DNL26 Jan 2022 07:27
Financial highlights:
Revenue
· Total revenues for the Period increased to £2.16m, representing year-on-year growth of 75% (six months ended 31 December 2020: £1.21m).
· Alkindi® (hydrocortisone granules in capsules for opening) product sales (including royalties) for the Period increased to £1.74m, representing year-on-year growth of 46% (six months ended 31 December 2020: £1.19m).
o Continued growth achieved in core markets (UK, Germany, Italy and Austria) with sales of £1.28m for the Period (six months ended 31 December 2020: £0.92m), increasing by 39% year-on-year despite the continued impact of the Covid-19 pandemic on patients' ability to visit hospitals and consequently physicians' ability to switch these patients to Alkindi®.
o Series of Alkindi® launches planned by Diurnal's global distribution partners in the first half of calendar year 2022, which are expected to further underpin the growth of Alkindi®.
· Efmody® (modified-release hydrocortisone) initial product sales for the Period of £0.39m (six months ended 31 December 2020: £nil) were in line with the Company's expectations, reflecting sales in the initial launch markets of Germany, UK and Austria since the first pricing approvals in September 2021.
o Efmody® sales are expected to accelerate significantly in the first half of calendar year 2022, as the Company begins to receive pricing and formulary approvals in its target European markets.
Cash
· Cash and cash equivalents as at 31 December 2021: £24.4m (as at 31 December 2020: £20.3m), including R&D tax credit of £1.5m received in December 2021
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