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SkyePharma PLC announces Final Results


SkyePharma PLC

2008-03-27 00:05:00

SkyePharma PLC announces Final Results

London, UK–( EMWNews – March 27, 2008) –

                                 SkyePharma PLC

                    Preliminary statement of annual results

                      for the year ended 31 December 2007

SkyePharma PLC (LSE: SKP), LONDON, ENGLAND, 27 March 2008

Summary of Results

                                                                                            2007           *2006

                                                                                                      (see note)

                                                                                           GBP'm             GBP'm


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

  cash burn.

- £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:

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 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

To view the full text of this press release, paste the following link into your web browser:

       This information is provided by RNS

            The company news service from the London Stock Exchange

Blake Masterson

Freelance Writer, Journalist and Father of 5

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