Vectura posts pretax loss for 9 months to Dec. 31

Vectura has posted a pretax loss of £40.1m for the nine months to Dec. 31, 2016, down from the loss of £1.9m for the 12 months to March 31, 2016.

Apart from the shorter time period, the result was impacted by £64.0m for the amortisation of intangibles, versus £18.8m a year earlier.

CEO James Ward-Lilley said the results results reflected the strong organic performance for Vectura in 2016 both before and after the June 2016 merger with Skyepharma, which had transformed the outlook for the business.

"As well as strong financial performance, we have made excellent progress on both partnered and wholly owned pipeline projects," said Ward-Lilley.

He noted in particular that Vectura had executed a number of valuable business development agreements.

"The merger integration is well advanced and we remain confident of delivering the committed synergy targets as a minimum. The new organisational structure is in place, the portfolio review completed and promising new pipeline projects commenced."

Looking ahead, Ward-Lilley said he looked forward to 2017 with confidence.

This was because of the strength of Vectura's capabilities and established in-market performance, with further newsflow on our generic and novel programmes alongside further additional business development partnering.

Returning to the results, revenue was £126.5m, up from £72.0m. The company had year-end cash of £92.5m.