SkyePharma reports strong revenue growth

Underpinned by sales of Flutiform and use of proprietary dry powder formulation technology in GSK product

SkyePharma, a UK developer of oral and inhalation pharmaceutical products, saw revenue rise by 58% to £31.3m in the first half to 30 June 2013 (H1 2012: £19.8m), primarily due to growing sales of asthma treatment Flutiform.

The firm's half-year loss before tax from continuing operations narrowed to £1.7m (H1 2012: £2.6m).

Flutiform is approved in 21 European countries, Australia and Hong Kong, and has been recommended for approval in Japan.

SkyePharma received a £1.7m milestone payment from Mundipharma in July following the introduction of Flutiform in Italy.

GSK's Breo Ellipta, which uses SkyePharma's proprietary dry powder formulation technology, was approved for treatment of chronic obstructive pulmonary disease (COPD) in the US during the period.

Commenting on the results, Peter Grant, Chief Executive of SkyePharma, said the first half of 2013 'saw substantial progress, both financially and in terms of the continued roll-out of Flutiform in Europe'.

'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,' he said.

Grant added that the use of SkyePharma's technology in GSK's Breo Ellipta could generate 'up to £9m per annum in royalties'.

As momentum builds behind Flutiform and a number of other recently approved products, he said SkyePharma 'has a strong platform for future growth, both organically and with industry partners'.

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