Skyepharma continues to maintain strong progress across the business. Revenue growth is driven by the products launched since 2012, with encouraging contributions from flutiform and Exparel. The improving operational leverage in the flutiform supply chain suggests continuing margin expansion though to 2018. We have reviewed our model, raising our forecasts for FY16 and beyond, and consequently our valuation increases by 11.5% from £354m or 338p a share to £395m or 377p a share.
