3rd Jan 2019 08:42
LONDON (Alliance News) - Respiratory disease-focused pharmaceutical firm Vectura Group PLC said on Thursday it expects earnings for 2018 to be above market expectations, while revenue is set to be in line.
Vectura said it expects adjusted earnings before interest, taxes, depreciation and amortisation above consensus expectations, due to margin improvements, productivity initiatives and overall revenue mix.
Revenue for 2018 is expected to grow in line with expectations, due to positive in-market sales performances.
Total in-market sales for children's asthma treatment flutiform were up 8.6% for 2018, while in-market sales for Ultibro, an inhaler for the treatment of chronic obstructive pulmonary disease, grew by 12%.
For 2017, adjusted Ebitda stood at GBP25.8 million, on revenue of GBP148.0 million.
Research and development investment for 2018 is expected in the range of GBP55 million to GBP65 million, while guidance for 2019 has been kept at GBP45 million to GBP55 million.
Vectura said it is continuing to progress its generic pipeline, which includes VR315 and VR2081.
Also, in the nebulised portfolio, three new therapies have been developed to target orphan disease segments, and Vectura reported positive data from the VR647 phase two study.
"Vectura has made good progress in the year with positive top line performance, pipeline evolution aligned with our refocused investment strategy, and strong operational execution. We look forward to 2019 with key news flow on VR315, partnering of VR647, further disclosure and momentum on our new Vectura Enhanced Nebulised assets as well as Phase III results from QVM149, our inhaled triple combination therapy for asthma, partnered with Novartis," said Chief Executive Officer James Ward-Lilley.
Shares in Vectura Group were up 10% at 78.05 pence on Thursday.
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