Vectura revenues rise as it expands global reach
Respiratory technology specialist Vectura, whose delivery devices hub is in Cambridge, hoisted revenues by 6.6 per cent to £78.8 million in the six months to June 30.
The group’s operating loss was 71.4 per cent higher to £41.3m as it continued to invest in technology and geographical expansion.
Vectura reports significant growth across eight key in-market inhaled products.
High points include further expansion of demand for flutiform® with growth of product supply volumes in the period, a key capacity expansion initiative going live, continued roll-out in Asia Pacific and Latin America, and commencement of Phase III asthma study recruitment in China.
It also reports continued growth from Ultibro® Breezhaler® with net sales reported by Novartis up 10 per cent in the period on a constant currency basis, fuelled by positive FLAME study results and recent changes to GOLD guidelines.
CEO James Ward-Lilley, said: “This is a robust set of results in line with board expectations for the full year reflecting the increasing contribution from our recurring revenues alongside effective cost and synergy management.
“We continue to make significant headway with both our pipeline and business development. There is a productive dialogue and progress being made with the FDA following receipt of the major CRL for our VR315 Advair generic in the US, concluding a number of open questions. Along with our partner Hikma, we remain confident of the approvability of the product.
“The group continues to be uniquely positioned as a leading respiratory airways device and formulation specialist with a proven track record reflected in our broad offering of growing in-market revenues and multiple pipeline and further partnering opportunities.
“This provides the basis for a strong outlook for the remainder of the year and beyond with multiple opportunities to create substantial shareholder value.”
In a separate announcement, Vectura disclosed that it was progressing the development of a branded generic tiotropium bromide programme (VR410) for the US market, which will be accelerated through an exclusive licence agreement with NASDAQ-quoted Pulmatrix Inc.
Pulmatrix is a clinical-stage biopharmaceutical company that has been developing PUR0200, its once-daily, inhalable iSPERSE™ formulation of tiotropium bromide for COPD patients.
Vectura’s innovative dry power inhaler device technology will be used to deliver PUR0200.
• PHOTOGRAPH SHOWS: Vectura CEO James Ward-Lilley