- Pharmaceuticals company Circassia Group reported narrower losses as strong sales from its asthma control device boosted performance.

For the year ended 31 December 2019, pre-tax losses narrowed to £58.1m from £134.6m on-year as revenue increased to £64.2m from £48.3m.

Sales increased 27% to £34.6m, led by the company's asthma control device, NIOX, which saw sales of £34.6m, up from £27.4m. Tudorza generated revenue of £27m, up from £20.9m, and Duaklir revenues of £0.8m.

In the five months of the new year, performance took a negative turn, however, with revenue down 34%, compared with the same period in 2019, largely driven by falls of 69% in China and 62% in research sales owing to Covid-19 pandemic.

'While it remains highly challenging to predict revenue trajectory, early signs of recovery in certain markets offer some signs of encouragement. As a result of the coronavirus-related downturn, the company anticipates that the NIOX business will burn cash for a period before becoming both profitable and cash generative in the medium term,' the company said.

At 9:45am: [LON:CIR] Circassia Pharmaceuticals Plc share price was -0.45p at 25.25p

Story provided by