Diurnal Group

LN: DNL

Market Cap£96m

Last Close 57p

Diurnal is developing new formulations of hormones to treat endocrine disorders. It has approval in EU and the US for Alkindi, for pediatric adrenal insufficiency. The company recently received approval for Efmody for adult CAH in the EU. DITEST, an oral formulation of testosterone, is in clinical development.

More Diurnal Group content >

Investment summary

Diurnal’s strategy is to develop useful new medications that address some of the limitations in existing hormone treatments. For instance its Efmody product is designed to provide a hydrocortisone release profile that avoids the chronic over- and under-dosing associated with immediate release products and provides better control of symptoms and sequelae as a result. The product was recently approved in Europe and a US Phase III is planned for 2021.

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
Industry outlook

The company’s lead products, Alkindi and Efmody, are treatments for deficiencies in the hormone cortisol (aka hydrocortisone). Adrenal insufficiency 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 congenital adrenal hyperplasia (CAH), for which Efmody is approved in Europe.

Last updated on 21/09/2021
Content on Diurnal Group
Diurnal Group – Edison Open House Interview
Healthcare | Edison TV | 10 February 2021
View more
Register to receive research on Diurnal Group as it is published
Share price graph
Balance sheet
Forecast net cash (£m) 11
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual (5.3) (12.2) (16.1)
Relative* (4.1) (12.2) (32.5)
52-week high/low 89.0p/47.5p
*% relative to local index
Key management
Richard Bungay CFO