Amryt Pharma recorded 13.1% rise in revenue last year

Dublin-based biopharmaceutical company Amryt Pharma recorded a 13.1 per cent increase in revenue last year, the company said in a trading update on Monday.

The company, which focuses on developing treatments to help patients with rare and orphan diseases, said revenues increased to $154.1 million (€144.3 million) in the year ended December 31st, 2019, compared with $136.3 million the year before.

Revenue from its Myalept drug, to treat lipodystrophy, rose 19.6 per cent to $85.4 million in the period, while Lojuxta, a treatment for a condition leading to very high cholesterol levels, saw sales rise 6.3 per cent to $68 million.

As of the end of the year, Amryt had $65 million in unrestricted cash compared to $57 million cash that was raised when Amryt completed the acquisition of Aegerion on September 24th.

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In terms of the coronavirus pandemic, Amryt said its business lends itself to remote working and that in recent weeks it has successfully transitioned appropriate functions to remote platforms “without incident”.

“The impact of Covid-19 to date on Amryt’s business has been minimised and this is a result of deploying contingency plans already in place for a variety of scenarios and challenges which may occur,” the company said.

It added that its supply chain was “robust” and that it was confident it can continue to supply patients for the foreseeable future.

Contingency plans

Amryt Pharma chief executive Dr Joe Wiley said the company has more contingency plans in place to deal with the crisis should they be required.

“Amryt is a well-capitalised resilient business with recurring revenues, a strong balance sheet and a robust supply of product to meet patient needs,” he said.

“Our primary focus remains the safety and welfare of our colleagues, their families and our patients and partners.

“Despite the very significant challenges that Covid-19 presents, how we act now both as a company and as citizens will determine how we perform through these difficult times.

“The Amryt team are operating well in this environment and should it be necessary, we have further contingency plans in place to ensure we are able to adapt to additional challenges that may arise.”