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Pharmaceuticals company Circassia Group reported narrower losses as strong sales from its asthma control device boosted performance.
For the year ended 31 December 2019, pre-tax losses narrowed to £58.1m from £134.6m on-year as revenue increased to £64.2m from £48.3m.
Sales increased 27% to £34.6m, led by the company's asthma control device, NIOX, which saw sales of £34.6m, up from £27.4m. Tudorza generated revenue of £27m, up from £20.9m and Duaklir revenues of £0.8m.
Performance took a negative turn in the current year, however, with revenue down 34% in the five months of the year, compared with the same period in 2019, largely driven by falls of 69% in China and 62% in research sales owing to Covid-19 pandemic.
'While it remains highly challenging to predict revenue trajectory, early signs of recovery in certain markets offer some signs of encouragement. As a result of the coronavirus-related downturn, the company anticipates that the NIOX business will burn cash for a period before becoming both profitable and cash generative in the medium term,' the company said.
At 9:45am: (LON:CIR) Circassia Pharmaceuticals Plc share price was -0.45p at 25.25p