Thursday, SkyePharma PLC (SKP.L, SKYE) reported a narrower loss for the first half of fiscal 2008 benefiting from growth in royalties and manufacturing revenues from the launch of recently approved products and additional contract development revenues.
Net loss for the first half narrowed to GBP 6.8 million, or 0.8 pence per share, from GBP 19.6 million, or 2.5 pence per share last year.
Loss from continuing operations was GBP 6.8 million or 0.8 pence per share, narrower than GBP 14.2 million or 1.8 pence per share in the prior-year period.
Pre-tax loss was GBP 6.4 million, compared to pre-tax loss of GBP 14.1 million a year ago.
An exceptional charge of GBP 2.4 million was taken in the first half year for legal, taxation, accounting and other professional costs related to work on the convertible bonds. Additional costs are being incurred in the second half of 2008.
Operating loss for the first six months was GBP 4.6 million compared to GBP 8.8 million in the corresponding period.
Half-yearly revenues jumped 44% to GBP 28.4 million from GBP 19.7 million in the comparable period last year.
Revenues recognized from signing and milestone payments amounted to GBP 5.3 million compared with GBP 5.9 million for the first half of 2007.
The company expects to see further growth in revenues from sales of recently approved products over the next eighteen months, notwithstanding the effect of generic competition on the sales of Paxil CR. The ongoing rate of expenditure on non-funded research and development is expected to reduce significantly with the completion this year of the core clinical programme and CMC package for the NDA filing of Flutiform in the United States. And the company expects costs to be further offset, in the medium term, through contributions from partners on collaborative development projects.
SKP.L closed Thursday's trading at 3.76p, up 0.58p or 18.24% on a volume of about 8.21 million shares.
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