Vectura Group 2016 Interim results

DividendMax Ltd.

Vectura Group 2016 Interim results

Financial Highlights

Revenues up 35% to £26.1m (H1 2014/15: £19.4m; FY 2014/15: £58.0m)

EBITDA up 57% to £4.7m (H1 2014/15: £3.0m; FY 2014/15: £16.2m)

Loss before tax of £5.0m (H1 2014/15: loss £8.7m; FY 2014/15: loss £6.2m)

Basic EPS loss  of 0.7p (H1 2014/15: loss 1.4p; FY 2014/15: earnings 0.9p)

Robust balance sheet with cash and cash equivalents of £78.5m (£90.0m at 31 March 2015) - final payment made to former Activaero GmbH shareholders of €35m in August 2015

James Ward-Lilley, Chief Executive of Vectura:

"With my first set of results as CEO, I am delighted to report that Vectura is continuing to make very good progress with robust financial performance reflecting good pipeline progress and significant increases in partnered product sales.

The operational highlights of the first six months of our financial year highlight the sustained manner in which we create value through the application of our unique formulation, device and development expertise in inhaled airways diseases. This includes both novel formulation and device development as well as generic applications of compounds and devices.

Once launched, Utibron™ Neohaler® and Seebri™ Neohaler® will bring a new royalty stream for Vectura and we look forward to confirmation from our partner Novartis in due course on their plans for the commercialisation of these products.

Vectura is progressively building a profitable business with a strong outlook based on its unique expertise in device and formulation development in inhaled airways diseases. This approach has focused on small molecules but now includes biologics that can be delivered via inhalation. Vectura's platform has been complemented and extended with the AKITA® JET and FOX® nebulised inhalation devices which leverage the FAVORITE technology.

We will continue to maintain a strong technology platform to ensure Vectura remains at the forefront of inhalation science. Our priority remains to build a strong hybrid business model which through partnering, clinical development and progressively building a specialist commercial capability maximises our unique capabilities, manages risk and delivers strong sustained shareholder value." 

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