Share Name Share Symbol Market Type Share ISIN Share Description
Vectura Group Plc LSE:VEC London Ordinary Share GB00BKM2MW97 ORD 0.0271P
  Price Change % Change Share Price Shares Traded Last Trade
  -1.20 -1.06% 112.00 1,012,996 16:29:36
Bid Price Offer Price High Price Low Price Open Price
112.00 112.40 114.00 111.00 111.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Pharmaceuticals & Biotechnology 160.50 -104.80 -13.20 676
Last Trade Time Trade Type Trade Size Trade Price Currency
18:08:10 O 37,200 111.991 GBX

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Vectura Daily Update: Vectura Group Plc is listed in the Pharmaceuticals & Biotechnology sector of the London Stock Exchange with ticker VEC. The last closing price for Vectura was 113.20p.
Vectura Group Plc has a 4 week average price of 109.40p and a 12 week average price of 107.20p.
The 1 year high share price is 131.60p while the 1 year low share price is currently 59.10p.
There are currently 603,214,519 shares in issue and the average daily traded volume is 653,745 shares. The market capitalisation of Vectura Group Plc is £675,600,261.28.
richtea2517: When the share price is going up everyone loves Vec.When the share price is going down everyone hates Vec. So funny.
polaris: Available forecasts are here: hTTps:// consensus is 5.7 p on revenues of £177.43 M for 2020 from 6 brokers. Let's assume this matches the board expectations. Trading update says ahead of this, so a minimum of 6 p. With a P/E of 15 then you have 90 p plus the direct cash pile and litigation. £80 M is about 13.5 p GSK cash owed is worth about 20 p Gives a base price in the region of 120-125 p, not far from the actual share price 2021 will have revenues in excess of £200 M, due to the one-offs. Not much long term impact on EPS so just add the extra cash value to the share price Could be as much as 6 p If generic Advair is a success then it can add up to 25 p on the price in the short term. Add it together... current share price around 120-125 p Target for year-end 2021 around 150-160 p.
volvo: Exactly 3 years ago....and whats changed? Advair now approved and will attack GSK aggressively in the US, oh and they need to pay us $200m, and not to mention the Ellipta generic in development. Now or never for GSK Tom Rees 11 JANUARY 2018 • 8:56PM Follow The City rumour mill moved back into full swing today following the Christmas lull, speculating that asthma inhaler maker Vectura could be in the crosshairs of pharma giant GlaxoSmithKline, looking to capitalise on its recent share price slump. City chatter mooted that GSK is preparing to deliver a knockout bid in excess of 175p per share, which would value the company at close to £1.2bn. Vectura has become vulnerable to a swoop after its share price tumbled 14pc last year and traders have speculated that GSK could be the first to launch an opportunistic bid. One analyst noted that Vectura’s smart inhaler technology could prove alluring for GSK but added that a move would be a step change as new boss Emma Walmsley attempts to put her stamp on the company. Vectura’s strategy shift towards partnerships elicited a tepid response from shareholders last week and the company was highlighted by City analysts as one of a handful of mid-cap pharma stocks that are sitting ducks for takeover action. Its shares have been put under pressure by its dispute with US regulators over receiving approval to launch a generic copy of GSK’s Advair drug, as generic drugs snap up more market share. A final decision is expected from the US Food and Drug Administration during the first quarter of this year. Vectura’s shares were still under the cosh from the looming verdict on Thursday, finishing up 0.5p at 113.9p.
ambiorix1: Kinaset Therapeutics Launches with a $40M Series A Financing to Develop Novel Therapeutics for Respiratory Diseases and an Exclusive Global License Agreement with Vectura Group for KN-002 (VR588), a Novel Anti-Inflammatory • Founded by serial bioentrepreneur Robert Clarke, Ph.D., with Roger Heerman, MBA, and Frazer Morgan, the executive leadership has over sixty-five combined years of biopharma experience and significant expertise in respiratory drug development and commercialization • Venture syndicate with deep experience investing in respiratory and inflammatory diseases includes co-leads 5AM Ventures and Atlas Venture, with participation from leading European investor Gimv • Agreements with Vectura include an exclusive global license to KN-002, a novel pan-JAK inhibitor, as well as a services agreement to support clinical trial supply and CMC activities leveraging Vectura’s CDMO leadership in the field of inhaled therapeutics • Company’s lead program is initially focused on the unmet need in eosinophilic and non-eosinophilic severe asthma patients with a Phase 1/1b study planned in 1H 2021 MEDFIELD, MA, November 30, 2020 (GLOBE NEWSWIRE) — Kinaset Therapeutics, Inc. (“Kinaset̶1; or the “Company”;), a newly-founded biopharmaceutical company, today announced a $40 million Series A financing with a blue-chip investor syndicate of 5AM Ventures, Atlas Venture, and Gimv. The Company also announced an exclusive global in-license and services agreement with Vectura Group plc (LSE: VEC) (“Vectura̶1;) to develop and commercialize KN002 (formerly known as VR588), a novel, inhaled small-molecule pan-JAK inhibitor, for the treatment of eosinophilic and non-eosinophilic severe asthma. A Phase 1/1b clinical trial in healthy volunteers and patients is poised to begin in the first half of 2021. Kinaset is led by an experienced management team and Board of Directors with strong backgrounds in the development of respiratory therapeutics. The company is led by Chief Executive Officer Robert Clarke (formerly Pulmatrix, AIR/Alkermes), Chief Business Officer Roger Heerman (GlaxoSmithKline, Vectura), and Chief Development Officer Frazer Morgan (Vectura, 3M), each of whom has over 20 years of experience in the industry. Thomas B. King (Alexza, Vivus), Chairman of the Board, is joined on the Kinaset Board of Directors by founding investors Jamil Beg (5AM), Kevin Bitterman (Atlas), and Bram Vanparys (Gimv). Kinaset is responsible for the overall development and commercialization of KN-002, with Vectura providing formulation development expertise and manufacturing of clinical trial
a1ord53: So called Analysts ? After Vec and skp merger Numis had target price 206p . Vectura missed Advair , but won GSK case. So all royalties coming back. So it looks like Advair worth 90p ? But since then Vectura received some milestones and some european approvals as well. Other analysts had at those time 160p average target price. Nothing on side of Vectura changed beside Advair and everything perfect on SKP side and Vec share price is significantly down from the highs. Obviously managements old and new incapable to sell Vec story successfully , but can successfully compensate themselves.They were and are happy. May be there is no story to market ? Where update on development Elipta ? and other businesses ? Secret !? Any thoughts and ideas ? Thanks all in advance for sharing your views. PS All analysts disappeared - Last recommendation was back in July by Peel Hunt .No updates on Gsk win .For me it looks like no support from analysts and management does nothing ! Ps How about suing Gsk for material damages GSK did to shareholders of Vectura ruining share price .
polaris: That's an interesting judgment (US lawyer talk - i hate dropping the e...) statement! There were points where VEC pushed the acceptable envelope but, on the main points, GSK have been summarily rejected. Everything from GSK is thrown out...again! After reading the report, i now have all the information required to give a numbers update. The three main products covered by the agreement are the US sales of Relvar/Breo, Anoro and Incruse in the Ellipta range. Shame it doesn't include Trelegy... H1 2019 sales were: Breo/Relvar £171 M, Anoro £139 M and Incruse £75 M = £385 M and £11.55 M to VEC This is around $15 M for H1 2019 and tallies well with the additional $10.6 M awarded in the appeal for royalties covering 1st Jan 2019 - 16th May 2019. That leads me to believe the following calculations have a good basis. Q2 2019 Post judgment part is around £3.35 M in unpaid royalties to VEC Q3 2019 Breo/Relvar £103 M, Anoro £94 M and Incruse £34 M = £231 M and £6.93 M to VEC Q4 2019 Breo/Relvar £107 M, Anoro £91 M and Incruse £52 M = £250 M and £7.50 M to VEC YTD 2020 (3 Qs) Breo/Relvar £367 M, Anoro £237 M and Incruse £96 M = £700 M and £21.00 M to VEC With the judgment we are owed £38.78 M in royalties before any interest. There are another 3Qs of royalties to come, with Breo/Relvar up 34 % YoY, Anoro about flat and Incruse down 12 % so far in 2020. Best guess is another £750 M in attributable sales before IP lapses - another £22.5 M to VEC Sub-Totals VEC expected royalties pre IP lapse, but post previous judgment, of £61.28 M Previous value of award $106.9 M That's about $190 M before any accrued interest. It's been 18 months since the period covered by the previous judgment and so i'd guess that another $10 M in accrued interest isn't unreasonable assuming GSK stump it up before YE 2020. Total expected payment to VEC from GSK by mid-2021? Yes, it's around $200 M pre-tax...nice! ps. This is a much better estimate than my original post, as it is based on actual US sales of products included in the 991 patent. edit That's about 22.5 p per share on full payment post tax...
polaris: from: hTTps:// 13th September 2019 The US$89.7m jury award to Vectura was based on a 3% royalty rate applied to US sales of GSK's infringing products from August 1, 2016 to December 31, 2018. Judge Andrews granted Vectura's motion for supplemental damages based on GSK's infringing sales from January 1, 2019 to May 16, 2019 at a 3% royalty rate, which results in approximately US$10.5m in additional damages payable to Vectura. Judge Andrews granted Vectura's motion for an ongoing royalty rate of 3% on U.S. sales of GSK's infringing products from May 17, 2019 to expiration of Vectura's patent in mid-2021. Judge Andrews granted Vectura's motion for pre-judgment interest at the prime rate, compounded quarterly, which results in approximately US$6.7m due to Vectura. So the $10.5 M was to cover royalties due in 2019, up to mid May. With sales growth post this date, royalties due for whole 2019 come in around £25 M, so £17 M more to come. 2020 is on track for £40 M. All of royalties due in rest of 2019 and 2020 are subject to interest at T-bill rate, compounded Qly, until VEC receive them. I'd expect the final judgment to be recorded soon enough on: hTTps:// That'll be one interesting read...
volvo: Vectura Group plc 19 November 2020 Vectura provides update on GSK litigation Chippenham, UK - 19 November 2020 : Vectura Group plc (LSE: VEC) ("Vectura"), an industry-leading inhalation CDMO, announces that the United States Court of Appeals for the Federal Circuit has denied GlaxoSmithKline's (GSK) motions for judgment as a matter of law, a new trial on infringement and for a new trial on damages in litigation concerning Vectura's US patent 8303991. The United States Court of Appeals for the Federal Circuit has therefore upheld the District Court of Delaware ruling on post-trial motions. In September 2019, the District Court of Delaware issued the following ruling on the parties' post-trial motions: -- Award of US$89.7m in damages to Vectura on May 3, 2019 upheld -- Ongoing royalties of 3% on US sales of certain infringing GSK Ellipta(R) products -- Supplemental damages based on GSK's infringing sales of approximately US$10.5m -- Pre-judgment interest at the prime rate of approximately US$6.7m GSK has 30 days to file a petition for rehearing. Will Downie, Chief Executive Officer of Vectura, commented: "We are very pleased with the result of this appeal, which confirms the validity of our intellectual property and the decision to progress this litigation with GSK. Once we have further clarity regarding final settlement and potential timing of receipts, we will provide a further market update." Background to litigation In July 2016, Vectura filed a patent infringement lawsuit against GSK in the United States District Court of Delaware claiming that sales of three of GSK's Ellipta products, Breo(R) Ellipta(R) , Anoro(R) Ellipta(R) and Incruse(R) Ellipta(R) , infringed certain Vectura formulation patents. Vectura and GSK had entered into an agreement in 2010 under which GSK had taken a license to formulation technology covered by a Vectura patent family. These licensed patents expired in July 2016. At this time GSK had the option to license additional patent families under the original agreement but declined to do so, resulting in the filing of the lawsuit by Vectura. From the outset, Vectura has been open to finding a mutually acceptable solution to avoid prolonging the dispute. However, the litigation progressed to a jury trial in April 2019 with a subsequent appeal hearing in October 2020. As reported in March 2020, Vectura has estimated that damages, accumulated interest and ongoing royalties could amount to approximately $200m in total. The precise amounts to be received are dependent on the future US sales of the infringing products as well as sales for historical periods yet to be reported by GSK. Amounts received will be subject to taxation in the UK. Vectura expects to pay tax at rate of approximately 10% on these proceeds. - Ends- Vectura Group plc
polaris: I'm a scientist. My job is to poke holes in things, question assumptions and make sure that things have a sound fundamental basis. Mostly, that is directed towards PhD and Post docs but you get the idea. Why do you think that? What is the rational basis? Can you defend it under open (sometimes confrontational) questioning? Some people think it over-analysis (see TSLA board for an example) but oversimplifying complex questions leads to rubbish. Before going further, let me be clear, i agree with most of your statements being positive for VEC, although many lack necessary clarifications and placement in the wider context. 1. PE ratio C.15 As VEC cannot really call itself a small pharma now then is 15 good? Current trailing 12 month P/E of FTSE 100 is 14.39, Schiller PE is 13.22 (up to 30/6/20) and the mean for the S&P over a number of years is 15.85. What's in a number without context? The relevance of the P/E depends on the sector, growth rate and maturity of the company. 2. PEG ratio of 0.5 Using the adjusted EBITDA then yes. If you only take the headline numbers the VEC is not currently profit making and so the PEG ratio is irrelevant. Losses are losses. Of course, looking below the surface shows that the losses are caused by write-downs arising from the SKP/VEC merger and are non-cash items. It just means the merger destroyed a lot of shareholder value for those invested at the time. It is passing through the balance sheet now but has zero impact on the current business. With that extra information, the underlying PEG is relevant and the lower the number the better. 3. Increased revenues forecasted Actually, for FY2020 the forecasts are for generally flat revenues. Any increase will be down to one offs from the GSK litigation as various milestone/royalty revenues will cease after FY2020. As long as the new products make headway then i agree that revenue growth will return from next year. Level yet to be clear. 4. Growing Sector Which sector and why? If pharma, then just because the sector is growing does not predicate that VEC will grow. VEC have also undergone a transformation into a base CDMO organisation. What is the average P/E of that sector? Are VEC a reasonable sized player? Can they leverage, in the short term, any advantage? That really isn't clear at the moment. 5. Significant free cash flow Absolutely agree. Market has overlooked that for a few years! 5. No recent dilution (the opposite in fact). In itself, not a positive or negative. You might want to take a look at the management options package though! ;-) 6. Large EPS growth On adjusted EBITDA yes. This is only the case if you strip out the non cash items, as per point 2. 7. Possible takeover target Seems to have been that for more than 2 years now, yet not a single actual bid... 8. Partnering with Hikma It's nice to have a large company as a partner but not always positive. SKP/VEC have that with GSK after all, over a number of years and a number of marketed products. Yet, here we are, in the middle of litigation with the same company. Hikma will be useful to leverage any approved products into market with their connections/sales force. A small company doesn't have that alone. 9. Analysts near-term forecast C. 130p They've been wrong for years and will no doubt continue to be wrong. No-one was interested in VEC at 70 p, despite the fact the prospects were pointing to 100+ p. Take a look at posts in late 2018 to early 2019 on this board. Suddenly, the share price is going up so analysts slap a higher target on it. Most analysts are barking dogs. They have no idea what they are barking for half the time! 10. Likely be upgraded Why? On what basis? This is a combination of the previous points and assumes a great deal. The more assumptions you make, the less likely the theory is to be correct. Summary - without context, any set of statements can be ripped apart, even by someone who fundamentally agrees with you on the prospects of the company, which i do. Critical analysis is a fundamental part of my training, which i bring to my investment choices. Doesn't mean i always get it right. No-one always gets it right. If anyone claims that, i know they are talking BS or have only ever made 1-2 trades in their lives and believe they are infallible. Yes, i have a day of A/L today. I've also had a vat of coffee this morning! ;-)
boadicea: A point of minor interest - I just calculated roughly that since January - the GSK share price is down about 25% (ca. 1750 to 1320p) the VEC share price is up about 10% (ca. 95 to 104p) I hope this is a good indication of which way the wind is blowing.
Vectura share price data is direct from the London Stock Exchange
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