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I stick to my prediction
ReRating is imminent 130pence will be swift With 150pence Very Soon
200pence by the end of 2021 is Viable
Make no mistake of the numbers
Or there Targets
2021 is the volcano year for Vectura
Not sure how you got to 150p - I got 14p. Out by a factor of 10. You divide the $115m by the no of share and convert c to p.
Growing business measured by revnue, increasingly profitable after excluding exceptional income, clearly everyone can do their own calculations but mine tell me that with special dividend this should be well north of 150p - glad I bought in recently.
Royalty income, litigation win see Vectura beat expectations
Thu, 18th Mar 2021 07:43
(Sharecast News) - Vectura reported a 6.9% improvement in its total revenue on Thursday, to £190.6m, driven by development services and a surge in income from royalties.
The FTSE 250 inhaled pharmaceuticals company said product supply revenue decreased 4.4% year-on-year in 2020 to £109.9m, although product supply revenues from 'flutiform' were marginally ahead of guidance at £95.8m.
Development services revenues, meanwhile, advanced 4.4% to £11.9m, which the board put down to a contribution from new contract development and manufacturing organisation (CDMO) agreements in the second half.
Royalty and other marketed revenues rocketed 32.6% to £68.8m, driven by milestones and fourth quarter GlaxoSmithKline 'Ellipta' royalties of £6.5m, following a successful outcome from litigation in the United States.
Gross profit increased 6.4% to £101.4m, and adjusted EBITDA was 41.7% firmer at £61.5m, which was also put down to the increase in royalty and other marketed revenues, and a material decrease in research and development investment.
Operating profit came in at £132.8m, swinging from a loss of £27m in 2019, which was driven by the recognition of £121.1m of exceptional income for damages and interest associated with the enforcement of a patent covering three US GlaxoSmithKline 'Ellipta' products, and improved adjusted EBITDA performance.
Vectura said it maintained strong liquidity, with closing cash and cash equivalents rising to £78.6m from £74.1m a year earlier, reflecting free cash flow generation of £24.1m and a share buyback of about £16.4m during the year.
On the operational front, Vectura described a "strong" execution of its strategy, with a new business development team now established with a presence on the east and west coasts of the US, as well as Europe and the UK.
A total of 18 new CDMO contracts were signed during 202, contributing £3m to second half revenues.
Vectura also made progress across its co-development pipeline, with approval of 'VR315', its generic 'Advair' programme in partnership with Hikma, coming in December and triggering milestone payments of $11m.
The approval of 'Enerzair Breezhaler' in Japan and Europe, meanwhile, triggered milestones of $6.25m.
Vectura said its "operational transformation" was ongoing, with a phased transition of research and development operations from Switzerland to the UK now underway.
Since the year ended, and following a review of the firm's capital allocation priorities, the board said it had approved in principle a special dividend of around £115m, to be paid during 2021.
"The business has performed well during 2020, delivering financial performance ahead of expectations," said chief executive officer Will Downie.
"We are pleased with the progress we have made against our inhalation CDMO strategy, signing 18 deals during 2020, with £3.0m revenue recognised in the sec
The Volcano will Erupt
2021 is the volcano year for Vectura
Expansion of production facility is just
One reason
$200 Million GSK LawSuit will be Another reason
Declare a regular Dividend or a Special
Dividends
Which ever may be the Reason
The ReRating will propel the share price
Up to 150pence and swiftly to 200pence
Enjoy results revised to 18/3/21