SkyePharma PLC
Preliminary statement of annual results
for the year ended 31 December 2008
SkyePharma PLC (LSE : SKP ), LONDON, ENGLAND, 26 March 2009
Summary of Results
2008* 2007*
(restated)
GBP'm GBP'm
Results
Revenue 62.2 41.6
Research and development expenses (25.1) (30.3)
Pre-exceptional operating profit / (loss) 10.9 (15.2)
Pre-exceptional profit/(loss) before tax for the period 0.4 (23.7)
Continuing and discontinued operations: Net loss (28.7) (27.0)
after tax (post exceptional)
Net debt and liquidity
Total debt less cash including convertible bonds at 142.7 122.4
face value
Liquidity - cash and cash equivalents plus undrawn 37.5 33.1
facilities
* All figures, unless otherwise noted, relate to continuing operations
Financial Highlights
- Revenues up 49% to GBP62.2m (2007: GBP41.6m); revenues at constant
currency up 23%
- Pre-exceptional operating profit of GBP10.9m (2007: loss of
GBP15.2m), reflecting growth in revenues, lower operating costs and
currency effects
- Pre-exceptional pre-tax profit of GBP0.4m (2007: loss of GBP23.7m)
- Net loss of GBP28.7m (2007: loss of GBP24.0m), post exceptional
items of GBP28.5m (2007: GBPNil) of which GBP26.2m is non-cash
- Cash and undrawn facilities of GBP37.5m at 31 December 2008 (2007:
GBP33.1m)
Operating Highlights
- United States Phase III clinical programmes for
FlutiformTM completed during 2008
- New Drug Application (NDA) for FlutiformTM submitted to FDA
in United States on 20 March 2009
- EU filing for FlutiformTM expected in Q1 2010
- Development agreement signed with Kyorin for FlutiformTM in Japan
- Good progress on other pipeline products
- Balance sheet restructuring completed in September 2008 which
significantly improved the Group's debt maturities
Commenting on the results, Jeremy Scudamore, Non-Executive Chairman,
said: "Further significant progress was made in the turnaround of
SkyePharma during 2008. The clinical work necessary for the submission
of the NDA in the United States for FlutiformTM was completed and
the marketing application was submitted to the FDA on 20 March
2009. In addition, completion of the renegotiation of the convertible
bonds and the related fundraising was a major achievement and
gives the Group a debt maturity profile which enables it to continue to
build its core oral and inhalation business and generate shareholder
value from FlutiformTM and other pipeline products. The approval and
commercial success of FlutiformTM is expected to be transformational for
the Group."
The results presentation has been published on the Company's website
and a webcast of the analysts' conference will be available later in
the day.
For further information please contact:
SkyePharma PLC
Ken Cunningham, Chief Executive Officer +44 207 491 1777
Peter Grant, Chief Financial Officer
Financial Dynamics (London enquiries)
Jonathan Birt / Susan Quigley +44 207 831 3113
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 www.skyepharma.com.
To view the full text of this press release, paste the following link
into your web browser:
http://www.rns-pdf.londonstockexchange.com/rns/5052P_1-2009-3-26.pdf
This information is provided by RNS
The company news service from the London Stock Exchange
END
Contact Information: Contacts: RNS Customer Services 0044-207797-4400 http://www.rns.com