29th Sep 2015 11:56
LONDON (Alliance News) - Vernalis PLC on Tuesday said it believes it has sufficient cash to reach profitability, although it expects to remain loss making for the next 18 to 24 months as it makes significant investment in the launch of its cough-cold product Tuzistra, released following the end of its most recent financial year.
The research and development pharmaceutical company shifted its accounting date to the end of June to align with the seasonality of the US cough-cold market, and as a result, its full year results compare the eighteen months to end-June 2015 with the twelve months to December 21 2013. For the eighteen months, the company reported a pretax loss of GBP9.3 million, widened from a pretax loss of GBP6.3 million in the 18-month comparative period. It posted revenue of GBP19.9 million, up from GBP14.1 million.
For the 12 months to end-June the company reported a pretax loss of GBP3.7 million, narrowed from a pretax loss of GBP14.4 million in the 12 months to end-June 2014, on revenue of GBP13.7 million compared to GBP12.7 million.
"The outlook for 2015/2016 is very exciting as we begin to commercialise Tuzistra TM XR in the US prescription cough cold market, and we continue to look for complementary products to leverage our specialist sales force," Chief Executive Officer Ian Garland said in a statement.
Shares in Vernalis were down 6.5% at 73.25 pence Tuesday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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