Adapt Pharma profits hit €16m as overdose drug boosts sales
Dublin-based Adapt Pharma recorded pre-tax profits of $19m (€16.46m) last year after revenues more than tripled.
In August, those figures helped persuade US group Emergent Biosolutions to part with $635m for the pharma firm, which created a massive payday for that amount for six Irish businessmen, including Adapt chairman and CEO Seamus Mulligan.
Mr Mulligan - a Waterford entrepreneur and pharma industry veteran - and his team invested €114m to set up Adapt Pharma. Mr Mulligan stands to gain $550m from the $735m deal that includes $100m being paid over provided that certain milestones are reached.
The soaring revenues at the company are based on its overdose rescue drug, Narcan nasal spray, which is being used to tackle the opioid crisis in the US.
In 2014, the firm acquired the worldwide development and commercialisation rights for Nazalone.
The product was commercially launched in the US in 2016 and earlier this year, the drug came under the spotlight after it reportedly saved the life of singer Demi Lovato after an overdose at her Hollywood home.
Now, new figures show that Adapt Pharma Ltd last year recorded a pre-tax profit of $19m - compared to a loss of $7.5m in 2016 - a positive swing of $26.5m.
This was largely as a result of revenues increasing more than threefold going from $24.8m to $84.4m.
As a result of the successful year, the directors handed themselves a bumper pay increase going from $1.089m to $1.48m - made up of emoluments of $1.139m and pension payments of $345,000.
Numbers employed last year increased from 49 to 62 with staff costs of $12.47m. This includes salaries of $10m; share-based payments of $424,000 and other benefits of $529,000.
According to the directors' report, in 2017 and in 2018 to date, the group has continued to broaden the distribution of Narcan Nasal Spray in the US and in Canada by increasing awareness and access and through strong governmental, institutional and commercial partner support.
In March, the group announced expansion of its technical and development teams to further advance the company's opioid use disorder focused R&D pipeline.