DAVY VIEW

Amryt’s positive set of Q3 results announced yesterday (November 5th) provided further evidence of the good underlying growth in the business. Key highlights were the strong EBITDA growth and cash generation and the raising of revenue guidance. Additionally, the major milestone achieved with Filsuvez’s positive phase III results in September opens the pathway for commercial launch in the US and EU in the first instance, with other territories to follow. Based on the positive results, we are upgrading our FY20 and FY21 revenue and EBITDA forecasts. Our price target is £4.80.