Vectura has revealed a 24 per cent increase in revenue in their preliminary results for the year ending 31 March.
The Wiltshire-based inhaled product development company claims revenues of £31.2m, compared to the £25.2m made by this time last year.
The company believes the increase can be partly attributed to progress made in its generics division.
Vectura announced earlier this year that it received a £2.2m royalty payment from Sandoz, the generic drug unit of Novartis.
The payment was related to Vectura’s VR315, a combination product designed for asthma and chronic obstructive pulmonary disease (COPD).
The product, which is still under development, is considered a generic version of GlaxoSmithKline’s Advair.
In its preliminary results, Vectura also announced a 31 per cent increase in gross profits to £27.3m, an increase from £20.8m this time last year.
Vectura has continued to fund research and development.
The company claims a 9 per cent increase to £32.3m, compared to the £29.7m set aside for R&D this time last year.
The group has entered the second phase of studies on cystic fibrosis (CF) patients, using a new inhaled product called VR496, which also has the potential for use in diseases such as asthma and chronic obstructive pulmonary disease (COPD).
In addition, Vectura recently finished constructing a new 13,000ft2 manufacturing facility at its Chippenham headquarters.
‘It has been another strong year for Vectura from both a financial and product perspective,’ said Chris Blackwell, chief executive of Vectura.
‘In the five years since Vectura listed on the Stock Exchange, we have seen a seven-fold increase in our revenues to £31.2m, which has contributed towards our healthy cash balance of £74m at 31 March 2009.
‘Over the course of the next 12 months, we expect to see significant pipeline progress as our key programmes advance into registration trials.
‘With our strong cash position, credible partners developing several products, and a diversified product development strategy, we remain confident of Vectura’s ability to generate long-term shareholder value.’