Amryt Pharma upbeat on progress in first nine months of year
Amryt Pharma updated the market on its trading update for the nine months ended 30 September on Tuesday, noting that it had completed the transaction to acquire Aegerion Pharmaceuticals on 24 September.
The AIM-traded firm said that, following completion of the acquisition, it now had two commercial-stage assets - ‘Juxtapid’ or ‘Lojuxta’, which is lomitapide, and ‘Myalept’ or ‘Myalepta’, which is metreleptin.
It added that it now had infrastructure in place through which it as commercialising those assets in the North America; Europe, Middle East and Africa; and Latin America geographies.
Looking at the numbers, for the nine months ended 30 September on a pro forma basis, the combined company had revenues of $113.1m, up 19.7% year-on-year.
Juxtapid or Lojuxta generated revenues of $51.1m, up 6.5%, while Myalept or Myalepta generated revenues of $61.7m, which was ahead 34.7%.
The board said the “significant growth” in metreleptin was driven by the rollout of Myalepta in Europe, following the approval of the product by the European Medicines Agency (EMA) in the third quarter of 2018.
Amryt said it was actively deploying its strategy for Lojuxta in Europe, in a bid to rejuvenate the Juxtapid business in the United States.
It explained that the process to integrate Aegerion was actively underway, with the relocation of non-customer facing roles from Boston to Dublin, and accompanying synergies said to be on track.
As at 31 October, the group had cash on hand of $61.2m.
“The first nine months of 2019 have been momentous and transformational for Amryt,” said chief executive officer Joe Wiley.
“Through the acquisition of Aegerion, we have evolved from a company with a single asset on the market in EMEA to become a global biopharmaceutical company with two orphan disease products and a commercial infrastructure across North America, EMEA and LATAM.
“Myalept has continued to grow in the US where the product is approved for generalised lipodystrophy, and we are now in the active launch-phase of Myalepta in EMEA, where this product is approved for both generalised and partial lipodystrophy.”
Dr Wiley said it was “pleasing” to see Lojuxta continue to deliver revenue growth, with the company now implementing in the US a similar strategy to that used to significantly grow Lojuxta in Europe.
“Looking to our pipeline, our late stage development asset, AP101, for the treatment of wound-related complications in EB, continues to enrol patients in the phase 3 study following the encouraging outcome of interim safety and efficacy analyses conducted by the independent data monitoring committee.
“The study is on track to be fully enrolled in the coming months.
“Amryt is now very well positioned to execute on our strategy of becoming a global leader in the rare and orphan disease space and most importantly, delivering therapies to patients with unmet needs.”
As at 0800 GMT, shares in Amryt Pharma were up 2.5% at 123p.