Edison Investment Research - Diurnal Group (DNL) Diurnal Group - Alkindi sales underpin top-line growth

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Edison Investment Research

Sean Conroy

Diurnal Group - Alkindi sales underpin top-line growth

Diurnal announced a trading update for the 12-month period ending June 2022, reporting top-line results broadly in line with consensus estimates. While total revenue grew by 7.1% y-o-y (to £4.7m), core product sales improved 104% y-o-y to £4.62m (£2.27m in FY21). Licensing revenue was a modest £0.06m versus £2.1m in FY21 (comprising upfront and milestone payments from Citrine Medicine for China). Product sales momentum was supported by a 60.8% growth in Alkindi during the period as well as the first revenue contribution from Efmody in Germany (£0.97m) following pricing approval in September 2021. Detailed results are expected in September 2022 (alongside a planned R&D day), pending which our estimates remain under review.

27/07/2022 1 EN

Underlying

Diurnal Group

Diurnal Group is a pharma company developing products for the life-long treatment of chronic endocrine conditions. Co. is focused on addressing clinical and patient needs in hormone replacement, initially by developing and marketing products for the rare orphan diseases congenital adrenal hyperplasia and adrenal insufficiency. Co.'s products include Infacort®, an immediate-release hydrocortisone preparation targeting Adrenal Insufficiency (including Congenital Adrenal Hyperplasia) in children under six years of age in Europe and 16 years of age in the U.S.; and Chronocort®, a modified-release hydrocortisone preparation, initially targeting Congenital Adrenal Hyperplasia in adult patients.

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GB00BDB6Q760 London Stock Exchange Tanzania

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Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Sean Conroy

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Diurnal Group - Alkindi sales underpin top-line growth

Diurnal Group - Termination of coverage

The Hardman & Co Monthly: September 2022

Diurnal Group - Proposed acquisition by Neurocrine Biosciences

Manx Financial Group - Termination of coverage

musicMagpie - Termination of coverage

Topps Tiles - Accelerating growth through Q125

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