Skyepharma posts 25% revenue growth for 2013

UK-based Skyepharma (LSE SKP), an oral and inhalation drug delivery company, today released financial results for 2013, showing that revenues increased 25% year-on-year to £62.6 million ($104.4 million). The firm’s shares dipped 1.2% to £129.85 by early afternoon trading.

The revenue increase came primarily due to growth in Flutiform (fluticasone/formoterol) supply, increased contract development, and the group’s share of higher net sales of Pacira’s Exparel (bupivacaine liposome injectable suspension).

Pre-exceptional operating profit was up 8% to £13.6 million. Pre-exceptional earnings before interest, taxes, depreciation and amortization (EBITDA) increased 15% to £17.9 million. Total profit after tax from continuing operations and discontinued operations of £800,000 compared to a: £4.4 million loss in 2012. Profit includes a tax credit of £1.8 million arising from the recognition of a £2.0 million deferred tax asset reflecting expected utilization of tax losses in 2014.