>While in the air, both the user and the target will be unable to take action and will avoid any move targeted at them except Gust, Thunder, Twister, Sky Uppercut, Hurricane, Smack Down, if the user has ensured a hit with Lock-On or Mind Reader, or any move used by a Pokémon with No Guard.
So the damage won't increase, it will simply have a chance of hitting, as opposed to the majority of moves that can't hit a semi-vulnerable Sky-Dropped target.
Hope I helped. :)
Source