Business

Rare disease specialist Amryt lost €65m last year

Irish drug-maker plans to return $30m to investors

Amryt last year bought US business Chiasma for $330m. Photograph: iStock

Wed Mar 9 2022 - 18:51

Irish drug-maker Amryt Pharma’s operations lost $71.2 million (€65m) last year, new accounts show.

The company, which specialises in treatments for rare diseases, said on Wednesday that it planned to return $30 million to investors through a share buy-back scheme.

Amryt reported that revenues rose 22 per cent to $222.5 million last year from $186.5 million in 2020. Its operations lost $71.2 million in 2021, against $46.5 million the previous year.

Amryt last year bought US business Chiasma for $330 million. The company makes Mycapssa, which treats a condition that causes gigantism in sufferers.

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Before accounting for the Chiasma deal’s costs, Amryt’s operations generated $29.8 million cash.

Earnings before interest, tax, depreciation and amortisation was $42 million last year.

Amryt’s biggest selling drug, Metreleptin, used to treat a condition that causes sufferers problems with the way their body stores fat, generated $141.2 million in revenues last year.

Lomitapide, which reduces high cholesterol levels caused by a genetic disorder, turned over $73.86 million in 2021.

Mycapssa generated $6.4 million. Amryt this week announced that it was carrying out a phase three study to determine if the drug could be used to treat some types of cancer. If regulators approve Mycapssa for this, it would open a global market worth $1.9 billion.

Amryt had $113 million in cash on December 31st. Chief executive Joe Wiley, said the board approved plans to return $30 million to shareholders through share buy-backs.

“Today we are issuing revenue guidance for full-year 2022 of $260 million to $270 million which represents growth of 17 per cent to 21 per cent on 2021,” said Mr Wiley.

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