Amryt Pharma PLC’s (LON:AYP) has revealed that its business performance exceeded expectations in the first quarter of 2020.
The commercial-stage biopharmaceutical company, which is focused on life-threatening rare diseases, said its revenues in the first quarter of this year rose by 30% to US$44.6mln from US$34.3mln in the corresponding period of 2019. Revenues were 10% higher quarter-on-quarter.
The group made an adjusted operating profit of US$4.6mln before finance expenses versus a loss of US$2.8mln in the same quarter of last year.
Selling, general and administrative expenses rose to US$18.4mln from US$3.9mln the year before while acquisition and severance related costs relating to the Aegerion acquisition pushed up net finance expenses to US$9.4mln from US$661,000 in the same period of 2019.
The reported loss before tax deepened to US$30.8mln from a loss of US$5.4mln the previous year.
At the end of March, the company had unrestricted cash and cash equivalents of US$67.0mln, up from US$65.2mln at the end of 2019.
No results statement seems to be complete these days without a reference to the coronavirus situation and Amryt assured shareholders it has more than 12 months of labelled and unlabelled finished products on hand for both its lomitapide (treatment of high cholesterol) and metreleptin (treatment of diabetes) products.
Amryt said its supply chain is robust and it is confident that it can continue to supply patients for the foreseeable future.
“We have experienced strong revenue growth and the business is significantly EBITDA positive a quarter ahead of schedule,” Joe Wiley, the chief executive officer of Amryt said in the statement.
“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. We look forward to the top-line data readout from our EASE study in late Q3 or early Q4 which will represent a significant milestone for Amryt,” Wiley added.