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2018 Preliminary Results
- Vectura reports strong 2018 financial and operational performance -
Chippenham, UK – 26 March 2019: Vectura Group plc (LSE: VEC) ("Vectura" or "the Group") today announces its preliminary results for the year ended 31 December 2018.
|Basic loss per share||(13.2p)||(12.6p)||(4.8%)|
|Cash from operating activities||£35.1m||£26.9m||30.5%|
|Cash and cash equivalents||£108.2m||£103.7m||4.3%|
Summary guidance and outlook
The Group expects a sustained financial performance in 2019 after a strong 2018, with continued overall revenue growth offset by the gross profit impact from the loss of EXPAREL® revenues and the normalisation of the flutiform® gross margin. The Group expects the partnering of VR647 later this year. R&D guidance for the year remains unchanged at £45m to £55m.
Commenting on the preliminary results, James Ward-Lilley, Chief Executive Officer of Vectura, said:
“Focused execution of the Group’s strategy resulted in strong financial and operational performance in 2018. Our generic portfolio is progressing well with the VR315 repeat clinical trial on track to enable Hikma resubmission in 2019, and the signing of the global agreement with Hikma to develop generic versions of GSK's Ellipta® portfolio being a major catalyst for future value. Despite the disappointment of the VR475 Phase III study, we continue to make good progress with our nebulised programmes, including development of three new specialist opportunities.
“We look forward to sustaining our operational performance and providing an update on a number of important catalysts in 2019 including VR315 resubmission, partnering of VR647, further progress on our new nebulised assets and Phase III study completion for QVM149, our ICS/LAMA/LABA therapy for asthma, partnered with Novartis.”
James Ward-Lilley, Chief Executive Officer, and Paul Fry, Chief Financial Officer will present the Preliminary Results for analysts today at 9.30am to 10.30am GMT. The presentation will be held at the offices of Numis, 10 Paternoster Square, London, EC4M 7LT. There will be a simultaneous live conference call.
Dial-in details are:
Participant local dial-in: +44 (0) 207 192 8000
Participant free phone dial-in: +44 (0) 800 376 7922
Participant code: 9974699
A live webcast of the meeting and the presentation slides, will be available on Vectura's website: https://www.vectura.com/investors/presentations-and-webcasts
For more information, please contact:
Vectura Group plc
David Ginivan - VP Corporate Communications +44 (0)7471 352 720
Elizabeth Knowles - VP Investor Relations +44 (0)7767 160 565
Consilium Strategic Communications +44 (0)20 3709 5700
Mary-Jane Elliott / Jessica Hodgson / David Daley
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.
Vectura is an industry-leading inhaled product formulation, device design and development business offering a uniquely integrated inhaled drug delivery platform. We develop inhalation products to help patients suffering from airways diseases.
Vectura has ten key inhaled and eleven non-inhaled products marketed by partners with global royalty streams, and a diverse partnered portfolio of drugs in clinical development. Our partners include Hikma, Novartis, Sandoz, Mundipharma, Kyorin, Baxter, GSK, UCB, Bayer, Chiesi, Almirall, Dynavax and Tianjin KingYork.
Vectura's strategy is to fully leverage its differentiated technology and skills, maximising value by enhancing the delivery and performance of inhaled products, and through the development of high-quality generic alternatives to branded therapies.
For further information, please visit Vectura's website at www.vectura.com
1 Adjusted EBITDA is a non-IFRS measures which is calculated as operating loss, adding back amortisation and impairment, depreciation, share-based payments and exceptional items. A reconciliation of operating loss to adjusted EBITDA is presented in note 9 to the financial statements.
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