Diurnal Group

LN: DNL

Market Cap£101.4m

Last Close 60p

Diurnal Group is a specialty pharma company developing new formulations of hormone-based products for the treatment of endocrine disorders. Its product Alkindi is marketed for paediatric (AI) in the US and EU. Efmody is approved for the treatment of CAH in the EU and UK.

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Investment summary

Diurnal’s strategy is to develop useful new medications that address some of the limitations in existing hormone treatments. Efmody, an oral long-acting formulation of hydrocortisone, has been approved in the EU and UK to treat congenital adrenal hyperplasia (CAH) in individuals aged 12 years and older. The company has started the commercial launch of the product in the UK, Germany and Austria. CAH is an orphan disease caused by deficiency of adrenal enzymes. The company’s first launched product is Alkindi, a formulation of hydrocortisone intended to treat adrenal insufficiency (AI) in paediatric patients.

Y/E Jun
Revenue (£m)
EBITDA (£m)
PBT (£m)
EPS (fd) (p)
P/E (x)
P/CF (x)
2020A 6.3 (5.2) (5.1) (4.1) N/A N/A
2021A 4.4 (11.1) (11.1) (6.6) N/A N/A
2022E 7.9 (18.2) (18.2) (7.3) N/A N/A
2023E 16.1 (13.2) (13.1) (5.1) N/A N/A
Industry outlook

The company’s lead products, Alkindi and Efmody, are treatments for deficiencies in the hormone cortisol (aka hydrocortisone). AI affects 250–400 per million individuals in the United States and Europe. A smaller fraction (1/10,000 to 1/18,000 live births) are born with CAH, for which Efmody is approved in Europe.

Last updated on 24/11/2021
Content on Diurnal Group
Diurnal Group – Efmody launched in the EU and UK
Healthcare | Update | 29 September 2021
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Share price graph
Balance sheet
Forecast net cash (£m) 20.8
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual (2.4) (0.3) 11.1
Relative* (3.3) (1.6) (4.0)
52-week high/low 89.0p/47.5p
*% relative to local index
Key management
Richard Bungay CFO