SkyePharma records losses ‘but makes significant progress’

SkyePharma, the UK-based pharmaceutical company, has reported pre-tax losses of 26.4 million pounds in its interim results for the six months ended June 30th, compared to 12.8 million pound losses in 2005.

However, the company said it is still optimistic that it can return to sustainable profitability and highlighted the fact that the sales in its royalty-earning products had “largely met or exceeded” its expectations.

Additionally, SkyePharma also highlighted recent licensing deals with Kos and Mundipharm for the distribution of its asthma product, Flutiform, while making progress in its attempt to divest its injectables business.

SkyePharma’s chief executive, Frank Condella, remarked: “SkyePharma has made significant progress on the strategic objectives put forward this year.”

“We have also expanded our development pipeline while improving our operational efficiency,” he added.

Dr Jerry Karabelas, non-executive chairman of SkyePharma, said that although the company was reviewing its costs at all of its facilities, it remains committed to a “prudent” research and development budget.

Earlier this week, the company announced a restructuring of its management, with some responsibilities being outsourced to save costs.