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Skyepharma PLC (SKYEF): Statement Of Annual Results


3/31/2014 9:06:57 AM

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LONDON, UK, 31 March, 2014 - Skyepharma PLC (LSE SKP), the expert oral and inhalation drug delivery company, today announces its annual results for the year ended 31 December 2013.

Financial Highlights

• Revenues up 25% per cent. to £62.6m (2012: £49.9m), primarily due to growth in flutiform® supply, increased contract development, and the Group’s share of higher net sales of Pacira’s EXPAREL®
• Pre-exceptional operating profit up 8% to £13.6m (2012: £12.6m)
• Pre-exceptional EBITDA up 15% to £17.9m (2012: £15.6m)
• Total profit after tax from continuing operations and discontinued operations of £0.8m (2012: £4.4m loss)
- Profit includes a tax credit of £1.8m arising from the recognition of a £2.0m deferred tax asset reflecting expected utilisation of tax losses in 2014
• Cash and cash equivalents of £16.5m at 31 December 2013 (2012: £16.4m)

Operating Highlights

• Substantial progress with flutiform®:
- Growth of in-market sales in Germany, UK and the Netherlands, following launch in 2012
- Further launches in Japan, Italy and 10 other countries
- Substantial growth in supply revenues
• Significant revenue-generating potential from third-party products:
- Strong growth of sales of Pacira’s product, EXPAREL®
- Approval and launches in the United States and Japan of GSK’s products Relvar® Ellipta®/Breo® Ellipta®
- Approval of GSK’s products Relvar® Ellipta® in Europe and Anoro™ Ellipta™ in the United States
• Renewal of lease of Lyon Facility to June 2016

Post year-end
• flutiform® launched in France, the Czech Republic and South Korea, and approved in Spain
• Planned implementation of a £112m capital raising to pay off bond debt and increase the Group’s capacity to strengthen the product pipeline

Commenting on the achievments of 2013, Peter Grant, Chief Executive Officer, said:

“2013 was another year of increasing momentum for Skyepharma. We saw further launches in major markets of our key product, flutiform®, along with a number of approvals and a growth in sales of existing products. The approval of GSK’s Relvar® Ellipta®/Breo® Ellipta® and Anoro™ Ellipta™, which utilise one of Skyepharma’s dry powder inhalation technologies licensed to GSK, gives the Group potential income of up to £9m per annum for the life of the patents. It also brings the total number of products launched or approved in major markets to seven over the past two years from which the Group is eligible for revenues under long-term agreements.

The combination of further launches and product approvals and the planned reduction of debt through the proposed capital raise significantly improves the Group’s outlook and sets the stage for further growth.”

Antony Mattessich, Regional Director, Europe, Mundipharma, commented:

"We are delighted with the successful launch of flutiform for the treatment of bronchial asthma. In Europe, flutiform has now been approved in 23 countries and has been launched in 15 European countries, Hong Kong, South Korea and Australia. Sales are growing in line with our expectations and we look forward to the further roll out of flutiform and its continued growth.”

A PDF version of the 2013 Annual Report and Accounts along with the results presentation has been published on the Company’s website and a webcast of the analysts’ results presentation will be available shortly.

For further information please contact:

Skyepharma PLC
Peter Grant, Chief Executive Officer
Andrew Derodra, Chief Financial Officer +44 207 881 0524

FTI Consulting
Julia Phillips/Stephanie Cuthbert/Natalie Garland-Collins +44 203 727 1000

N+1 Singer
Shaun Dobson/Gillian Martin +44 207 496 3000

About Skyepharma
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 15 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 pharma as well as speciality pharmaceutical companies. For more information, visit www.skyepharma.com

This announcement is an advertisement for the purposes of the UK Prospectus Rules and does not constitute a prospectus or prospectus equivalent document. Investors should not subscribe for or purchase any securities referred to in this announcement except on the basis of information in the prospectus to be published by the Company in due course in connection with the Capital Raising. Copies of the prospectus will, following publication, be available from the Company's registered office at 46-48 Grosvenor Gardens, London SW1W 0EB.

This announcement is not an offer of securities for sale, or a solicitation of an offer to buy securities, in the United States or in any other jurisdiction where such offer or solicitation would not be permitted. Securities may not be offered or sold in the United States absent registration with the United States Securities and Exchange Commission or an exemption from registration. The securities described in this announcement, when and if offered, will not be registered under the United States Securities Act of 1933, as amended (the "Securities Act"), or with any regulatory authority or under the applicable securities laws of any state or other jurisdiction of the United States, or the relevant laws of any state, province or territory of Australia, Canada, Hong Kong, Japan or New Zealand and the New Ordinary Shares may not be offered, sold, pledged, or otherwise transferred directly or indirectly, within the United States (as defined in Regulation S under the Securities Act), except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state or local securities law. There will be no public offering of securities in the United States.

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