A transformational start to the year with growing momentum from a rejuvenated product base
LONDON, ENGLAND, 21 August 2014 – Skyepharma PLC (LSE: SKP), the expert oral and inhalation drug delivery company, today reports its interim results for the six months ended 30 June 2014.
Financial Highlights
• H1 revenues up 10% at £34.4m (H1 2013: £31.3m)
• Revenues from products launched since March 2012 comprised 62% of total revenues, up from 51% in H2 2013
• Operating profit up 187% at £13.2m (H1 2013: £4.6m)
• EBITDA up 121% at £14.6m (H1 2013: £6.6m)
• Successful completion of a £112m capital raise and full repayment of bond debt - exceptional financing charge of £25.5m
• Net debt at 30 June 2014 of £2.9m (31 December 2013: £84.2m), net of cash of £26.3m at 30 June 2014 (31 December 2013: £16.5m)
Operational Highlights
• Continued growth of flutiform®:
nbsp; o In-market sales doubled compared with H2 2013
nbsp; o Launched in a further 8 countries, including France in February, bringing to 23 the total countries where the product is available. Approvals in a further 4 countries including Spain in the period
• Revenue and profit-generation from recently-launched third-party products:
nbsp; o Further strong growth of Pacira’s EXPAREL® and recognition of the first sales milestone of U.S.$8.0m
nbsp; o Further launches of GSK’s new respiratory products utilising Skyepharma technology in Europe and the United States, and further approvals in Europe, Japan and the United States
Developments
• Supporting Mundipharma in the development of a breath-actuated version of flutiform®
• Continued development of novel oral drug delivery technology platforms
• Acquisition of global rights and intellectual property to respiratory therapy platform from Pulmagen and commencement of the development of the first new product candidate based on this platform, SKP-2075 for COPD
Outlook
• Prospects for the year remain in line with the Board’s expectations. Revenues in H2 2014 are forecast to grow compared with H1 2014 driven by increasing momentum from products launched in the last 2½ years
Commenting on the results, Peter Grant, Chief Executive Officer, said:
“The transformation of Skyepharma continued in the first half of 2014. The successful capital raise and repayment of the bond debt considerably strengthened the balance sheet. We benefited from further revenue growth from the 7 new products launched in the previous two years and further launches in the first half of this year. With a strong financial position and momentum from a renewed revenue base, we are now in a position to invest further in new products, technologies and other corporate opportunities. The acquisition of the innovative respiratory therapy platform from Pulmagen and commencement of development of SKP-2075 for COPD announced earlier this month is a key step in strengthening the future pipeline to drive the next phase of growth.”
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
+44 (0)20 7881 0524
Andrew Derodra, Chief Financial Officer
Jonathan Birt, Investor and Media Relations
+44 (0)7860 361746
N+1 Singer
Shaun Dobson/Gillian Martin
+44 (0)20 7496 3000
FTI Consulting
Julia Phillips/Rob Winder/Natalie Garland-Collins
+44 (0)20 3727 1000
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 16 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
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