26th Aug 2015 07:23
LONDON (Alliance News) - Skyepharma PLC Wednesday said it looks forward to the rest of 2015 "with confidence" as it reported a swing to a pretax profit for its first half, as revenue growth was boosted by a strong performance from its asthma drug flutiform.
For the half year to end-June the company posted a pretax profit of GBP10.5 million, swung from a pretax loss of GBP18.1 million a year before, as revenue rose to GBP40.8 million from GBP34.4 million, and exceptional finance costs did not recur.
In the previous year the company saw an exceptional cost of GBP25.5 million related to a capital raise and bond repayment.
Revenue growth was driven by a strong performance from flutiform, along with higher net sales of analgesic exparel royalties and higher than expected royalties from actinic keratosis treatment solaraze in the US caused by a temporary situation involving manufacturing issues at a competitor.
The company expects substantial growth in revenues in 2015 compared to 2014 due to ongoing momentum from products it has launched since March 2012, in particular highlighting revenues from flutiform that will beat its previous expectations.
"With a strong start to the year, Skyepharma is on track to deliver substantial growth in revenues in 2015, driven by products launched since March 2012," said Chief Executive Officer Peter Grant in a statement.
Shares in Skyepharma were up 5.8% at 282.75 pence Wednesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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