Amryt Pharma ups forecasts as sales accelerate in third quarter

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Amryt Pharma PLC (NASDAQ:AMYT) (LON:AMYT) has raised its forecast for revenues in the current year after strong third-quarter sales for both its lead drugs.


The group said sales in the three months to end September 2020 were US$49.3mln, an underlying improvement of 19% and that has prompted Amryt to raise revenue expectations for full-year 2020 to US$180mln-GBP182mln from US$170mln-GBP175mln.


Amryt’s cash position also improved to US$75.4mln at the end of the period.


In a statement, Joe Wiley, Amryt’s chief executive said: “Our two commercial products, metreleptin and lomitapide, continue to deliver growth across a host of metrics including revenue and EBITDA growth, cash generation and market expansion.”


Wiley noted that the group was also looking at a launch of FILSUVEZ in the US in Q4 2021 and in Europe in Q1 2022 if all approvals come through.


Filsuvez is a treatment for Epidermolysis bullosa (EB), a rare inherited skin disorder that causes the skin to become very fragile and most often affects babies and young children.


He said the company was very pleased with the results from the recent EASE Phase 3 trial in EB.


“EASE is the first-ever Phase 3 study to demonstrate positive data in this devastating disease and we look forward to submitting this data to regulatory authorities in both the US and Europe in early 2021,” Wiley added.


Amryt saw operating losses reduced to US$3.6mln in the third quarter while its EBITDA rose 96% quarter-on-quarter to US$13.5mln.


On July 8, Amryt listed on the Nasdaq Global Select Market.


Shares in London rose 1.5% to 208p.

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