Circassia Pharmaceuticals 2016 interim results

DividendMax Ltd.

Circassia Pharmaceuticals 2016 interim results


NIOX® performing strongly

Sales increased 21% (14% at CER1) to £11.1 million (H1 2015 CER: £9.7 million - £0.6 million under Circassia ownership and £9.1 million under previous ownership)

Direct clinical sales (ie non-research2) increased 35% (26% CER) compared with H1 2015

Study to extend US label down to four year olds on track to report H2 2016

Respiratory portfolio progressing

Seriveo® (Seretide® pMDI substitute) filing on track for H2 2017

Triple combination study shows no significant safety concerns; all three components bioavailable

Prudent approach to allergy portfolio

No major confounding factors identified in cat allergy phase III dataset

Allergy investment curtailed following cat allergy phase III results

Portfolio review to follow results from house dust mite allergy study (n=715) anticipated Spring 2017

Commercial platform expanded as strategic asset for product in-licensing, partnering & acquisition

Global commercial group expanded to 200

US sales force increased to approximately 100; managed markets and key accounts teams in place

Commercial presence strengthened in Germany and China

UK direct sales force recruitment underway

Portfolio strengthened

Negotiations initiated with partner for EU rights to Fliveo® (Flixotide® pMDI substitute)

Particle-engineered Spiriva® DPI substitute progressed into development

Two new product opportunities initiated leveraging respiratory expertise

Non-specialty, non-substitutable products to be partnered (including triple combination)

R&D reorganised; allergy team and R&D facilities rationalised; device group strengthened

Evaluation of further specialty product opportunities underway


Revenues increased to £11.1 million (H1 2015: £0.6 million)

R&D expenditure £25.1 million (H1 2015: £18.4 million) including £13.8 million on allergy

Underlying loss for period £25.4 million (H1 2015: £21.7 million)

Provisions against and impairment of allergy portfolio3 £76.4 million

Strong balance sheet with £138.0 million cash4 at 30 June 2016 one-off payments of £33.2 million relating to 2015 acquisitions paid H1 2016 (cash4 at 31 December 2015: £203.8 million)

Companies mentioned