Amryt Pharma advancing on multiple fronts
- Amryt Pharma raises sales forecast again as acquisition makes strong start
- Amryt Pharma impresses broker at Capital Markets Day
- Amryt reports record 2Q results and raises full-year guidance as momentum continues to build
Quick facts: Amryt Pharma PLC
Price: 180 GBX
Market Cap: £569.69 m
About the company
Amryt is a global commercial-stage biopharmaceutical company focused on acquiring, developing and commercializing innovative treatments to help improve the lives of patients with rare and orphan diseases.
The company has a strong and growing portfolio of commercial and development assets.
How it is doing
Amryt Pharma has raised its full-year 2021 revenue guidance due to a strong performance from recent acquisition of Chiasma and its own commercial products.
Revenues are now expected in a range of US220mln - $225mln compared to previous guidance of US$210mln- $215mln.
Joe Wiley, Amryt Pharma’s chief executive, said: “Given the strong performance of our business year to date and our recent acquisition of Chiasma, we are very pleased to once again increase our full-year 2021 revenue guidance to $220-$225 million which represents growth of 20%-23% on 2020.
“This latest upward revision of guidance demonstrates our confidence in the outlook for our underlying business and our visibility is further enhanced given that we have now begun the process of integrating Chiasma into Amryt and have begun to grow our combined business.”
In its results for the quarter ended June 30, the company reported an operating profit before finance expense of US$4.1mln, swinging from a US$12mln loss a year ago, while revenues surged 35.9% to US$62.8mln.
Joe Wiley, Amryt’s chief executive, said: “This transaction further solidifies our position as a global leader in treating rare and orphan conditions.
What the brokers say
Amryt Pharma has had its price target of US$40 and 'buy' rating reiterated by Canaccord after the company hosted a virtual capital markets day.
Opinion leaders spoke on the near-term growth opportunities with Filsuvez in epidermolysis bullosa (EB) and Mycapssa in acromegaly, said the broker, which has underlined its optimistic view.
The broker continues to expect US approval of Filsuvez in EB on its November 30 PDUFA date, which should serve as a significant catalyst for the share price.
What management says
Wiley noting that it's the sixth consecutive quarter the company has reported positive EBITDA (core earnings) generation.
Given the strong performance year to date, Amryt has also raised its full-year 2021 revenue guidance to $210-$215 million.
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