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BRIEF-Vectura Group posts HY revenue of 78.8 million pounds
September 6, 2017 / 6:43 AM / 3 months ago

BRIEF-Vectura Group posts HY revenue of 78.8 million pounds

Sept 6 (Reuters) - Vectura Group Plc

* H1 PRETAX LOSS 44.5 MILLION STG

* HY REVENUE 78.8 MILLION POUNDS VERSUS 73.9 MILLION POUNDS A YEAR AGO

* HY RECURRING REVENUE PERCENT OF TOTAL REVENUE 90.1 PERCENT VERSUS 76.2 PERCENT A YEAR AGO

* HY RECURRING REVENUE 71 MILLION POUNDS VERSUS 56.3 MILLION POUNDS A YEAR AGO

* DETAILED REVIEW OF PRIORITIES FOR RESEARCH AND DEVELOPMENT PROGRAMMES IN 2017 UNDERTAKEN AND EXPENDITURE FOR FY IS NOW EXPECTED TO BE LOWER, AT £60 MILLION - £70 MILLION

* “SINCE CRL, VECTURA SUPPORTED HIKMA IN CONSTRUCTIVE DIALOGUE WITH FDA AND A NUMBER OF QUESTIONS RAISED HAVE NOW BEEN CLARIFIED AND RESOLVED”

* “EXPECTS TO BE ABLE TO CONFIRM REGULATORY TIMETABLE BEFORE END OF 2017”

* IN LINE WITH BOARD‘S EXPECTATIONS, REMAINS ON TRACK TO DELIVER ORIGINAL £10 MILLION TARGET ANNUAL COST SYNERGIES BY 2018 WITH MAJORITY REALISED IN 2017

* FURTHER ANNUAL NON-HEADCOUNT COST SYNERGY OPPORTUNITIES OF £1 MILLION - £2 MILLION FROM 2018 HAVE BEEN IDENTIFIED

* “THERE IS PRODUCTIVE DIALOGUE AND PROGRESS BEING MADE WITH FDA FOLLOWING RECEIPT OF MAJOR CRL FOR VR315 ADVAIR GENERIC IN US, CONCLUDING NUMBER OF OPEN QUESTIONS” - CEO

* MAINTAINS PREVIOUS GUIDANCE OF £65 MILLION - £75 MILLION ANNUAL RESEARCH AND DEVELOPMENT EXPENDITURE FOR 2018 Source text for Eikon: Further company coverage:

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