Vectura operates within the large and growing global airways disease market.
This market is currently estimated to be worth c. $40 billion and is expected to grow to c. $56 billion by 2025.
The Board maintains its expectations for strong growth in total 2018 Group revenues, driven by performance from in-market inhaled products, particularly flutiform and Ultibro/Seebri Breezhaler.
Royalties:
Total royalties recognised in respect of Ultibro and Seebri Breezhaler were £17.3 million (2016 proforma underlying: £15.6 million).
Novartis reported Ultibro Breezhaler net sales of $411 million for 2017, an increase of 12% on a constant currency basis compared to the full year 2016.
Novartis has reported that this annual growth rate was impacted by short-term normalisation of stocking effects in certain territories.
Novartis reported strong year-on-year growth in Q4 2017 of 26% on a constant currency basis.
As expected, reported Seebri Breezhaler net sales of $151 million were in-line with those reported for the 2016 full year.
During 2017, Novartis' sub-license partner Sunovion launched both Utibron Neohaler and Seebri Neohaler in the US and roll-out of these products is now underway.
In the future, US sales will generate a further contribution to Vectura's royalty base and underlying revenues.
