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Skyepharma PLC (SKYEF) Interim Results Statement


8/15/2013 9:16:11 AM

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LONDON, ENGLAND, 15 August 2013 – Skyepharma PLC (LSE: SKP), the expert oral and inhalation drug delivery company, today reports its interim results for the six months ended 30 June 2013.

Financial Highlights

- Revenues up 58% at £31.3m (H1 2012: £19.8m), primarily due to growing sales of flutiform®

- Pre-exceptional operating profit up 24% at £4.6m (H1 2012: £3.7m)

- Pre-exceptional EBITDA up 35% at £6.6m (H1 2012: £4.9m)

- Total net loss after tax from continuing operations £1.7m (H1 2012: £2.6m)

- Cash and cash equivalents of £18.8m at 30 June 2013 (2012: £16.4m)

Operating Highlights

- flutiform® approved in 21 European countries, Australia and Hong Kong, for the treatment of asthma

- €2.0m (£1.7m) milestone payment from Mundipharma received in July following launch of flutiformo® in Italy

- flutiform® continues to track or exceed in-market value of sales compared with the most recent launch of a new non-generic combination brand in the ICS/LABA market segment for the same period post launch

- BREO™ ELLIPTA™ (GSK) approved for treatment of COPD in the U.S., the first GSK product utilising Skyepharma’s proprietary dry powder formulation technology for inhalation products

Post-period Events

- flutiform® recommended for approval by a committee of the MHLW in Japan

Commenting on the results, Peter Grant, Chief Executive Officer, said:

“The first half of 2013 saw substantial progress, both financially and in terms of the continued roll-out of flutiform in Europe, most recently in Italy. Mundipharma continues to receive positive feedback from the initial launch markets, with increasing levels of awareness of the product among prescribers. We look forward to the continued roll-out of flutiform in Europe and further progress in bringing flutiform to market in Japan and Latin America.

“The approval of GSK’s BREO ELLIPTA by the U.S. FDA in May provided further validation of Skyepharma’s proprietary dry powder formulation technology for inhalation products. Our technology has been incorporated in two potentially significant GSK combination products and could generate up to £9 million per annum in royalties. As momentum builds behind flutiform and a number of other recently-approved products, we have a strong platform for future growth, from which to generate new development opportunities, both organically and with industry partners.” The results presentation has been published on the Company’s website and a webcast of the analysts’ results presentation will be available later today.

For further information please contact:

Skyepharma PLC

Peter Grant, Chief Executive Officer +44 207 881 0524

N+1 Singer

Shaun Dobson/Jennifer Wyllie +44 207 496 3000

FTI Consulting

Julia Phillips/Susan Stuart/Natalie Garland-Collins +44 207 831 3113

About Skyepharma PLC

Skyepharma combines proven scientific expertise with validated proprietary drug delivery technologies to develop innovative oral and inhalation pharmaceutical products. The Group is eligible for revenues from 14 approved products in the areas of inhalation, oral, topical and injectable drug delivery as well as generating income from the development of further products and technology licenses. The products developed by the Group are marketed throughout the world by big pharmaceutical as well as specialty pharmaceutical companies. For more information, visit www.skyepharma.com

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