Diurnal Group

LN: DNL

Market Cap£21m

Last Close 12.38p

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 hormone therapeutics for lifelong treatment for rare and chronic endocrine conditions including congenital adrenal hyperplasia (CAH), adrenal insufficiency (AI), hypogonadism and hypothyroidism. The company first launched Alkindi, a formulation of hydrocortisone intended to treat AI in paediatric patients. Efmody, an oral modified-release formulation of hydrocortisone, has been approved in the EU and UK, and subsequently launched in Germany, UK and Austria, to treat CAH in individuals aged 12 years and older. While the sudden departure of the CEO, the Scottish Medicines Consortium issues with Efmody and lowered guidance have provoked short-term investor anxiety, the company expects Efmody to become a profitable franchise in 2024.

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) (7.0) N/A N/A
2022E N/A N/A N/A N/A N/A N/A
2023E N/A N/A N/A N/A 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 20/05/2022
Content on Diurnal Group
Diurnal Group – Leveraging the known pathway
Healthcare | research Flash note | 26 April 2022
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Diurnal Group – FY21 results reflect puts and takes
Healthcare | research Update | 21 April 2022
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Diurnal Group: Edison Open House Healthcare 2022
Healthcare | Edison TV | 18 February 2022
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Share price graph
Balance sheet
Forecast net debt (£m) N/A
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual (18.9) (77.9) (81.3)
Relative* (15.8) (77.3) (81.7)
52-week high/low 69.5p/12.4p
*% relative to local index
Key management
Richard Bungay CEO