Irish pharmaceuticals multinational Amryt Pharma has reaffirmed its revenue guidance of $260-270m for the full year, which would represent annual growth of 17-21%, after reporting that revenues for the first quarter grew by 22.1%.
Amryt made revenues of $59.1m during the first three months of 2022, up from $48.4m during the same period a year ago, and the Dublin and Boston-based firm recorded an operating profit of $6.8m, compared to a loss of $3.4m a year ago.
The company would have recorded a loss of more than $12m but for non-cash items including the amortisation Metreleptin, Lomitapide and Mycapssa ($14.4m); the amortisation of the inventory fair value step-up related to the acquisition of Chiasma, Inc ($1.6m); depreciation and amortisation ($0.4m); and share-based compensation expenses ($3.2m).
Amryt's Metreleptin drug accounted for sales of $37.6m while Lomitapide brought in a further $17.8m and Mycapssa $3.4m, with Amryt CEO Joe Wiley stating that revenues derived from Metreleptin had grown 25.7% year-on-year.
"Q1 was an extremely busy and productive period for Amryt and I am pleased to report today’s strong operational and financial results. Our record Q1 revenues of $59.1M represent 22.1% YoY revenue growth," Wiley said.
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"Metreleptin continues to grow strongly and delivered 25.7% YoY growth in the quarter and these results clearly demonstrate the strong performance of Metreleptin across all regions.
"Overall, the results also demonstrate the strong growth we are experiencing across our business and represent our ninth consecutive quarter of positive EBITDA generation."
The US accounted for 53.8% of global Metreleptin revenues, and the EMEA region accounted for 42.3% in Q1 2022, growing 24.7% and 22.8%, respectively, year-on-year.
During the recently ended quarter, the Amryt board approved a $30m stock repurchase programme that will end in March 2023, and the company completed a $125m non-dilutive debt refinancing, of which it has drawn $105m, helping to reduce the expense of interest and the cost of capital.
The European Medicines Agency (EMA) last month recommended that the EU approve the pharma giant's Filsuvez drug for the treatment of partial-thickness wounds associated with dystrophic and junctional Epidermolysis Bullosa (EB) in patients six months and older, with a decision expected by the European Commission in the coming weeks.
"This recommendation for the approval of Filsuvez in Europe is the most significant milestone in Amryt’s history and represents a major positive development for European patients that suffer from this debilitating condition and is the culmination of years of hard work from all the Amryt team," Wiley said.
"If approved, Filsuvez would be our fourth commercial product and we already have in place the team, financial flexibility, systems and global infrastructure to bring it to market and to execute our significant growth plan. We are very excited by the potential to deliver Filsuvez to European patients in need as soon as possible."
(Pic: Getty Images)
