Rare disease specialist Amryt lost 65 million euros last year

The operations of Irish drugmaker Amryt Pharma lost $71.2 million (65 million euros) last year, according to new accounts.

The company, which specializes in treatments for rare diseases, said Wednesday it plans to return $30 million to investors through a stock buyback program.

Amryt said revenue rose 22% to $222.5 million last year, from $186.5 million in 2020. Its operations lost $71.2 million in 2021, from 46, $5 million the previous year.

Amryt bought the American company Chiasma last year for 330 million dollars. The company manufactures Mycapssa, which treats a disease that causes gigantism in sufferers.

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

Earnings before interest, taxes, depreciation and amortization was $42 million last year.

Amryt’s top-selling drug, Metreleptin, used to treat a disease that causes sufferers problems with how their bodies store fat, generated $141.2 million in revenue last year.

Lomitapide, which lowers high cholesterol caused by a genetic disease, brought in $73.86 million in 2021.

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

Amryt had $113 million in cash as of December 31. Chief executive Joe Wiley said the board had approved plans to return $30 million to shareholders through share buybacks.

“Today we are releasing full-year 2022 revenue guidance of $260 million to $270 million, representing 17% to 21% growth from 2021,” Mr. Wiley said.

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