Diurnal Group

LN: DNL

£104.4m market cap

75.5p last close

Diurnal is a specialty pharmaceutical company developing new formulations of hormones for the treatment of endocrine disorders. It has received approval in Europe and the US for Alkindi (hydrocortisone), for the treatment of pediatric adrenal insufficiency and is seeking approval in Europe for Efmody (controlled release hydrocortisone) for adult congenital adrenal hyperplasia (CAH). Additionally it has a oral formulation of testosterone (DITEST) in clinical development.

Investment summary

On 26 March 2021, the EMA announced a positive opinion from the Committee for Medicinal Products for Human Use (CHMP) on granting a marketing approval for Efmody, Diurnal’s formulation for controlled release hydrocortisone (developed under the name Chronocort) for the treatment of adults and adolescents aged 12 and over with congenital adrenal hyperplasia (CAH). Formal approval for the product is set to be June 2021 and Diurnal expects to begin commercialisation in calendar Q321.

Y/E Jun
Revenue (£m)
EBITDA (£m)
PBT (£m)
EPS (p)
P/E (x)
P/CF (x)
2019A 1.0 (13.7) (13.6) (18.6) N/A N/A
2020A 6.3 (5.2) (5.1) (4.1) N/A N/A
2021E 5.0 (11.6) (11.5) (7.0) N/A N/A
2022E 7.9 (17.8) (17.8) (9.9) N/A N/A
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Sector
Healthcare
Share price graph
Balance sheet
Forecast net cash (£m) 11
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 16.2 22.8 174.8
Relative* 13.7 19.1 125.9
52-week high/low 89.0p/27.5p
*% relative to local index
Key management
Richard Bungay CFO