viewCircassia Group PLC

Circassia upbeat on prospects once coronavirus passes through


  • Specialty group focused on respiratory diagnostics
  • Growing revenue base
  • Core product assesses the severity of asthma
Circassia Pharmaceuticals PLC -

Quick facts: Circassia Group PLC

Price: 26.3 GBX

Market: LSE
Market Cap: £104.5 m

"Circassia is well placed to become a self-sustaining, cash generative business once the effects of the COVID-19 pandemic pass over."


What it does

Circassia Pharmaceuticals PLC (LON:CIR) is a specialty pharma company focused on treating patients with respiratory diseases.

It currently markets two products: NIOX, which is used to help manage asthma

NiOX is a tool that measures if a person suffers from asthma and, if they do, the severity of the condition.

By analysing the fractional exhaled nitric oxide (FeNo) present when people breathe out, it can give a readout in less a minute.

It has several other asthma and COPD treatments in its pipeline, as well as AirNOvent – a portable system that uses electricity to make nitric oxide, which is used to dilate blood vessels in the lungs.

How it's doing

In June, Circassia said it had seen slight signs of improvement in some areas after sales across all its markets were affected by the coronavirus (COVID-19) pandemic.

“While it remains highly challenging to predict revenue trajectory, early signs of recovery in certain markets offer some signs of encouragement,” the company said in a statement alongside its results for the year to December 31, 2019. 

The group is now focused on selling its NIOX asthma diagnostic In China, Europe, the US and elsewhere following the return of two COPD treatments to AstraZeneca in May.

Chairman Ian Johnson said that had left it debt-free and in a position to become a self-sustaining cash generative business once the effects of the COVID-19 pandemic pass.

In the year to end-December 2019, NIOX sales rose by 27% to £34.6mln out of total sales of £62.4mln which included £27mln from Astra’s COPD drug Tudorza.

As the coronavirus pandemic spread in 2020, however, sales fell by 50% in April and May and sales in China dropped by two-thirds in the first quarter.

What the boss says: Ian Johnson, chairman

"Circassia is well placed to become a self-sustaining, cash generative business once the effects of the COVID-19 pandemic pass over. 

"During the ongoing pandemic, the company's focus is firmly on maintaining its world-leading NIOX business, serving its customers around the world as they support their patients with respiratory diseases."

Inflexion points

  • Completion of reversion of Tudorza and Duaklir back to Astra
  • Sales recover after COVID-19 dsiruption
  • NIOX identifies the severity of asthma in sufferers
  • Breathing problems are central in treating coronavirus

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