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Amryt Pharma Cheers Strong 2019 And Beats Expectations So Far In 2020

Mon, 11th May 2020 12:19

(Alliance News) - Biopharmaceutical firm Amryt Pharma PLC on Monday said revenue surged during a "transformational" 2019, while also reporting first-quarter 2020 numbers that showed a similarly improved revenue performance.

In 2019, revenue surged to USD58.1 million from USD17.1 million in 2018, though the pretax loss doubled to USD66.8 million from USD30.4 million.

Amryt incurred restructuring and acquisition costs of USD13.0 million, while selling, general and administrative expenses more than doubled to USD35.5 million.

Amryt acquired Aegerion Pharmaceuticals Inc back in September. Amryt paid for the business via USD85 million of contingent value rights based on some milestones being achieved. Aegerion was restructured in a US bankruptcy court prior to the deal.

Amryt's 2019 results also showed "unaudited combined revenue", showing what its numbers would have been had Aegerion been integrated for the full year.

Unaudited combined revenue was 13% higher at USD154.1 million.

"2019 was a truly transformational year for Amryt. Amryt is now very well positioned to execute on our strategy of becoming a global leader in rare and orphan diseases and most importantly, delivering therapies to patients with high unmet needs," Chief Executive Officer Joe Wiley said.

Also reported on Monday were its numbers for the first quarter of 2020.

Statutory revenue was up sharply annually at USD44.6 million from USD4.5 million. Based on unaudited combined revenue, that result was 30% higher.

Wiley said: "The positive momentum we experienced during 2019 has continued into the first quarter of 2020. Our performance so far is exceeding expectations this year as our business performs and grows across a host of metrics.

"During the Covid-19 pandemic, our primary focus remains the health and well-being of our team, patients, carers, partners and their families. Given that our business lends itself to remote working and the majority of our revenues are inherently recurring in nature, I am pleased to report that our business is proving resilient and performing well."

Shares in the company were 7.3% higher at 110.00 pence each in London on Monday afternoon.

By Eric Cunha; ericcunha@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

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