AGM Statement

RNS Number:6169L
Skyepharma PLC
28 May 2003



For Immediate Release                                              28 May 2003


                        ANNUAL GENERAL MEETING STATEMENT


LONDON, England, May 28, 2003 -- The Annual General Meeting of SkyePharma Plc
(LSE: SKP; Nasdaq: SKYE) was held in London today.


All resolutions were passed.


Executive Chairman, Ian Gowrie-Smith made the following comments to
shareholders:


"2002 was SkyePharma's first full year of profitable trading, based on a strong
growth in revenues, up by 50%. Over the last five years our revenues have
increased at a compound annual growth rate of over 40% - and this year we expect
another 40% increase.

A year ago, our partner GlaxoSmithKline launched Paxil(R) CR in the USA. 
Paxil(R) CR now accounts for over one-third of new Paxil(R) prescriptions and 
nearly 27% of total prescriptions (new and repeat). Successful as Paxil(R) CR
is proving to be, I would like to stress the growing strength and breadth of
SkyePharma's product portfolio. There are now eight products on the market, 
validating three of our five delivery technology platforms.


We also have a well-filled R&D pipeline. Last year we made significant progress
with some of our key projects. In December our partner Novartis filed for
approval in both the USA and Europe for a dry powder inhaler formulation of the
asthma drug Foradil(R). We expect this product to reach the market in 2004.
DepoMorphineTM, a long-acting injectable analgesic for pain relief after
surgery, is the most important product we have in development and has the
potential to revolutionise pain management after surgery. We have conducted the
clinical development of this product. We expect to submit DepoMorphineTM for FDA
approval in June, and in Europe in September. On normal review timelines, we
anticipate market approvals next year. Propofol IDD-DTM is an improved
formulation of the widely-used sedative/anaesthetic propofol. As for
DepoMorphineTM, we have taken on the clinical development ourselves. Propofol
IDD-DTM has now completed Phase II trials and is expected to enter Phase III
clinical trials in the second half of 2003.


At the end of last year, we licenced DepoMorphineTM and Propofol IDD-DTM to Endo
Pharmaceuticals for North America. The terms validate the high potential we see
for these products and justify our decision to undertake development ourselves
instead of outlicencing the products at an earlier stage. We expect to appoint
European and Japanese licensees for these products later this year. We will be
disclosing the first clinical details on DepoMorphineTM and Propofol IDD-DTM at
our R&D Day for analysts in the middle of June.


In the 2002 Annual Report we provided for the first time guidance on the outlook
for the current year and I am happy to reiterate that we expect to report
revenues for 2003 in the region of #100 million, up by 40%. Milestone payments
are still the major component of our revenues, although part of these relate to
prior year agreements. However in 2003, as in past years, most of our revenues
are likely to come in the latter part of the year and therefore we may report a
loss for the first half. As our pipeline of new products comes to the market, we
expect more predictable and regular royalty income and profit sharing
progressively to replace milestone payments as our primary source of revenues.
By 2005 analysts expect royalties to represent about half of our revenues,
against 10% last year."


SkyePharma PLC develops pharmaceutical products benefiting from world-leading
drug delivery technologies that provide easier-to-use and more effective drug
formulations. There are now nine approved products incorporating three of
SkyePharma's five delivery technologies in the areas of oral, injectable,
inhaled and topical delivery, supported by advanced solubilisation capabilities.
SkyePharma has two FDA- and EMEA-approved manufacturing plants in San Diego,
USA, and Lyon, France. For more information, visit www.skyepharma.com


For further information please contact:

SkyePharma Plc                                          + 44 (0) 20 7491 1777
Michael Ashton, Chief Executive Officer
Peter Laing, Director of Corporate Communications

US Investor Relations                                   + 1 [phone]
Sandra Haughton

Buchanan Communications                                 [phone]
Tim Anderson / Nicola How











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