LONDON (dpa-AFX) - Vectura Group plc (VEC.L), in its 2018 pre-close trading update, said that it expects revenue to be in line with, and EBITDA to be materially above, current market consensus expectations.
Vectura revenues continue to grow in line with expectations, underpinned by positive in-market sales performance of flutiform total in-market sales were up 8.6% for the 12 month period to September 2018 - Europe +3.7%, Japan +13.9% and rest of world (ROW) +19.7% - all at constant exchange rates or CER compared to the 12 months to September 2017.
Ultibro total in-market sales1 were up 12.2% for the 12 month period to September 2018 - Europe +9.7%, Japan -0.8% and ROW +27.3% - all at CER compared to the 12 months to September 2017.
The Group maintains its guidance that it expects to meet 2018 consensus revenue growth expectations. Adjusted EBITDA is expected to be materially ahead of market consensus expectations, due to overall revenue mix, productivity initiatives and margin improvements.
The Group expects its R&D investment for the full year 2018 to be at, or around, the bottom of the 55 million pounds to 65 million pounds guidance range. 2019 guidance for R&D expenditure remains unchanged at 45 million pounds to 55 million pounds.
Vectura noted that it will report its preliminary results for the year ended 31 December 2018 on Tuesday 26 March 2019.
Copyright RTT News/dpa-AFX