SOURCE: SkyePharma PLC

September 20, 2007 03:17 ET

SkyePharma PLC - Interim Results

London, UK--(Marketwire - September 20, 2007) -


                     Interim Results Announcement
                for the Six Months Ended 30 June 2007

SkyePharma PLC (LSE: SKP) LONDON, ENGLAND, 20 September 2007

Summary of Unaudited Results for the six months ended 30 June 2007


                                 H1: 2007        *H1: 2006
                                    GBP'm            GBP'm

Continuing operations

Revenue from continuing operations   19.7             21.4

Operating loss from continuing 
 operations before exceptionals       8.8             11.2

Loss before tax from continuing 
 operations after exceptionals       14.1             15.8

The loss is arrived at after 
 charging R&D expenditure            13.8             14.2

Discontinued operations

Operating loss from discontinued 
 operations (before exceptionals)     4.4             11.0

Loss before tax from discontinued 
 operations after exceptionals        5.4             11.0

Net debt

Total debt less cash (including 
 convertible bonds at period end)   105.7            111.7

*Restated - see Financial Review section

Highlights


-  Sale of Injectable Business completed in March 2007

-  Completion of major financial restructuring: liquidity at 30 June 
   2007: GBP48.4 million (31 December 2006: GBP46.2 million)

-  Further progress with FlutiformTM:

        o        existing Phase III trials for US nearly fully recruited

        o        additional clinical work for US being planned

        o        plan to file in Europe and US in H2, 2008

-  Good progress with near term pipeline products - 2 key regulatory 
   filings and 2 key approvals

Dr Jerry Karabelas, Non-Executive Chairman, said: "Substantial progress has been made in the first half to reshape the Group, focus the activity on oral and inhalation products, ensure that the Company has adequate financial resources to meet its objectives, and ensure the timely completion of the FlutiformTM Phase III program. Although there is an unexpected delay to the planned date for filing FlutiformTM in the US to the second half of 2008, the Board continues to have confidence in the potential for significant growth being created for shareholders in the coming years. This growth will arise from the commercialisation of FlutiformTM by our partners, the continued contribution from the royalties of our eleven approved products, and the further development of our pipeline."

The results presentation has been published on the Company's website and a webcast of the analysts' conference will be available shortly after that conference is concluded.


For further information please contact:

SkyePharma PLC

Frank Condella, Chief Executive Officer
Ken Cunningham, Chief Operating Officer       +44 207 491 1777
Peter Grant, Finance Director

Financial Dynamics (London enquiries)
David Yates / Deborah Scott                   +44 207 831 3113

Trout Group (US enquiries)
Christine Labaree / Seth Lewis                +1 617 583 1308

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 Company has eleven 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 release, paste the following link into your web browser.

http://www.rns-pdf.londonstockexchange.com/rns/1651e_-2007-9-20.pdf


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