26th Mar 2019 08:41
LONDON (Alliance News) - Vectura Group PLC on Tuesday said its loss widened in 2018 on litigation expenses, while revenue growth was boosted by strong inhaled products sales.
The pharmaceutical company reported revenue of GBP160.5 million for 2018, up 8.4% from GBP148.0 million a year before, though the pretax loss widened to GBP104.8 million from GBP102.2 million.
Revenue from Vectura's Inhaled unit totalled GBP131.1 million, up by 15% on the prior year, while revenue from non-inhaled products declined by 14% to GBP29.4 million, following the expiry of patents for Exparel, Advante, and Xatral.
Research & development expenses reduced by 8.0% in the year to GBP55.5 million from GBP60.3 million, as development of VR475 candidate was wound down following the top-line results from the phase III clinical study.
In 2018, Vectura started, and is progressing, three new pipeline projects based on combining existing proven molecules with its breath-controlled nebulised technology. Spend on these projects is expected to increase in 2019 as they approach the clinical phases.
Exceptional items includes GBP7.1 million of costs arising from the progression of legal proceedings against GlaxoSmithKline PLC in the US and UK relating to some of Vectura's patents for its Ellipta inhalers.
"Focused execution of the group's strategy resulted in strong financial and operational performance in 2018," said Chief Executive James Ward-Lilley.
"We look forward to sustaining our operational performance and providing an update on a number of important catalysts in 2019," added Ward-Lilley.
Vectura shares were trading 0.6% higher on Tuesday at 71.65 pence each.
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