Gateshead drugs firm Shield Therapeutics has revealed a significant increase in revenue driven by US sales and upfront payments from new distribution partners.
The manufacturer said unaudited total revenue for 2022 rose to £8.5m, compared with the £1.5m it generated the year before. Shield's sales agreement with US healthcare group Viatris was behind much of the progress as total US prescriptions of the its Accrufer capsules increased to more than 25,000, worth £2.8m in sales.
The firm has previously said it hopes to sell about £123m ($150m) of the iron deficiency product to the US by the end of 2025, citing a large, under-served market of around 20 million people who suffer from anaemia. By linking with Viatris, Shield plans to establish a 100-person sales team in the US which will target 12,000 healthcare professionals.
