26th Sep 2018 12:47
LONDON (Alliance News) - Oprhan drug company Amryt Pharma PLC said Wednesday its loss narrowed in the first half of 2018 due to increased sales of its rare disease drug Lojuxta and reduced expenses.
In the six months to June 30, Amryt reported a pretax loss of EUR11.4 million, slimmed from a EUR13.8 million loss the year before.
The company's revenue grew to EUR7.0 million from EUR6.2 million. Of this, EUR6.6 million was attributed to Lojuxta, which treats a rare cholesterol disorder called Homozygous Familial Hypercholesterolaemia. This compares with EUR5.8 million from Lojuxta the prior year.
Amryt also produces a range of cosmetics known as Imlan, which recorded revenue of EUR429,000 - flat year-on-year.
The company cut its research & development expenses to EUR4.2 million from EUR5.4 million. It also saw a reduced EUR4.2 million loss on fair value, versus a EUR7.7 million loss the year before. However, administrative, selling, and marketing expenses widened to EUR6.2 million from EUR3.8 million.
"With the momentum we are seeing from our distributors and the orders already being received in the UK and Saudi Arabia, forecasted full-year revenues are anticipated to be in line with expectations," said Amryt Chief Executive Joe Wiley.
"We also continue to actively review further growth opportunities that could expand the Group's commercial product portfolio by in-licensing or acquiring further commercial or near commercial assets which will drive future growth," Wiley added.
Shares in Amryt were up 2.1% at 16.80 pence on Wednesday.
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AMYT.L