Preliminary statement of annual results
for the year ended 31 December 2007
SkyePharma PLC (LSE: SKP), LONDON, ENGLAND, 27 March 2008
Summary of Results
Continuing Operations: Revenue 41.6 43.0
Continuing Operations: Operating loss before exceptionals 15.7 15.3
Continuing Operations: Loss before tax after exceptionals 23.7 19.3
Continued and Discontinued Operations: Net loss after tax 27.0 79.1
Net debt and liquidity
Total debt less cash including convertible bonds at face value 122.6 111.7
Liquidity - cash and cash equivalents plus undrawn facilities 33.1 47.6
* The 2006 results have been restated for certain prior period adjustments, as
set out in the Operating and Financial review.
- Successful divestment of Injectable Business relieves a significant
- £50m financial restructuring: Paul Capital refinancing facility, CRC
financing (approx. £35 million) and £15 million equity placing.
- Continued progress with Flutiform(TM) development:
o Completion of Phase-III long term safety study.
o Full enrolment of three Phase-III clinical efficacy trials.
o Renegotiated Flutiform(TM) agreement with Kos (now a wholly owned
subsidiary of Abbott). Kos now funds additional development costs
for the USA.
o Filing expected in Europe around end of 2008 and in USA in Q1 2009.
- Approvals and launches of Requip(R) Once-a-day in Europe, ZYFLO CR(TM)
in USA and Sular(R) in the USA.
- SKP-1041 (oral sleep product) licensed to Somnus Therapeutics, US$4
million received up front.
- Partnership with Dr Reddy's for potential development utilising two of
SkyePharma's proprietary technologies.
Jeremy Scudamore, Non-Executive Chairman, said: "The Board believes that the
underlying potential of SkyePharma's business is starting to take shape
following the launch of a number of new products and the Company's financial
restructuring during 2007. Our objectives are to renegotiate or refinance the
convertible bonds in a timely manner, on reasonable terms, and turn SkyePharma
into a profitable business over the next two years. Once Flutiform™ is
approved and launched in the US and Europe, the Board believes that there are
exciting prospects for growth in both revenues and positive cashflow at
The results presentation has been published on the Company's website and a
webcast of the analysts' conference will be available shortly after the
conference is concluded.
For further information please contact:
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 twelve 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
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