Amryt Pharma PLC (AIM:AMYT, NASDAQ:AMYT, FRA:3N9) has raised its full-year guidance after the biopharmaceutical company delivered a record set of results in its second quarter.
In its results for the quarter ended June 30, the company reported an operating profit before finance expense of US$4.1mln, swinging from a US$12mln loss a year ago, while revenues surged 35.9% to US$62.8mln.
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“These results demonstrate the positive momentum and strong growth we are experiencing across our business, supported by our exceptional team who during the quarter delivered several important commercial and regulatory successes. Our commercial products, metreleptin and lomitapide, continued to deliver solid growth across a host of metrics including revenue, EBITDA, cash generation and market expansion”, chief executive Joe Wiley said in a statement.
“During the quarter, we also made significant positive progress on the regulatory pathway for Oleogel-S10 in both the US and Europe. The FDA confirmed that our New Drug Application for Oleogel-S10 has been accepted and granted priority review. If approved as our fourth commercial product, we already have the team, systems and global infrastructure in place to bring Oleogel-S10 to market. Oleogel-S10 is a potential treatment for the cutaneous manifestations of severe EB, a rare and distressing genetic skin disorder affecting young children and adults for which there is currently no approved treatment and if approved, it would be the first to market novel therapy for those patients suffering from this devastating condition”, the CEO added.
As a result of the company’s performance in the year-to-date, Wiley said the firm is now predicting full-year revenues of between US$210-US$215mln, representing year-on-year growth of between 15-18%.
“This latest upward revision of guidance demonstrates our confidence in the outlook for our underlying business”, the CEO said, adding that the guidance was expected to be “further enhanced” enhanced by revenues from the company’s Mycapssa product, which is designed to treat complications of leptin deficiency in patients with congenital or acquired generalized lipodystrophy.
Amryt’s shares were 0.4% lower at 149.4p in late afternoon deals on Friday.