Record second quarter sees Amryt lift guidance further

Amryt Pharma reported record second quarter results on Friday, raising its full-year guidance, as revenue in the three months ended 30 June came in at $62.8m, up from $46.2m year-on-year.

The AIM-traded firm said metreleptin revenues increased 54.3% to $43.1m in the second quarter, including a Latin America order of $12.1m.

It said the US accounted for 41.2% of global metreleptin revenues, with Europe, the Middle East and Africa accounting for 25.6% in the period.

Lomitapide revenues were 7.7% firmer year-on-year at $19.5m, with the United States accounting for 43.7% of those, and Europe, the Middle East and Africa accounting for 38.5%. Quarter-on-quarter revenue growth was 29.6% over the first quarter.

Amryt’s operating profit before finance expenses came in at $4.1m for the three-month period, swinging from a $12m loss a year earlier.

Excluding non-cash items and share based compensation expenses, that resulted in EBITDA of $17.4m for the second quarter, up from $6.9m in the same period of 2020.

Cash totalled $142.9m at period end on 30 June, up from $118.6m at the end of March.

Given the ongoing strong performance of the company’s commercial products, Amryt’s board raised revenue guidance for the 2021 financial year to a range of $210m to $215m on Friday, versus prior guidance of $205m to $210m as issued on 5 May.

That represented growth of 15% to 18% over the 2020 financial year.

The company said the guidance demonstrated its confidence in the outlook for its business, and did not reflect the expected contribution from ‘Mycapssa’ in the second half.

“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,” said chief executive officer Joe Wiley.

“Our commercial products, metreleptin and lomitapide, continued to deliver solid growth across a host of metrics including revenue, EBITDA, cash generation and market expansion.

“During the quarter, we also made significant positive progress on the regulatory pathway for Oleogel-S10 in both the US and Europe.”

Wiley said the US Food and Drug Administration (FDA) confirmed that its new drug application for Oleogel-S10 had 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.

“Given the strong performance of our business year to date, we are pleased to increase our full year 2021 revenue guidance to $210m to $215m, which represents growth of 15% to 18% on 2020.”

That latest upward revision of guidance demonstrated the firm’s confidence in the outlook for its underlying business, Joe Wiley said, and in addition, it expected that the guidance would be further enhanced by revenues from Mycapssa.

“Finally, following the recent endorsement from both Amryt and Chiasma shareholders for Amryt’s acquisition of Chiasma, we look forward to beginning the process of integrating and growing our combined business.”

At 1450 BST, shares in Amryt Pharma were up 2% at 153p.