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5.75 -0.10 (-1.71%)

Bid:

5.70

Ask:

5.80

Spread: 0.10 (1.754%)

Market Cap: £61.50m

Last checked at -

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IN BRIEF: Shield Therapeutics pretax loss doubles despite revenue rise

Thu, 27th Apr 2023 18:13

Shield Therapeutics PLC - Gateshead Quays, England-based commercial stage pharmaceutical company focused on the commercialisation of its oral therapy for iron deficiency - Reports revenue in the year to December 31 trebled to GBP4.5 million from GBP1.5 million a year before. Says net product revenue from sales of Accrufer in the US totalled GBP2.9 million, up from GBP0.1 million while royalty revenue from product sales in Europe reached GBP1.4 million, up from GBP0.9 million.

Points out total revenue excludes upfront payment of GBP4.2 million, received upon execution of co-promote arrangement with Viatris, which was expected to be recognised as revenue in 2022. After talks with auditors GBP0.7 million of that payment was recorded in other operating income in 2022 and GBP3.5 million will be recognised in other operating income in 2023.

Pretax loss totalled GBP40.1 million more than doubled from last year's GBP19.9 million. Says company is fully funded following new financing which is expected to provide resources to support operations through to cash-flow break even expected by the fourth quarter 2024.

Current stock price: 7.00 pence, down 9.7% in London on Thursday

12 month change: down 59%

By Jeremy Cutler, Alliance News reporter

Comments and questions to newsroom@alliancenews.com