Pre-close trading update confirms good progress against 2018 goals
3rd January 2019
Vectura Group plc today announces an unaudited 2018 pre-close trading update. The Group expects revenue to be in line with, and EBITDA to be materially above, current market consensus expectations. Vectura will report its preliminary results for the year ended 31 December 2018 on Tuesday 26 March 2019.
- Vectura revenues continue to grow in line with expectations, underpinned by positive in-market sales performance of:
- flutiform® total in-market sales* were up 8.6% for the 12 month period to September 2018 – Europe +3.7%, Japan +13.9% and rest of world (ROW) +19.7% – all at constant exchange rates (CER) compared to the 12 months to September 2017
- Ultibro® total in-market sales* were up 12.2% for the 12 month period to September 2018 – Europe +9.7%, Japan -0.8% and ROW +27.3% – all at CER compared to the 12 months to September 2017.
- Agreement signed with Hikma pharmaceuticals for the global development and commercialisation of generic versions of GSK’s Ellipta® portfolio, receiving an upfront milestone of US$15 million
- Continuing to build and progress generic pipeline, including the Ellipta® portfolio, VR315 and VR2081
- Significant progress on nebulised portfolio, despite disappointing VR475 results, including positive VR647 Phase II data and the development of three new Vectura enhanced therapies, targeting niche or orphan disease segments
- R&D transformation successfully creating capacity to support new programmes as well as cost efficiencies
- Strong operational performance delivering EBITDA growth materially ahead of market expectations, with closing cash and cash equivalents of approximately £108 million
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(* Source: IQVIA SMART MIDAS constant currency sales. Royalties payable by partners to the Group are based on agreed contractual definitions of net sales, which differ from IQVIA reported sales, and may include other adjustments or deductions.)