Skyepharma's asthma drug helps revenues soar 58% in first half

UK drug delivery specialist Skyepharma (LSE: SKP) has seen its first half revenues soar 58% to £31.3 million ($48.7 million), compared to £19.8 million in the same period last year, largely due to sales of its bronchial asthma treatment Flutiform (a fixed dose formulation of fluticasone and formoterol).

The loss after tax from continuing operations reduced to £1.7 million, compared to £2.6 million in 2012, and basic loss per share from continuing operations reduced to 3.6 pence, compared to a loss of 10.5 pence last year. Skyepharma’s shares rose as high as 86.70 pence in early trading this morning, but leveled off for a 0.9% rise at 84.00 pence by mid morning.

Peter Grant, chief executive, said: “The first half of 2013 saw substantial progress, both financially and in terms of the continued roll-out of Flutiform in Europe, most recently in Italy. Mundipharma continues to receive positive feedback from the initial launch markets, with increasing levels of awareness of the product among prescribers. We look forward to the continued roll-out of Flutiform in Europe and further progress in bringing Flutiform to market in Japan and Latin America.”