SkyPharma's 2008 results hit by Triglide generic competition, despite 50% sales jump
UK-based drug delivery specialist SkyePharma's net loss deepened by 6% during full-year 2008, versus 2007, due to costs related to generic competition arising for its off-patent cardiovascular drug Triglide (fenofibrate).
Revenue was GBP62.2 million ($90.1 million), up 50%, while R&D costs were cut 17% to GBP25.1 million. Selling, general and administrative costs rose to GBP1.5 million from GBP1.0 million.
The company's net loss was GBP28.7 million vs a loss of GBP27.0 million. Due to a placing and open offer of new ordinary shares in September, SkyePharma's loss per share was cut to 247.4 pence vs 314 pence.
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