London, UK -- (MARKET WIRE) -- April 26, 2007 --
SkyePharma PLC
Preliminary statement of annual results
for the year ended 31 December 2006
SkyePharma PLC (LSE:SKP; NASDAQ: SKYE), LONDON, ENGLAND,
26 April 2007
Summary of Results
2006 2005
GBP'm GBP'm
Continuing operations
Revenue from
continuing operations 43.0 50.8
Research &
development expenditure 22.9 14.3
Operating loss from
continuing operations
before exceptionals 13.9 1.0
Loss before tax from
continuing operations
after exceptionals 17.9 20.3
Discontinued operations
Operating loss from
discontinued operations
(before exceptionals) 16.1 15.9
Loss before tax from
discontinued operations
after exceptionals 59.0 30.3
Net debt
Total debt less cash including
convertible bonds at 31 December 2006 111.7 109.8
Highlights
- Company restructuring successfully completed by new management team
- Sale of Injectable Business completed in March 2007:
o Eliminates related operating losses and need to invest
o Potential upside from development of DepoBupivacaine™ at no cost/risk
to the Group
- Major financial restructuring:
o Raised GBP35m new finance facility from Christofferson Robb & Co. ("CRC")
in December 2006
o Paul Capital Refinancing agreed in March 2007. Exceptional credit
GBP20.1m in 2006
o Equity placing raised GBP14.8m (net) in March 2007
o Total debt less cash at year end GBP111.7m (2005: GBP109.8m) including
convertible bonds
- Good progress with Flutiform™:
o Licensed for US to Kos (now Abbott), for Europe to Mundipharma
o Phase III clinical trials progressing to plan with Food and Drug
Administration ("FDA") filing expected around end of 2007
- Revenue:
o Revenue from continuing operations down 15% to GBP43.0m (2005: GBP50.8m)
o Cash received from license signing and milestone fees up 24% at GBP30.0m
(2005: GBP24.1m)
o Royalty revenue totalled GBP18.1m (2005: GBP19.6m), reflecting continuing
sales of existing products
Dr Jerry Karabelas, Non-Executive Chairman, said: "The past year was one of
significant transition that has established a new direction for SkyePharma. The
new management team has successful completed a fundamental restructuring of the
Company's operations and finances and SkyePharma is now well placed to move
forward. Our key priorities in the coming year will be to complete the US
clinical trial programme for our lead asthma product, Flutiform™, and to
leverage the Company's skills and technologies in oral and inhalation drug
delivery."
The results presentation has been published on the Company's website and a
webcast of the analysts conference will be available shortly after that
conference is concluded.
For further information please contact:
SkyePharma PLC
Frank Condella, Chief Executive Officer
Ken Cunningham, Chief Operating Officer +44 207 491 1777
Peter Grant, Finance Director
Financial Dynamics (London enquiries)
David Yates / Deborah Scott +44 207 831 3113
Trout Group (US enquiries)
Christine Labaree / Seth Lewis +1 617 583 1308
About SkyePharma PLC
Using its proprietary drug delivery technologies, SkyePharma develops new
formulations of known molecules to provide a clinical advantage and life-cycle
extension. The Group has ten approved products in the areas of oral, inhalation
and topical delivery. The Group's products are marketed throughout the world by
leading pharmaceutical companies. For more information, visit
www.skyepharma.com.
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