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Biopharmaceutical company Amryt said it was performance was exceeding its expectations for far this year despite reporting higher losses on increased costs in the first quarter even as revenue and earnings grew strongly.
In the first quarter, the company reported an operating loss of $17.0m, up from $2.8m, with revenue up 30% to $44.6m and earnings (EBITDA) growing to $4.6m.
'The positive momentum we experienced during 2019 has continued into Q1 2020. Our performance so far is exceeding expectations this year as our business performs and grows across a host of metrics. Most importantly, we have experienced strong revenue growth and the business is significantly EBITDA positive a quarter ahead of schedule,' the company said.
'The impact of Covid-19 to date on Amryt's business has been minimized and this is a result of deploying contingency plans already in place for a variety of scenarios and challenges which may occur,' it added.
At 8:10am: (LON:AMYT) Amryt Pharma share price was +5p at 107.5p