Open Orphan swings to profit for the first time after ‘milestone year’ for the firm

Revenue at the pharmaceutical services company increased almost 80 per cent last year after it secured a number of large contracts

Cathal Friel, executive chairman of Open Orphan, said the company had established itself as the world-leading provider of human challenge trials

Open Orphan, the Dublin-listed pharmaceutical services company led by Cathal Friel, became profitable in 2021 thanks to a strong increase in the number of contract wins by the firm.

Announcing full year results for last year, the company reported earnings (Ebitda) of just under £2.9 million on the back of a healthy 7.8 per cent earnings margin. The company made a modest operating profit of £590,000 in 2021 having racked up operational losses of more ...