Revenue at 'bad cholesterol' drug firm Amryt jumps to €14.5m
Revenue at Amryt Pharma, which is focused on finding treatments for rare and orphan diseases, increased by 13pc to €14.5m last year.
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, according to results from the group.
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 three months of 2019.
Andrew Young, analyst at Davy Stockbrokers, said he expects these three countries "to be the main drivers of sales growth [for the company] this year."
However, Amryt 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 €20.5m at the end of 2017.
Dr Joe Wiley, chief executive 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."
Last year the group expanded its Lojuxta-licensed territories to 23 countries.
Meanwhile, its lead development asset, AP101, achieved what the company said was a "significant milestone" with the completion of an unblinded interim efficacy analysis of its EASE Phase Three trial.
AP101 is a potential treatment for EB, a rare life limiting genetic skin condition.