Amryt sales hit record $182m last year

Company developing drug for rare butterfly skin condition

Dublin-headquartered Amryt listed on New York’s Nasdaq market last year. Photograph: iStock

Dublin-headquartered Amryt listed on New York’s Nasdaq market last year. Photograph: iStock

 

Sales at Irish biopharmaceutical developer Amryt hit a record $182 million (€151 million) last year, the company said on Thursday.

Amryt is developing Oleogel-S10, a drug for treating a rare condition called butterfly skin, or epidermolysis bullosa, where patients suffer blisters at the slightest contact.

The company sells two products Lomitapide – branded Lojuxita in the EU – and Metreleptin, known as Myalepta, for treating cholesterol and similar conditions.

Amryt said revenues rose 18.5 per cent last year to $182.6 million from $154.1 million in 2019.

Operating losses last year dipped to $46.5 million from $50.5 million. Excluding non-cash charges and share-based payments, the company earned $30.4 million, before interest, tax and write-offs.

Its operations generated $26.9 million in cash during the year. It had total cash on December 31st of $118 million.

Dublin-headquartered Amryt listed on New York’s Nasdaq market last year. It subsequently raised $40 million through a private placement with biotech investors in December.

Metreleptin revenues grew 25 per cent to $106.9 million last year while Lomipatide sales increased 10 per cent to to $74.8 million.

Positive results

A phase three study of Oleogel-S10 was the first ever to produce positive results in treating epidermolysis bullosa, Amryt chief executive Joe Wiley said.

He added that the company was making regulatory submissions to the relevant authorities in the EU and US.

“Our business continues to perform and grow strongly,” Mr Wiley said in a statement.

He pointed out that revenues had exceeded expectations, while its earnings growth boosted Amryt’s cash.

“Given the strong performance of our business in 2020, we are now issuing revenue guidance for full-year 2021 of $200 million to $205 million which demonstrates our confidence in Amryt’s prospects,” Mr Wiley said.