Highlights

Significant progress on respiratory programmes

  • Seebri® Breezhaler® (glycopyrronium bromide, NVA237) approved in over 60 countries, including EU, Japan, Canada and Australia
    • Q1 2014 net sales of $30m; twelve months to 31 March 2014 of $82m (source: Novartis)
  • Ultibro® Breezhaler® (indacaterol/glycopyrronium bromide QVA149) launched in seven countries to date and approved in over 30, including EU, Japan, Canada and Australia
    • Q1 2014 net sales of $14m; total of $20m since launch
      (source: Novartis)
  • Approvals of GSK's BREO® ELLIPTA® and ANORO® ELLIPTA® signalled new royalty streams

Revenues

+20%

at £36.5m (2012/13: £30.5m)

Breakthrough for generic respiratory products

  • AirFluSal® Forspiro® (VR315) approved in Denmark, Germany, Belgium, Sweden, Hungary, Romania, Norway, Bulgaria and South Korea; product now launched in most of these markets
  • VR315 development in the US continues to make progress; additional milestone received
  • FDA guidelines were a positive step for development of inhaled generics in the US

Positive EBITDA1

£5.2m

compared to a loss in previous year (2012/13: loss of £3.4m)

1 Earnings before investment income, finance
gains, tax, depreciation, amortisation, share-based compensation and adjusted for non-recurring expenditure.

Strategic growth and pipeline augmentation

  • Acquisition of Activaero GmbH strengthens development pipeline and enhances technology offering
  • Initiated co-development deal with UCB for a novel molecule (VR942) currently at the pre-clinical stage
  • The establishment of Kinnovata joint venture (JV) in China, extracting additional value from our mature assets. Kinnovata JV is still awaiting formal completion. Final local government approval expected later in 2014, upon which an exceptional non-cash gain will be recognised

Loss before tax
decreased by

54%

to £4.8m (2012/13: £10.4m)

Other highlights

  • Placing completed 13 March 2014 and raised gross proceeds of £52m
  • Two changes to the Board during the year:
    • Jack Cashman retired as Non-Executive Chairman of the Board and Bruno Angelici was appointed as Non-Executive Chairman in February 2014
    • July 2013, Anne Hyland stepped down as Chief Financial Officer and Company Secretary and Paul Oliver was appointed Chief Financial Officer and Company Secretary

Post-period event

  • US launch of ANORO® ELLIPTA® triggered a £2m milestone associated with a licence agreement with GSK

Balance sheet strength maintained with cash and
cash equivalents of

£81.7m

(£70.1m at 31 March 2013)

Our business at a glance

Our focus

Our therapeutic focus is to develop products for airways-related diseases. These include major diseases, such as asthma and chronic obstructive pulmonary disease (COPD), and is a market estimated to be worth in excess of US$46bn worldwide1. This segment of the market covers a wide range of other indications including cough, severe inflammation, cystic fibrosis, allergic rhinitis, and fibrotic diseases of the lung.

1 Pharmaview Commercial Landscape Series Respiratory Decision Resources 2013.

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Global respiratory market estimated worth:

US$46bn

How we work

We develop products in-house and in collaboration with pharmaceutical partners, leveraging investment in our intellectual property and, where possible, mitigating the risk of our business.

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How we work

Current partnerships

Vectura has disclosed development collaborations, joint ventures and licence agreements with several pharmaceutical and biotechnology companies, including:

     
Ablynx Grifols sterna biologicals
Baxter Kinnovata Tianjin KingYork
GSK Novartis Ventaleon
Sandoz UCB
     
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Our foundation

At Vectura we bring our values to reality through the way we operate.

We have a strong foundation of core company values. Everything we do stems from our five key values and these are reflected in the way we operate our business, both internally and externally, which ensures we express clearly our vision and values and the behaviours necessary to realise our strategic ambitions.

  • Achievement
  • Enthusiasm
  • Participation
  • Innovation
  • Trust and respect
Bruno Angelici

Chairman’s statement

Vectura is transitioning into a leading specialty pharmaceutical company that focuses on developing innovative treatments for
airways diseases."

Bruno Angelici Chairman

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Dr Chris Blackwell

Chief Executive’s statement

Vectura has evolved into the product-focused company it is today. The recent acquisition provides important pipeline growth
and diversification."

Dr Chris Blackwell Chief Executive

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