DAVY VIEW

Amryt’s Q2 results indicate good momentum in all aspects of the business. Growth in its commercial portfolio continues to be robust despite COVID-19, as evidenced by the company issuing revenue guidance above our expectations. Furthermore, Amryt reported strong EBITDA growth and maintains a healthy cash balance. Post the recent Nasdaq listing, we now point towards Phase III data for AP101 (due late Q3/early Q4) as the next milestone. This is a very material market opportunity at greater than $1bn. Based on today’s results, we are upgrading our FY 20 revenue and EBITDA forecasts by c.3% and c.9% respectively.