Amryt Pharma posts €1.35m revenue

Positive contributions from acquisitions helped Dublin-listed orphan drug firm Amryt Pharma generate revenues of just over €1.35m in 2016, its first year as a commercial entity.

The company — which grew out of a reverse takeover of Dublin-based investment firm Fastnet Equity — yesterday reported an operating loss of €7.7m for the year.

Amryt is currently in clinical trial stage with its headline prospective drug, which is aimed at treating rare skin condition Epidermolysis bullosa; and pre-clinical stage with another compound that could treat rare growth disorder acromegaly.

Last year’s revenues were driven by an eight and a half month contribution from the Imlan brand, inherited via Amryt’s takeover of German pharmaceutical firm Birken; and a one month contribution from Lojuxta.

Amryt gained the European, Middle-Eastern and African distribution licence for this drug — which treats a rare life-threatening disorder that causes abnormally high levels of ‘bad’ cholesterol in children — in a “transformational” deal at the end of last year.

The company said it has seen sales of Lojuxta remain strong into this year and is upbeat about future prospects.

“We have started the new financial year in excellent shape... We view prospects for the company’s ongoing development very positively,” said chief executive Joe Wiley.