Pharmaceutical firm drops predicted year end revenues by 75 per cent

A UK pharmaceutical firm has reported that its year end revenues will be more than £2m less than predicted.

Shield Therapeutics, which has offices in London and Newcastle, today revised its 2019 expected revenues from £2.9m to £0.7m - a 75 per cent drop.

The company said that the drop is due to the recognition that one of its studies had not met its primary endpoint.

In today’s statement, Shield also reported that it has seen “minimal disruption” to its business due to the COVID-19 lockdown measures.

It said it is also “devoting significant effort” to finding a commercial partner in the US, to support its expansion plans.

Tim Watts, CEO of Shield, commented: “I am reassured that despite the current challenges presented by the global pandemic we continue to operate effectively and there has been little disruption to our commercialisation plans.

“We are encouraged by the continued interest from potential US partners during uncertain times, confident of the pressing need for our product as an effective alternative treatment for iron deficiency, and remain committed to advancing commercial discussions to secure the best deal for shareholders.”

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