SkyePharma attributes its strong half-year figures to flutiform gaining momentum

UK drug delivery company SkyePharma (LSE: SKP) has reported robust interim results showing the company’s first half of 2015 operating profits to be 118% ahead year-on-year.

It has also succeeded in clearing debt that the company had been laboring under for more than seven years, an improvement that chief executive Peter Grant told The Pharma Letter was “reasonably predictable.” He said: “Apart from the brilliant management, basically we’ve got eight products launched in the past three years. It takes seven-eight years in any geography to reach peak sales, and it’s just a question of momentum and growth coming through. It was reasonably predictable that that would be happening for some time.”

The company’s chief financial officer, Andrew Derodra, attributed success to SkyePharma’s flutiform product: “flutiform is clearly a major driver of improved fortunes for the company and valuations.” There has been a significant growth in flutiform sales, which are up 129% year-on-year to £47.2 million ($73.7 million). Flutiform has been launched in 30 countries for the treatment of asthma, approved in a further seven and under review in 14. “It’s a best-of-both combination product that offers a benefit for patients and prescribers. It’s a product with a very good proposition,” said Mr Derodra. A strong growth in flutiform royalties and product supply revenues was largely behind the positive financials for the half-year.