GSK’s Q4 2015 results highlighted significantly improved performance from the products incorporating Skyepharma’s dry powder inhalation formulation technologies. The Ellipta® range (Breo®/Relvar®, Anoro® and Incruse®) continued to post growth with combined sales in Q4 increasing 53% from Q3, generating full year sales of £350m (ahead of our £335m estimate). We expect the positive momentum to continue going forward although we make no changes to our forecasts at this stage. We believe Skyepharma has a highly attractive offering and remain positive on its outlook.
