Interim Results Announcement
for the Six Months Ended 30 June 2008
SkyePharma PLC (LSE: SKP) London, England, 28 August 2008
Summary of Unaudited Results for the six months ended 30 June 2008
H1: *H1:
2008 2007
GBP'm GBP'm
Continuing operations
Revenue 28.4 19.7
Operating loss before exceptionals 2.2 8.8
Loss before tax after exceptionals 6.4 14.1
The loss is arrived at after charging R&D expenditure 10.6 13.8
Continuing and discontinued operations
Net loss after tax 6.8 19.6
Net debt
Total debt less cash (including convertible bonds at 134.0 105.7
face value)
Liquidity - cash and cash equivalents plus undrawn 22.8 48.4
facilities
*The 2007 comparatives have been restated as set out in note 1(j) to
the Interim Financial Statements
- Revenues up 44% to GBP28.4 million (H1 2007: GBP19.7 million);
operating loss before exceptionals reduced by 75% to GBP2.2 million
(H1 2007: GBP8.8 million)
- Significant progress with FlutiformTM development in H1:
- Primary end-points met in Core Clinical Programme, comprising a
long-term safety study and three Phase III clinical efficacy
studies
- Final clinical efficacy study for New Drug Application ("NDA")
fully recruited, NDA filing in US expected in Q1 2009
- Positive results from three European studies, higher dose study
now recruiting, planned filing of Marketing Authorisation
Application ("MAA") for all strengths expected in Q3 2009
- FlutiformTM on target to be launched in US and Europe in 2010
- Exclusive development, distribution and license agreement
signed with Kyorin in Japan
- Growth from approvals and launches of other products:
- New Sular® formulation in USA
- Requip® Once-a-day in both Europe and USA and
- Pulmicort® HFA-MDI now launched in most of its target markets
- Good progress with proposals for renegotiating the bonds, expected
to be announced shortly.
Jeremy Scudamore, Non-Executive Chairman, said:"In the last six months
SkyePharma has made significant progress on
several fronts. Positive FlutiformTM data has now been received from
seven Phase III clinical studies and we remain on track to launch in
both the US and Europe in 2010. We are also pleased that we are making
good progress with proposals for renegotiating the convertible
bonds which we expect to announce shortly. Once this is completed, we
remain optimistic about the prospects for further growth of the
business ahead of the launch of FlutiformTM, and beyond."
For further information please contact:
SkyePharma PLC Frank Condella +44 20 7491 1777
During office hours Ken Cunningham
Peter Grant
Financial Dynamics (UK Enquiries) David Yates +44 20 7831 3113
Outside office hours Ben Brewerton
Trout Group (US Enquiries) Christine Labaree +1 617 583 1308
Seth Lewis
Click on, or paste the following link into your web browser, to
view the full Interim Results PDF document
http://www.rns-pdf.londonstockexchange.com/rns/1719C_1-2008-8-28.pdf
This information is provided by RNS
The company news service from the London Stock Exchange
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