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Profits up as pharma firm Amryt avoids hit from virus


Transformational: Amryt CEO Joe Wiley said 2019 was a big year

Transformational: Amryt CEO Joe Wiley said 2019 was a big year

Transformational: Amryt CEO Joe Wiley said 2019 was a big year

Drug firm Amryt Pharma, which makes treatments for rare conditions, saw its revenue and gross profit jump last year, helped by its September acquisition of Aegerion Pharmaceuticals.

Amryt reported combined revenues of $154.1m (€142m) in 2019, 13.1pc higher than the previous year.

Gross profit was $16m, up from $11m in 2018.

"2019 was a truly transformational year for Amryt," said CEO Dr Joe Wiley. "Post the Aegerion acquisition, we now have two substantial revenue-generating products.

"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."

However, the group recorded an operating loss of $54m last year, up from an $18m loss in 2018.

This loss includes restructuring and deal costs associated with the Aegerion acquisition and non-cash items including amortisation, impairment, depreciation and the effect of share-based compensation expenses.

The company said any damage it had suffered from the coronavirus pandemic had been "minimised" as a result of it "deploying contingency plans already in place for a variety of scenarios and challenges which may occur".

In the first three months of 2020 the company reported revenues of $44m, up 30pc on the same period last year.

Cash generated from operating activities was $6.2m.

The company is in a "robust" financial position, it said, with $67m in cash compared to $65.2m at December 31,

Andrew Young, analyst at Davy Stockbrokers, said: "The numbers are impressive: strong revenue growth, positive ebitda, a quarter ahead of schedule, and a robust cash balance. Minimal impact has been experienced - nor is much expected - from Covid-19."

The company's AP101 phase three trial results are due later this year, for which analysts said the market is "very material" at over $1bn.

Amryt's UK-listed shares rose 6.35pc yesterday to close at 109 pence (€1.24) in London.

Irish Independent