DAVY VIEW

Following an assessment, an Independent Data Monitoring Committee (IDMC) has advised that Amryt can now enrol infants and children in its Phase III trial for AP101 as a treatment for Epidermolysis Bullosa (EB). This positive news indicates that there are no safety concerns in the trial and it is a step towards increasing the eligible market for AP101. Full trial data are expected in H2 2019 and post the positive outcome of the interim efficacy analysis in January, AP101 is on track to be the first approved treatment for EB. Given the size of the addressable market for EB (c.$1bn), AP101 is the main driver of our Amryt valuation. Our price target is 93p.