Highlights 2010/11

Financial highlights

  • Strong revenue growth of 7% to £42.9m (2009/10: £40.1m)
  • Gross profit increased by 10% to £40.2m (2009/10: £36.6m)
  • Cash generative over the year; cash and cash equivalents increased by £10.3m to £74.4m at 31 March 2011 (31 March 2010: £64.1m)
  • Positive EBITDA* of £0.5m, a £2.1m improvement (2009/10: negative £1.6m)
  • Loss after tax reduced by 14% to £8.8m (2009/10: £10.2m)
  • Loss per share improved by 16% to 2.7p (2009/10: 3.2p)
 

Pipeline and Company highlights

NVA237 (COPD)

  • Phase III trial results announced in April 2011 showed that NVA237 significantly improved lung function while demonstrating a good safety profile in patients with moderate-to-severe COPD
  • Further Phase III trial results expected to be released by Novartis in September 2011
  • Novartis expects to launch NVA237 in 2012

QVA149 (COPD)

  • $7.5m (£5.1m) milestone triggered by start of Phase III studies in May 2010
  • Novartis expects to launch QVA149 in 2013

VR315 (asthma/COPD)

  • Development progress

VR632 (asthma/COPD)

  • €0.6m (£0.5m) milestone received in October 2010, reflecting development progress

VR506 (asthma)

  • Clinical programme commenced

GSK (asthma/COPD)

  • Worldwide, non-exclusive licence to certain of Vectura’s patents for two late-stage development compounds signed in August 2010
  • £10m up-front payment received; a further £10m is expected over the period to launch
  • Royalties on sales of up to £13m per year

VR040 (Parkinson’s disease)

  • Phase II study results, announced in November 2010, showed a clinically relevant and statisticallysignificant benefit, confirming previous Phase II study findings

VR496 (cystic fibrosis)

  • Phase II proof-of-concept study, announced in March 2011, demonstrated good safety and tolerability, with evidence of anti-inflammatory and mucolytic activity

R&D cost-saving

  • Nottingham facility closed and all formulation development activities consolidated at our Chippenham facility during the financial year
  • On track for anticipated annual cost-savings of approximately £6m from April 2011

* Earnings before interest, tax, depreciation and amortisation