Thursday, biopharmaceutical company Skyepharma Plc (SKP.L, SKYE) posted a wider full-year 2008 pre-tax loss, reflecting charges related to goodwill impairment and asset write-downs.
Loss before tax widened to £28.1 million from £23.7 million in the prior year. Net loss for the period increased to £28.7 million from loss of £24 million last year.
Loss for the year from continuing and discontinued operations was £28.7 million or 247.4 pence per share, compared to loss of £27 million or 314 pence per share.
Annual results reflected £28.5 million exceptional charges, consisting of £19.5 million non-cash goodwill impairment charge related to IDD technology and £5.9 million assets and other costs write-down associated with the termination of contracts.
Before exceptional items, pre-tax profit was £0.4 million compared to a loss of £23.7 million last year. Revenue from continuing operations for the year increased 49% to £62.2 million from £41.6 million a year ago. At constant currency, revenue was up 23% from last year.
Signing and milestone payments revenue increased to £12.4 million from £10.4 million, while contract research and development costs recharged grew to £8 million from £3.2 million. Revenues from royalties rose to £22.4 million from £17.8 million and manufacturing and distribution revenue was up to £19.4 million from £10.2 million.
Looking forward, the group anticipates fiscal 2009 revenues to be lower than the previous year. Skyepharma also sees exceptional costs in the coming year, but said that its research and development costs would be much lower compared to 2008.
Jeremy Scudamore, the non-executive chairman of the group said, "The clinical work necessary for the submission of the New Drug Application in the United States for Flutiform was completed during 2008, and the application was submitted to the United States Food & Drug Administration on 20 March 2009."
"The Board continues to believe that the approval and commercial success of Flutiform will be transformational for the Group," Scudamore added.
Flutiform is a fixed-dose combination an inhaled corticosteroid, or ICS, and a long-acting beta agonist, or LABA, in a Metered Dose Inhaler. The drug is aimed at the combination ICS/LABA inhalers' market which, according to the company, is forecast to generate approximately US$10 billion worldwide by 2010.
Additionally, the drug maker said that former chairman of the Board Jerry Karabelas would step down, effective May 15.
SKP.L is up 15.35 pence, trading at 171.10 pence on the London Stock Exchange.
SKYE closed June 13, at $25.55 on the Nasdaq.
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