Business review
Key performance indicators
Revenue growth
Revenues over the last three years have increased year on year as follows:
Year ended |
Revenue |
Increase |
|---|---|---|
31 March 2010 |
40.1 |
29 |
31 March 2009 |
31.2 |
24 |
31 March 2008 |
25.2 |
79 |
Cash management
This involves the management of the funding received and the cash resources available. The operational cash is defined by reference to the cash flow statements as being the addition of the net cash outflow from operations and the cash inflows from investing activities excluding cash inflow/outflow on acquisitions. These key performance indicators (KPIs) for the three years to 31 March 2010 are as follows:
Year ended |
Operational cash |
Financing |
|---|---|---|
31 March 2010 |
(4.2) |
(5.7) |
31 March 2009 |
1.3 |
(6.1) |
31 March 2008 |
3.6 |
(2.3) |
Progress with collaborative partners and licensees for the development and commercialisation of products
Vectura continued to progress the development and commercialisation of programmes partnered in earlier years including VR315 (€2.5m received April 2009 and $6m August 2009) and NVA237/QVA149 ($7.5m received June 2009 and $7.5m received May 2010). In 2008/09 milestones of $2.5m were also received on VR315.
Progress with the un-partnered product pipeline
During the year Phase II trials were progressed on VR496 for the treatment of cystic fibrosis, and VR040 for Parkinson's disease. Vectura is actively seeking partners for its non-respiratory products.
Identification of new product pipeline
Vectura continues to evaluate new product opportunities. The Committee seeks and considers opportunities arising from internal development activities as well as potential in-licensing and co-development opportunities.
Maintaining and strengthening our intellectual property portfolio
Vectura has been successful during the year in oral opposition proceedings and has also achieved a number of patent grants.