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Circassia Pharmaceuticals makes strong start to new financial year

The company said first-quarter sales were up 38%. The current trading update was contained in the company's annual results
lung via x-ray
The business focuses on respiratory products

Respiratory specialist Circassia Pharmaceuticals PLC (LON:CIR) said it made a strong start to 2019 with revenues up 38% year on year.

Annual results, meanwhile, charted a period of consolidation and operational progress.

It has taken full commercial control of Tudorza, a treatment for chronic obstructive pulmonary disease (COPD), while sales of its asthma product NIOX continued to grow.

Circassia has also added AirNOvent, a late-stage nitric oxide candidate, to its pipeline, which, when approved, should aid the sales effort.

Financially, the company is well endowed. It had £40.7mln of cash at the end of 2018 with AstraZeneca subscribing just over £20mln to the firm’s share sale.

Sales growth 

Last year, Circassia saw its sales grow by 5% to £27.4mln with China, where there was de-stocking and a move to a direct sales operation, exerting the drag.

As is common with companies at this formative phase of their commercial development, the business was loss-making. The loss on continuing operations was £25.9mln.

“We made good progress in 2018 completing our strategic transition into a commercially-focused specialty pharmaceutical business focused on respiratory disease,” said chief executive Steven Harris.

“Our revenues continued to grow and we maintained our commercial investment and broad cost control activities. As a result, we dramatically reduced our net cash outflow and decreased the loss in our underlying business."

Looking ahead, he added: “We are making good progress building a robust business with growing revenue potential and an exciting commercial future."

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Circassia Pharmaceuticals Timeline

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