Allergy Therapeutics PLC

First-pass take

Specialty pharma (allergy immunotherapy) with zero AI exposure or strategic positioning in AI spending. Good gross margins (72%) but thin operating profit (1.6% reported, 4.2% adjusted) and heavy R&D investment limit leverage. At March 2015 placing price (22.1p), expensive on EBITDA (39–60x) though reasonable on sales (2.8x). Strong net cash (~£19.5m) and non-concentrated customer base offset Germany concentration (63% revenue) and material FDA execution risk.