Update: Operating business continues to perform
Skyepharma's trading update highlights the importance of the recently launched products, including flutiform, Exparel and the new generation of GSK inhalers. Net R&D investment for FY15 has been pencilled in for £10m, suggesting valid opportunities to build the pipeline have been identified. The increase in spend of £5m is balanced by the stronger than expected cash generation in FY14. The near-term changes in royalty timings and R&D spend are offset by a higher long-term contribution in our model, with our DCF valuation remaining unchanged at £342m (326p).Skyland Petroleum is engaged in the licensing of copyright for feature films.
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