(Alliance News) - Amryt Pharma PLC on Monday said costs relating to its acquisition of Aegerion Pharmaceuticals led to a widened loss for the first half of 2019, despite 16% revenue growth on increased sales of cholesterol disorder drug Lojuxta.
For the six months to June 30, the pharmaceutical company recorded a pretax loss of EUR15.7 million versus an EUR11.4 million loss a year earlier, mainly attributed to EUR2.3 million in acquisition costs, and to administration expenses which rose to EUR8.9 million from EUR6.2 million.
Amryt Pharma in May agreed an all-paper acquisition of Aegerion Pharmaceuticals, a subsidiary of Novelion Therapeutics Inc. Under the terms of the deal, the implied transaction equity valuations of Amryt and Aegerion were USD120.0 million and USD190.7 million, respectively. The acquisition closed last Wednesday.
Half-year revenue grew to EUR8.1 million from EUR7.0 million, with Lojuxta recording 20% year-on-year rise in revenue to EUR7.9 million.
Amryt Pharma said on Monday remains optimistic about growth prospects, particularly due to the successful completion of the acquisition of Aegerion. The company said it was encouraged by the continued revenue momentum it has seen for Lojuxta into the second half.
Amryt Pharma shares closed 2.3% lower in London at 130.0 pence each on Monday, giving the company a market capitalisation of GBP205.9 million.
By Tapan Panchal; tapanpanchal@alliancenews.com
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