Irish rare disease specialist Amryt has reported record turnover in the second quarter of 2021 alongside upgraded full-year forecasts.
Second quarter revenues for the group which now has three products in the market, jumped close to 36 per cent year on year to $62.8 million (€53 million). That marked a 29.6 per cent jump in sales compared to the previous three months.
It recorded an operating profit, before debt servicing, of $4.1 million. That compared with a loss of $12 million on the same measure this time last year.
"Importantly, our Ebitda has increased 152 per cent compared to the same quarter in 2020 and our cash balances increased to $142.9 million at the end of the quarter," said chief executive Joe Wiley, who added that it had been a "extremely busy and productive period" for the company.
Amryt raised its full year revenue guidance to between $210 million-$215 million, from $205 million-$210 million previously.
The company this week announced the completion of its reported $330 million acquisition of Chiasma, which has developed a technology that allows treatment previously confined to injection to be given orally instead, making it easier for patients to self-medicate.
Amryt sells two drugs, Lomitapide – branded Lojuxta in the European Union – and Metreleptin, known as Myalepta, for treating cholesterol and similar conditions.
Its Oleogel-S10, a drug for treating a rare but distressing condition called epidermolysis bullosa, or butterfly skin, which affects children, has been accepted by the FDA for priority review with a decision expected by November.
The Chiasma deal also brings another product, Mycapssa, for a condition called acromegaly where the body produces excessive growth hormone, which leads to enlarged hands, feet and facial features.