Vectura materially widens H1 pretax loss

Vectura has materially widened its H1 pretax loss to £22.4m, from a loss of £5m. Revenue was much lower at £73.9m, from £26.1m, and amortisation of intangibles was £33.0m, from £9.3m.

"These strong results represent a step-change for Vectura following the merger with Skyepharma during the period. We have continued to see sustained momentum in recurring revenues from recently-launched inhaled products," said CEO James Ward-Lilley.

"Vectura now owns or is partnered with seven assets that are currently in Phase III development or under regulatory review and we have made substantial pipeline progress with our innovative and generic assets at both late and earlier stages.

"We are making excellent progress with the merger integration process including completing the portfolio review, adding new programmes and implementing the new organisation structure.

"We remain on course to at least deliver the identified synergy savings and look forward to strong financial performance and continued progress across our pipeline in the remainder of the year and beyond.

"Vectura's unique breadth of device platforms, expertise in formulation and track record of delivering medicines to market means the Group is well placed to deliver significant further shareholder value capitalising upon changes in market dynamics, both as a potential partner for both generic and novel development programmes and through the future commercialisation of wholly-owned niche assets targeting specific patient populations."