Annual results today from SkyePharma Plc - http://www.stockopedia.com/news/announcement/SKP/090326skp5050p.htm
- Revenues up 49% to £62.2m (2007: £41.6m) boosted by the weak pound; revenues at constant currency up 23%. SKP said it was confident its Flutiform asthma drug could sell $1 billion a year.
- Pre-exceptional operating profit of £10.9m (2007: loss of £15.2m), reflecting growth in revenues, lower operating costs and currency effects
- Higher net loss of £28.7m (2007: loss of £24.0m), post exceptional items of £28.5m (2007: £Nil) of which £26.2m is non-cash but said it was turning around the business after renegotiating its debt last year and filing its most important new drug for U.S. regulatory approval earlier this week.
- Cash and undrawn facilities of £37.5m at 31 December 2008 (2007: £33.1m). SkyePharma thinks existing liquidity is sufficient to meet the needs of the business for the foreseeable future.
- “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 Flutiform and other pipeline products,” non-executive chairman Jeremy Scudamore said.
Piper Jaffray analyst Richard Parkes said SkyePharma's results were "impressive" and reflected better than expected revenues and cost controls.
