16th May 2014 10:09
LONDON (Alliance News) - Skyepharma PLC Friday said it continues to expect further revenue growth during the year, as its first quarter revenues were boosted by a milestone payment following the launch of its flutiform inhaler in France.
In the quarter to end-March the company saw EUR3.0 million from the launch of flutiform, and expects a further milestone payment of EUR2.0 million when the product is launched in Spain as soon as the second half of the year.
Flutiform has been approved in 29 countries and launched in 22.
During 2014 GlaxoSmithKline PLC has made further progress with products using Skyepharma's inhalation formulation technology. Glaxo launched its Relvar Ellipta treatment in the UK and Germany in January, Anoro Ellipta in the US in April, and was granted EU marketing authorisation for Anoro Ellipta this month.
Skyepharma is entitled to a low single-digit royalty on Glaxo's net sales of products using the technology, capped at a maximum of GBP3.0 million per year.
Additionally, it is entitled to 3% of net sales of Pacira Pharmaceuticals Inc's EXPAREL pain relief product in the US, due to patents it sold with its injectables business in 2007. It is entitled to further milestones payments of up to USD52 million, once yearly net sales of the product reach USD100 million.
EXPAREL sales were USD34.4 million in the first quarter of 2014, Skyepharma said.
Additionally, it has signed a royalty agreement with Shionogi Inc for its high blood pressure treatment Sular and cholesterol drug Triglide going forward. Shionogi will pay a low single digit percentage on net sales on Sular. Regular royalty payments for Triglide will resume, Skyepharma said.
"The key value drivers of the business, including flutiform and Pacira's EXPAREL, are performing in line with expectations, and GSK's new inhalation products, which use Skyepharma's licensed technology, continue to receive approvals in key markets," said Chief Executive Peter Grant in a statement.
Shares in Skyepharma were trading down 2.7% at 237.25 pence Friday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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