Vectura Share Discussion Threads

[rogerrail] 08/9/2017 10:28

No surprise directors have bought as its a no brainer. There is £90m cash so EV is only £550m. Flutiform on its own represents a valuation of more than 50p/share.

[diesel] 08/9/2017 10:13

That should mark the bottom, will be interesting to see how the market reacts over the coming weeks, back to 110p should be quick as that fall was unjustified, from there all depends on news.

[sikhthetech] 08/9/2017 10:02

excellent to see the FD and CEO buying such quanties...
Doesn't guarantee anything but shows some confidence....

I've added for 1st time in ages..

[adamb1978] 08/9/2017 09:47

Nice share purchase from the CEO

[alexchry] 08/9/2017 09:35

Starting to feel a bit more positive about VEC now that two directors have bought shares although I think that it will be a long haul before the share price gets back to pre-Advair rejection levels.

[dunderheed] 08/9/2017 06:27

Perhaps it's a case of the market not having confidence in the mgt of the group? But, I suppose that doesnt matter to them, as they still receive large salaries regardless of share price?

[boadicea] 07/9/2017 23:19

Perhaps it's a case of shorters seeing an opportunity to spook the market.

[0815exitstrategy] 07/9/2017 20:42

Not a very strong statement now.
The board should have bought at 140p.....

But I agree this drop is not justified.
Question is, is this only a spooked market or is there something else?

[citytrader66] 07/9/2017 20:38

CEO of Premier Oil bought shares in Premier (PMO) about a month or so ago at c.45p and share price now above 60p. turned out that 45p was bottom. so i do expect share price to get a boost off the FD's purchase.

[justiceforthemany] 07/9/2017 19:29

07-Sep-17 Buy Trade Notifier Information for Vectura Group Andrew Derodra 89.7 GBX 82,000 41514


Yes a big trade and will hopefully put a floor on the share price here around 90p.
The CEO also needs to pull his finger out though. The share price performance under his stewardship is terrible and ultimately the boss must take responsibility for this gross underperformance.

Having read the transcript he claims to be 'very confident' of an approval for the 'blockbuster Advair' so let us see.

Even without this though recurring revenue was up around 27% in H1.

This 20% fall in 2 days is totally unjustified IMO.

[dp1umb] 07/9/2017 17:42

That's timing RNS 12 mins after my post! Even better the holding update is from the FD as previous posters have mentioned.

[fhmktg] 07/9/2017 17:23

The CEO should follow the fd's lead!

[best1467] 07/9/2017 17:01

Yes nice to see reasonable size purchase by FD.Didnt think the results were to bad apart from the destocking comment on fluitform that was what probably spooked the market,they could take it as a cover up to slowing growth possibly.

[diesel] 07/9/2017 16:23

If anyone needs a pointer on which way this going follow the FD.

[dp1umb] 07/9/2017 16:00

Topped up this morning I expect institutional holding RNS in the next couple of trading sessions which I hope will put a floor under the share price

[0815exitstrategy] 07/9/2017 15:02

Full transcript of yesterdays call:

[citytrader66] 07/9/2017 15:00

call me cynical. but funny how the share price rises after a BIG sell at the bottom..
not complaining though. i bought 45,000 under 90p 👍

14:54:49 89.7675 200,000 O 90.0000 90.1000 Sell

[a1ord53] 07/9/2017 14:57

Yesterday at one moment trading was stopped cause 14,86 % los and was the auction. Today we had 7 % los and we didnt hear from management one word. The hiding and this not honest inmo.
They have to share with us good and bad and be honest.

[0815exitstrategy] 07/9/2017 14:11

taken from todays times:

What Vectura characterised as a largely routine hiccup affecting one of its key products was punished nonetheless by investors yesterday.

The FTSE 250 group, one of Britain’s biggest respiratory drugs companies, warned that its revenues would be weakened as customers run down stock of its flutiform inhaler.

Flutiform is one eight inhaled partnered products in Vectura’s portfolio, generating £35.4 million of recurring product supply and royalty revenue for the group in the six months to the end of June.

The device has been launched in 39 countries, approved in half-a-dozen and has applications for marketing authorisation under review in 18 countries. Vectura emphasised that there was no issue with the flutiform device or its performance in the market and said that the destocking was due to its partners managing working capital.

However, it also said that product supply and device sales this year were likely to be at a similar level to last year because of a reduction in the quantity of flutiform in the supply chain. In addition, the company has undertaken a review of its research and development programmes and lowered its range of expenditure by £10 million to between £60 million and £70 million for 2017.

Vectura said that the “impact of these changes is expected to be broadly neutral at an earnings level”, but the outlook disappointed the City. Shares in the company closed down 12.5 per cent at 95½p, extending falls this year to almost a third.

Vectura has recently expanded the production capacity of flutiform in “response to growing demand”. It defended that decision, saying that it allowed the company to “manage production capacity better, which ultimately helps us to minimise unnecessary capital expenditure”.

Analysts at Peel Hunt, a broker, which rates Vectura a “hold”, said there were concerns that the destocking meant a “deterioration of earnings quality”, despite Vectura offsetting the impact with lower R&D spending.

The sales issue is the latest setback for Vectura, which has suffered delays in getting regulatory approval in the United States for a generic version of Advair, Glaxosmithkline̵7;s blockbuster inhaler.

Shares in Vectura and Hikma Pharmaceuticals, its partner, suffered in May when the US Food and Drug Administration withheld approval for the substitute treatment for asthma and chronic obstructive pulmonary disease. In an update on the delays, Vectura said that it had supported Hikma in a “very constructive dialogue with the FDA and a number of the questions raised have now been clarified and resolved”. James Ward-Lilley, chief executive, expressed confidence that the generic product would be approved.

The update accompanied interim results showing that revenue rose 6.6 per cent to £78.8 million in the six months to the end of June, with recurring revenue up 26.1 per cent to £71 million, boosted by sales of flutiform.

Vectura made an operating loss of £41.3 million, more than the £24.1 million a year ago, which it attributed to amortisation of intangible assets as part of its merger with Skyepharma.

On an underlying basis, adjusted earnings rose to £11.1 million from £3.9 million year-on-year.

hxxps://www.thetimes.co.uk/edition/business/vectura-revenue-warning-prompts-a-sharp-intake-of-breath-39x6m80t5

[cumnor] 07/9/2017 13:27

Added significantly at these levels. Solid company-great area (respiratory) to be in and over sold-this is an investment-hope no one is so naive to be talked into selling by shorters if they hadn't planned to. imo

[rogerrail] 07/9/2017 13:10

more indication of prospects for Fluti from c/call transcript

Revenue expectations of €150m 2nd half and some confidence that with developments they will exceed annual revenue of €350m by 2021. This equates to royalties of circa £11m plus gross profits on supply of £39m.

"Looking at flutiform. The rollout in Asia Pacific and Latin America continued in the period. The product is now launched in 39 countries and approved in a further six. Net sales for half one were €103 million, an increase of 11% over half one, 2016, And the product is annualizing at around €250 million to €260 million. Future prospects for flutiform remain very promising. There was continued momentum in Japan, which was up 25% in half one. In Europe, market conditions are more challenging. The ICS/LABA market was down 4% in value terms, moving annual total, but even here flutiform grew 8%, moving annual total in value terms.

In addition to the established market growth, progress is being made with future drivers. During the period, patient enrollment commenced for the Phase III asthma study in China. And in July, Kyorin commenced a Phase III pediatric study in Japan. The K-Haler breath-actuated version is in regulatory review in Europe, and we look forward to an update on that in due course. To achieve analyst sales of around €350 million by 2021 would require around an 11% compound annual growth rate from where we are today. That’s in line with half one growth rate but before you factor in potential launch in China and the K-Haler, as I mentioned".

[0815exitstrategy] 07/9/2017 12:56

From the Telegraph....

Julie Simmonds, analyst at Panmure, commented that she believed the share price fall was an overreaction and said the firm would benefit from a trend towards more generic inhaler products and from further growth potential in Asia Pacific and Latin America.

She added: “We see today’s fall as a good buying opportunity as the pipeline continues to progress to plan.
“In our view the current share price attributes no value to the substantial and growing pipeline.”

[pooroldboy55] 07/9/2017 12:52

Daily Mail saying VEC said Advair might never happen did anyone else see that yesterday in the RNS?

[pooroldboy55] 07/9/2017 12:18

Do fear if we get below 90p will drop like a stne

[a1ord53] 07/9/2017 12:17

It looks for me that short sellers killing Vec down .