5th Feb 2025 16:30
(Alliance News) - Shield Therapeutics PLC shares jumped on Wednesday as its revenue soared in 2024 and it said it expects to be cash flow positive by the end of 2025.
The commercial-stage pharmaceutical company focused on iron deficiency product Accrufer said its revenue increased 84% in 2024 to USD32.2 million from USD17.5 million in the previous year.
Shield Therapeutics shares were up 19% to 3.40 pence in London on Wednesday afternoon.
The company said it has seen "strong improvements" in prescriptions for Accrufer, which it said have grown by 95% to around 150,000.
Revenue from Accrufer multiplied to USD29.3 million in 2024, from USD11.6 million in the prior year.
The firm strengthened its balance sheet in the final quarter with USD10.0 million in equity funding from its largest shareholder AOP Health International Management AG.
As a result of this, the company said it held USD6.5 million in cash on December 31, down from USD13.9 million in the previous year, but received an additional USD10.0 million from AOP on January 3.
"The strengthened balance sheet, along with previously announced savings to the group's operating cost base, will help the company achieve its aim of becoming cash flow positive by the end of calendar 2025," the company said.
Chief Executive Officer Anders Lundstrom said: "We have made significant efforts to streamline our cost base whilst driving growth in Accrufer revenues, prescriptions, and average net price, all in pursuit of achieving positive cash flow by the end of the calendar year.
"I am especially encouraged by the strong revenue momentum, as our team, in close collaboration with our partner Viatris, work diligently to expand our presence in the US market and position Accrufer as the therapy of choice."
By Michael Hennessey, Alliance News reporter
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