of growth:

Structural growth: Expansion driven by long-term tailwinds, approvals, and stronger market position.
Cyclical or transitional growth: Growth influenced by timing, inventory movement, seasonality, or market shifts.

Right now, the company’s messaging leans toward structural improvements—especially with Grassmuno entering the market and the regulatory environment potentially favoring fully authorized products.

Balance sheet moves: cash, debt clearance, and why it matters

On the balance sheet side, Allergy Therapeutics reported £10.1m of cash at the end of December, down from £12.8m in June 2025. The key driver was the repayment of outstanding shareholder loans—an action that can simplify the capital structure and reduce financing overhang.

At the same time, the company stated it received £55m from warrant exercises by shareholder lenders, and that money was used to clear financial debt.

For investors, there are two practical takeaways here:

De-risking: Clearing debt can reduce interest burden and refinancing pressure, which matters a lot for growth-stage healthcare companies.
Flexibility: A cleaner balance sheet can make it easier to invest behind launches, fund trials, or negotiate partnerships.

Yes, the cash number is lower than six months earlier, but context matters. If the company used cash to remove shareholder loans and used warrant proceeds to eliminate debt, that can be interpreted as a deliberate “reset” to support the next stage of growth.

Funding headroom and the Hong Kong dual listing option

Allergy Therapeutics also reported access to £70m in uncommitted funding facilities while it explores a potential dual primary listing on the Hong Kong Stock Exchange.

These two points connect in a strategic way. Healthcare companies often pursue broader capital market access when they are entering an investment-heavy phase: commercialization, pipeline expansion, and international scaling can all require sustained funding.

A potential Hong Kong dual listing could be aimed at:

Expanding the investor base (including Asian institutional and retail investors)
Improving liquidity and market visibility
Supporting strategic ambitions in Asia over the medium term

Of course, exploration is not a guarantee. Investors should watch for concrete updates: timelines, advisors, expected costs, and how management balances listing work with operational execution.

Pipeline progress: VLP Peanut and what it could mean long term

Beyond near-term revenues, Allergy Therapeutics emphasized that its VLP Peanut program continues to show encouraging interim results.

Peanut allergy is a serious medical issue that can affect quality of life and requires careful management. In the biotech and immunotherapy world, peanut allergy programs attract attention because successful therapies can address a meaningful unmet need and potentially unlock large markets.

While the company did not provide granular trial data in this brief update, the mention is important because it keeps the investment narrative from being “single-product dependent.” If Grassmuno becomes a commercial growth engine and VLP Peanut advances, the company could be building a broader platform rather than relying on one market event.

Still, it’s wise for investors to remain grounded: clinical development carries uncertainty, and timelines can shift. The most credible signals tend to come when companies provide clear endpoints, statistical outcomes, safety updates, and regulatory interaction details in formal results presentations.

Management commentary: why “method validation” matters

In management remarks, the chairman highlighted that achieving German registration validates the company’s clinical trial methodology, which can potentially be applied to other allergy indications such as birch and ragweed.

This is an underappreciated point for people new to the sector. In many regulated healthcare markets, success is not only about one product—it’s also about proving a repeatable “playbook”:

Designing trials regulators accept
Generating robust data packages
Demonstrating manufacturing and quality consistency
Executing submissions efficiently

If the company can repeat the same regulatory and clinical approach across multiple allergens, it may increase the odds of building a portfolio rather than a single success story.

What happens next: timeline and milestones to watch

Allergy Therapeutics expects to announce its interim results in March and said it remains confident in delivering revenue growth for the full year ending 30 June 2026.

Between now and then, the practical milestones that could drive market attention include:

Early Grassmuno commercialization signals (distribution, physician feedback, early ordering trends)
Any additional Germany-related regulatory updates connected to the broader allergen ordinance process
More detail on funding facilities and how management plans to use capital efficiently
Any concrete steps on the Hong Kong dual listing exploration
Pipeline updates, especially around VLP Peanut progress

In growth-stage healthcare investing, the market often re-prices on clarity—so each of these milestones can influence sentiment depending on what is disclosed and how it compares to expectations.

Investor perspective: opportunities, risks, and the “so what?”

Key opportunities

Regulatory tailwinds in Germany: A stricter environment may favor companies with approved products.
Grassmuno launch: A new SCIT product in a major market can be a meaningful growth lever if adoption accelerates.
Balance sheet simplification: Debt clearance and loan repayment can reduce financial risk and improve strategic flexibility.
Pipeline optionality: VLP Peanut offers longer-term upside beyond near-term commercial performance.

Key risks

Commercial execution risk: Launching is hard; uptake can be slower than hoped.
Regulatory uncertainty: Even favorable trends can create near-term disruption in market dynamics.
Funding and dilution risk: Exploring listings and facilities can help growth, but the structure matters for existing shareholders.
Clinical development uncertainty: Pipeline programs can face delays or weaker-than-expected outcomes.

The “so what” is this: Allergy Therapeutics is trying to move from a transition phase into a more durable growth narrative—anchored by a major German approval, improving financial structure, and a pipeline that could broaden the company’s future.

Where to learn more (official resource)

For readers who want deeper context directly from the company, you can review its investor materials and reports here:Allergy Therapeutics – Results, reports and presentations.

FAQs about Allergy Therapeutics’ update

1) What was Allergy Therapeutics’ revenue for the first half of the financial year?

The company reported revenue of £36.3 million for the six months ended 31 December 2025, representing 7% growth versus the same period last year.

2) Why is the Germany market such a big deal in this update?

Germany is a key market for allergy immunotherapy and is currently shifting toward stricter regulation and a phase-out of unregistered products. Allergy Therapeutics grew revenue despite this transition and secured approval for a new product there.

3) What is Grassmuno and what changed recently?

Grassmuno is a subcutaneous grass pollen immunotherapy. The company said it began commercialization in January 2026 after receiving German marketing authorization in December 2025.

4) What happened to the company’s cash position?

Cash was £10.1 million at the end of December, down from £12.8 million in June 2025, mainly due to the repayment of outstanding shareholder loans.

5) Why is Allergy Therapeutics talking about a Hong Kong dual listing?

The company said it is exploring a potential dual primary listing on the Hong Kong Stock Exchange while noting access to £70m in uncommitted funding facilities—moves that may broaden capital market access and strategic flexibility.

6) What is the VLP Peanut program?

It is the company’s next-generation peanut allergy immunotherapy program. Management said interim results remain encouraging, suggesting ongoing progress in the R&D pipeline.

Conclusion: a stronger setup for FY2026, with execution now in the spotlight

Allergy Therapeutics’ latest update paints a clear picture: revenue is rising, a major German approval has enabled the launch of Grassmuno, and the company has taken visible steps to strengthen and simplify its financial position.

The next few months will likely be about proof—proof that Grassmuno can gain traction, that Germany’s regulatory transition turns into a competitive advantage, and that the pipeline can continue to mature without distracting from commercial delivery. With interim results expected in March and management expressing confidence in full-year growth to 30 June 2026, investors will be watching for concrete progress indicators rather than just promising headlines.

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