Saturday 21 September 2019

Revenue at 'bad cholesterol' drug firm jumps 13pc in 2018

Joe Wiley, CEO of Irish pharma firm Amryt
Joe Wiley, CEO of Irish pharma firm Amryt
Ellie Donnelly

Ellie Donnelly

Revenue at Amryt Pharma, which is focused on finding treatments for rare and orphan diseases, increased by 13pc to €14.5m in 2018.

Gross profit for the year rose to €9m from €7.4m in 2017.

The positive revenue momentum has continued into the first three months of 2019, with sales from its Lojuxta arm growing by 28.1pc when compared to the same period in 2018.

Lojuxta can reduce low-density cholesterol, often known as "bad cholesterol".

The Lojuxta growth has been driven by the recent orders received from the UK and French patients, as well as an 118pc increase in quarterly revenues in Saudi Arabia in the first quarter of 2019. 

However, the company continued to report losses overall – of €25.7m last year - which was driven by administrative, selling and marketing expenses.

Research and development expenses accounted for €9m of the company’s costs in 2018.

The group had cash of €9.8m at the end of the year, down from cash of €20.5m at the end of 2017.

Dr Joe Wiley, CEO of Amryt Pharma, said: "2018 was another strong year for Amryt as we continued to expand our business and make progress towards our goal of becoming a global leader in rare and orphan diseases.” 

“We continued to grow Lojuxta sales and we believe that we now have in place the commercial platform and critical infrastructure to make this a significant business and cash generator for Amryt in the future.”

Last year the group expanded its Lojuxta licenced territories to 23 countries.

Meanwhile, its lead development asset, AP101, achieved what the company described as a “significant milestone” with the completion of an unblinded interim efficacy analysis of its EASE Phase 3 trial.

AP101 is a potential treatment for EB, a rare life limiting genetic skin condition.

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