Skyepharma PLC Announces Final Results

LONDON--(Marketwire - March 26, 2009) -

 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