A regulatory deadline in its largest market

Allergy Therapeutics plc (LSE:AGY) generates its biggest share of sales in Germany, where many allergy immunotherapy products have been sold under a transitional arrangement known as the TAV programme. According to the company, that programme is coming to an end in October 2026. This article examines how the AIM-quoted company is preparing for that change, what its latest trading update reveals about its position, and which uncertainties remain.

What Allergy Therapeutics does

Allergy Therapeutics develops, manufactures and sells allergy immunotherapy treatments, which aim to address the underlying cause of allergies rather than just the symptoms. Its registered product portfolio includes Pollinex and Venomil, and it is advancing a pipeline of next-generation treatments, including VLP Peanut. Germany is its largest market and Spain its second largest. Chief executive Manuel Llobet and chief financial officer Shaun Furlong lead the management team.

Trading update on 29 July 2026

On 29 July 2026, the company published an unaudited trading update for the year to 30 June 2026. It reported Revenue of £59.9 million, up 9% from £55.0 million, with second-half revenue of £23.6 million compared with £21.0 million. Revenue in Germany grew by more than 4% at constant currency and in Spain by 12%. Second-half growth was faster than the full-year rate, at more than 12%.

The update described an ongoing transition away from unregistered products under Germany's TAV programme. Central to that transition is Grassmuno, which launched in mid-January 2026 and which the company described as the first subcutaneous grass pollen immunotherapy approved under the TAV programme. The company said Grassmuno is positioned for expansion into additional markets. For the year ending 30 June 2027, it expects to achieve double-digit revenue growth.

Balance sheet and leadership

The company reported cash of £24.2 million at 30 June 2026, up from £12.8 million a year earlier. It said Warrant exercises generated £55 million of proceeds, which were used to repay all Shareholder debt, while £40 million was drawn on a secured Facility with Hayfin. A £50 million unsecured shareholder facility was available and undrawn at the year end.

On 28 July 2026, the company appointed Helge Weiner-Trapness as executive chairman. He joined as chief strategy officer in January 2026 and previously served as vice chairman of global banking at HSBC Holdings. Peter Jensen, chairman since 2011, stepped down from that role but remains on the board as a non-executive director. Jensen said the board and team had built Allergy Therapeutics into a leading international commercial biotechnology business. The new executive chairman brings more than 30 years of Investment Banking experience in the US and Asia, which suggests a continued focus on financing and strategic options.

Risks and what to watch

The end of the TAV programme means unregistered products in Germany must transition, and the company has not quantified how much revenue could be affected if some products do not move across successfully. As Germany is its largest market, the outcome matters for group results. Grassmuno's uptake is still at an early stage, having launched only this year, and expansion into other countries will depend on regulatory and commercial progress there. The company also carries secured borrowings from Hayfin, and the pipeline, including VLP Peanut, requires continued investment before any potential regulatory approval. Audited preliminary results are expected in October 2026 and should provide fuller detail on profitability and the transition.

Conclusion

Allergy Therapeutics is preparing for the end of Germany's TAV programme by shifting towards registered products, led by the January launch of Grassmuno, while strengthening its Balance Sheet through warrant proceeds and available facilities. The company expects double-digit revenue growth in its current year, but the effect of the German transition will only become clear once the programme ends and full results are published.