Amryt Pharma (AIM: AMYT) said it has maintained positive momentum throughout its Q2 ending June 30 2020 with 22% year-on-year growth in revenue to $46.2m from $37.9m.
The life-threatening rare disease specialist today reported a 26% year-on-year increase in its unaudited H1 revenues to $90.8M (H1 20191 unaudited combined revenues: $72.3m).
The group reported 4% quarter-on-quarter (“QoQ”) unaudited revenue growth in Q2 versus Q1 ($44.6m) and 9% growth excluding the impact of irregular orders in both quarters.
Amryt saw revenue growth in both its commerical products. Myalept® / Myalepta® (metreleptin), its leptin deficiency injection, saw a 3% increase to $27.9m in the quarter (Q2 2019: $20.9m) bolstered by a $1.1m order which typically occurs once annually.
Meanwhile, Juxtapid®/Lojuxta® (lomitapide), the company’s lipid-lowering treatment, rose 8% to $18.1m in the quarter (Q2 2019: unaudited combined revenues of $16.8m).
There was an operating loss of $12.0m in the second quarter which resulted in EBITDA of $6.9m in Q2 representing 50% QoQ growth and delivering $11.5M EBITDA for H1 2020.
The company experienced strong cash generation in 1H with $9.7m from operating activities and maintains a robust financial position with $67m in unrestricted cash at June 30 2020.
Shares in Amryt Pharma have climbed from 105p over the past three months and were trading 1.88% higher at 192.5p on this morning following the release of Q2 results.
Commenting on the results, CEO, Joe Wiley, who highlighted metreleptin and lomitapide as delivering growth across revenue, EBITDA, cash generation and market expansion, said:
"The very positive momentum we experienced during 2019 and Q1 this year has been maintained through Q2 and I am pleased to report that our business continues to perform and grow beyond our expectations, notwithstanding the obvious challenges we have faced in working through the very different environment presented by the COVID-19 pandemic.
Our exciting development pipeline of new therapeutic drug candidates for diseases where there is a high unmet medical need continues to progress in line with our expectations.”
In addition, the group will announce top-line data from its EASE Phase 3 global clinical trial in patients with dystrophic and junctional Epidermolysis Bullosa ("EB") in late Q3 / early Q4.
Wiley added, “Despite the uncertainties brought about by COVID-19, we believe we have good visibility on our commercial business in the second half of the year.
Our confidence in the stability and prospects for our business is illustrated today as we are issuing formal and positive guidance to the market for FY 2020 revenues."
Revenues for FY 2020 are expected to be in the range $170m - $175m, the group highlighted. It said this forecast takes into account the seasonality and forward-ordering patterns already identified in the second quarter and the impact of variable orders in H1.
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