Amryt Pharma - Fiscal year 2020 better across the board

Davy Research
/Read Important Disclosures

Amryt exits 2020 with strong performances across all metrics: good momentum in the underlying business; continued EBITDA growth; and strong cash generation. Following the positive phase III results for Filsuvez in September, US and EU drug approval could occur before year end, with commercial launch shortly thereafter. We note the balance sheet is in a healthy state to execute on further business development opportunities that can supplement core organic growth. We expect to leave our forecasts broadly unchanged at this point. We reiterate our price target of £4.80.