SkyePharma profits ‘expected soon’

British pharmaceutical company SkyePharma has said it will reach its target of becoming a profitable company “in the near term”, according to Reuters.

SkyePharma, which reported a net loss of 50.9 million pounds during a “difficult” 2005, is holding a business review day in an attempt to attract investors and demonstrate that the company is firmly on the path to recovery. The loss was a result of a reduction of up-front payments and royalty revenues, while licensing for Flutiform, its developing asthma drug, had not taken place.

However, Frank Condella, SkyePharma’s chief executive, said he welcomed the opportunity to explain the how the company will increase its funding. He stated: “I welcome the opportunity to review our expanding portfolio of marketed products, our near-term and early-stage pipeline of products that we have developed for subsequent out-licensing and also our family of delivery technologies.”

“With our injectables business unit scheduled for divestment, this will provide an excellent opportunity for investors to learn more about our core business of oral and inhalation products,” he added.

Among the plans for the company is a niche sales and marketing division that would give SkyePharma “greater control” over its revenue generation. SkyePharma will also review its product pipeline and portfolio of drugs licensed to the company from larger manufacturers, such as GlaxoSmithKline’s anti depressant, Paxil, and Sanofi-Aventis’ Xatral OD.

The company employs 425 employees worldwide and has a market capitalisation of 370 million pounds.

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