Amryt Pharma boasts 20% year-to-date revenue bounce

Amryt Pharma boasts 20% year-to-date revenue bounce

Biopharmaceutical research, development and production company Amryt Pharma Holdings Ltd (LON: AMYT) posted impressive impressive fundamentals for the first three quarters.

Elsewhere in health and pharmaceuticals, Curetis NC (AMS: CURE) and Integumen PLC (LON: SKIN) also boasted revenue growth, while Sanofi SA (EPA: SAN) and Deltex Medical Group plc (LON: DEMG) were both less positive.

This followed the Company’s acquisition of Aegerion Pharmaceuticals on the 24th of September 2019.

Following the acquisition, Amryt said that it has two commercial-stage assets – Juxtapid® / Lojuxta® and Myalept® / Myalepta® (lomitapide and metreleptin respectively) – and the infrastructure needed to commercialise these assets in North and Latin American, European, Middle Eastern and African markets.  

During the period, the two offerings performed well for the Group. Lomitapide yielded pro forma revenues of $51.1 million, up 6.5% year-on-year for the same period. It was outshone by metreleptin, though, which generated revenues of $61.7 million, up 34.7% on-year.

This led to a total take of $113.1 million in Company revenues for the year-to-date, up 19.7%.

The Company added that it is deploying its proven Lojuxta strategy in Europe to reinvigorate it Juxtapid business in the US market. It also said that the integration of Aegerion was underway, and that relocation of non-customer facing roles from Boston to Dublin were on track.

 Amryt comments

Dr Joe Wiley, CEO, stated,

“The first nine months of 2019 have been momentous and transformational for Amryt. Through the acquisition of Aegerion, we have evolved from a company with a single asset on the market in EMEA to become a global biopharmaceutical company with two orphan disease products and a commercial infrastructure across North America, EMEA and LATAM.”

“For the nine-month period to 30 September 2019, pro-forma revenues of the combined company have grown by 19.7% compared with the same period in 2018.  Myalept has continued to grow in the US where the product is approved for Generalized Lipodystrophy, and we are now in the active launch-phase of Myalepta in EMEA, where this product is approved for both Generalized and Partial Lipodystrophy. It has been pleasing to see Lojuxta continue to deliver revenue growth and we are now implementing in the US a similar strategy to that used to significantly grow Lojuxta in Europe.”

“Looking to our pipeline, our late stage development asset, AP101, for the treatment of wound-related complications in EB, continues to enrol patients in the Phase 3 study following the encouraging outcome of interim safety and efficacy analyses conducted by the Independent Data Monitoring Committee. The study is on track to be fully enrolled in the coming months.”

“Amryt is now very well positioned to execute on our strategy of becoming a global leader in the rare and orphan disease space and most importantly, delivering therapies to patients with unmet needs.”

Investor notes

The Company’s share price has rallied 2.50% or 3.00p following the update, up to 123.00p per share 05/11/19 14:13 GMT. Neither a dividend yield nor a p/e ratio are available for Amryt Pharma stock, their market cap is £191.63 million.