Biopharma group Amryt reports 30% jump in revenue

Dublin-based biopharmaceutical company Amryt Pharma said revenue rose 30 per cent to $44.6 million (€41 million) in the first quarter of 2020.

The company, which focuses on treatments for rare and infectious diseases, also noted that the integration of US-based Aegerion Pharmaceuticals, which it acquired last year, had been completed ahead of schedule.

Amryt said it was in a robust position financially with $67 million (€62 million) in cash reserves.

The company said phase three efficacy and safety trial results for a new treatment for rare skin condition epidermolysis bullosa would be published later in the year and would represent a significant milestone for Amryt.

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"The positive momentum we experienced during 2019 has continued into Q1 2020," chief executive Joe Wiley said.

‘Exceeding expectations’

“Our performance so far is exceeding expectations this year as our business performs and grows across a host of metrics.

“Most importantly, we have experienced strong revenue growth and the business is significantly ebitda-positive a quarter ahead of schedule.

“We believe 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 unmet needs,” Dr Wiley said.

“During the Covid-19 pandemic, our primary focus remains the health and wellbeing of our team, patients, carers, partners and their families. Given that our business lends itself to remote working and the majority of our revenues are inherently recurring in nature, I am pleased to report that our business is proving resilient and performing well.”