Key performance indicators

Revenue growth

Revenues over the last three years have increased year on year as follows:

Year ended
 Revenue
£m		 Increase
%
31 March 2011
 42.9 7
31 March 2010
 40.1 29
31 March 2009
 31.2 24

Cash management

This involves the management of the funding received and the cash resources available. The operational cash is defined by reference to the cash flow statements as being the addition of the net cash outflow from operations and the cash inflows from investing activities excluding cash inflow/outflow on acquisitions. These key performance indicators (KPIs) for the three years to 31 March 2011 are as follows:

Year ended
 Operational cash/
generated/(consumed)
£m		 Financing
activities
%
31 March 2011
 2.7 0.2
31 March 2010
 (4.3) (5.7)
31 March 2009
 (3.6) (6.1)

Progress with collaborative partners and licensees for the development and commercialisation of products

Vectura continued to progress the development and commercialisation of programmes partnered in earlier years including VR315/VR632 EU (€0.6m received October 2010) and NVA237/QVA149 ($7.5m received May 2010). In 2009/10 milestones of $2.5m and $7.5m were also received on VR315 and NVA237 respectively.

Progress with the un-partnered product pipeline

During the year Phase II trials were completed on VR496 for the treatment of cystic fibrosis, and VR040 for Parkinson’s disease. Vectura is actively seeking partners for these products.

Identification of new product pipeline

Vectura continues to evaluate new product opportunities. The Committee seeks and considers opportunities arising from internal development activities as well as potential in-licensing and co-development opportunities.

Maintaining and strengthening our intellectual property portfolio

Vectura has been successful during the year in oral opposition proceedings and has also achieved a number of patent grants. In August 2010 GSK signed a worldwide non-exclusive licence to certain of Vectura’s patents for two late-stage development compounds, which further validates the strength of Vectura’s intellectual property portfolio.