DAVY VIEW

Progress made by Amryt in advancing its pipeline and commercial operations in 2018 has converted into a strong start in Q1 2019. FY 2018 revenues grew 13.1% to €14.5m (Davy: €15.8m), with momentum carrying into Q1 2019 where Lojuxta revenues have grown 28.1% year-on-year (yoy). The positive Q1 2019 interim results for AP101’s phase III trial in Epidermolysis Bullosa (EB) increases the chances of trial success in our view and the potential commercial launch into a c.€1bn market. Our FY 2019 revenue forecast is unchanged at €19.9m. We reiterate our ‘Outperform’ rating and 93p price target.