Edison Investment Research - Vectura Group PLC (VEC) Vectura - Not pausing for breath

Report

Edison Investment Research

Andy Smith

Vectura - Not pausing for breath

Building on its positive adjusted H118 EBITDA and its partnerships, Vectura has announced three recent additional developments. Partner Mundipharma received a positive EU opinion for flutiform (46% of H118 revenues) for the treatment of asthma in children, expanding its market from adults and adolescents. The agreement with Hikma to develop generic versions of GSKâ€™s Ellipta brings upfront and milestone payments and ensures Vecturaâ€™s participation in the global respiratory disease market irrespective of whether generic or branded products predominate in each market. The failure of VR475 in severe uncontrolled asthma reflects more the difficulty for a non-biologic product to treat these patients.

26/11/2018 2 EN

Underlying

Vectura Group PLC

Vectura Group is an inhaled airways disease focused business. Co. has a range of enabling formulations, analytics, process development and pre-commercial scale manufacturing capabilities. This integrated inhaled drug delivery platform enables the development of inhalation products and in particular for the treatment of airways diseases. Co. has three formulation and device technologies: dry powder inhalers, which include GyroHaler®, lever-operated inhaler, open-inhale-close inhaler, and unit-dose inhaler; pressurized metered dose inhalers, which include dose-indicating MDI actuator; and smart nebulizer technology, which includes AKITA® JET and FOX®.

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GB00B01D1K48 United Kingdom

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Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Andy Smith

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