Diurnal Group - Alkindi sales underpin top-line growth

Diurnal announced a trading update for the 12-month period ending June 2022, reporting top-line results broadly in line with consensus estimates. While total revenue grew by 7.1% y-o-y (to £4.7m), core product sales improved 104% y-o-y to £4.62m (£2.27m in FY21). Licensing revenue was a modest £0.06m versus £2.1m in FY21 (comprising upfront and milestone payments from Citrine Medicine for China). Product sales momentum was supported by a 60.8% growth in Alkindi during the period as well as the first revenue contribution from Efmody in Germany (£0.97m) following pricing approval in September 2021. Detailed results are expected in September 2022 (alongside a planned R&D day), pending which our estimates remain under review.