Vectura announces that annual revenue should exceed market estimates
This morning Vectura announced an adjustment in their profit earnings, sharing an estimated Earnings before interest, tax, depreciation and amortization (EBITDA) increase from their original expectations.
The United Kingdom based-pharmaceutical business attributes this adjustment to the increase sales of their Flutiform and Ultibro inhalers. Sales of flutiform were up by 8.6% from the 12 month period leading up to September with Europe 3.7%, Japan 13.9% and rest of world (ROW) 19.7%. In-market total sales for Ultibro were up to 12.% for the same period: Europe 9.7%, Japan -0.8% and ROW 27.3%. In November, the company signed a global agreement with global generic pharmaceuticals company, Hikma, for the development of their Open-Inhale-Close dry powder inhaler device.
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CEO of Vectura, James Ward-Lilley said: “Vectura has made good progress in the year with positive top line performance, pipeline evolution aligned with our refocused investment strategy, and strong operational execution. We look forward to 2019 with key news flow on VR315, partnering of VR647, further disclosure and momentum on our new Vectura Enhanced Nebulised assets as well as Phase III results from QVM149, our inhaled triple combination therapy for asthma, partnered with Novartis.”
The company is comprised of 450 employees, and has treated over 7 million patients with their technology as of 2017. IBES data from Refinitiv suggests that its analysts estimated £35.4mn in revenue.
Vectura will be present for the 37th Annual J.P. Morgan Healthcare Conference, 7-10 January 2019 in San Francisco, California, and Ward-Lilley will give a presentation at 9.30am PT on Thursday 10th January. Vectura will report its results for the year ended 31 December 2018 pm Tuesday 26 March 2019.
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