SOURCE: SkyePharma PLC

March 25, 2010 03:16 ET

SkyePharma PLC announces Final Results

London, UK--(Marketwire - March 25, 2010) -

Preliminary statement of annual results

SkyePharma PLC (LSE: SKP), LONDON, ENGLAND, 25 March 2010

Summary of Results for the year ended 31 December 2009

                                                           2009   2008

                                                          GBP'm  GBP'm


Revenue                                                    55.9   62.2

Net research and development expenditure                   10.3   17.1

Pre-exceptional operating profit                           15.1   10.9

Net loss after tax (post exceptional)                      (1.4) (28.7)

Pre-exceptional earnings before interest, tax,             18.6   16.3
depreciation and amortisation ("EBITDA")

Net debt and liquidity

Net debt (total debt less cash*)                          107.1  115.8

Liquidity - cash and cash equivalents plus undrawn         29.3   38.0

* Net debt is as shown in the balance sheet, which is presented under

Financial Summary

* Trading in line with Board's expectations - revenues down 10% to
GBP55.9m (2008: GBP62.2m) due to lower milestones in 2009 and non-recurr
ing manufacturing revenues in prior year

* Pre-exceptional operating profit up 39% to GBP15.1m (2008:
GBP10.9m), reflecting significantly lower net R&D expenditure, cost
savings, product price increases and GBP1.9 million cash received
relating to prior year royalties

* Net loss significantly reduced to GBP1.4m (2008: loss of GBP28.7m),
post exceptional items, finance charges and tax

* Strong pre-exceptional EBITDA up 14.1% to GBP18.6m (2008: GBP16.3m)

* Cash and undrawn facilities of GBP29.3m at 31 December 2009 (2008:

Operating Summary

* FlutiformTM in the process of being filed for European approval

* FlutiformTM Phase II studies conducted by Kyorin in Japan
continue to make good progress; partnering discussions underway for
Canada and Latin America

* Meeting request submitted to US FDA to discuss Complete Response
Letter for FlutiformTM

* LodotraTM launched in Germany for treatment of rheumatoid
arthritis joint stiffness; approved in 13 countries; US NDA filing
expected Q3 2010

* Royalty revenues remain strong, with notable performances by
Solaraze® and Requip® Once-a-day

* Partner Somnus secured financing for Phase II programme for
SKP-1041 in sleep maintenance

* Formulation work initiated for SKP-1052 for diabetes

* Restructuring of Lyon and Muttenz operating facilities
generating annual cost savings of GBP2.0m

* Frank Condellla appointed Chairman; Board further strengthend
with appointment of Dr. Thomas Werner; Dr. Anne Brindley appointed EVP
Pharmaceutical DevelopmentCommenting on the results, Frank Condella, Non-Executive Chairman,
said:"SkyePharma made progress on a number of fronts during 2009, leading to
a substantial increase in pre-exceptional operating profit and a second
successive year of strong EBITDA. The Group continued to manage costs
carefully and the restructuring of the manufacturing facility in Lyon,
France, completed during the year will deliver long-term benefits.
FlutiformTM is in the process of being filed in Europe and trials in
Japan, the world's second largest pharmaceutical market, remain on
track. In the United States, we are working to address the issues
raised by the FDA and will provide an update in due course. We are
confident that FlutiformTM has significant potential in the treatment of
asthma."Trading in 2010 is expected to continue to benefit from the cost
reductions and price increases agreed in 2009 and the Board anticipates
revenues broadly in line with 2009. The Directors remain confident in
the future prospects for the business."

The results presentation has been published on the Company's website
and a webcast of the analysts' conference will be available later

For further information please contact:

SkyePharma PLC                          
Ken Cunningham, Chief Executive Officer +44 207 491 1777
Peter Grant, Chief Financial Officer

Financial Dynamics
Jonathan Birt / Susan Quigley           +44 207 831 3113

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