14 November 2011
- Strong Interim results driven by pipeline progress -
Chippenham, UK – 14 November 2011: Vectura Group plc (LSE: VEC) (“Vectura”), the Company that specialises in developing inhaled therapies, principally for the treatment of respiratory diseases, today announces its interim results for the six months ended 30 September 2011.
Financial Highlights
- Revenues ahead of expectations at £21.1m (H1 2010/11 £26.3m)
- Profit after tax of £2.6m; a £2.8m improvement (H1 2010/11 £0.2m loss)
- Positive EPS of 0.8p (H1 2010/11 loss per share of 0.1p)
- Cash and cash equivalents increased by 8% to £80.2m (£74.4m at 31 March 2011)
Operational Highlights
-
NVA237 (COPD) on track for European launch in 2012
- European Marketing Authorisation Application filed, triggering a $5m milestone receipt from Novartis
- Phase III data presented at the European Respiratory Symposium (ERS) demonstrated improvements compared with placebo:
- Increased lung function with fast onset of action
- Improved exercise endurance
- Delay to onset of first moderate/severe COPD exacerbation
- Reduced incidence of hospitalizations
- US regulatory questions to be addressed with further clinical data
QVA149 (COPD) on track for European launch in 2013 - Phase III data to be published at a major respiratory conference in 2012
- First regulatory submissions anticipated in 2012
- US regulatory filing is expected following resolution of questions on NVA237
VR315 (asthma/COPD) - Two significant new partnerships secured
- Agreement with Sandoz for Rest of World (RoW)
- Agreement with a US division of an international pharmaceutical company
VR506 (asthma) - Clinical development on track and further studies planned
Dr Chris Blackwell, Chief Executive of Vectura:
“Vectura’s results demonstrate continued financial strength, with a profit after tax and cash in excess of £80m. This strong financial performance was underpinned by two important new collaboration agreements concerning VR315 and the filing of NVA237 in Europe. We look forward to the launch of NVA237 in Europe in 2012 as well as additional Phase III clinical data for both NVA237 and QVA149.”
“Looking ahead, we will focus on building our pipeline whilst looking for new partnering opportunities to maintain the growth prospects of the Company.”
– Ends –
Dr Chris Blackwell, Chief Executive and Ms Anne Hyland, Chief Financial Officer, will host an analyst/investor briefing today at 09.30 a.m. GMT at the offices of FTI Consulting, Holborn Gate, 26 Southampton Buildings, London, WC2A 1PB. For further details please contact Mo Noonan on +44(0)20 7269 7116.
Enquiries
| Vectura Group plc |
+44 (0)1249 667700 |
| Chris Blackwell, Chief Executive |
|
| Anne Hyland, Chief Financial Officer |
|
| Julia Wilson, Director of Investor Relations |
|
| |
|
| FTI Consulting |
+44 (0)20 7831 3113 |
| Ben Atwell |
|
| Susan Quigley |
|
| |
|
Notes for editors
About Vectura
Vectura Group plc develops inhaled therapies principally for the treatment of respiratory diseases. Vectura’s main products target diseases such as asthma and chronic obstructive pulmonary disease (COPD), a growing market that is currently estimated to be worth in excess of $25bn.
Vectura has six products marketed by its partners and a portfolio of drugs in clinical and pre-clinical development, a number of which have been licensed to major pharmaceutical companies. Vectura has development collaborations and licence agreements with several pharmaceutical companies, including Novartis, Sandoz (the generics arm of Novartis), Baxter and GlaxoSmithKline (GSK).
Vectura seeks to develop certain programmes itself where this will optimise value. Vectura’s formulation and inhalation technologies are available to other pharmaceutical companies on an out-licensing basis where this complements Vectura’s business strategy. For further information, please visit Vectura’s website at www.vectura.com
Forward-looking statements
This press release contains forward-looking statements, including statements about the discovery, development and commercialisation of products. Various risks may cause Vectura’s actual results to differ materially from those expressed or implied by the forward-looking statements, including: adverse results in clinical development programmes; failure to obtain patent protection for inventions; commercial limitations imposed by patents owned or controlled by third parties; dependence upon strategic alliance partners to develop and commercialise products and services; difficulties or delays in obtaining regulatory approvals to market products and services resulting from development efforts; the requirement for substantial funding to conduct research and development and to expand commercialisation activities; and product initiatives by competitors. As a result of these factors, prospective investors are cautioned not to rely on any forward-looking statements. We disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
View the full press release in PDF format.